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. XXII, o. 8 September 1948 
HIGHLIGHTS OF TEXAS BUSINESS 

PERCENT
AUGUST 1948 COMPARED 
DECREASE PERCENT INCREASE
WITH AUGUST 1947 
20 10 0 ~ w ~ ~ ~ 60 ro oo ~ ~ Construction contracts. ___ _
______ _
__ ____ 
Farm cash income_________ _
_________________·__ Pay rolls_____ 
_
______________________
__ _____
__
_ 

Bank debits...·-------------·--····----------------­
Electric power consumption__ _
___ _
___ _ 
Postal receipts____
___________ _
__
______________ 
Retail sales_______________________________
_________ _ 
Cotton consumption_________________________ _ 
Crude petroleum production __________ _ 
Employment --------------------------------------­
Revenue freight loaded_ 
_
_______________ _ 

AUGUST 1948 COMPARED PERCENT WITH JULY 1948 DECREASE PERCENT INCREASE 
20 10 0 10 20 30 40 50 60 70 80 90 Construction contracts____ _
_______________ _ Farm cash income_
__________________________ _ Cotton consumption__________ _
_
_______ __ __ _ Pay rolls___ ____ _
_________ ___ ___ _____ __ _
___________ _ Electric power consumption_________ _____ 
Retail sales________________________________________ _ 
Crude petroleum production _____ _ 
_ Employment --------------------------------------· Revenue freight loaded__ ___ ___ ___________ _ 
Postal receipts___ _
______ _______________
______ 
Bank debits_________________ _
_____ _
_____
__ _ 

TWE TY CENTS PER COPY TWO DOLLARS PER YEAR 

FIGURES FOR THE MONTH 

INDEX OF TEXAS BUSINESS ACTIVITY (1935-39=100)•........ 

Index of department and apparel store sales (10) _______________ Index of miscellaneous freight carloadings in Southwestern District (20) ______ Index of crude oil runs to stills (5)
Index of electric power consumption (15) __________________ Index of employment (25> ----------------------­lndex of pay rolls (25>---------------------~ TRADE Retail sales, total Durable goods stores•----------------------­Nondurable goods stores -------------­Ratio of credit sales to net sales in department and apparel stores -------­
Ratio of collections to outstandings in department and apparel stores,________ Advertising linage in 33 newspapers_ 
_
______________________ Postal receipts in 61 cities 
PRODUCTlON Jndu~t rinl electric power consumption for 10 companies (thousands of kilowatt houri) _ Man-hours worked in 412 manufacturing establishments _____ Crude oil runs to stills (42-gallon barrels! Gasoline stocks at refineries (thousands of barrels) _____________ Fuel oil stocks at refineries (thousands of barrels) ____________ _ Cotton consumption (running bales) _ ____ 
_________ Cotton !inters consumed (running bales) _________ Cottonseed crushed (tons) . Manufacture of dairy products (1,000 lbs. milk equivalent) ··-----­Lumber production in southern pine mills (weekly per unit average in board feet) __ 
Construction contracts awarded_ ______________ _____ l.nn•trnction contracts Awardt>rl for residential building_____________ __ Building permits issued in 50 cities -------· 
Number of loans made by savings and loan associations____________ Amount of loans made by savings and loan associations Telephones in service in 40 cities (end of month) _____ _ Crurle petroleum production (daily average in barrels) _____________ AGRICULTURE Farm cash income--------------------------­
Shipments of livestock (carloads) ______ _______________ Rail shipments of fruits and vegetables (carloads)
Rail shipments of poultry (carloads) _ __________________ Rail shipments of eggs (shell equivalent in carloads) _____________ Intn•tate receipts of eggs at Texas stations (shell equivalent in carloads) ______ 
FINANCE Loans, reporting member banks in Dallas District (thousands) __________ Loans and investments, reporting member banks in Dallas District (thousands) ____ Demand deposits adjusted, reportin11; member banks in Dallas District (thousands) __ 
Bank debits in 20 cities (thousands) _____ ______________ Corporation charters issued (number) _ ________________ Orrlinary lifo insurance sales (thousands) ___________ 
Business failures TRANSPORTATION Rt>vt>nue freight loaded in Southwestern District (carloarls) _ __________ Export and coastal cars unloaded at Texas ports (carloads) ___________ Miscellaneous freight carlnadings in Southwestern District (carloads).________ Air express shipments (number>--------------------­LABOR Total nona1tTicultural employmenL---------------------­Manufartnring emplnvmenL-.-------------------­Nnnmnnnfarturing employment_ _ __ --------------­Nnnagricnltural civiliAn labnr force in 15 labor market area&•----------­
Unemployment in 15 labor market areas,___ ________________ PlArf"mPnt~ in employment in 15 labor market area••-----­
GOVERNMENT Rt>v1m11e rerP.ipts of State Comptroller_ ____________ ______ FP<leral internal revenue collections•--------------------­
PRICES Index of consumers' prices in Hou~ton (1935-39 =100) ------------­Index of food prices in Houston (1935-39 =100) 
Au1r111t 1948 
233.4 407-6 
157.5 
177.9 
328.5 
127.7 
283.9 
$430,277,000 Sl71,502,000 $258,775,000 6L3 
51.1 
29,018,763 $ 3,029,184 
305,712 
3,018,995 51,852 17,590 22,111 12,900 
2,052 87,318 63,300 
204,103 $ 90,110,014 $ 30,876,102 $ 30,082,514 
1,815 
$ 	6,854,772 1,003,258 2,446,600 
$185,787,000 7,764 513 5 136 5 
$ 1,041,000 $ 2,281,000 $ 1,907,000 $ 3,459,269 244 $ 62,881 12 
302,256 20,441 188,668 24,561 
1,748,800 
354,100 1,394,700 1,263,565 43,950 27,948 
s 43,055,975 $ 83,333,485 
175.2 
223.8 
July 1948 
226.8 
409.5 
146.1 
179.5 
316.4 
127.1 
273.2 
$421,575,000 $163,327,000 $258,248,000 
55.9 
53.8 
28,914,885 $ 3,078,704 
300,490 2,935,121 51,811 18,601 18,633 11,936 2,286 55,296 67,230 215,528 $ 76,186,654 $ 31,509,527 $ 39,058,915 2,046 $ 7,889,004 993,622 2,424,750 
$164,655,000 6,000 4,681 6 283 14 
$ 1,018,000 $ 2,241,000 s 1,905,000 $ 3,674,092 341 $ 61,583 6 
303,115 22,399 172,052 24,764 
1,740,300 
352,900 
1,387,400 
1,259,354 
46,168 
23,486 
$ 41,683,083 $ 61,648,591 
173.7 
222.l 
Aul'lllt 1947 
204.2 
354.6 
153.l 
160.4 
280.2 
121.4 
230.6 
$378,511,000 $133,129,000 $245,382,000 
58.l 
54.4 
27,463,~ 
$ 	2,611,387 
283,981 2,727,5()<) 46,711 16,517 21,206 11,887 1,885 61,311 62,878 222,124 s 46,854,097 s 17,971,985 $ 28,524,336 2,079 $ 8,248,884 856,082 2,300,400 
$136,292,000 6,819 2,279 
18 156 58 
s 848,000 s 2,137,000 s 1,784,000 s 2,901,789 389 s 61,703 7 
305,292 20,571 183,4-06 26,279 
1,659,000 341,500 1,317,500 1,213,683 65,235 23,174 
s 32,856,765 $ 72,555,406 
159.7 
200.8 
•The composite index is made 1JP of the Indexes listed. All comPoDent lndexeo except emplOJ'lll•Dt and P• J' rolla are ad.lmted tar _.., variation, and all indexes are bast<! on the nera11:e month of the yean 198~9. Numben Ip parenth•• followlnJ the component lllfltsW JAdicate the wei11ht of each Index in the composlte1 
The Business Situation 1n Texas 

Texas business activity in August continued at a slightly higher level than was reached in July, and again the composite index of business activity established a new high for the postwar period. The August index adjusted for seasonal variation was 233.4% of the pre­war base period 1935-39. It was 2.9% above July 1948 and 14.3% above August a year ago. With only a few minor variations the composite index of business activity has climbed steadily since the reconversion low point reached in October 1945. On that date the index stood at 160.0, and the present level represented an increase of 45.9% during the postwar boom. The August index was within 1.9% of the all-time high of 237.9 registered at the peak of the war effort in January 1945. A further rise of more than 3.5 points in the composite index will indicate a volume of business greater than any ever before reached in Texas. 
The rise in the composite index from July was strong, with four of the six components increasing. The other two components declined less than 1 %. Greatest gain over July was shown by miscellaneous freight car­loadings, which went up 7.8%. Pay rolls rose 3.9% and ekctric power consumption 3.8%. Smallest rise was in empfuyment, which was up only 0.5%. The two decreases were in crude oil runs to stills, down 0.9%, and depart­melU and apparel store sales, down 0.5%. In compari­son with August of last year, all six of the components showed substantial increases. Pay rolls were up 23.l %, electric power consumption 17.2%, department and ap­parel store sales 14.9%, crude runs to stills 10.9%, employment 5.2%, and miscellaneous freight carloadings 2.9%. 
Another measure of the changes in the general level of business activity is the index of bank debits in Texas cities, compiled by the Bureau of Business Research from data collected by the Board of Governors of the Federal Reserve System. After adjustment for seasonal variation, this index was down 1.6% from the record high point reached in July 1948. This decline is too small to indi­cate a reversal of the upward trend, and still leaves the index 19.2% above the level of a year ago. The August index point of 457.0 for bank debits means that the dollar volume of business transactions in Texas cities was more than 4% times the volume in the prewar five-year period. 

Further evidence of the trend of general business conditions is furnished by the Bureau's index of postal receipts in Texas cities, ad.iusted for seasonal variation and based on the years 1935-39. Since all business concerns use the postal services, and since there are no month-to-month changes in the prices of these services, the total volume of postal receipts may be expected to reflect the changes in the level of the volume of business activity. The index of postal receipts declined 0.7% in August from the previous month, but was 16.6% above .the level of August 1947. The very small decline from the previous month supports the thesis that th~ level of August activity continued at the extremely high level that has prevailed all summer. However, the fact that both bank debits and postal receipts declined, while the composite index increased, suggests that the volume of business activity is about as high as it can go, except as price increases cause expansion in total dollar series. 
August ref.ail sales in Texas were estimated by the Bureau at $430 million, an increase over July that was slightly less than the normal seasonal rise due in August. After adjustment for this seasonal factor, retail sales showed a decrease of 0.3% from July. The index of retail sales was 325.5% of the 1935-39 base period, much of its increase having resulted from higher prices rather than larger unit sales. After adjustment for changes in retail prices, the Bureau's index of retail sales was 168% of the 1935-39 base. 
Sales of nondurable goods stores declined 4.0% in August from July, after adjustment for seasonal vari­ation, while sales of durable goods stores declined 0.1 %. Compared to August last year, durable goods store sales were up 28.8%, while sales of nondurable goods stores were only 5.5% higher. Aggregate retail sales for August .1948 were 13.7% more than a year earlier. Total retail 
INDEX OF TEXAS BUSINESS ACTIVITY 
PERcEHT ADJUSTED FOR SEASONAL VARIATION 
PERCENT 


260 
240 220 200 
180 180 
160 
160 
140 
140 
120 
120 
100 

100 80 
80

1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 
The TzxAS BusrN"ESS RE\'lBW is published by the Bureau of Business Research, College of Business Administration, The University of Tau. Ent.red u aec<>nd-claas matter on May 7. 1928 at the postotllce at Austin. Texas. under the act of August 24, 1912.. 
sales were divided between durable and nondurable good1 stores in the ratio of 40 to 60. 
As many merchants were. pushing the sale of durable ~oods on easy credit terms, in anticipation of a return of credit control, the ratio of credit sales to net sales in department and apparel stores reached 61 % in August, compared to 55.9% in July. The ratio of collections to accounts receivable outstanding in department and ap­parel stores was 51.1 % in August, down from 53.8% in July. 
Industrial activity declined slightly in August, as the Bureau's seasonally adjusted index of industrial power consumption dropped 0.6%. Man-hours worked in manu­facturing establishments increased 2.9% over July, and total manufacturing employment in the State increased 0.3%. However, neither of these two latter series is ad­justed for seasonal variation, and there is normally a rise in August that should be considered a customary seasonal occurrence. If adjustment were made for this seasonal movement, it is likely that all three indexes of inrlustrial activity would show very little change from July, and this change might be a decrease. Crude oil runs to stills. used as a measure of activity in the refining industry of the State, registered a decline of 0.9 % after adjustment for seasonal variation. 

Building permits dropped 34.6% in August, to carry the inrlex to a point only 9.8% above a year ago. Thi~ levt>l, however, is still 519.5% of the 1935-39 level, and indicates that building activitv is still a stron.g support to the boom. For the fir~t eight months of 1948 builrling permits have berm 51.5% above the same period of 1947. and construction contracts awarded have been 50.9% ahead of last year. Since there is considerable variation from one month to the next in buildin!!" statistics, it is not safe to conclude that the drop i~ Au~ust is the beginning of a decline in building, although thi-, series should he watched in coming months for an indication that building activity is slowing down. 
Farm ca,sh income from the marketing of farm pro­ducts increased less than the usual seasonal rate, with the result that the Bureau's seasonally adjusted index dropped 13.7% from July. 
Prices in general continue to rise, with the index of consumers' prices in Houeton at 175.2 on August 15. This represents an increaee of 0.9% over July and 9.7% over August of lMt year. 
Recent additions to the liet of Small Business Aids reproduced by the Bureau of Business Re­search in cooperation with the Office of Small Busineas of the United States Department of Com­merce are as follows: 
Simplifying Stock Room Problems 
Radio Advertising 
Maintenance Cost. Control in 
Manufacturing Plant Profit from Store Records Copies of these Aids are available without charge from the Bureau of Bu!!iness Research. 

TRADE 
Retail Trade 
(The movement of gooda Into tlae hands of coaaumera la Olle of the fundamental series of atatlatlcal data on bu1lneH activity, 11nc1 for business to be sound the volume of retail trade must be road. During a period of lnHatlon an Increase In aalee rHulta fr-a rl1e In prices a• well aa from an Increase hi the amount of bu1lne11. A m<-r• detailed analysis of retail sales trends la made In a Supple. ment to the Review on Texaa Retail Trade. The fluctuations la retail credit ratios are important condltlonlnr factors of tbe Yolum1 of trade. Newspaper adverti1lag llnare and po1tal recolpt1 are sec<>nolary trade indicators.) 
Estimated retail sales in Texas totaled $430,277,000 for August, or 2.1 % above July and 13.7% larger than in August 1947 (the same rate of increase as in July) . Year·to·date sales were 15.6% higher in 1948. Durable goods stores continued to contribute the greater sales gains, 28.8% over August 1947 and 24.7% for the eight months, January-August. Sales of nondurable p;oods dealers increased 5.5% over last August and 10.9% for the eight months. 
The index of total retai,l sales (adjusted for seasonal variation and based on the prewar years 1935--39) receded a point from July to 325.5, in comparison with the high point of 340.l in April. The durable goods index dropped a half point to 380.l and the nondurable goods index 12 points to 286.2. The average indexes for the eight months, January-August, were: total retail ~ales, 323.9; durable goods. 370.3; nondurables, 297.7. Deflated for price changes, the adjusted total retail sales index slipped a half point to 168.2, in comparison with 
178.2 in April. Among individual retail lines, the indexes rose for filling stations and for lumber and building materials; and· the index for automotive stores leaped to a new high point of 333.1. Indexes for other retail lines fell during August. The most noticeable declines were registered for department, apparel, jewelry, and food stores and eating and drinking places. Despite heavy ourchasincr in durable goods lines, customers' buying i·esistanceb to high prices and questionable quality is apparently dragging upon sales. Retailers' c.ompetition is increasing in prices, services, special sellmg events, and efforts to obtain and retain suitable sales personnel. 
ESTIMATES OF TOTAL RETAIL SALES 
(in thousand• of dollal'll) 
Percent ehaniie 
Aug. 19'8 Au&'. 1948 Jan.-Aug. 1948 Typo of Auir. Jan.-Auii. from from from etore 1948 1948 Auii. 19'7 J uly 1948 Jan.-Aug. 1947 
+16.8
TOTAL -------------•S0,277 S,371.836 +ls.7 + 2.1 Durable goods .... 171,502 1,252,138 + 28.8 + 5.0 + 24.7 Nondurable &'ood• 268,775 Z,119,6Q8 + 6.5 + o.z -10.9 
By kinds of business, largest sales gains over August 1947 were a5 follows: motor vehicle dealers, 42.5%; farm implement dealers, 27.0% ; building material dealers, 26. l % ; food stores, 25.5 % ; furniture stores, 
18.l% ; filling stations, 13.6%. Other gains ranged from 
1.1% for restaurants to 9.3% for family clothing stores. Decreases of from 3.2% to 9.2% were reported for coun· try general stores, men's and boys' clothing stores, 

RETAIL SALES OF INDEPENDENT STORES BY KINDS OF BUSINESS Source: Bur~u of Business Research in cooperation with the Bureau or lhe Census, U. S. Department of Commerce 
Percent change 
Number of 
reporting Aug. 1948 Ausr. 1948 Jan.-Ausr. 1948 
establish-from from from Blllliness ments Ausr. 1947 July 1948 Jan.-Aug. 1947 

Apparel stores  ---­265  +  S.5  +18.4  + 3.4  
Automotive stores  -­--220  +40.1  +  9.3  + 18.3  
Lumber, building material,  
and hardware - - - -­ 280  + 21.3  +  0.6  + 18.6  
Country general stores -­ 6(  - 8.2  - 1.4  +  2.8  
Department atores ---­ 58  +u  +  2.8  + 12.7  
Drug stores  161  +  3.8  - 1.4  +  2.6  
Eatinir and  drinking places  97  +1.0  - 1.9  +  2.8  
Filling 1tatioI11 Flori1ta __..____  55 46  +1s .6 + 7.8  -- 0.2 0.7  + 15.3 0.0  
Food stores  210  +25.5  - 3.9  + 12.5  
Furniture and household _  144  +1u  +  5.5  +12.8  
General merchandise  -­ lil  +  1.7  +  2.4  +  8.0  
Jewelry stores -----­ 42  - 7.6  +  2.2  + 1.3  
AD other storee  111  +  8.8  - 1.1  +  9.4  

jewelers, and shoe stores. For the eight months, 1948 OYer 1947, largest gains were indicated for farm imple­ment dealers (26.1 % ) , building materials dealers (24.9%), motor vehicle dealers (19.1 % ) , and filling ltationa ( 15.3% ) . 
Al. in July, sales increases over August 1947 were lugeat (16.8%) for cities over 100,000 population and llll&llest ( 13.0% ) for towns under 2,500. This reverses the pattern noted during the latter part of 1947 and early 1948. For 1948 to date, the largest increase (13.2%) was reported for cities of 50,000 to 100,000. 
Among individual cities, largest percentages of salee gains over August 1947 were registered for Beaumont (35.1%), Lamesa (33.5%), Houston (27.2%), Texas City (26.7%), Austin (25.9%), Corpus Christi (25.6%), Temple (24.7%), and Abilene (22.0%) . Eight cities reported sales increase. of l_ to 10%, seven had 11 to 20%, and three decreased by 3 to 6%. 
RETAIL SALES OF INDEPENDENT STORES 
BY CITY-SIZE GROUPS 


Source: Bureau of BusinMs Rea•a..rch in cooperation with the Bureau of the CeI11u1, U. S. Department of Commerce 
Percent chan1re 
Number of 
reportinsr Ausr. 1948 Aug. 19(8 Jan.-Aui:. 19(~ 
eotablish-from from from Population mento Ausr. 1947 July 1948 Jan.-Ausr. 19(7 

Over 100,000 689 + 16.8 + 6.1 + 11.4 50,000-100,000 -------195 + 15.3 + 6.6 +u.2 2,500-50,000 709 + 16.l + 2.1 + 12.6 Under 2,500 165 + 1s.o + 1.1 + 10.2 
The ratio of credit sales to total net sales in 73 Texas department and apparel stores stood in August at 61.3% 11 compared with 58.l% a year earlier and 55.9% in July 1948. The average collection ratio declined from 54.4% in August 1947 and 53.8% in July 1948 to 51.1 % in August 1948. As in earlier months, Dallas (70.7%), among cities, and women's shops ( 65.1% ) , among typeit of retail stores, continued to produce the highest per­centages of credit business. Cleburne (39.4%), Lubbock (40.4%), and Beaumont ( 48.0%), reported the lowetit percentages. The best ratios of collections to accounts oalltanding were made in Austin (58.0%) and Corpus Christi (56.1 % ) and by the men's clothing stores (57.4%). 
CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES (in percent) 
Ratio or  Ratio of  
credit aa.les  col1ections to  
Number r,f  to net enles•  outstandingst  
Ciasslllcation  reportinsr Ausr. stores 1948  Aug. 1947  Aug. 1948  Aur. 1947  


ALL STORES _ .. ____ .. -........ ·--·-73 61.S 58.1 61.1 54.4 

BY  CITIES :  
Au.tin  --·----------·-·--·---­ 7  52.8  ( 9.1  68.0  61.0  
Beaumont  -----·----­ 3  48.0  68.6  62.0  52.6  
Cleburne  ---------­ 19.4  45.5  40.7  68.0  
Corpus Chrloti -·--·--......-­ (  58.2  52.1  56.l  67.1  
Da!laa ----------·--·--­ 13  70.7  68.6  52.5  i4.4  
Fort Worth ---­----------­ 5  63.0  58.3  51.4  66.7  
Hou.ton ---·-·-------·----­ 8  61.5  54.8  48.4  51.l  
Lubbock  - -----------­ 3  40.4  41.5  46.2  64.S  
San Antonio -·--·--­ 4  56.7  49.8  47.4  50.4  
Waco  -·  5  56.0  59.0  5S.6  66.S  
Other  ----­ -------­ 18  4g,11  45.2  (5.6  49.2  
BY TYPE OF  STORE:  
Department stores  (annual  
aalea  over  •500:000)  - - 18  61.7  57.9  5U  04.7  
Department stores  (annual  
aalee under $500,000)  -----­ 10  47.8  43.(  51.6  68.3  
Dry sroods-apparel atores --­ 7  46.4  40.4  41.0  56.8  
Women'• apecialty ahopo __  21  65.1  64.(  48.4  61.4  
Men'1 clothinsr atores --­ 17  65.9  il.8  57.4  58.6  
BY VOLUME OF NET SALES :  
(1947)  
Over $2,500,000 .._ ........._..,_..  23  64.7  61.5  21.0  53.1  
$1, 000 ,000-$2,600 ,00 0 ····-----­ 15  46.7  48.7  51.5  67.1  
$600,000-$1,000,000 ------­ 16  47.2  4S.S  54.6  67.6  
Leo1 than $500,000 ·-·--­ 19  !9.8  38.S  44.9  54.0  

•<..,r1itdi sales divided by net sa les. 

TCollectiona during th• month di•ided by the total acoounta unpaid on the first o! th• month. 
Advertising linage in 33 newtpaper1 of leading Texae cities was 5.7% larger than in August 1947 hut only 0.4% larger than in July 1948. The 1imilar July-to­August increase in 1947 wu 5.8%. 
Salea of ga1oline subject to tax totaled 207,767,181 gallons in July, 2.2% above June 1948 and 7.8% over July 1947. Sales to the federal government increased 
54.1% over June 1948 to 1tand 41.0% aboYe July 1947. The index of gasoline sales ro1e again in July to 200.2 (1935-39-100), after adju1tment for sea1onal variation. 
Attendance at State parks in Augu1t registered 377,024 Yisitors with 111,791 cars, or 10.3% more Yisiton and 15.6% more can than in August 1947. However, out-of. State can were 14.7% fewer than in July 1948 and 0.9% ,below 1947. Overnight visitors declined 17.2%. 
EW BUREAU PUBLICATIO 
The Bureau of Business Research i1 pleased to announce publication of "A Selected and Annotated Bibliography of Literature on Salesmanship" com· piled by Mr. Ralph B. Thompson, Assistant Pro­fessor of Marketing in the College of Business Ad­ministration. Copies of this new bibliography are available without charge upon reque51: at the Bureau. 

TEXAS BUSINESS REVIEW 
Postal receipts in 61 Texas cities for August averaged 
Wholesale Trade 

16.0% above 1947 but slipped 1.6% from July 1948. The like decrease for July-to-August 1947 was 4.5%. (Wholesale aalea -d Inventories represent the movement of roodl to retailer., and when compered with the cbanrea In retail sat..
The index receded nearly two points to 243.8. 

Indicate whether atocka In the ha.nda of retallere are belnr ma1a. POSTAL RECE IPTS tained at a constant level or are beinr allowed to Increase or decrease.) 
Percent chanire 

Reports from Texas wholesalers to the Bureau of the Aug. 1948 Aug. 1948 Census show that sales for July 1948 were 3% under 
August July August from from 
.those reported for the preceding month of June 1948.

City 1948 1948 1947 Aug. 1947 July 1948 
:Wholesalers of automotive supplies ( +16%) continued TOTAL ------····-$3,t29,184 $8,078,704 $2,611,387 + 16.0 1.6 to hold the greatest monthly gain in sales. Tobacco pro· 31,849 84,099 29,326 + 6.9 8.1 ducts were up 5%, and drugs and sundries 3%, while
Abilene ··---·-----·­Amarillo -·------·­65,903 70,095 60,254 + 9.4 6.0 sales of other wholesalers moved downward from June 187,829 180,966 119,579 + 15.3 + 5.2.
Austin --·----·--­	to July. Machinery, equipment and supplies (except 
Beaumont --·--· 65,409 51,511 45,718 + 21.Z + 7.6 
electrical) turned in a 13% decline from June; hard­
Big Spring --·-·----­9,209 11,200 10,077 -8.6 -17.8 

7,143 9,855 6,346 + 12.6 -28.6 ware, 9% ; electrical 6% ; and the all other group 1 %.
Borger ---------·­
Brownsville -----·-­12,016 18,995 9,863 + 21.8 -14.1 Grocery wholesalers reported no change from June sales. 

Brownwood ------­11,419 11,677 9,920 + 15.1 -2.2 Over-all sales for July 1948 rose 12% from a year Bryan ----------­9,224 7,966 7,064 . + 30.6 + 15.8 
earlier. Except for a 6% decrease in the "all other" 
Childress -----­8,202. 8,677 3,125 + 2.5 -12.9 
group, all wholesalers turned in gains over July 1947.
Cleburne --···--­5,212 6,198 4,379 + 19.0 + 0.4 

Coleman ----·-­5,241 8,942. 8,179 + 64.9 + 33.0 Leading in this group was the machinery, equipment and Corpus Christi __ 67,410 67,797 62,713 + 7.5 0.6 supplies (except electrical) group with a 44% increase. Corsicana ---··-­9,441 9,734. 7,193 + 31.3 3.0 
Automotive supplies and groceries stepped up 13% and 
Dallas -----------­779,728 780,087 680,482 + 14.6 0.08 
hardware, 12%. 

Del Rio ----·-­4,965 6,289 4,917 + 1.0 6.1 Denison ----­9,114 10,103 8,806 + 8.5 9.8 Average inventories for July 1948 were unchanged 
Denton ---·-12,274. 18,486 9,328 + 31.7 9.0 
from a month earlier. Although gains of 9 and 1%were
Edinburg _ _ _ 7,131 5,922. 4,882 + 47.6 + 20.4 
turned in by tobacco products and machinery equipment
E l Paso ·-·-----·­94,988 103,176 87,450 + 8.6 7.9 Fort Worth -------·­

289,458 800,429 242,485 + 19.4 8.7 and supplies (except electrical), they were counter· 
Gainesville --·-·-·--·­6,214. 5,890 5,040 + 28.8 + 6.5 .balanced by declines in the other groups. Automotive Galveston ---·---·-­51,739 47,704. 44,204 + 17.0 + 8.6 
supplies were down 7%; electrical group, 6%; hard· 
Gladewater -----·­3,858 4,062 2,985 + 29.2 -6.0 

Greenville -·---·-· 10,168 12,808 11,390 -10.7 -20.6 ware, groceries, and all other wholesalers, 1%. 
Harlingen ----­15,729 16,210 11,762. + 33.7 + 3.4 Inventories were 21 % above that reported for July Houston ·-·------­535,219 534,789 447,155 + 19.7 + 0.1 
1947. Machinery, equipment, and supplies (except elec·

J ncksonville --·-----­6,973 6,224 4,708 + 48.1 + 12.0 Kenedy -···---·--··-··-­2,064 8,045 1,982 + 4.1 + 0.9 trical) were up 36%. Close behind was the electrical 
Kerrville -·----·-·-··­5,769 5,675 4,886 + 18.l + 1.7 group, with a 35% nse. Groceries and the "all other" Lamesa -----···-··-· 5,438 4,860 4,478 + 21.6 + 11.9 
group reported a 22% gain, and hardware (16%), 

Laredo ----·----­14,880 17,671 13,743 + 4.6 -18.6 Lockhart ---·-­2,025 2,812. 1,903 + 6.4 -28.0 tobacco products (7%), automotive supplies ( 4%), and Longview -------­16,872 19,825 13,714 + 23.0 -12.7 
.drugs and sundries (2%) were below the over-all aver·

Lubbock -------45,656 50,764. 87,167 + 22.8 -10.1 
Lufkin _ __ _ 10,191 9,561 8,09S + 25.9 + 6.6 age. 

McAllen ---·-­10,700 11,321 8,263 + 29.5 -5.5 
Marshall ---· 12,220 12,410 9,733 + 25.6 -1.6 

PERCENTACE CHANGES IN WHOLESALERS' SALES AND

Midland ---­14,706 17,662 12,19S + 20.6 -16.7 Nacogdoches __ 7,398 6,783 4,884 + 51.6 + 9.1 INVENTORIES 
New Braunfels -··· 6,456 6,179 5,119 + 6.6 -11.7 

Source: Bureau of the Census, U.S. Department of Commerce Orange ------­8,448 10,292 8,345 + 1.2. -17.9 Palestine --­6,965 8,158 5,499 + 26.7 -14.6 Pampa --·-·----­9,471 11,257 7,497 + 26.8 -16.9 Sales lnventorleo Paris -------­11,053 11,612 8,496 + 30.1 -4.8 Plainview -----6,734. 8,301 6,966 -8.8 18.9 July 1948 J uly 1948 July 1948 July 1948 
-Port Arthur ___ 23,377 26,849 23,266 from from from from

+ 0.5 -12.9 Business J uly 1947 J une 1948 , July 1947 June 19'8 San Angelo -·-­26,295 29,556 21,221 + 23.9 -11.0 
San Antonio ---­2&8,946 297,546 2.55,634 + 18.0 2.9 TOTAL -··-·--------·----·-··------·--· +12.0 -3.0 +21.0 0.0 
Seguin ·-·---··---­4,131 4,553 4,906 -15.8 9.3 ================ Sherman --·-----··--·­14,175 18,873 12,299 + 15.3 + 2.2 Automotive supplies --·----·····--+18.0 + 16.o +u -7.0 2,121 2,270 6.0
Snyder ----·--··-··-­1,870 + 13.4 6.6 E lectrical group -----··-----·-·-·-·--+ 11.0 -6.0 +85.o -Sweetwater ·----­9,334 7,393 5,882. + 58.7 -1.0
+ 26.8 Hardware ·--··-·-·--·---·------·-+12.0 -9.0 +16.0 
Temple ----·­14,457 18,446 12,319 + 17.4 + 7.5 
Machinery, equipment and 
Texarkana --·---­35,691 30,285 30,868 + 15.6 + 17.9 
supplies (except electrical) +44.0 -18.0 +8s.o + 1.0
Texas City ------­8,926 8,227 7,521 + 18.7 

+ 8.6 	o.o
Tyler ----­28,451 31,214 20,151 	Drugs and sundries• -------·-·· + 6.0 + 8.0 + 2.0 
+ 41.2 -8.9 

Vernon -----------­6,090 6,984 5,091 Groceries -----------------+13.0 o.o +22.0 	-1.0 
+ 19.6 -12.2 

Victoria 	----·---····­9',428 10,081 9,040 + 4.8 6.5 Tobacco products --·-·-······-----+ 2.0 + 5.0 + 7.0 +9.0 ~ 1.0 
Waco -----·-­63,402. 66,487 59,391 + 6.8 4.6 All. other --·--·-------·-·-· -6.0 -1.0 +z2.0 Wichita Falls ---41,252 40,970 ~4.698 + 18.9 + 
0.7 
• Excludetl liquor depa.rtmenta. 

Foreign Trade 

(Tcma&P fia'ure• for export shipments from the principal ports of die Stats provide an accurate physical measure of the current ftlame of foreip export trade. Value ti.a-urea for exports and lm­pwta, however, represent a more common measurement of forelp ir.-transaction•, but they are subject to adjuotment for price
......) 
E"ports from Houston and Galveston rose seasonally in July to a total of 796,674 tons. Although the increase over June was 37.6% as compared with a gain of 23.3 % between the same two months of last year, the total was 3.7% less than export volume of July 1947. Further­more, July of this year was the ninth consecutive month in which the current totals were below those of 12 months earlier. Since the first of the year the exports of these two ports have run approximately 13% behind exports in the first seven months of last year. There is every indication that the back of the export boom is broken and major support of a record-breaking level of business activity should not henceforth be expected from the movement of goods in foreign trade. 
EXPORTS FROM GALVESTON AND HOUSTON 
(In tone) 
Source : Galnston a.nd Houston Maritime A..oclations, Inc. 
Percent change 
J uly 1948 July 1948 July June July from from Port and product 1948 1948 1947 July 1947 J une 1948 

TOTAL 796,674 579,002 827,530 -3.7 + 37.6 
Galveoton,  total  --­513,505  414,508  535,891  - 4.2  +  23.9  
Cotton  12,579  10,836  5,077  +147.8  + 16.l  
Wheat  ----­297,203  252,621  300,968  - 1.3  +  17.6  
Other grain  ---­ 59,276  79,489  -25.4  
Fl oar  57,344  59,593  38,722  + 48.1  - 8.8  
Sulphur  -­ 77,488  67,862  91,379  -15.2  + a  .2  
Other  9,615  28,596  20,256  -52.5  -59.3  
Houston, total  ___ 288,169  164,494  291,639  - 2.9  +  72.l  
Cotton and !inters __  9,148  11,818  6,958  + 31.5  -19.2  
Wheat  ----­184,211  82,147  109,310  + 68.5  +124.2  
Flour  84,890  17,832  63,247  -44.8  + 95.7  
Rice and rice products  867  8,518  8,649  -76.2  -75.4  
Carbon black  ___  9,270  9,.866  11,057  -16.2  ~  6.0  
Other  44,783  89,813  97,418  -54.0  + 12.5  

For the nation the same downward trend was apparent, but it was not as marked as in Texas. Although exports from the United States in July were up slightly over June from $1,013 million to $1,022 million, imports fell from $616 million to $559 million. Thus the export-import gap was somewhat greater in July than in June and a weak element in the present business situation remained to worry forecasters. During the first seven months of 1948 exports were $7,579 million, as against $8,684 million for a like period last year. Imports in the same periods of 1947 and 1948 were $3,312 million and $4,005 million, respectively. Improvement in the balance of trade this year was therefore coupled with a lower total dollar volume despite the general rise in prices. 
Viewed from close range, the broad trends were some­times difficult to see. Imports into the United States during June were the second highest in history. Ship­ments of grain from Houston during July broke all ,-ece>rds. Nevertheless, it was significant that exports of 
FOREIGN TRADE OF TEXAS PORTS (in millions of dollara) 
Source : Bureau of the Census, U.S. Department of Commerce 
Pecent chanire  
June 1948 June 1948  
Customs district  June 1948  May 1948  June 1947  from June 1947  from May 1948  


EXPORTS,  TOTAL  - 111.3  182.4  123.9  -10.2  - 15.9  
El  Paso - ------­ 2.6  8.4  8.5  - 25.7  - 23.5  
Galveston  -----­ 68.0  83.2  78.8  -18.2  - 18.8  
Laredo  -----­ 29.3  27.4  29.5  - 0.7  +  6.9  
Sabine  ------­ 11.4  18.4  12.6  - 9.5  - 38.0  
IMP ORTS, TOTAL  ---­ 21.4  14.6  12.5  + 71.2  +  46.6  
El  Paso  ----­ 1.4.  1.8  1.5  - 6.7  - 22.2  
Galveston  -------­ 15.0  8.2  5.6  +167.9  +  82.9  
Laredo  -----·--­ 4.7  4.0  4.5  +  4.4  +  17.5  
Sabine  ---­--­ 0.3  0.6  0.9  - 66.7  - 60.0  

cotton and raw materials from Houston during the fiscal year ending July 31 were down, and the export of food· stuffs from the same port decreased almost 20% in spite of the activities of the Venezuela Basic Economy Corpor­ation. Other significant changes may be seen in the accompanying table. 
Some improvement was noted in August in several factors that have disturbed foreign trade in Texas. After much effort the European Co-operation Administration appeared to have cleared the way for private trading in grain under the European Recovery Program. More­over, the first disruptive effects of the Mexican peso devaluation seemed to have spent themselves. Announce­ment was also made that the United States Department of Commerce had entered into an agreement with the Mexican government that will permit that government to distribute land on a subsidized basis and thus avoid the disastrous rise in import prices. The immediate prospects for the trade in which Texans are interested has therefore taken a turn for the better in recent weeks. 
WATER-BORNE IMPORTS OF MERCHANDISE 
(in thousand& of dollars) 
Source: Bureau of the Census, U.S. Department of Commerce 
Percent chagne  
Customs district  May 1948  April 1948  Monthly May 1948 May 1948 average from from 1947 1947 avg. Apr. 1948  


TOTAL  -----­10,100  9,400  8,000  + 26.3  +  7.4  
Sabine ------­Galveston -­---·­Laredo ---------­ 600 8,500 1,000  0 8,700 700  100 7,100 800  +500.0 + 19.7 + 25.0  +  2.3 42.9  

WATER-BORNE EXPORTS OF DOMESTIC AND FOREIGN 
MERCHANDISE 
(in thousands of dollars) 

Source: Bureau of the Census, U.S. Department of Commerce 

Percent change 
Monthly May 1948 May 1948 May April average from from Customs district 1948 1948 1947 1947 avg. Apr. 1948 
89,800 84,400 + 19.8 + 12.6 

TOTAL --------101,100 
14,700 14,400 + 27.8 + 25.2 Galveston ------------82,600 
Sabine ----·----..·--·----18,400 
75,000 69,300 + 19.2 + 10.1 
100 700 -85.7 o.o

Laredo --------100 
PRODUCTION 
Manufacturing 
(The volume of manufacturfnr activity In any lndu•trfal area 18 a nn•ltlve measure of the chanres In bualneH activity. The vol­ume of durable rooda manufactured tenda to fluctuate more vio­lently than the volume of nO'l'ldurable rooda auch as foods, and may Hr•• te Indicate chanse• In the bualnen altuatlO'D at an early date. Since many manufacturinl" lnduomteo vary rerularly with the oeaaona, tbla factor muat be taken mto conalderatlon In lnterpretlnr the chanrH from montb to month.) 

Crude oil runs were substantially greater during August than for the corresponding month of 1947. The steadily increasing demand throughout the nation for petroleum products helped promote this additional out­put, and the trend is rather consistently shown by the similar increases for other months of 1948 compared with the same months of 1947. Texas has played a major role in the easing of a petroleum shortage which has threatened the countrv for some time. 
The index of crude oil runs to stills, adjusted for seasonal variation. was 177.9 last month compared with 

160.4 for August 1947 (1935-39=100). Although this sizable increase in production over last vear has notice­ably relieved the threat of a petroleum shortage. it does not necessarilv foreshadow any decrease in demands, particu 1 arlv while the number of recristered vehicles in the United States is increasing each month. 
Over-all ind11><trial proiluction hoth in Texas and the nation as a whole has shown little increase throughout the summer even though some 25 new manufacturing and construction companies were scheduled to begin oper­ations in Au!!ust, according to the Texas Emoloyment Commission. Manv cautious observers foresee this level­ing off as a sign of a forthcoming recession. It should he rememhered, however, that similar short periods of leveling off have been followed by new spurts of activity. 
REFINERY STOCKS* 
(in thousands of barrels) 
Source: The Oil and GM Journal 

Pel"cf"nt chane-e  
Section and item  August 1948  July 1948  August 1947  Aug. 1948 Aue-. 1948 from from Aug. 1947 July 1948  

TEX AS  
Gasoline ----­17.59()  18.601  16,517  +  6.5  - 5.4  
Distillate  9,510  7,984  9,810  - 3.1  +19.1  
Residual -----­ 9,321  7,689  7,477  +24.7  +21.2  
Kerosene  S,280  2,960  3,919  -16.3  +10.8  
TEXAS GULF COAST  
Gasoline  --···---·­ 14,212  15,267  13,755  +  3.3  +  6.9  
Distillate  --------­ 8,386  7,241  9,275  - 9.6  +15.8  
Residual  -----8,319  6,879  6,570  +26.6  +20.9  
Kerosene  ------2,520  2,126  3,407  -26.()  +18.5  
INLAND  TEXAS  
Gasoline -----­ 3,378  3,334  2,762  +22.3  + 1.3  
Distillate -----­ 1,124  743  535  +110.1  +51.3  
Residual -----1,002  81()  907  +lo.5  +23.7  
Kerosene  ----­ 760  884  612  +48.4,  -8.9  

•Figures shown for week ending nearest last day of month. 

Cotton consumption in Texas remained relatively stable during August. August consumption was 8.1 % above the same month of 1947 and 8.5% above July 1948. Such fluctuations in textile production are not generally indicative of any trend or development unless they occur consistently in the same direction for at least several months. 
Cottonseed consumption was noticeably greater in August than in the same month of 1947, principally be­cause of a more favorable cotton crop in the Lower Rio Grande Valley. August production was 42.4% more than that for August 1947, and it might have been more had it not been for an unusually early maturing of the cotton crop this year. Au~ust crushing of cottonseed was 57.9% above that for July. 
COTTON MANUFACTURING 
Source: Bureau of the Census, U.S. Department of Commerce. 
Percent chanr• 
Aug. 1948 Aug. 1948 Aug. July Aug. from from Item 1948 1948 1947 Aug. 1947 July 1948 
CONSUMPTION• 
Cotton ------12,900 11,986 11,887 + 8.5 + 8.1 Linters ____ 2,052 2,286 1,885 + 8.9 -10.2 SPINNING ACTIVITY Spindles in place _ 240,000 240,000 228,000 + 5.3 0.0 
Spindles active _ 215,000 190,000 214,000 + 0.6 + 11.8 Total spindle hours 81,000,000 67,000,000 80,000,000 + 1.3 + 20.9 Average spindle 
hours ----336 278 849 3.7 + 20.9 COTTONSEED t 
Received at mills _ 191,233 84,552 121,868 + 56.9 +126.2 Crushed -··---·--87,318 55,296 61,311 + 42.4 + 67.9 
Stocks at end of 
month -----168,190 64,132 113,790 + 47.8 +162.8 
•In running bales. 
tin tons. 

Lumber mills reporting to the Southern Pine Associ· ation showed decreases of 8.1% from production in August of 1947 and 5.3% from July of 1948. The number of unfilled orders was noticeably less than at the same time last year. Lumber production, however, is still only at about 70% of the average prewar (1935­39) level. 
LUMBER PRODUCTION IN SOUTHERN PINE MILLS 
(in board feet) 
Source: Southern Pine Association 
Percent chanre  
Item  August 1948  July 1948  August 1947  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  

Average  weekly  pro­ 
duction per unit _  204,103  215,528  222,124  - 8.1  - 6.8  
Average weekly ship­ 
ments per unit _  203,207  203,053  243,183  -16.4.  +  0.1  
Average unfilled or­ 
ders  per  unit, end  
of month  ___  827,333  828,699  1,128,904  -26.7  - 0.2  

Although in July the amount of wheat ground for flour decreased 8.2% from a record high in July 1947, the production nevertheless remained extremely high. The large wheat crops and heavy exports are partly responsible for this continued high level. In July the amount of wheat ground was 4.0% greater than in the preceding month, June. 
The index of wheat ground, adjusted for seasonal variation, shows that production in July was about 1.85 

TEXAS BUSINESS REVIEW 
times greater than the prewar average. Last year in July it was almost exactly twice as much as the monthly prewar average. 
WHEAT GRINDINGS AND FLOUR PRODUCTION 
Sollrce: Bureau of the Cen•u•, U. S. Department of Commerce 

Percent chance 
July 1948 July 1948 July June July from from Item Unit 1948 1948 1947 J uly 1947 J une 1948 

Wbst ground --1,000 bu. 4,393 4,167 4,764 -7.8 + 5.4 
Wheat flour _ _ _ 1,000 sks. 1,897 1,824 2,067 -8.2 + 4.0 

The increase in dairy production during August over the same month of last year is worth noting because it is not consistent with the downward trend in dairy pro­duction which the State has followed for several years. 
MANUFACTURE OF DAIRY PRODUCTS 
Percent change  
Products  Unit  Aug. 1948  July 1948  Aug. 1948 Aug. 1948 Aug. from from 1947 Aug. 1947 July 1948  


TOTAL  MILK  
EQUIVALENT• 1,000 lbs.  63,300  67,230  62,878  +  0.7  - 5.8  
Creamery butter  _  1,000 lbs.  1,439  1,481  1,263  +13.9  -2.8  
Ice creamt  -­1,000 gals  1,480  1,574  1,614  - 8.3  - 6.0  
American cheese  _  1,000 lbs.  815  886  751  +  8.5  - 8.0  
AD  othen  --­1,000 lbs.  2,896  3,504  3,736  -22.5  -17.4  

•Milk equivalent of dairy products was calculated from production 

data. 
tinclud.. sherbets and ices. 
Construction 

(Is--of the accumulated deflcl...cy of ltulldln• In all 1ec:tl-• ef the State, data on the volume of conatructlon work are aa .,.. tnmely Important part of the bu1lneH altuatlon. Bulldlnl' permit• er eontracta awarded are l'Mlernlly uae<I to meaaure bulldlq activity, loat rec:nt atudlea by the United Stat" Bureau of Labor Stattatlca ln­lllcata tlaere la conalderable la• In be.,tanln• constniction of buildln•• for Yblch permits have been laaued, and that actual coats are now ZICJro or more above the permit valuation. Loans by aavl..a and loan uaodatloaa reflect the flnancln• of realdenttal housln• • ) 
The value of construction contracts awarded during the first eight months of 1948 surpassed any previous records for the same period. That the trend toward an increase in the value of all types of construction through· ?Ut the State is rather pronounced may be seen in the tncrease of 92.3% for construction awards in August over the corresponding month in 1947. 
The value of construction awards for August was SI3,923,360 J?reater than during the preceding month of July ; the difference represents an advance of 18.3%. 
CONSTRUCTION CONTRACTS 
Source : Te::tiu Ccmtractor 
Percent change Aug. 1948 Aug. 1948 
Type of August J uly August from from building 1948 1948 1947 Aug. 1947 July 1948 

TOTAL --S90,110,014. $76,1 6,654 $46,854,097 + 92.3 + 18.3 
Engineering _ 16,050,792 18,681,811 11,960,600 + 34.2 -14.1 Nooneidential 43,1 3,120 25,995,316 16,921,512 + 155.2 + 66.1 R.idential -80,876,102 81,509,527 17,971,985 + 71.8 -2.0 
Texas held the distinction of being the only state with more than one city amon~ the first 10 in the United States in the number of dwelling units authorized by building permits durin!?" the first eight months of 1948. The three Texas cities included were Houston, Dallas, and San Antonio. The general feelin!?" among contractors is that the number of construction jobs durin~ the next six months to a year will be only sli~htly hi!?"her than during the past vear, but because of the steadily rising costs. the dollar value of1 the construction will rise con­siderablv. The short flupplv of labor and critical mater­ials such as iron and steel are in a large measure the reason behind the increased prices. However, these steady rises in costs do not seem to affect the demand­or at least not the apparent demand. 
BUILDING PERMITS 
AugustCity 1948 

TOTAL 
______$30,082,514 

Abilene  330,295  
Amarillo  ---­ - 1,196,206  
Austin  - 2,270,410  
Beaumont  881,889  
Big Spring  --­- 116,630  
Borger  148,750  
Brownsville  --­- 98,994  
Brownwood  88,555  
Bryan  146,950  
Childress  81,850  
Clebnrne  80,050  
Corpus  Christi  822,917  

Corsicana 84,175 
Dallas ------4,598,457 

Del Rio 
Denison 
Denton 
Edinburg 
El Paso 
Fort Worth ----­Galveston -------Gladewater ____ H arlingen 
H ouston ----­Jacksonville Kenedy 
Kerrville 
Lamesa 
Lockhart 
Longview ----­Lubbock 
McAllen ----­Marshall 
Nacogdoches New Braunfels P alestine -----Pampa 
Paris 
Plainview ---­Port Arthur San Antonio Seguin 
Sherman 
Snyder ----­Temple 
Texas City 
Tyler 

Victoria ----­Waco 
Wichita Falls 
49,300 62,800 198,050 46,875 596,773 1,968,123 178,186 78,935 123,600 8,047,000 82,917 7,000 85,705 59,450 94,703 118,685 887,564 211,490 93,304 89,300 219,039 35,848 216,795 27,114 158,500 475,631 3,421,783 44,075 61,631 0 139,055 102,875 296,015 151,315 751,600 269,900 
July 
1948 
$39,058,915 
274,404 1,042,192 1,879,545 1,475,575 35,005 131,800 460,390 79,649 63,860 54,350 27,625 1,850,598 57,125 6,240,586 61,500 810,457 818,550 76,437 2,279,190 2,985,798 892,978 127,850 78,735 8,654,000 18,718 5,750 25,865 35,175 27,425 74,850 2,060,639 126,287 93,002 30,750 56,467 45,288 205,750 97,050 236,450 727,967 3,015,309 19,325 67,752 10,000 175,590 898,22() 852,868 
99,491 842,833 256,905 
August 1947 
$28,524,336 
261,704 1,034,930 1,857,659 491,726 78,480 994,075 100,015 
69,237 117,590 81,750 272,555 
1,411,874 40,520 5,086,499 19,865 26,184 824,150 103,570 755,507 2,568,704 208,205 88,250 99,240 5,636,552 69,600 1,100 40,697 41,150 3,700 187,850 758,562 127,388 138,185 31,700 67,962 67,725 33,325 51,735 209,350 176,492 2,491,823 49,500 65,802 
77,255 563,483 264,559 85,900 921,974 870,283 

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

Percent change  
Type  August 1948  July 1948  Aug. 1948 Auo:. 1948 Auo:ust from from 1947 Aug. 1947 July 1948  

NUMBER,  TOTAL_  1,815  2,046  2,079  -12.7  -11.S  
Construction  -------­ 456  668  657  -18.1  -19.7  
Purchase  ----------­ 692  778  962  - 28.1  -11.1  
Refinance  ----------­ 167  190  145  + 16.2  -12.1  
Recondition  ----------­ 256  284  207  +23.7  -9.9  
Other  ----­----------­ 244  226  208  +n3  + 8.0  
AMOUNT,  TOTAL _ $6,854,772. $7,889,004 $8,248,884  -16.9  -13.l  
Construction  --­--­----­ 2,267,202  2,690,135  2,804,844  -19.2  -15.7  
Purchase  ------------­ 2,925,214  3,387,089  4,058,374  -27.9  -13.6  
Refinance ---------­-------­ 625,730  653.417  429,885  +45.6  - 4.2  
Recondition  ---­--~---- 404,826  486,599  315,746  +28.2  -7.3  
Other ---------­--------­ 431,800  721,7M  640,035  - 1.3  -12.5  

Public Utilities 

(The conaumptlon of electric power by Industrial concerns Is • meaaure of the volume of Industrial activity, alnce It may be as­aumed that the amount of power uaed will be directly related to manufacturl'l"ll' volume. Realdentlal and commercial power conaump­tl•n 1bow • 1euonal variation due to the cbanl'lnr amount of llrhtlnr needed.) 
The consumption of electric power by industrial con­cerns would seem to indicate, because of the correlation between this consumption and manufacturing output, that industrial production not only for August but for the summer as a whole has remained at an almost static level. The power consumed in Aug11st was virtually the same as in July, although it was 7.7% greater than the amount consumed in August of 1947. 
This consistency of industrial power consumption does net neces!'arily mean that the State is approaching a peak or S'lturation point in industrial output and expansion. Similar periods have been passed even in the last two or three years during which a phenonomenal expansion has taken place. However, the rate of indus­trial expansion as rdlected by the index of power con· sumption is slower for the year so far than in 1947. It is interesting to reflect, though, that the index shows that the present production level is almost three times greater than the average for the prewar years of 1935-39. 
During August 9,636 more telephones were pfaced in service in 40 Texas cities, bringing the total up 17.2% above the same total for August of 1947. 
ELECTRIC POWER CONSUMPTION• 
(in thousands of kilowatt hours) 

Percent change  
Use  August 1948  July 1948  August 1947  Aug. 1948 Aug. 1948 from from Aug. 1947 J uly 1948  
TOTAL  695,931  653,869  593,858  +17.2  + 6.4  

Commercial ___ 162,238 147,862 129,515 +25.3 + 9.7 Industrial ___ 805,712 300,490 283,981 + 7.7 
+ 1.7 Residential 131,541 106, 701 95,259 +38.1 +23.3 
Other ----96,440 98,816 85,103-+13.3 -2.4 

•Pre~ared from reports of 10 electric power companies to the Bureau of Business Research. 
Natural Resources 
(The production of crude petroleum I• • major lndu1try In T-1 and the chanl'es In the volume of production have • dlract efhc; upon the Income produced In the Stat•. Flrurea on the numhw of well completl<m1 by dl1trlcb Indicate the extent to which lllW 1ourcee of oil and l'H are belnr developed and the are.. of the State In which drllllnl' operation• are In proce11.) 
The production of natural and casinghead gas showed the most surprising increase among the more important resources extracted in Texas. The production in August was a substantial 21.l % above .Tuly, and an enormous 72.6% greater than August of 1947. The production of synthetics, including organic chemicals, for which natural .gas is a raw material, and the ever-increasing demands of California and eastern states for Texas natural gas are two important reasons for the increases. Requests were recently made to the Federal Power Commission for permission to increase the quantity of gas piped to Cali· fornia by 100 million cubic feet a day. Opponents in Texas are:ue that natural p:as reserves may be exhausted even sooner than the approximate 24 years estimated by some sources. On the other hand, though, the pipeline companies still maintain that the increased loam will be derived from sources which now contribute only to waste as flare gas. 
Crude oil production increased almost five million barrels in August over July-a very small percentage. Compared to August of 1947, however, the increase was 47.8%. Many petroleum experts acknowledge the evi· dence that the petroleum shortage has, at least for the 
time,  been  overtaken  by steady  increases  in  supply,  
especi111ly from Texas.  
Drilling activity  showed  a  decline from  1,007 well  

completions in July to 982 in August. However, for the part of the current year from January through August, the number completed is considerablv above the number for the corresponding period of 1947. North Central Texas retained its lead both in the number of completions and in the number of dry holes. 
WELL COMPLETIONS 
Source: Th• Oil and Gaa J ou""'I 
Jan.-Aug. August 1948• (all wells) 
Dh~tTic-t 'J'nl•l Oil Ga• Drv 1948 1947 
TEXAS  ------------982  626  89  817  7,660  5,966  
North Central Texas ------­----­ 332  170  147  2,896  1,927  
West Texas  -----­-----------­--­ 251  213  2  36  2,074  1,486  
Panhandle --------------­ 55  44  9  2  411  287  
Eastern Texas --------­-----­ 47  28  5  14  359  842  
Texas  Gulf Co8"t --------­ 155  91  12  52  1,212  1,086  
Southwest  Texas  -----------­ 152  80  6  66  1,208  929  

•Four weeks ending August 28, 1948. 
VALUE 	OF NATURAL RESOURCES PRODUCED Source: State Comptroller of Public Accounts 
Percent chanire  
Aug. 1948 Aug. 1948  
Item  August 1948  July 1948  August1947  from from Aug. 194YJuly 1948  

Carbon black __$ 4,164,967 $ 3,218,228 $ 3,925,675 + 6.1 +29.( Crude oil ____ 195,734,654 190,751,188 182,424,480 +47.8 + 2.6 Natural and casing-head gas ___ 14,757,779 12,186,687 8,550,442 +72.6 + 21.l 


AGRICULTURE 
Income 

(The amount of Income received by farmers la a compoalte mea•· ara of the prosperity of agriculture, takinl' Into account both the nlume of product• sold and the prlcee received. Since the market­lnl• of many product• are concentrated In certain aeaaona of the ,...., It la Important that the data be adjusted for seasonal varia­tion• In order to ahow the basic chances In the situation of aarlcul· 
tare.) 
Texas farm income in August reached a summer peak ushered in by large-scale marketings of cotton and cotton­seed. Stepped-up movement of most livestock, plus fairly heavy rice sales, also contributed to an August income which surpassed any previous month of 1948. Estimated receipts reached $185,787,000, 36.3% above August 1947 and 12.8% above July 1948. 
Despite the apparently rosy picture reflected in dollar income figures, August receipts still missed the mark 11nticipated on the basis of purely seasonal factors. There­fore, when allowance is made for this "normal" seasonal 
FARM CASH INCOME 
Dlatrlet  Indexes. 1935-39 =100, adjusted for seasonal variation  Amount, Jan.-August (in thousands of dollars)  
August 1948  J uly 1948  August 1947  1948  1947  


TEXAS  --­490.3  568.1  358.0  $880,629  $929,506  
1-N  ------446.8  541.3  830.5  106,222  193,202  
1-S  ---­821.7  447.3  352.0  61,931  47,489  
2 ---­-··· 843.2  596.5  261.1  78,503  108,865  
8 ------·· 376.5  449.2  265.l  55,234  60,134  
4 -·--·--· 500.0  209.5  142.1  100,703  93,411  
5 ----·--608.4  155.0  199.8  44,698  44,356  
6 - --·-·--­293.2  422.5  387.l  20,763  19 ,296  
7 -----­472.7  208.5  329.4  70,922  62,898  
8 --··-·· 502.9  699.4  488.9  116,304  103,570  
9 ·-­---1609.9  486.7  711.8  68,578  48,076  
10 ·---··-----­385.0  737.7  413.8  49,664  38,357  
10-A  -···­---.1207.5  1,475.8  788.0  107,107  108,852  


element, the Bureau's index of farm cash income slid 13.8% under July. Dry weather, a faltering demand, and recent price skids share the responsibility for this shrinkage. 
Marketings 

(The level of farm Income i. affected not only by chaq.. la prices, but by the volume of products farmers aend to market In • given month. Data on shipments of farm products muat also H used to explain the changes In the level of farm lncoma fr­month to month.) 
Shipments of cattle and sheep picked up sharply from July to August, as hog shipments dropped. Hot, dry weather during August forced 16.5% more cattle and 89.0% more calves to market by lowering range con­ditions in many areas, especially counties in central, southern, and eastern Texas. Sheep loadings were upped 74.4%. Price declines averaging 4% accompanied the upsurge in cattle, calf, and sheep marketings. Over-all, livestock movements rose 29.4% in August over the pre­ceding month. Compared with a year earlier, cattle, hog, and sheep loadings were substantially heavier, but calf shipments less in August 1948. 
SHIPMENTS OF LIVESTOCK 
(In carloads)• 

Source: Bureau of Business Research In cooperation with the Burau of Airrleultur&! Econom.lea, U.S. Departmant ot Airr!eu!ture 
Percent cbanire  
Classification  Aug. 1948  J uly 1948  A ug. 1947  Aug. 1948 Auir. 1948 from from Aug. 1947 July 1948  
TOTAL  SH IPMENTS  7,764  6,000  6,819  + 13.9  + 29.4  
Cattle -------·-····----­ 4,786  4,10'7  4,022  + 19.0  + 16.li  
Calves ----·-·-··--------­ 1,100  582  1,219  - 9.8  +  89.0  
Hogs ---------------­- 468  502  419  +  11.7  - 6.8  
Sheep  --------------­ 1,411  809  1,159  + 21.7  + 74.4.  
INTERSTATE  PLUS  
FORT  WORTH  ---­--- 7,131  5,630  6,018  + 18.6  + 26.7  
Cattle ---------·­Calves -------------­ 4,390 958  3,833 544  8,499 1,123  + 25.5 -14.7  + 14.5 + 76.1  
Hogs ----------­ 455  493  4.09  + 11.2  - 7.7  
Sheep  ------­ 1,328  760  987  +  84.5  + 74.7  
INTRASTATE MINUS  
F ORT W ORTHt  -----­ 633  370  801  - 21.0  + 71.l  
Cattle  ----------­ 895  274  528  - 24.5  + 44.2  
Calves -------------­Hogs --------------
--­ 142 18  38 9  96 10  + 47.9 + 30.0  + 278.7 + 44..4  
Sheep  ----------------·-------­---­ 83  49  172  - 51.7  + 69.4  

•Rail-car basis: cattle, 80 head per car; ealvee, 60 ; hOl'I, 80 ; and sheep, 250. 
tlntrastate truck shipments are not Included. Fort Worth ahlpmenta are combined with interstate forwardintrs to show the bulk of market disappearance for the month. 
Marketings of fruits and vegetables in Texas tapered off in August to a seasonal low at 513 carloads, almost 90% under July. The severe drop under August a year ago was in part the effect of very poor growing con­ditions this summer. An early citrus season, especially in the case of oranges whic.b. were reported under har­vest in September, promised to brighten the comparison somewhat. The grapefruit season is slated to commence in early October. 
RAIL SHIPMENTS OF FRUITS AND VEGETABLES (In carloads) Source: Compiled from report. of Bureau of .Airrlcultural Economics, 
U.S. Department of Agriculture 

Percent change  
Item  August 1948  July 1948  August 1947  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  

TOTAL 513 4,681 2,279 -77.5 -89.0 
Watermelons  ------------­ 257  8,652  1,839  -86.0  -93.0  
Potatoes  -----------­-----­ 203  421  396  - 48.7  -51.8  
Onions  --------------­ 20  68  2  +900.0  ~ 70.6·  
Cantaloupes  -------­ 32  89  24.  +  33.8  -17.9  
Ali other fruits  and  
Tegetables  ------­ 1  501  18  -94.4  -99.8  


Marketing of eggs, measured by. rail s~ipments fro~ Texas stations, continued the declme which started m July, falling from 283 (July) to 136 carloads in August. During the same period shipments of chickens dropped to 4 carl~ads (down 2 cars from July) and turkey ship­ments filled 1 carload (there had been none in July). All poultry items reported in rail ~raffic we.re well under year-earlier levels. Apparently this trend 1s expected to continue at least in the turkey market, for a recent U.S. Department of Agriculture report revealed a 1948 turkey crop that is 18% under 1947 an~ 22% below avera.ge. The crop this year is 3,018,000 buds, lessened by high feed costs earlier this year and disappointment associated with the poor 1947 season. 
RAIL SHIPMENTS OF POULTRY AND EGGS 
FROM TEXAS STATIONS 
(in carloads) 


Seurce: Bureau of Bualnese Research in COOPtt&tion with tbe Division 
of Agricultural Statlotlce, Bureau of Agricultural Economlca, 
U. S. Department of Agriculture 

August July August Classification 1948 1948 1947 
Chickens  _._..___________..__  4  6  10  
Turkeys _,,__.. _ ..__________________  1  0  8  
Eggs-shell equivalent•  ____...........___ 136  283  164  
Shell ..---..--------­ - ----­ 4  8  8  
Frozen -----------------------------­ 30  44  26  
Dried -------------------­ 9  24  13  


•Dried ere• &nd frozen eggo are converted to a shell-ecg equ!Talent on the following baolo: 1 rail-carload of dried egp = 8 earloada of 1hell ergo and 1 carload of frozen egg1 = 2 carload& of 1hell _.gs. 
INTERSTATE RECEIPTS OF EGGS BY RAIL AT TEXAS 
STATIONS 

(in carloads) 


Source: Bureau of Business Research in cooperation with the Division 
of Agricultural Statistics, Bureau of Agricultural 
Economice, U. S. Department of Agriculture 

Type  August 1948  July 1948  August 1947  
TOTAL RECEIPTS-SHELL  
EQUIVALENT*  --------------­ 15  14  58  
Shell  ------­------·--·---­ 5  6  44  
Frozen  -------·-·-·-------­ 5  4  7  
Dried  0  0  0  


•Dried eggs and frozen eggs are con'l'erted to a shell-egg equivalent on the following basis: 1 rail-carload of dried eggs = 8 carloada of 1hell eggo and 1 carload of frozen einra = 2 carloada of •hell cp. 
Prices 
(The prices received ,by farmers constitute one of the elem111te of farm cash income. Chan&'es in prices are of primary concern to farmers and all businessmen relyinl' on the farm market, Farmora are also concerned with the pricea which they have to pal' for commodities used in family maintenance and production alnce theae prices help to determine their real income.) 
Declines characterized the farm price situation in Texas during August, as 20 of 29 major commodities dropped moderately to substantially. Only 7 of the pro. ducts included in the accompanying table advanced, and 2 (retail milk and sheep) were unchanged. 
Sharpest losses were in grain prices and livestock and livestock products. Despite the fact that recent price declines would mean a saving of nearly 40% in farmers' feed bills, producers in some sections of the State met recently to announce further hikes in milk prices, amount· ing to a cent a quart at the retail level. Threatened short· ages in large cities plus dwindling local supplies reportedly made these increases necessary in order to draw from more distant producing areas. In the face of recent declines in flaxseed, flax farmers asked govern· ment-support prices. Most other grain producers were already protected by government price supports. 
The national index of prices received for agricultural 
. commodities slipped 3% during the month ended 
August 15 to 293% of its 1909-14 base, in response to 
commodity price declines similar to those which occurred 
.in this State. Prices paid by farmers were unchanged 
. from July 15, and the farmer's buying position as meas· 
ured by the parity ratio was lowered to 117. In October 

PRICES OF TEXAS FARM PRODUCTS 
Source: Bureau of Agricultural Economlce, U.l!I. Department ol Agriculture 
August July August
Commodity 
Unit 1948 1948 18'7 
Wheat  ---------·-­-----bu.  $ 1.97  $ 2.00  ' 2.0'  
Corn Oats  -----------------­bu. _____________.. ____ bu.  1.76 0.89  2.10 1.01  1.97 0.9,  
Barley  .......  bu.  1.21  1.40  1.88  
Flaxseed  --------------bu.  5.65  5.70  5.60  
Grain  sorghum  --­ ---­cwt.  1.95  2.35  2.76  
Rice  ___  bu.  2.65  8.45  2.70  
P otatoes  ......  bu.  1.80  1.95  1.25  
Sweet potatoes  -------------­bu.  8.25  8.15  8.10  
Cotton lint __  lb.  0.300  0.820  0.828  
Cottonseed  ton  79.00  96.00  76.00  
Cowpeas  ___  bu.  4.80  5.40  5.15  
Peanuts  lb.  0.104  0.108  0.091  
Hogs  --------­ cwt.  26.80  26.10  24.60  
Beef cattle -----------------.. cwt.  22.60  23.60  16.50  
Veal  calves  -----­----­cwt.  25.50  26.70  19.50  
Sheep  .......__________cwt.  11.20  11.20  9.90  
Lambs  ..........  cwt.  22.00  23.00  17.20  
Milk  cows  ._  _____head  145.00  140.00  118.00  
Chickens  ____ lb.  0.272  0.276  0.2•7  
Turkeys .... Eggs --­Butter ___  ._  _ _ _ __lb. ,_ ____doz. 0 lb.  0.317 0.410 I 0.69  0.808 0.396 0.70  0.229 0.418 0.64  
Butterfat  _____ lb.  0.70  0.78  0.63  
Milk, Milk, Wool  retail --­---qt. wholesale cwt. ________lb.  0.196 5.85 0.49  0.196 5.80 0.56  0.180 5.20 0.42  
All hay, loose ___ ___ton Alfalfa hay, looee ____ ton  20.40 25.70  20.50 26.00  16.00 Zl.50  


1946 the parity ratio reached 133, representing an all. time high in farmer prosperity as measured by prices they receive compared with prices they pay off-the-farm goods, including interest and taxes. 
Cold Storage 

(la llotla periods of shortages and surpluses, the storace holdincs ef perialoable food pn>ducts are important because of their effect on Jrices. The M&SC>nal nature of farm products is in part offset by dot 11CCQ1Dulation of stocks in periods of peak production to be ..ttWra,.... In periods of low pn>duction. Deviations from the normal lnels of laoldincs will exert pressure on the price structure.) 
Holdings of most dairy and poultry products in cold !llorage continued to increase during July, and stocks of all items except frozen eggs were bigger on August 1 than a month previous. Creamery butter inYentories almost doubled during the period. 
Occupancy of space in private warehouses and meat· 

packing establishments continued at capacity or near­
capacity levels, but there was some reduction in usage of 
space in public warehouses storing dairy and poultry 
products on August 1 as compared with July 1. 
COLD STORAGE HOLDINGS 

Soarce: Produc ion ~nd M~keting Administration, U.S. Department of 
A.gricultnre 
Percent chll.DJI'• 
Aug. 194 Aug. 194 Unit Aug. 1 July 1 Aug. 1 from from 
Item (OOO's) 

Cram: 
Fiuid lbs. 

Plastic lbs. Crumery butter -lbs. Americsn cheese _ lbs. SbeD ens ____ cases 
Prat.en egp --lbs. Pcllltry lbs. 
1948 194 1947 Aug. 1947 J uly 1948 
355 222 297 + 19.5 + 59.9 41 398 354 + 1 .1 + 5.0 1,6 5 66 1,539 + 9.5 + 9-i.6 (,573 3,966 3,392 + 34.8 + 15.3 161 153 117 + 37.6 + 5.2 14,763 17,902 12,54-4 + 17.7 -17.5 1,5 2 1.499 3,869 -59.1 + 5.5 
Cotton 

{TM cott-laalance aheet aho.,,.. the basic demand and supply r.ct.ra affactbas cotton, wla.ich la aa outstandinc ele-t la the lar.. '-of tM Stata.) 
There are as usual many conflicting forces operating in the cotton market. The outstanding facts are that world production of cotton this year will equal if not exceed consumption. This should be a signal to cotton. growers to recheck and readjust their farming operations to a relatively lower price level for cotton. Fortunately for the United States most of the increase in supply is a result of a record yield per acre which has generally served to lower costs of production. 
The world demand for cotton is very large provided the people of the world have the means to buy. At the present time there are two sources of buying power for cotton. The most important is in the exchange of goods and serYices. The other is the policy of the United States Government to help finance the recovery of war-torn countries, especially in Europe. The aggressive use of the opportunities offered by these two sources of demand could result in the export this cotton year of raw cotton and cotton goods equiYalent to 4 million bales of cotton. 
The United States, under present unsettled world con· ditions, need to accumulate larger reserves of many essential and strategic materials not produced at all in this country or not produced in sufficient quantity. 
Prices of most foreign growths of cotton are substan­tially higher than American cotton. It is thus possible to use this year's relatively large cotton production in the United States to contribute to our own security by using foreign exchanges from export of surplus cotton and cotton goods to acquire strategic materials, to help distressed people abroad, and at the same time prevent a cotton carryover which might otherwise become a serious price depressant for cotton growers in the United .States. 
Signs indicate that the government is aware of these opportunities for constructive action presented by the large cotton crop. as well as of the many grave conse­quences of permitting several mllion bales of cotton to accumulate under government loan. There seems to be everey good reason for aggressive merchandising of this year's cotton crop. 
The cotton balance sheet shows an increase in balance 

September 1 this year over last year of 3.8 million bales. 
During the past 15 years the cotton balance September 
1 has exceeded the present balance of 17.4 million bales 
11 times. The present supply of American cotton is not 
burdensome provided proper merchandising policies are 
followed. 
COTTON BALANCE SHEET FOR THE UNITED STATES AS OF SEPTEMBER  1  
(ln tbou..nds of running b&l.. except u noted)  
Government  
Imports estimate ConsumP-Exports Carryover to as of tion to to Year Sept. 1 Sept. 1 Sept. 1 Total Sept. 1 Sept. 1  Total  Balance BS of Sept. 1  
1989-40 13,033 13 12,3 0 25,426 631 219  847  24,579  
1940-41 10,596 10 12,772 23,378 651 65  716  22,662  
1941-4.2 12,376 45 10,710 23.131 874 79  953  22,178  
1942-43 10,590 11 14,028 24,629 925 71  996  23,638  
1943-« 10,6 7 3 11,679 22,369 843 310  1,153  21,216  
19«--45 10,727 2 11,4 3 22,212 8(2 33  875  21,337  
l9{S....{6 11,160 15 10,020 21,195 738 188  926  20,269  
1946-47 ,522 18 9,171 16,711 856 413  1,269  15,442  
1947-4 2,521 2.0 11,849 14,390 711 49  760  16,630  
1948-4.9 2,2.83. 22• i 15,219• l ,064 729 115t  844  17,4.20  
•soo PoUnds grogs wei&ht.  
Does not inclnde ginning prior to Angust L  
~by N~w Y!l?'k Cotton Exchange Trade Report Service.  





LOCAL BUSINI 

Percent change  Percent chan11e  
City and item  August 1948  Aug. 1948 from Aug. 1947  Aug. 1948 from July 1948  City and item  August 1948  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  
ABILENE: 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 expr..,s shipments -------­ 31,349 330,295 32,990 41,976 9.4 212  + 22.0 + 7.4 + 6.9 + 26.2 + 21.1 + 11.3 + 10.6 0.0  + 2.0 + 6.9 8.1 + 20.4 + 1.2 1.6 + 2.2 + 16.6  BROWNWOOD: Retail sales of independent stores_ Department and apparel store sales Postal receipts -···-------------$ Building permits -·---------$ Air express shipments ------­BRYAN:  11,419 88,555 38  + 2.6 -0.2 + 15.1 + 27.9  + 7.6 6.2 2.2 +11.2 +11.8  
Unemployment ------­-------­Placements in employment -----­Nonagricultural civilian labor force_  1,000 693 18,426  -38.3 + 16.8 + 21.1  0.0 + 38.9 + 0.4  Department and apparel store sales Postal receipts __ _________$ Building permits -------·$  9,224 146,960  -8.4 + 30.6 + 25.0  -18.8 +16.8 + 1so.1  
AMARILLO:  Air express shipments ------­ 19  -38.7  -46.7  
Retail sal.., 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 -­--­Nonagricultural civilian labor force_ AUSTIN: Retail sales of independent stores__ Department and apparel store sales 66,903 1,196,206 88,840 86,218 12.6 494 1,600 1,094 85,860 Postal receipts ---------------$ 137,829 Building permits ---------­-----$ 2,270,410  + 4.4 6.0 + 9.4 + 16.6 + 8.1 + 9.3 0.0 1.6 + 7.1 + 16.4 + 18.4 + 26.9 + 8.1 + 15.3 + 22.2  + 6.7 + 21.9 -6.0 + 14.8 6.8 + 2.1 6.0 2.9 + 7.1 + 22.4 + 0.9 + 1.7 0.2 + 6.2 + 20.8  CORPUS CHRISTI: Retail sales of independent stores_ Department and apparel store sales Postal receipts ------­-----$ Buildoing permits -----­----$ Bank debits to individual accounts (thousands ) __________$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover __ Air express shipments ------­Unemployment ----------­Placements in employment ----­Nonagricultural civilian labor force_ Water connections ---­-­--­Electrical connections ---------­Water-borne commerce (tons ) -----­67,410 822,917 88,412 81,202 13.4 505 1,600 1,335 48,800 22,742 26,182 1,708,194  + 26.6 -4.1 + 7.6 -41.7 + 7.8 + 16.0 -6.8 -17.3 -39.6 + 28.l 2.0 + 9.9 + 8.2 0.6  + 6.0 1.6 0.6 -39.1 + 6.6 + 6.1 + 0.8 2.1 -16.8 + 6.7 + 1.0 + 0.7 + 0.6 8.0  
Bank debits to individual accounts (thousands) -------------$ End-of-month deposits (thousands)* $ Annual rate of deposit turnover ---­Air express shipments --------­Unemployment ----------------­Placements in employment -­-­Nonagricultural civilian labor force_ 
Railroad carloadinirs : 101,931 104,779 11.6 676 1,400 1,063 44,650  + 13.4 + 8.0 + 3.6 + 12.3 -31.2 + 20.8 + 0.8  3.3 + 0.3 4.1 + 35.6 -6.1 + 46.6 0.01  CORSICANA: Postal receipts ·--·-------------$ Building permits -------­------$ Bank debits to individual accounts (thousands ) -------------$ End-of-month deposits (thousands)• $ Annual r ate of deposit turnover ___  9,441 84,176 10,215 19,083 6.5  + 31.3 -15.7 + 24.2 + 1.8 + 22.6  -s.o -40.2 + 8.4 + 0.8 + 8.S  
Inbound ----­---------­Outbound -­-----­---­ 1,207 485  2.1 + 35.1  0.3 -17.9  DALLAS:  
BEAUMONT: Retail sales of independent stores__ Department and apparel store sales Postal receipts ----------------$ Buildinii permits -----------­$ Bank debits to individual accounts (thousands) -----------------$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover __ Export and coastal cars unloaded __ Air express shipments ---------­Water-borne commerce (tons) BROWNSVILLE: Retail eales of independent stores_ 
Postal receipts --------------$ Building permits ---------$ Export cars unloaded --------­Air express shipments --------­Coastal cars unloaded ------­Water-borne commerce (tons) ___ 56,409 881,889 97,942 98,450 11.8 442 352 25,360 12,016 98,994 490 580 69 75,901  + 35.1 + 17.4 + 21.2 + 79.3 + 38.9 + 13.3 + 16.8 -32.5 + 3.8 -5.8 + 18.4 + 21.8 -1.0 -73.1 + 1.0  + 15.8 + 23.3 + 7.6 -40.2 + 1.8 2.2 0.8 + 33.1 + 11.4 + 87.9 -1.0 -14.1 -78.5 -24.4 -11.3 -26.6 -38.7  Retail sales of independent stores_ 
Apparel stores -----------­Automotive stores ---------­General merchandise -------­­Drug stores ---------------------­Filling stations ---­---------­Food stores -----------­Furniture and household stores ___ Lumber, building material, and hardware stores -------­Eating and drinking places ---­All other stores -----------­Postal receipts ----------­---------$ Building permits ----------$ Air express shipments ------­Bank debits to individual accounts (thousands) _________$ Placements in employment ----­Unemployment -------------­N onagricultural civilian labor force__ End-of-,;,onth deposits (thousands)• $ Annual rate of deposit turnover __ 779,728 4,593,457 7,669 967,703 5,713 5,200 233,500 724,709 16.1  + 8.9 + 4.0 + 21.8 + 15.l + 1.7 + 29.9 -10.0 -0.8 + 12.8 -3.5 + 4.8 + 14.6 9.7 + 6.2 + 19.3 + 56.5 -48.0 + 5.0 + 9.8 + 10.3  + 16.2 + 27.6 + 7.6 + 4.8 1.9 + 8.7 -12.l + 22.S + 4.3 + 0.7 + 3.4 0.03 -26.4 + 0.6 8.8 + 23.8 -10.3 + 0.2 + 1.3 8.0  
*Excludes deposits to credit of banks.  •Excludes deposits to credit of banks.  

CONDITIONS 

Percent change  Percent change  
City and Item  August 1948  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  City and item  August 1948  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  
EL PASO:  HOUSTON:  
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 )0 $ Annual rate of deposit turnover Air express shipments Unemployment Placements in employment Nonagricultural civilian labor force__ Railroad carloadings: Inbound ----­--­--­Outbound --­-----­94,988 596,773 106,454 111,591 11.5 1,302 2,400 1,124 51,800 3,833 2,769  -3.2 -16.1 + 8.6 -21.0 + 20.1 + 6.9 + 12.7 -6.0 -7.7 + 19.2 + 3.0  -10.1 -2.7 -7.9 -73.8 -10.5 + 0.8 -10.2 + 6.2 -4.0 + 25.9 + 0.1 + 14.7 -12.7  Retail sales of independent stores._ Apparel stores ---­---­Automotive stores --­--­General merchandise -­--­Drug stores ----------­Filling stations ---­----­Food stores ------­-­Furniture and household stores _ Lumber, building material, and hardware stores -·---··--­Eating and drinking places -­­All other stores ·---------­Postal receipts ···­·-·---------$ 585,219 Building permits ····----·--···---$ 8,047,000 'Export and coastal cars unloaded -­5,585  + 27.2 + 9.4 + 39.1 + 7.8 + 9.1 + 4.4 + 59.8 + 25.7 + 21.8 + 9.6 + 4.0 + 19.7 + 42.8 -13.9  + 4.0 + 12.2 + 6.8 -0.2 -0.8 + 11.3 + 0.6 + 3.8 + 2.7 + 1.4 1.9 + 0.1 7.0 -22.3  
Air express  shipments  --­--·-­ 4,990  - 2.4  0.8  
FORT WORTH: Retail sales of independent stores_ Apparel stores ---·---­ + 17.7 + 9.2  + 9.7 + 11.3  Bank debits to individual accounts (thousands) ---------··$' 1,053,278 Placements in employment (area) _ 5,614 Unemployment (area) -------­8,000  + 28.5 + 16.l -30.4  3.8 + 21.1 5.9  
Automotive stores General merchandise  + 39.1 + 8.8  + 26.5 + 6.1  Nonagricultural civilian (area)  labor force  320,600  + 6.7  + 0.7  
Drug stores Food stores  -4.5 + 21.8  -- 0.5 0.9  Annual rate of deposit turnover __ End-of-month deposits (thousands)• $  14.0 902,604  + 10.2 + 16.5  5.4 + 1.3  
Furniture and household stores  + 28.8  + 12.8  
Lumber, building material, and hardware stores Eating and drinking places ___ All other stores ------­Postal receipts ·----$  289,458  + 15.2 + 7.8 + 4.8 + 19.4  + 8.8 + 1.7 + 3.4 3.7  LAMESA: Retail sales of independent stores._ P ostal receipts -·-·----·----­$ Building receipts -·-·---------·$ 5,438 59,450  + 33.5 + 21.6 + 44.5  + 16.0 + 11.9 + 69.0  
Building permits Air express shipments ----$ 1,968,123 1,759 Bank debits to individual accounts (thousands) $ Placements in employment --­­Unemployment Nonagricultural civilian labor force__ End-of-month deposits (thousands)• $ Annual rate of deposit turnover --305,777 4,065 6,100 135,000 278,412 13.8  -23.4 + 12.5 + 4.5 + 11.4 -24.7 + 3.8 + 2.4 + 2.3  -34.1 + 5.4 -11.7 + 5.6 6.2 + 0.2 + 1.5 -11.9  LAREDO: Department and apparel store sales Postal receipts -····--·----$ Bank debits to individual accounts (thousands) ·-·------­$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover -Air express shipments ---···---­14,380 15,045 23,435 7.8 230  -13.7 + 4.6 + 4.3 + 14.5 -7.1 -20.1  -27.9 -18.6 -11.6 + 1.1 -11.4 -11.5  
GALVESTON: Retsil sales of independent stores_ Department and apparel store sales Postal receipts -----­--­$ Building permits $' 51,789 178,186  + 11.0 + 6.5 + 17.0 -14.4  4.2 0.2 + 8.5 -80.0  Electric power consumption (thousands KWH) Natural gas consumption (thousands cu. ft.) -·-·---------­Tourist cars enterin~ Mexico --­Tourists entering Mexico --­-­ 3,138,213 35,678 3,749 13,437  + 2.0 + 3.6 -10.2 -8.9  5.4 9.5 0.5 + 0.1  
Bank debits to individual accounts  
(thousands) $ End-of-month deposits (thousands) • $ Annual rate of deposit turnover -­Export and coastal cars unloaded -Air express shipments Unemployment (area) ----­Placements in employment (area) -Nonagricultural civilian labor force (area) 69,462 97,747 8.8 11,453 402 2,100 822 55,590  + lQ.7 + 9.5 + 12.8 -1.0 -5.0 -16.0 -18.7 -2.5  2.0 + 4.5 4.3 4.6 + 38.6 + 5.0 + 7.5 1.0  LUBBOCK: Retail sales of independent stores_ Department and apparel store sales P ostal receipts .. $ Building permits __________$ Bank debits to individual accounts (thousands) __________$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover -­45,655 887,564 54,016 65,081 10.0  + 19.2 -13.7 + 22.8 + 17.0 + 8.6 + 18.8 -8.3  -0.7 -7.6 -10.1 -56.9 8.8 + 0.1 5.7  
Air express shipments  249  - 21.9  -12.9  
LOCKHART Retail sales of independent  stores_  - 2.9  + 1.4  Unemployment ··--·-----­Placements in employment ---­Nonagricultural civilian labor force  800 813 26,850  0.0 + 19.7 + 3.9  0.0 +36.0 + 2.1  
Department  and  apparel  store  sales  + 10.1  + 19.0  
Postal receipts $ Building permits $ Bank debits to individual accounts (thousands) $ End-of-month deposits (thousands)• $ 2,025 94,703 3,196 4,984  + 6.4 +2,459.5 + 9.9 + 11.8  -28.0 + 245.3 + 12.8 + 6.4  MARSHALL: Department and apparel store sales P ostal receipts ----· $ Building permits ---------$ 12,220 93,304  + 9.2 + 25.6 -32.5  + 8.2 1.5 + 0.3  

•Excludes deposits to credit of banks. •Excludes deposits to credit of banks. 
LOCAL BUSINESS CONDITIONS 

(Continued) 
Percent change 
Percent change 
Aug. 1948 Aug. 1948 Aug. 1948 Aug. 1948

August from from August 
from from1948 Aug. 1947 July 1948 City and item

City and item 1948 Aug. 1947 July 1948 

PLAINVIEW: TEXARKANA: 
Retail sales of independent stores_. + 18.3 -0.2 Retail sales of independent stores__ + 6.7 3.8
-Department and apparel store sales + 13.4 -1.5 Department and apparel store sales + 0.4 -8.5 Postal receipts ·--····-·-------------$ 6,734 -3.3 -18.9 Postal receipts -------------·-·----·-$ 35,691 + 15.6 + 17.9 Building permits ----------------------$ 158,500 Bank debits to individual accounts
-24.3 -33.0 58 -19.4

Air express shipments -------------·--(thousands ) --·------------·----------$ 29,422 + 36.5 + 14.6 End-of-month deposits (thousands)• $ 23,041 + 5.1 + 5.2 Annual rate of deposit turnover __ 10.4 + 44.4 
+ 22.4

PORT ARTHUR: Air expre.ss shipments -----­83 -23.l + 1.2 Retail sales of independent stores__ + 6.3 -9.9 Unemployment ------------------­3,100 6.1 1.7 Department and apparel store sales -4.5 + 1.4 Placements in employment ----­557 1.2 2.8 Nonagricultural civilian labor force_ 33,500
Furniture stores sales --·----------­+ 39.0 + 13.0 + 4.3 1.1 Postal receipts ----------------------------$ 23,377 + 0.5 -12.9 Building permits -------------------------$ 475,631 +169.5 -34.7 

TEXAS CITY: 

Bank debits to individual accounts Retail sales of independent stores_ + 26.7 + 7.5 
(thousands ) ---------------$ 34,331 + 10.5 -10.2 

-1.6 Department and apparel store sales -1.0 + 8.8 
End-of-month deposits (thousands)• $ 39,298 + 2.1 
Postal receipts ------------------$ 8,026 + 18.7 + 8.5

Annual rate of deposit turnover -­10.4 + 8.3 -9.6 
Building permits --------------$ 102,875 -81.7 -88.5

Export cars unloaded ------------­1,708 + 64.5 + 23.9 
Export cars unloaded -------­0Air express shipments --------------­160 -16.7 -11.1 

Unemployment (area) ---·--------­2,100 -16.0 + 5.0 
341 -2.6 -0.3 

Coastal cars unloaded --------­
Placements in employment (area) _ 822 -18.7 + 7.5 N onagricultural civilian labor force (area) -----------­55,590 -2.5 1.0


SAN ANGELO: 
Coastal cars unloaded --------353 -24.6 -14.9 

Retail sales of independent stores_ -6.2 -5.0 Department and apparel store sales -1.6 -6.5 Postal receipts -----------------$ 26,295 + 23.9 -11.0 TYLER: Bank debits to individual accounts Retail sales of independent stores.. _ + 16.3 +16.4 
(thousands ) -------------------$ 30,166 + 17.2 + 2.8 Department and apparel store sales -0.8 + 12.1 End-of-month deposits (thousands )• $' 38,978 + 6.6 + 0.03 P ostal receipts --------·----$ 28,451 + 41.2 -8.9 Annual rate of deposit turnover --­9.2 + 9.5 + 3.4 Building permits -·---------$ 296,015 + 11.9 -65.8 Air express shipments ----·----488 -14.4 2.2 Bank debits to individual accounts (thousands ) -----·-----------$ 38,931 + 15.3 -10.8 End-of-month deposits (trousands ) • $ 54,341 + 12.9 + 1.4 SAN ANTONIO: Annual rate of deposit turnover ---­8.6 + 2.4 -11.8 Retail sales of ind!'pendent stores__ + 9.1 + 4.0 
Air express shipments ---------397 -8.1 -36.2 

Apparel stores --------­+ 2.2 + 8.7 
Automotive stores -------­+ 41.3 + 1.7 WACO: 
General merchandise -----­+ 2.3 + 9.9 

Retail sales of independent stores_ + 20.1 + 15.5 Drug stores ----------­-0.7 2.1 
Department and apparel store sales + 3.4 + 14.2 Filling stations ----------------··-·­+ 8.0 3.0 
Postal receipts --------------------------$ 63,402 + 6.8 -4.6 
Food stores ---------------·----­-14.3 -14.6 
Building permits ----------------·----$ 751,600 -18.5 -10.8 
Furniture and household stores -­+ 7.2 + 18.2 
Bank debits to individual accounts Lumber, building material, and 
(thousands) ---·--------·----$ 47,474 + 5.9 2.1 
hardware stores --------+ 19.2 + 0.2 
End-of-month deposits (thousands)• $ 64,289 + 3.8 + 8.2 
Eating and drinking places ___ 5.4 + 2.0 

Annual rate of deposit turnover __ _ 9.0 + 2.3 2.2 All other stores --------------+ 3.2 + 3.0 
Air express shipments -------­260 + 44.4 + 2.8 

Nonagricultural civilian labor force___ 157,900 + 0.3 + 0.1 4.6 
2.9 Unemployment ------------­3,100 -8.8 
Postal receipts -------·---------------$ 288,946 + 13.0 
Placements in employment -----·-·---847 + 84.7 + 60.4 

Building permits ----------$ 3,421,733 + 37.3 + .13.5 
Nonagricultural civilian labor force___ 46,300 + 0.2 -0.1 

Air express shipments -------­2,272 -22.9 5.5 Bank debits to individual accounts (thousands) ---------$ 233,757 + 12.5 4.2 WICHITA FALLS: Placements in employment ---­3,186 + 17.8 + 25.1 
Retail sales of independent stores_ + 5.7 + 8.5 

Unemployment ----------­4,500 -62.5 -10.0 + 18.2 
Department and apparel store sales + 6.4 

End-of-month deposits (thousands)• $ 318,637 + 1.4 + 1.1 
Postal receipts --------··--------$ 41,252 + 18.9 + 0.7 

Annual rate of deposit turnover __ 8.9 + 12.7 8.3
-
Building permits ------------$ 269,900 -27.1 + 5.1 Bank debits to individual accounts (thousands) _______$ 53,123 + 25.2 3.2 

TEMPLE: End-of-month deposits (thousands)• $' 81,843 + 12.5 + 2.2 
4.8

Retail sales of independent stores_ + 24.7 + 7.7 Annual rate of deposit turnover ---­7.9 + 11.3 8.4Department and apparel store sales + 0.2 -10.9 Air express shipments ------­316 + 12.1 
1,600 + + 47.2

Postal receipts --·----------$ 14,457 + 17.4 + 7.5 Unemployment ------------­3.1 Building permits -----------$ 139,055 + 80.0 -20.8 Placements in employment -----­+ 9.8 + 3.1
529 Air express shipments -------36 -32.1 -28.0 Nonagricultural civilian labor force.. _ 31,900 + 7.1 + 1.8 
•Excludes deposits to credit of banks. •Excludes deposits to credit of banks. 

FINANCE 
Bank Credit 

(Since bank credit is essential to all business, the conditions of tile commen:ial banks and the Federal Reserve Banks Is a siiruifi­cant indicator of the state of business. Chances In the volume of credit that the banks have outatandinc reflect the state of business. The coadition of the Federal Reserve Banks In like manner reflects tile condition of credit available to commercial banks.) 
Only minor changes were reflected in the statement of condition of the weekly reporting member banks in the Dallas district. Total loans and investments con­tinued to increase at about the same rate, 1.8%, as ob­served for the past few months. The increase was accounted for primarily by the 2.3% increase in loans, while holdings of government securities increased only 0.9%. This increase in government securities resulted from a 28.6% advance in Treasury notes while all other classes of government securities declined, resulting in a somewhat more liquid position. Other securities were increased 6.0%, reserves with Federal Reserve banks 1.7%, but cash in vault decreased 11.4%, and balances with domestic banks 5.3%. 
Total deposits of member banks continued to rise 

slightly (0.5%), the greatest increase percentagewise 
being in United States Government deposits (2.6%). 
The biggest volume gain in deposits was the $8 million 
(2.0%) increase in time deposits, while demand deposits 
rose $2 million (0.1 % ) . 
The summary statement of condition of the Dallas 

Federal Reserve Bank indicates little change in con­
dition from July 1948. There was an increase of only 
1.3% in the bank's total resources in the four-week 
period. Greatest changes were in the discounts and 
CHANr.ES IN CONDITION OF WEEKLY REPORTING 
MEMBER BANKS· 
Source: Board of Governors of the Federal Reserre System 
Percent changet 
Sept. l, 1948 Sept. 1, 1948 Sept. 3, 1947 
from from from 
Sept. 3, 1947 July 28, 1948 July 3, 1947 

Item 

ASSETS Loans and investments ----+ 6.7 Loans + 22.8 Total U.S. Government securities _ -5.2 
Treasury bills +133.3 Treasury certificates of indebted­
ness -12.4 Treasury notes + 3.3 United States Bonds -7.5 

Other securities + 17.1 Reserve with Federal Reserre Banks + 2.5 C&8h in Tault 6.1 Balances with domestic banks __ -2.2 LIABILITIES Total depoeits (except interbank) _ + 7.7 
Demand deposits adjusted ___ + 6.9 Time dep0sits + 10.2 United States Government depoeits + 21.2 

Interbank deposits : Domestic banks -------4.2 Foreign banks -33.3 CAPITAL ACCOUNTS + 5.5 
1.8 0.7 + + 
+ + 
2.3 1.4 + 
0.9 -0.3 -14.3 -25.0 
-3.1 5.2 
2.4
+ 
28.6 

0.6 + 2.2 

+ 
6.0 + 6.1 + +


1.7 3.2 -11.4 + 6.5 
5.3 2.5 
0.5 0.6 + + 
+ + 
0.1 0.1 
2.0 0.5 + 
+ 
2.6 
+ 65.0 

3.2 
1.9


+ + 
0.0 + 50.0 + +
0.5 0.6 

t Percentage comparisons based on week ending nearest the close of calendar month. 
SUMMARY STATEMENT OF CONDITION OF THE FEDERAL 
RESERVE BANK OF DALLAS 
(in thousands ot dollars) 
Source : Board o! Governors of the Federal Resene System 

Percent chance 
Sept. 194 Sept. 1948 Sept. 1 J uly 28 Sept. 3 from from Classification 1948 1948 1947 Sept. 1947 J uly 1948 

ASSETS Gold certificate reserves ----677,399 
U.S. 	Government securities ___ 
970,330 Discounts and ad­
vances 9,802 Other cash ___ 
11,840 Other assets 
__ 149,008 
568,619 510,088 + 13.2 + 1.5 961,lU 922,245 6.2 1.0
+ + 
8,412 1,299 +664.6 + 16.6 10,807 8,674 + 38.1 9.6
+ 147,349 1,041,171 + 43.0 1.1
+ 

TOTAL ASSETS _ l,718,379 1,696,371 1,546,377 + 11.l + 1.8 
LIABILITIES Federal Reserve notes 615,378 600,511 617,347 -0.3 2.5 
+ Deposits 949,205 940,133 817,786 + 16.1 1.0
+ Other liabilities _ 126,367 129,277 86,543 + 46.0 2.3 TOTAL LIABILITIES _ l,690,950 1,669,921 1,621,676 + 11.l + 1.8 Capital paid in _ 7,732 7,706 7,202 + 7.4 + o.s Surplus 15,418 15,418 15,084 + 2.2 0.0 Other capital accounts 4,279 3,326 2,415 + 77.2 + 28.7 TOTAL LIABILITIES AND CAPITAL ACCOUNTS __l,718,379 1,696,871 1,646,377 + 11.1 + 1.S 
advances and "other" cash items, which increased 16.5 and 9.6%, respectively. Greatest shifts on the liabilities side of the bank balance were a 28.7% increase in "other" capital accounts and a 2.5% gain in Federal Reserve notes. Demand deposits went up slightly ( 1.0%) but "other" liabilities decreased 2.3%. 
The action of the Board of Governors in increasing 

the reserves required against demand deposits by 2% 
can possibly reduce member hanks' lending power by 
about $12 billion. However, the member banks are 
meeting t4e increased reserve requirement by selling 
government bonds to the Federal Reserve banks to 
obtain credit to their accounts. This action is nullifying 
the effect of the increase in reserve requirements, leaving 
the amount of credit available relatively unchanged. 
It is doubtful if the new reserve requirements will have 
any effects other than psychological in limiting the 
amount of credit and consequently in exerting a braking 
effect on the inflationary trend. The decision as to the 
amount of credit extended will still remain about the 
same as before with the local bankers. 
Bank Debits 
(Since the bulk of busineaa transactions are aettlecl by ch.ck, 

changes in bank debits to Individual account. represent chan1ea 
In the volume of transactions and are a basic m-.ure of bu•lneH 
activity.) 
Bank debiJs decreased 5.8% in August to a total of $3.5 billion for 20 Texas cities; however, they were still 19.2% higher than for the same month a year ago. The decrease was only slightly more than the 4.2% slide in August 1947 from July 1947. Six of the 20 cities showed increases over last month, however, greatest of which were Texarkana (14.6% ), Corsicana (8.4%), and Corpus Christi (5.5% ) . The rate of deposit turn­over decreased in August to a rate of 12.8 times per year. This rate was 8.5% above the figure for the same month a year ago, but down 6.6% from last month. Highest rates of deposit turnover were in Dallas (16.1), Houston 
(14.0) , 	and Fort Worth (13.3). The seasonally adjusted index of bank debits fell from 
464.6 of the 1935-39 average to an index of 457.0, a figure 19.2% above a year ago. This indicates that the decrease of 5.8% shown above is not entirely seasonal. 
BANK DEBITS* 
(in thousands of dollars) 
Source: Board of Governors of the Federal Reserve System 
Percent change  
City  August 1948  July 1948  August 1947  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  


TOTAL ----$3,459,269 $8,674,092 $2,901,789 +19.2 -5.8 
Abilene  --------­ 32,990  32,584  27,237  +2.1.1  +  1.2  
Amarillo ___  88,840  94,308  82,160  +  8.1  - 5.8  
Austin ----­ 101,9·31  105,388  89,907  +13.4  -3.3  
Beaumont  -- - 97,942·  96,232  70,532  +38.9  + 1.8  
Corpus Christi _  88,41~  83,768  82,046  +  7.8  +  5.5  
Corsicana  -­ 10,215  9,426  8,225  +24.2  + 8.4  
Dallas  ----­ 967,703  1,061,127  811,486  +19.3  -8.8  
El Paso ------­ 106,454  119,004  88,668  +20.1  -10.5  
Fort  Worth  _  305,777  346,191  292,697  +  4.5  -11.7  
Galveston  - - - 69,462  70,865  58,047  +19.7  -2.0  
H ouston  ---­1,053,278  1,094,613  819,364  +28.5  -3.8  
Laredo  --­ 15,045  17,024  14,421  +  4.3  -11.6  
Lubbock  --­ 54,016  59,218  49,729  +  8.6  - 8.8  
P ort  Arthur  -­ 34,331  38,251  31,063  + lo.5  -10.2  
San Angelo ---­ 30,166  2!1,348  25,738  +17.2  + 2.8  
San  Antonio  --­ 233,757  244,036  207,861  +12.5  -4.2  
Texarkanat  - - 29,422  25,680  21,556  + 36.5  +14.6  
Tyler  --­ - 88,931  43,638  33,765  + 15.3  -10.8  
Waco  47,474  48,499  44,848  +  5.9  - 2.1  
Wichita Falls  ---­ 53,123  54,893  42,440  +25.2  -3.2  

•Debits to deposit accounts except interbank accounts. 
tincludes two banks in Arkansas, Eighth District. 

Corporation Charters 

(The Issue of corporation charters meaaurea the additions to the bualneaa population and reflects the state of optimism or peaslmism of buslneumen.) 
The Secretary of State reports that charters were granted to 244 domestic corporations during the month, as compared with 341 in July and 389 in August 1947. Total capitalization of the new corporations declined from $9,071 thousand in July to $5,535 thousand in August. Classified according to nature of business, those 
CORPORATION CHARTERS ISSUED BY CAPITALIZATION Source: Secretary of State 
Peroent change Aug. 1948 Aug. 1948 
August July August from fromCapitalization 1948 1948 1947 
Aug. 1947 July 1948 

Over $100,000 ---­ 5  11  32  -84.4  -54.5  
$5,00()....$100,000  -­ 161  215  232  - 30.6  -25.1  
Less than $5,000 ___ No capital stock __  74 41  63 49  73 12  + 1.4 + 241.7  -17.5 -16.3  
Capitalization  not  
specified  -----­ 4  3  40  -90.0  + 33.3  

to engage in merchandising led with 65, followed by manufacturing with 29, and real estate with 24. Charters were also granted to 43 foreign corporations during the month as compared with 46 last month and 36 for August 1947. Of those chartered, the smaller corporations pre· vailed, for only 5 were capitalized for amounts in excess of $100,000, while 161 were chartered for amounts be. tween $5,000 and $100,000, and 74 for amounts less than $5,000. 
CORPORATION CHARTERS ISSUED BY CLASSIFICATIONS 
Source: Secretary of State 

August July AugustClassification 1948 1948 1947 
POMEf'TIC CORPORATIONS 
Capitalization• -----------$5,535 $9,071 $14,614 
Number 244 841 889 

Banking-finance 	3 
-------------~ 8 13 Construction 21 21
------------16 
Manufacturing__________ 
29 32 36 Merchandising 93
-	--------65 101 
Oil 15 7 16 Public service --·--------3 0 Real estate --45 57
---------24 
Transportation 10 9 5 All others 74 74 72 No capital stock 41 49 40 FOREIGN CORPORATIONS Number --------------43 46 86 
*In thousands of dollars. 
Business Failures 
(The number of failures and the amount of llablUtlea V8I')' !a­versely with the prosperity of buslneH and reflect In a simple and direct manner what la happenins to bualneu.) 
Reports of Dun and Bradstreet, Inc., number business failures in Texas at 12 during August, with total liabili· ties of $334,000, an average of approximately $28,000 per firm. This number is double the number reported for the corresponding month last year and almost double the 7 reported for the preceding month this year. How· ever, liabilities were less than half of the $735,000 figure for the 6 July failures, but approximately two-thirds greater than th~ figure of $202,000 for August 1947. 
BUSINESS FAILURES 
Source: Dun and Bradstreet, Inc-
August 1948  July 1948  August 1947  July 1947  
Number  12.  6  7  4  
Liabilities•  - ·-­--$334  $735  $202  $890  
Average liabilities per  
failur~  -----$ 28  $123  $ 29  $ 98  
•In thousands.  
Life  Insurance Sales  

(Since the sales of life Insurance are relatively sensitive to tlae cbansea In consumer Income, they ma)' be used as a m...ure of tlae consumer market.) 
Sales of ordinary life insurance for August were $62,881 thousand, an amount 2.1 % above the preceding month and 1.9% above the corresponding month for last year. Sales in the nation registered an equal increase over July, but the $1,125,117 thousand figure for the nation was 4.9% less than August 1947. 


TRANSPORTATION 
Rail 

(The movement of cooda b,. rail la fundamental to all bualneu operation•, and cbances In tbe number of freight cara loaded reflect basic chance• In the volume of buslnesa. The commodit,. croup• are alrnlficant for the Information they give on specific industries. The milcellaneoua croup lncludea manufactured goods and is generally considered a measure of the volume of trade. Merchandlae l.c.I. ablpmenta Include the same type of goods shipped In smaller lots. Caro unloaded for export reflect the changes In the volume of oportl.) 
The volume of revenue freight loaded in the South­western District as measured in carloads, dropped 0.3% during August. The sharp seasonal decline of 44.7% in the number of cars of grain was offset by gains in all other classifications except coal. Gains were heaviest in the livestock, coke, and miscellaneous classifications. 
Following the refusal of the Interstate Commerce Commission to reopen hearings in Docket No. 29645 ''Transcontinental Rates and Estimated Weights on Fruits and Vegetables," attorneys for the Texas Citrus and Vegetable Growers and Shippers Association filed a petition in Federal District Court for an injunction setting aside the Commission's order. The Commission ordered the carriers to raise the estimated weight on carrots, carload from Texas points from 68 pounds to 80 pounds per crate. This increases transportation costs by 17.6%. 
The National Labor Relations Board assumed juris­

diction in the Amarillo Bus strike on the grounds that the 
company's activities affect interstate commerce. The 
board ordered that an election be held by the 95 drivers 
and other workers of the bus company. 
The Railroad Commission of Texas authorized a 10% 

increase in all motor-carrier-line haul rates on intrastate 
traffic. Unaffected are minimum rates and minimum 
charges per shipment. 
REVENUE FREIGHT LOADED IN SOUTHWESTERN DISTRICT (in carloads) 
Source: Car Service Division, Association of American Railroads 
Percent change 
Aug. 1948 Aug, 1948 August July August from from Item 1948 1948 1947 Aug. 1947 July 1948 

TOTAL ---------302,256 303,115 805,292 -1.0 -0.3 
Grain and grain products 26,462 47,825 29,407 -10.() -44.7 
Livestock 6,918 5,001 8,416 -17.8 +88.s 
Coal 23,680 23,740 24,329 -2.7 -0.3 
Coke 
--------1,598 939 758 + 110.8 +10.2 
Forest products 23,610 23,334 25,180 -6.2 + 1.2 

Ore ---------2,527 2,501 3,086 -18.1 + 1.0 
Merchandise (I.e.!.) __ 29,793 27,728 30,710 -3.() + 7.5 
Miscellaneous ------··· 188,668 172,052 183,406 + 2.9 + 9.7 
THIS MO TH 
Dr. J. D. Neal, recently appointed Associate Professor of Transportation in the College of Busi­ness Administration, is added to the cooperating faculty staff of the Bureau. Henceforth Dr. Neal and Dr. H. K. Snell, Professor of Transportation and a member of the Bureau Research Council will prepare the current analysis of the transportation situation appearing in the REVIEW. 
Air 

(The total volume of commodltlea shipped b,. air expre•• la on11' a very amall percentage of all commodltlea moved, but the rapid Increase In the uae of this type of transportation makes Its crowth 
of general lntereat to business.) 
For the third consecutive month air express shipments reiristered a decline in Amrust. The decrease was a m~derate 0.8% from July 1948, and 6.5% from August 1947. 
The lonf!-heralded air parcel post became an actualitv on Septemlin 1. Tt is being handled by the. scheduled airlinf's. The government will pav the earners at the same rati> as ,present air mail for priority handling. Air narrel post will fit somewhern in between air express ancl re<rnl11r mail service from the standpoint of speed and cost. It is not expected to drive air express out of hnsinPss becausf' the latter will still offer the speediest h11ndling through its pickup and deliverv service. Air parcel post is 'a more efficient m<"ans of handling the manv small packages because they will be placed in regular mail bags for routing. 
Beginning October 1 the domestic airlines and the international airlines will put into effect a universal air 
AIR EXPRESS SHIPMENTS 
Source: Railway Express Agency 
Percent cbanire 
Aug. 1948 Aug. 1948 August July August from from City 1948 1948 1947 Aug. 1947 July 1948 

TOTAL ·····-----24,561 24,764 26,279 6.5 -0.8 
Abilene 21:?; 182 212 (),0 + 16.5 
Amarillo 494 509 502 1.6 -2.9 
Austin 576 425 513 + 12.8 + 85.5
-----·------­

Beaumont 352. 316 339 + 3.8 + 11.4 Big Spring 33 42 65 -49.2 -21.4 Brownsville ---------58() 654 2,156 -78.1 -11.8 Brownwood --------88 34 • + 11.8 
------------·

Bryan 19 35 81 -88.7 -45.7 Corpus Christi 505 516 611 -17.3 -2.1 7,669 7,621 7,223 6.2 0.6
Dallas ---------+ + 
-59.6

Eagle Pass ------------23 57 • ---···-···
El Paso 1,802 1,226 1,385 6.0 + 6.2 
Fort Stockton ----------16 20 • -20.0 
Fart Worth --------+
1,759 1,669 1,563 + 12.5 5.4 402 29() 423 5.0 + 88.6

Galveston -------------­
Houston ------------4,990 5,032 5,112 -2.4 -0.8 
Laredo 230 26() 288 -20.1 -11.5 
Longview --------------+
215 201 219 -1.8 7.0 Lubbock ------------­
249 28& 819 -2.1.9 -12.9 Midland 177 213 185 -4.3 -16.9 Mineral Wells 22 21 88 -42.1 + 4.8 
---------------+

Odessa 244 221 167 + 46.1 10.4 
Palestine ---··--···--···--· 16 7 • + 128.6 
Paris ---------------22 -+
37 70 47.1 68.2 Plainview -----58 72, -19.4 Port Arthur ---·-··· 
160 180 192 -16.7 -ll.1 San Angelo ---------­
488 499 57() -14.4 2.2 San Antonio 2,272 2,404 2,948 -22.9 -5.5 Sweetwater 26 28 76 -65.8 -7.1 Temple 36 50 53 -82.1 -28.0 
---------+

Texarkana 83 82 108 -23.1 1.2; Tyler ----------397 622, 432 -8.1 -36.2 Victoria 32 27 • + 18.6 Waco ------------260 253 180 + 44.4 + 2.8 Wichita Falls 316 327 282 + 12.1 -3.4 Other -------------273 861 17 +1505.9 -24.4 
•Air express service originated at a later date.. 

.travel plan. Patterned along lines similar to the plan in effect on domestic travel, the international traveler will henceforth be able to buy air transportation on credit almost anywhere in the world. A deposit of $425 is required. 
Ample evidence that the upward trend in air passenger fares has been checked, at least temporarily, is to be seen in the action of United Airlines in canceling a 10% premium charge for travel on DC-6's only 10 days after it went into effect. Some industry observers have felt that passenger fares, which are at the highest level since 1935, have reached the point of diminishing returns, and that with further advances the airlines would price them­selves out of the market. 
Water 
(Since a sizable volume of traffic moves Into and out of the State by water, statistics on water-borne commerce are an Important 1... dlcator not only of transportation but of general bualneH activity.) 
Car unloadinr;s totaled 20,441 cars at Texas ports during August. This represented a decline of 8.7% from July 1948, and a drop of 0.6% from August 1947. Only the ports of Beaumont and Port Arthur registered gains in number of cars unloaded. Grain shipments from the port of Houston were up 836,954 bushels over August 1947. A total of 17 grain ships were loaded, or 3 more than in the corresponding month of 1947. 
The tonnage of water-borne traffic at . the ports of Beaumont, Brownsville, and Corpus Christi declined 0.6% from July. The port of Brownsville showed an increase in water-borne commerce of 1 %. 
EXPORT AND COASTAL CARS UNLOADED* 
Source : Car Senice DiTision, Aseociation of American Rallroada 
Percent change  
Port  August 1948  July 1948  August 1947  Aug . 1948 Aug. 1948 from from Aug. 1947 J uly 1948  


TOTAL -------20,441 22,399 20,571 -0.6 -8.7 
Beaumont  --------­ 442  332  655  - 32.5  + 33.1  
Port  Arthur  ------­ 2,049  1,721  1,388  +  47.6  + 19.1  
Texas  City  ____  353  415  468  - 24.G  -14.9  
Houston  ----5,585  7,188  6,489  - 13.9  -22.3  
Galveston  ---­11,453  12,001  11,571  1.0  ~  4.6  
Brownsville ___  559  742  0  -24.7  

•Excluding coal.  
WATER-BORNE  COMMERCE  AT TEXAS  PORTS  
(tons)  


Percent chanir•  
Port  August 1948  July 1948  August 1947  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  
TOT!L  ----­1,809,455  1,902,345  1,820,286  - 0.6  - 4.9  

Beaumont ----25,360 18,386 26,915 -5.8 +37.9 Brownsville ___ 
75,901 123,795 75,170 + 1.0 -38.7 Corpus Christi _ 1, 708,194 1,760,164 1,718,201 -0.6 -3.0 
Beaumont reported August traffic 37.9% over July .1948 but 5.8% under August last year. Corpus Christi turned in declines of 3.0% for the month and 0.6% for the year. Conversely, Brownsville traffic showed a slight advance for the year, but a sizable decline for the month. 

LABOR 
Employment 
(Employment statistics are amon• tbe moat Important lncllcaten 
of Texas business and economic activity. Tb. eatlmatea of total tm• 
ployment In Texas Include all employees, both production workera 
and others, but exclude proprietors, officers of corporations, qd 
other principal executives. More detailed statistics on Texas em• 
ploymemt, pay rolls, boura, eamlnrs, and man-boun are analyncl 
In a Supplement to the Review on Texas Empl071Dent and Pay 
Rolls.) 
The Bureau of Business Research in cooperation with the. federal Bureau of Labor Statistics reports a non­agricultural employment gain for Texas of 0.5% for August 1948 over July. A 0.3% gain was reported for all . classifications of durable goods manufacturing. With the exceptions of fairly significant gains in chemicals and apparel, nondurable goods manufacturers showed 
negligible changes in number employed. 
The trade ~roup showed a drop under July, although wholesale trade was up slightly. The apparel and auto­mobile trade businesses picked up appreciably in August, and all transportation and public utilities agencies in­creased their working forces during this period. In the mmmg industries employment was down for Auaust from July. Employment in finance and services incre;sed and government employment, up 1.1 %, hit a new high in the field of State government. 
The continuing rise in the cost of living is apparently forcing more and more women to seek employment. Employee shortages in specific types of work, such as secretarial, are approaching the critical stage in some areas of the State. 
Sustained industrial expansion, the draft for the armed services, increased aircraft production, the ever­expanding construction boom, and the return of college and high school students to school-all should serve to emphasize recruitment and placement in Texas during the coming period. 
Texas is still importing mechanics. In some areas of Texas men over 50 years of age are finding jobs with increasing ease-especially if they are willing to take off their "white collar." 
Pay Rolla 
(Pay roll firurea are renerally recornlzed ae alrnlflcant lndle11­tors of Income and purcbaalnr power by both economists and bual­neaamen. Emphasis on the maintenance of purcbaalnr power u a goal for the country's postwar economy rfvea particular Importance to these firurea at thla time.) 
Pay rolls for durable goods manufacturing in Texas were up for August. Reports from 157 manufacturing concerns indicate increases ranging from 1.5% for non· ferrous metals to 9.5% for "other" durable goods. In· dustrial activity is continuing to support increasing pay rolls in durable goods despite shortages of basic raw material in some industries. 
With the exceptions of seasonal pay roll declines for food and "other" nondurable goods, the 286 reporting manufacturers of nondurable goods indicate that more money was paid to employees in August than in July. The greatest single increase was 9.1 % in the apparel industry. 

Pay rolls were up in all classifications of nonmanu­facturing for the month of August 1948 over July. The increase was led by the 8.4% gain for public utilities, followed closely by 8.2% in crude petroleum production and 6.3% in quarrying. 
August reports indicate that pay rolls are following employment and the general price level fairly closely. 
CHANGES IN PRODUCTION WORKER PAY ROLLS lN SPECIP'IED INDUSTRIES 
Source: Bureau of Business Research in cooperation with the Bureau of Labor Statistics, U.S. Department of Labor 
Number  Percent change  
of  
r eporting establish­ Aug. 1948 from  Aug. 1948 from  
Industry  ments  Aug. 1947  .July 1948  


MANUFACTURING  
Durable goods: Iron and steel -----­--­Machinery, except electrical ---­ 26 37  +28.2 +29.6  + 6.4 + 8.2  
Nonferrous metals Lumber and timber Furniture and finished lumber  ___  10 17 24  +22.(} +26.5 -18.3  + 1.5 + 5.2 + 7.6  
Stone, clay, and glass Ot.her durable goods -------­- 35 8  + 9.4 +65.9  + 4.6 + 9.5  
Nondurable goods : Textiles Apparel ---­-----­-Food ---------­Paper Printing and publishing --­-­Chemicals  14 23 105 17 35 58  +18.7 -12.6 + 7.1 +11.0 +26.7 +32.0  + 2.1 + 9.1 -1.7 +2-1 + 0.8 + 2.5  
Petroleum  refining  -----­ 25  +31.8  o.o  
Other nondurable goods --­-­­ 9  ~ 0.3  - 3.&  
NONMANUFACTURING  
Crude petroleum production - - - ­ 36  +36.8  + 8.2  
Hotelst --­-­--· ----­Insurance -----­-­--­Public utilities  10 89 148  +lo.8t +24.9 +24.5  + 0.9t + 5.3 + 8.4.  
Quarrying ----Retail tradet ---­----­ 12 292  +27.0 +15.6  + 6.S + 3.3  
Wbcrlesale tradet  12<>  +15.3  + 1.9  

tFigures cover all employees except proprietors, firm members, officers of corporations, or other principal e.."{ecutives. tCash payments only; the additional value of board, room, and tips cannot be computed. 
•Based on preliminary tabulations. 
Hours and Earnings 

(Statlatle11 on houn and earnlns• ahow clearly the effects of the alalft of the State'• economy and the seneral upward m""ament of .,.... since V-J Day. AYerase hourly eanilnsa are computed by cl!Yldlns the total number of man-houn worked In reportlns eatab­Uabmenta Into total pay rolls.) 
Average hours worked in the 15 manufacturing groups of Texas during August 1948 amounted to approximately 
43.1 per week, while the median work week for the non­manufacturing industries was about 43. 7 hours. 
Hourly earnings for August 1948 compared to August 1947 continued to show the strong upward trend of the recent bargaining period. A recent national survey by the National Industrial Conference Board showed that hourly wages from the middle of 1945 to a comparable date in 1948 had increased 30.5% while consumers' prices in the same period jumped 29.8%. The continued difficulty of procuring certain consumer goods and the price differentials of some geographic areas has tended to cause wage earners to believe that prices have negated all wage increases, however. 
Weekly take-home pay of Texas workers continued at a high level, responding to increased hourly pay rate and the long work week. A recent release of the Bureau of Labor Statistics on wage developments in the South­east and Southwest for July and August 1948 adds fur­ther proof that money wages of Texas workers compare 
ESTIMATES OF NONAGRICULTURAL EMPLOYMENT IN TEXAS* 
(in thousands) 

Source: Bureau of Business Research in cooperation with Buttau of Labor Statistics, U.S. Department of Laber 
Percent cbanire 
Aug. 1948 Aug. 1948 Aug.t .July Aug. from from Industry 1948 1948 1947 Aug. 1947 July 1948 

TOTAL ______________l,748.8 1,740.3 1,659.0 + 5.4 + 0.5 
Manufacturing --------·------··· Durable goods ·----··-·-·--·  354.l 152.2  352.9 149.5  341.5 139.6  + S.7 + 9.0  + o.s + 1.8  
Nondurable goods ---·­201.9 N onmanufacturing -··----·-1,394.7  203.4 1,387.4  201.9 1,317.5  0.0 + 5.9  -0.7 + 0.5  
Iron and steel -··---···--·-···­Machinery, except electrical  20.4 32. 7  19.9 32.6  18.7 30.0  + 9.1 + 9.0  + 2.5 + 0.3  
T ransportation equipment, except automobile ---­N onferrous metals _____  29.1 11.3  28.2 11.2  26.0 9.4  + 11.9 +20.2  + S.2 + 0.9  
Lumber and timber ----­ 35.0  34.0  30.5  +14.8  + 2.9  
Furniture  -··--------­ 10.7  10.7  11.8  - 9.3  0.0  
Stone, clay, and glass __ Other durable goods ---­--­ 9.7 3.3  9.7 8.2  9.7 3.5  - 0.0 5.7  0.0 + 8.1  

Textiles  --------­ 9.9  10.2  9.3  + 6.5  -2.9  
Apparel  ---------­ 25.4  25.1  27.0  - 5.9  +  1.2  
Food  ------­··-­ 71..1  73.5  74.5  - 4.6  - 3.3  
Paper and allied products___ Printing and publishing -Chemicals -·-------­-Petroleum ---------·-­ 3.6 20.0 25.1 39.5  3.7 20.2 24.0 89.4  3.6 19.9 20.4 38.9  0.0 + 0.5 + 23.0 + 1.5  -2.7 -1.0 + 4.6 + o.s  
Other nondurable goods  ___  7.3  7.3  8.3  -12.<>  o.o  

Mining  -----·······----····  101.9  103.9  93.l  +  9.5  - 1.9  
Crude petroleum and nat­ 
ural gas production  -···­ 95.3  97.2  86.6  + 10.0  -2.0  
Other  mining  --------­ 6.6  6.7  6.5  +  1.5  - 1.5  
Transportation  and public  
utilities  --·--·---­-··  232.3  229.3  217.2  +  7.0  +  1.S  
Interstate  railroads  -·-·­- 67.,4  66.2  66.9  +  0.7  +  1.8  
Telephone  and  telegraph  33.7  33.S  30.3  + 11.2  + 1.2  
Other transportation and public utilities -·--···­ 131.2  129.8  120.0  +  9.3  +1.1  
Trade --·---------­-----­Wholesale ----­··-----·  389.4 106.2  391.1 105.7  391.7 111.4  -- 0.6 4.7  -0.4 + 0.5  
Retail  ·----­--------····­ 283.2  285.4  280.3  +  1.0  - 0.8  
General  merchandise  ___  57.0  57.3  57.5  - 0.9  - 0.5  
Food and liquor ··-----­Automobile ··-------­Apparel ----------·-·--­Other retail trade ----­Finance Rnd service ----··-···­ 38.8 24.1 24.7 138.6 301.7  39.4 23.6 23.l 142.0 300.9  38.2 24.3 21.7 138.6 278.0  + 1.6 -0.8 +13.8 0.0 + 8.5  -1.5 + 2.1 + 6.9 -2.4 + o.s  
Bank and trust companies Insurance --··-·----------··­ 19.5 26.2  19.5 25.9  11.6 24.7  +lo.8 + 6.1  0.0 + 1.9  
Real estate and other financial agencies ·-·----·  27.7  27.5  23.6  +17.4  + 0.7  
H otels  -----------------·­ 23,6  24.2  24.2  - 2.5  - 2.5  
Other  personal services____  49.7  50.5  50.5  - 1.6  - 1.6  
Medical  services  -----·-·-··­ 33.3  33.4  29.5  +12.9  - o.s  
Other business and professional services --·· Government --·----·-··-----··-----·  121.7 250.4  119.9 247.6  107.9 241.4  +12.8 + 3.7  + 1.5 + u  

•Totals include classifications other than those listed. tBased on preliminary tabulations. 

TEXAS BUSINESS REVIEW 
HOURS AND EAllNINQS• 
Source: Bureau of Business Research in cooperation with the Bureau of Labor Statistics, 

U. S. Department of Labor 
Average Average hourly Average weekly Percent change weekly hours earnings (in cents) earnings (in dollars) August 1948 from August 1947 
Aug.•• Aug.t Aug.•• Aug.t Aug.•• Aug.t Weekly Hourly WeeklyIndustry 1948 1947 1948 1947 1948 1947 hours earnings earnings 
MANUFACTURING, TOTAL ------­ 43.1  43.3  123.1  110.9  53.06  48.02  0.5  +  11.0  + 10.5  
Durable goods Iron and steel  -------­·---­ 43.4 41.6  43.9 42.6  122.7 130.3  111.9 118.8  53.25 54.20  49.12 50.61  1.1 2.3  + 9.7 + 9.7  + 8.4 + 7.1  
Machinery, except electrical  ----­ 41.7  45.2  143.7  130.6  59.92  59.03  7.7  +  10.0  + 1.5  
Nonferrous  metals  ----­--41.6  41.7  133.5  132.1  55.54  55.09  0.2  + 1.1  + 0.8  
Lumber and timber  42.2  47.3  94.0  83.4  39.67  39.45  -10.8  + 12.7  + 0.6  
Furniture  and  finished  lumber  --·-43.7  43.9  92.2  93.9  40.29  41.22  - 0.5  - 1.8  2.3  
Stone, clay, and glass  46.4  46.7  103.2  95.3  47.88  44.51  - 0.6  + 8.3  + 7.6  
Other durable goods Nondurable goods ---­---­Textiles  46.8 42.9 44.3  39.9 42.8 42.4  141.1 123.4 94.9  123.7 110.2 90.0  66.03 52.94 42.04  49.36 47.17 38.16  + 17.3 + 0.2 + 4.5  + 14.1 + 12.0 + 5.4  + 33.8 + 12.2 + 10.2  
Apparel  -----­---­-­-·  39.9  36.8  71.3  74.1  28.45  27.27  +  8.4  - 3.8  + 4.8  
Food  44.9  46.1  103.7  91.2  46.56  42.04  2.6  +  13.7  + 10.8  
Paper  ____  43.5  43.4  102.5  107.6  44.59  46.70  + 0.2  - 4.7  - 4.5  
Printing and publishing Chemicals  41.8 44.2  40.9 45.3  173.9 133.2  151.3 126.9  72.69 58.87  61.88 57.49  + 2.2 2.4  + 14.9 + 5.0  + 17.5 + 2.4  
Petroleum refining  40.7  39.5  180.4  148.8  73.42  58.78  + 3.0  + 21.2  + 24.9  
Other nondurable goods  43.2  46.7  88.1  91.2  38.06  42.59  7.5  - 8.4  - 10.6  
NONMANUFACTURING  
Crude petroleum productlont Hotels Public utilities Quarryingt Retail trade Wholesale trade  44.3 43.2 45.0 42.6 42.1 44.7  40.3 44.6 39.9 40.7 41.9 43.2  185.3 48.7 130.8 142.6 85.9 101.1  157.5 34.6 110.1 126.6 76.9 107.8  82.09 21.04 58.86 60.75 36.16 45.19  63.47 16.43 43.93 51.49 32.22 46.57  + 9.9 3.1 + 12.8 + 4.7 + 0.5 + 3.5  + 17.6 + 40.8 + 18.8 + 12.7 + 11.7 -6.2  +29.S +86.4 +34.0 +18.0 +12.2 -8.0  

*Flguree do not cover proprleton, ti.rm memben, ofllcen of corporatlon1, or other prlnclpal uecutlv•. Manufaoturing data oonr produailoa and 
related worker• ; nonmanufe.cturlng data cover all employ-except as noted. tFlguree cover production worken1 only. tManufacturing data revised. **Preliminary data. 
MAN-HOU~S WORKED IN IDENTICAL MANUFACTURING favorably with the national average. The average dollar· ESTABLISHMENTS* 
and-cent pay check for manufacturing workers in Texas for August 1948 was $53.05. Comparing weekly take·

Source: Bureau of Business Research in cooperation with the Bureau of Labor Statistics, U.S. Department of Labor home pay to consumers' prices shows the "real" wages of employees to be approximately the same for the past 12-month period. 
Number Percent change 

of Man-hours
reporting Aug. 1948 Aug. 1948 establish­from from 

Aug. 1947 July 1948 (The reporta which the Bureau receives on employment IncludeIndustry ments 
every employee who worked any part of the week. Thia means that ____ 414
TOTAL -----+lo.7 + 2.9 chanre• In the number of employee• In an Industry clo not alwa11 measure the chanrea ln the volume of output. Chanrea i. tilt Durable goods : number of man-hour• worked, however, are closely a11oclattd with +15.5 + 1.7 the rate of manufacturlnr activity, and may be uaed aa a mea1urt
Iron and steel -·---------------------------·-26 
of the volume of production.) 
-0.2 
Machinery, except electrical --------------37 + 8.6 

Nonferrous metals -----------·----9 + 7.4 + 1.2 Activity at Texas manufacturing plants picked up Lumber and timber ------------16 +15.4 + 6.1 
seasonally from July to August by 2.9% Important
F urniture and finished lumber -----------22 -17.1 + 1.8 
monthly gains were apparent in establishments turning 
Stone, clay, and glass -----------------34 + 1.2 + 4.1 
out lumber and timber; stone, clay, and glass; textiles 
Other durable goods --------------·-..·---..----6 +45.9 + 9.3 
and apparel; and chemicals. 

Nondurable goods : Textiles ----·--------..··-------·--......_________ 11 +19.1 + lo.9 The comparison of man-hours for the current month Apparel -------..·-------·----------------21 -21.8 + 4.4 this year with year earlier levels showed substantial Food ---------------------------94 -6.7 -5.5 increase in August (up 10.7%) . In the July comparison, Paper and allied products 9 + 0.7 -1.5 the rise was only 4.1 %, and for January-August the Printing and publishing ------------------32 + 8.7 -0.2 aggregate number of hours put in this year has risen Chemicals ---·---------------------------63 + 17.5 + 9.0 only 2.4% over 1947. There have been sizable reductions 
Petroleum ---------------------------26 + 5.5 + 0.6 
in man-hours in the furniture and finished lumber indus· 
Other nondurable goods ---------------8 -1.3 -10.0 

try (17.l% ) and in food manufacturing (5.7%). On the *Based on preliminary tabulations. other hand, most industries speeded up activity consider­ably over the August 1947 rate. 
Unemployme!nt 

(EetlmatH of unemploymnt la ......toue ar... of tbe State are ....,_tly made by the Texae Employment CommlHlon. Data on the llllY'Dnt of unemployment benefit• alao provide a raul'h measure of -mployment In Tau, althoul'h only employee• In Htabllehmente _,.10,tDI' a or more work.... for 20 or more weeke per year are CO'l'ered. Veteran•' claim actlone and dleburaementa are lH• ln­choel.,,., but throw lll'ht on the lmport-t problem of 'Hteraa re­.mpleymnt.) 
Unemployment reached a new low for the year in the 15 labor market areas of Texas. The Texas Employment Commission reported only 43,950 unemployed workers during August 1948, which was 4.8% below the 46,168 reported in July, and 32.6% less than the 65,235 reported u unemployed in August 1947. The Texas fi~res com­
, pare closely with the national figures of the Department of Commerce which show that nonagricultural employ­ment rose to a new all-time record in August 1948. Be­cause of a seasonal lull in farm operations the peak of 61,615,000 employed in the United States in July 1948 dropped slightly to 61,245,000 in August 1948. 
UNEMPLOYMENT 
Source: Texas Employment Commission 
August July August Area 1948 1948 1947 

TOTAL  ----------------------43,950  46,168  65,235  
Abilene  --------------·------­ 1,000  1,000  1,622  
Amarillo -----­----­-------------­ 1,500  1,400  1,400  
Austin  ----------------------­ 1,400  1,476  2,036  
Corpus  Christi  ------------------­ 1,600  1,900  2,650  
Dallas  ------------------­ 5,200  5,800  10,000  
El  Paso -------------------------­ 2,400  2,500  2,600  
Fort Worth ----­------------­ 6,100  6,500  8,100  
Galveston-Texas City -------------­ 2,100  2,000  2,500  
Houston-Baytown  --------·----------·-­ 8,000  8,500  11,500  
Longview  -···----·-·-----------­-----------­ 1,550  1,800  1,775  
Lubbock  --·--------­-------­ 80()  800  800  
San Antonio -··--------------­ 4,500  5,000  12,000  
Texarkana -----------------------­ 3,100  3,155  3,300  
Waco ---------------­-----­ 3,100  3,250  3,400  
Wichita Falls ------------­ 1,600  1,087  1,552  

Placemenb 

(The number of placem-ta reported by the Tesae Employment C-mlNlon lncUcatea roul'hlY th• nlatlonahlp of the supply of and die demand for Jobe In various parts of the State. Placement• do DOt Include private placement• In bueln••• and lnduetry, but only tlioae -de throul'h the State Employment Service. Furthermore, ~· aumber of placement• made ehould not be collilfdered u adcU­tlena to total employment, since many of them npneellt ehlfta from -· Job to anotller.)' 
Placement activity in the 15 labor market areas of Texas was up 19.0% in August 1948 from July 1948; and increased to 20.6% above August 1947. The Dallas, Waco, and Corpus Christi areas reported the greatest gains in movements for the 12-month period. 
Placements by the Texas Employment Commission i~ August 1948 were 27,948, compared to 23,486 in July and 23,174 in August 1947. 
The large -increase in activity in most areas can be accounted for in the continued expansion in larger com­,panies and the fact that the summer vacation period is ~ut over and workers are seeking the positions they desire for the winter months. 
PLACEMENTS IN EMPLOYMENT 
Source: Texas Employment Commission 

Percent change  
Area  Aug. 1948  July 1948  Aug. 1947  Au~'. 1948 Aug. 1948 from from Aug. 1947 July 1948  

TOTAL -·-------------------27,948 23,486 23,174 +20.G +19.0 
Abilene --------------------­ 593  427  512  +15.8  +38.9  
Amarillo  ------·--------­ 1,094  894  948  + 15.4  + 22.4  
Austin  --····-·-·····--­--­ 1,063  725  880  + 20.8  +46.6  
Corpus Christi -----­---------­ 1,335  1,263  1,042  + 28.1  + 5.7  
Dallas  ------------------·-···----­ 5,713  4,615  3,650  +56.5  + 23.8  
El  Paso  ---·----------------­ 1,124  893  943  +19.2  + 25.9  
Fort  Worth  ---------­ 4,065  3,849  3,648  + n .4  + 5.6  
Galveston-Texas City __  822  765  952  - 13.7  + 7.5  
Houston-Baytown  -----­ 5,614  4,637  4,834  +16.1  +21.1  
Longview  ---------------­ 593  660  707  -16.1  -10.2  
Lubbock  --·-----·-------·­ 813  598  679  +19.7  +36.0  
San Antonio -----------­----­ 3,186  2,546  2,704  +17.8  + 25.l  
Texarkana  -·····--·---­--·­ 557  573  564  - 1.2  - 2.8  
Waco  -----------------------­ 847  528  629  +34.7  +6o.4  
Wichita  Falls  -··----·­ 529  513  482  +  9.8  +  3.1  

Labor Force 
(Eetlmatee of the nonasrlcultural dvlllan labor force are mad11 currently for the State's principal labor market area• by the TeJ<ae Employment Commlselon. Labor force data, lndlcatlnl' the total eupply of labor In theae areas, Include all employed workere, a• well •• all otbere who are available for Jobe -d who are wiWnl' and 
able to work.) 
The nonagricultural civilian labor force in 15 areas edged up 0.3%, or 4,211 persons, from July to August, according to information released by the Texas Employ­ment Commission. There were ·only minot variations in the labor force for the separate areas in August as com­pared to July. Lubbock, with an increase of 2.1 %, Wichita Falls, with a 1.8% advance, and Texarkana, reporting a decline of 1.1 %, were the only sections to register monthly changes in excess of 1 %. 
In the 15 areas combined, the nonagricultural civilian .labor force reached 1,263,565 in August 1948 as com­pared with 1,259,354 in July 1948, and 1,213,683 in August a year ago. 
NONAGRICULTURAL CIVILIAN LABOR FORCE 
Source : Texas Employment Commission 
Percent change 
Aug. 1948 Aug. 1948 Aug. July Aug. from from Area 1948 1948 1947 Aug. 1947 J uly 1948 
TOTAL  ------------­1,263 ,565  1,259,354  1,213,683  +  4.1  +  0.3  
Abilene  --------------­ 18,4 25  18,349  15,214  +21-1  + 0.4  
Amarillo ----·-----·-­ 35,850  35,534  30,274  +18.4  + 0.9  
Austin  ---------------­ 44,650  44,656  44,286  +  0.8  - 0.01  
Corpus  Christi ------­ 48,800  48,318  49,800  - 2.0  +  1.0  
Dallas  -----------------­ 233,500  282,920  222,295  +  5.0  +  0.2  
El Paso ------------------­Fort Worth _______..____  51,800 135,000  51,750 134,675  50,305 180,120  + 3.() + 3.8  + 0.1 + 0.2  
Galveston-Texas  
City  --------­ 55,590  56,162  57,000  - 2.5  - 1.0  
Houston-Baytown  -320,600  318,237  300,530  + 6.7  + 0.7  
Longview  ----------___  22,900  23,105  22,570  +  1.5  - 0.9  
Lubbock  ------­ 26,850  26,300  25,833  + 3.9  + 2.1  
San  Antonio -----­ 157,900  157,779  157,356  +  0.3  +  0.1  
Texarkana  -----------­ 33,500  83,881  32,107  +  4.3  - 1.1  
Waco  ------­ 46,300  46,355  46,206  +  0.2  - 0.1  
Wichita Falls  --­ 31,900  31,333  29,787  +  7.1  +u  


Abilene and Amarillo showed the greatest relative gains ~n their labor forces in comparison with August a year f!go, with respective advances of 21.1 % and 18.4%. Most significant from the standpoint of number of persons were the 5.0% hike in Dallas and the 6.7% rise in Houston which occurred in the past 12 months. 
The total civilian labor force in the United States was estimated at 63,200,000 in August, down 700,000 from July. The decline marked the beginning of the customary late summer hack-to-school recession in the labor force, according to the Census Bureau. 
Industrial Relations 
(A knowledge of current developments In Industrial relations Is necessary to an underatandlng of th.. State"• labor picture.) 
Much of management's attention is currently focused on labor peace, despite the recent flurry of strikes. The reason is that the first of 15 case studies of labor-manage­ment harmony to he issued by the National Planning Association has just come out. The N. P. A. is a non­profit organization of labor, farms, business, and pro­fessional spokemen. The other 14 reports will be issued at monthly intervals. 
The first N. P. A. reports deals with a situation wherC' 14 years of industrial peace have existed. It covers a three-state bargaining unit which included 18 companies and two unions in the Pacific Coast pulp and paper industry. 
Clinton S. Golden, a former high-official in the C.1.0 .. heads the 29-man committee. 
The case study offers no cure-all for industrial conflict and offers no assurance of peace in the future. A major source of insecurity is rival unionism. 
Authors of the case study are Dr. Clark Kerr and ,Roger Randall of the Institute of Industrial Relations of the University of California who worked under the super­vision of the Golden committee as part of the N. P. A. project. 


GOVERNMENT 
Federal Finance 
(Federal collections of l·ncome, pay roll, and exclae tu:ea VIU'J directly with the level of bualneH prosperity. During the war period federal taxation has likewlae become an Important determi­nant of ceneral business activity.) 
The federal government collected $83 million in revenue from Texas districts in August, a 14.9% increase over the amount received a year earlier. The August receipts were also substantially higher than the $62 million collected in July of this year. 
Major gain in the 12-month comparison was in employ­ment (principally Social Security) taxes, which totaled over $11 million in August for a 36.6% lead over August 1947. Even after allowance is made for possible differ· ences in collection schedules this year and last, this sharp increase in employment taxes exemplifies the rise in employment and pay rolls in the past 12 months. Withholding collections of $39 million in August 1948 lend further evidence to this trend; they were up 14.2% from last August. Other income taxes (corporation and individual other than withholding) showed a similar gain of 17.8%. 
For the first two months of the current fiscal year, the revenue pattern in Texas has been toward increases in every major category of taxes: income, up 28.7%; em­ployment, up 24.3% ; withholding, up 1.2%; and other, up 1.8%. Over-all revenue was up 9.7% over a year ago 
t.o $145 million for the two-month period. 
The United States government debt on August 31 stood at $253 billion. If the President's revised estimates prove correct, the government will take in a net total of $40.6 billion in fiscal 1949, will spend $39.2 billion, and end up with a budget surplus of $1.4 billion. This would reduce the public debt by a like amount. These revised estimates, however, do not make allowance for estimated expenditures from the $3 billion Foreign Economic Co­operation Trust Fund. Such expenditures in fiscal 1949 are expected to aggregate $42 million and if included in the computation would result in an estimated deficit of $1.5 billion for the current fiscal year. 

FEDERAL INTERNAL REVENUE COLLECTIONS 
Source: Office of the Collector, Internal Revenue Service, Treasury Department 

Auiru•t July 1-August 81 
Percent District 1948 1947 chan ge 1948-49 1947--48 chan11e 
TEXAS -----··--------------·----·------·---------·--$ 83,333,485 f 72,555,406 + 14.9 $144,982,075 $132,211,469 + v.7 
Percent 


=========================================== 
Income --------------------------·--------------------------18,130,464 15,396,529 + 17.8 .. 38,384,037 29,828,452 + 28.7 Employment ----------·----------·-·--··-·-----·-·-·-·-···-·­11,021,964 8,067,927 + 86.6 15,270,706 12,280,523 +2U Withholding -------·----------·---·------··---------·-····· 39,152,272 34,272,086 + 14.2 64.361,293 63,606,664 + u Other -------·-----------··-·-----·-····------·-·····----15,028,785 14,818,865 + 1.4 26,966.039 
26,495,831 + 1.8 
7.4

FIRST DISTRICT --------------· -··-··----------------------41,251,975 38,521,980 + 7.1 75,778,063 70,570,830 + Income --------------------------------------------------· 8,765,502 8,136,406 + 7.7 20,891,416 
15.547,967 + SH 

Employment -----·-·--·-·--·--·---·-----·-··-------------·····--4,476,591 3,799,960 + 17.8 7,045,985 6,070,055 + lU Withholding --------·----------··------·-··-····----------····--·---· 2~,304,184 18,422,908 + 10.2 34,460,294 34,860,901 + 0.3 
14,591.908 -8.8

Other -------·---------·-··---------·····---------------·-------· 7,705,698 8,162,707 -5.6 13,380,368 + 12.S 
SECOND DISTRICT --------------·-·····----------------··· 42,081,510 34,033,426 + 23.6 69,204,012 61,640,639 Income ----------------------------------------------------·· -9,364,962 7,260,123 + 29.0 17,492,621 14,280,485 + 22.6 Employment -------·---··--·-------·---··----·--··--···­6,545,373 4,267,967 + 53.4 8,224.721 6,210.468 +su 
29,245.763

Withholdin~ ------------------------·---··----------·------­18,848,088 15,849,178 + 18.9 %9,900,999 + 2.2 Other --------------------·--·-----------------7,323,087 6,656,158 + 10.0 
13,585,671 11,908,928 +lu 

State Finance 

(5tatiatlca on State finance are cloHly connected with cbanl'e• In ~ le•el of hualneH activity. State occupation, production, uae, ...i aalea tasea and llc&nae 1.,... vary directly with chanclnl' hual­neH conditlona.) 
Revenue receipts of the State Comptroller continued at a high rate during August to bring the total collections for the fiscal year ending August 31 to $514 million. This was an increase of 36.0~ over the fiscal year immediately preceding, and according to a statement issued by the Comptroller, the 1947-48 revenue was almost exactly double the amount received in 1945. 
The very high level of revenue receipts in Texas reflects expansion in both quantity production and dollar value. As indicated last month, the Comptroller has estimated that approximately 59% of the increase in the fiscal year's revenue was due to rising prices. The greatest single source of revenue was the crude oil tax, bringing in over $87 million, for a 55.3% advance over the pre­ceding year. The motor fuel tax, which has heretofore been the leading revenue source, fell next in line with collections of nearly S72 million and with an increase of only 11.0% over the 1946-47 fiscal year. Altogether, $209 million was collected from the oil and gas industrv, slightly more than half of the total State revenue. 
Federal grants-in-aid yielded Sll5 million to the Comp­

troller's revenue receipts in the fiscal year just ended, 
compared to $86 million the year before. These monies 
were spent principally to supplement State funds for 
education, highways, and public welfare. Improvement 
to highways is reflected in the increase of $13 million 
in federal aid for this purpose. 
On August 31, 1948, the General Re\'enue Fund showed a net balance of $74,076,814.86. Governmental cost expenditures during the year had reached $407 million. 
REVENUE RECEIPTS OF STA TE COMPTROLLER 
Source: Stat.. Comptroller of Public Account. 
September 1-August 31 
AuguAt Percent It.cm 1948 1947-48 1946-47 change 

TOTAL _____$ 43,055,975 $513,611,845 $377,549,123 + 36.0 
Ad  valorem  taxes  _  36,108  27,548,916  15,009,461  + 83.5  
Crude oil  production  
taxee  8,215,034  87,423,829  56,287 ,541  + 55.3  
Motor  fuel  tax  (net)  7,001,497  71,789,099  M ,646,133  + 11.0  
Cigarette tax  and  
licenae  ----­ 2,138,096  23,044,441  21 ,210,141  + 8.6  
Mi neral leases, rentals,  
and  bonuses  __  2,057,318  26,398,966  5,126,828  + 414.9  
Interest on  securities  
owned  ____  90,838  6,230,837  i ,658,895  + 10.1  
Unclassified  receipt.  
from  county  tax  
collectors  ___  37,603  53,463•  205,040•  -73.9  
Federal  aid-highways  3,731,074  32,999,085  20,806,062  + 58.6  
Federal aid-public  
wel!are  4,409,365  57,190,7 5  50,520,673  + 13.2  
Federal aid-public  
education  ___  _  2,666,047  20,9 4,606  13,625, 88  + 54.0  
Ur.employment  com- 
P<Mation  tax  __  3,743,850  24,571,814  20,156,598  + 21.9  
All other  receipts  __  8,929,145  135,482,930  104,706,443  + 29.4  

•N~ath'e balance due to excees of clearances over r~ceipta. 
PRICES 
Wholesale Prices 

(Cbanirea In the prlcea of commodltlea are of fundamental Im­portance to buaineaamen, alnce the level of prlcea baa an Important eff&et on profits. The lnd&x of wboleaale prlcea complied by tbe United State• Bureau of Labor Statiatlca la tbe moat comprebenalve measur& of price changea published In tbe United Stat...) 
The decline in prices of farm products, first noted in mid-July, continued during August and largely minimized the slight rise in prices of nonagricultural goods. The over-all wholesale price index was just 0.1 % greater on August 28 than it had been on July 31, while the farm price index was down by 1.5%. Even so, prices of all commodities were 9.4% above the August 1947 level and the farm price index was 4.2% greater than it had been the vear before. 
The biggest increase was registered by the index of building materials, which was 0.8% greater at the end of August than it had been on the last day of July, 12.8% 
greater than in August 1947, and  102%  of  the  1926  
base year level.  
As was noted in the July issue of this REVIEW,  com­ 

mercial construction in Texas has apparently felt the effect of these higher building costs most acutely, as indicated by a marked drop in the value of nonresidential building permits issued. Some relief may result from weakened lumber prices reported in the Pacific North­west. However, most observers hold these declines to be purely temporary. 
Texas business can find scant hope for materially lowered raw material or inventory costs in the immediate future, especially in view of the recent 10% increase in motor freight rates authorized by the Railroad Com­mission. 
INDEXES OF WHOLESALE PRICES IN THE UNITED STATES 
(1926 =100) 
Source: Bureau of Labor StatistiC!I, U.S. Department of Labor 

Per cent change  
Grou p  Aug.28 1948  July 31 1948  Aug. 30 1947  Aug. 28 1948 from Aug. 30 1947  Aug. 28 1948 from July 31 1948  


ALL COMMODITIES -·-168.4 168.3 154.0 + 9.4 + 0.1 
Farm products _-----189.3 192.2 181.7 + 4.2 -1.5 
Foods ----------·----· 187.8 187.7 172.1 + 9.1 + 0.1 Hides and leather products 189.9 189.6 183.3 +u + 0.2 Textile products -··--------147.7 148.3 140.1 + 5.4 -0.4 Building materials ---------202.3 200.7 179.3 + 12.8 + 0.8 
All commodities other 
than farm products --168.8 162.9 147.9 +10.8 + 0.6 All commodities other than farm products and foods -------158.2 152.1 137.3 +11.6 + 0.7 
Consumers' Prices 

(All Income fil'urea muat be uaed In connection with a -ur• of chanl'e• in cooaumera' prlcea, since the purcbaalnl' power of In­come 11 more •il'nificant than the •irl'rel'ate amount In dollars. The increaain1 coat of Hvins, u meaaured by Indexes of consumers• prlcea, la of vital importance to all hualneHmen and con.aumera.) 
Prices paid by consumers in Houston continued their uninterrupted march upward during August-the index for that month being 0.9% greater than it was in July, and 9.7% above the level attained in the same month of 1947. Apparel prices spearheaded the climb with a rise of 1.3% during the eighth month, followed closely by gains of 1.0% for miscellaneous items and 0.8% for food. The rent index was 21 % greater than it was for the base period 1935-39. Except for the price index for fuel, electricity, and ice, which was 1.6% below the base period, the rent index shows the smallest increase. House· furnishings prices were 99.3% above the base, apparel prices 110%, and food prices 123.8%-a fact that will, no doubt, become a bow for the arrows of price control advocates. 
Despite (and because of) these higher prices, retail sales in Texas have continued to climb during the sum· mer, as compared with 194,7 levels. Recent announce­ments of increased telephone toll rates and higher tuitions in some Texas colleges indicate that further inflationary pressures are being exacted. 
On the other hand, reports of buyer resistance continue to be heard. A survey of eating places in 11 cities, including Dallas, indicates declining sales and reduced profits. Inventories of wool suits are high, prices on fall offerings have in some cases been cut, and some unem­ployment is beginning to be found in the garment industries. 
Another study shows that rail and air vacation travel have dropped below 1947 levels, while travel by auto has increased. Because of the much smaller out-of-pocket cost involved in motoring it seems obvious that many are beginning their fight against higher prices by shunning the new higher fares of commercial transit agencies. 
INDEXES OF CONSUMERS' PRICES IN HOUSTON (1985-39 = 100) 
Source: Bureau of Labor Statistics, U.S. Department of Labor 
Percent change  
Group  Aug. 1948  July 1948  Aug. 1947  Aug. 1948 Aug. 1948 from from Aug. 1947 July 1948  

ALL ITEMS --..-----------------175.2 173.7 159.7 + 9.7 + 0.9 
222.1 200.8 +11.5 + 0.8 Apparel ....---------------------------210.9 208.2 192.2 + 9.7 + 1.3 Rent -------------------------------121.1 
Fuel, electricity, and ice____ 98.4 98.4 94.3 + 4.3 0.0 House furnishings _________..___ 199.3 199.1 185.5 + 7.4 + 0.1 
Food 	-------------------------------------223.8 
Miscellaneous --------------------152.6 151.1 140.4 + 8.7 + 1,0 
•Not Sllr\'eyed. 
TEXAS BUSINESS REVIEW 
Published monthly by the 
Bureau of Business Research, 
College of Business Administration, 
The University of Texas, Austin 12, Texas 

Material contained In this publication Is not copyrighted and may be, reproduced freely. Acknowledgment of aource will be appreciated. 
Subscription $2.00 per year. 
J. Anderson Fitzgerald _______... __________ _ _ Dean 
STAFF OF THE BUREAU 
OF BUSINESS RESEARCH 

Robert  W. French  John R. Stockton  A.H. Chute  
Director  Statistician  Retailino Specialist  
Elole Watters  Ruth Bruce  Viola Garcia  
Office  M....au•r  Editorial  Assist.....t Publicatiom Assistant  

Mary Louise Kennard Dorothy Easley 
Secretary Library Assistant 
Richard Mollison Jamee Tedford Frances Allen 
Research Associat<1 Pield Representative Statistical Assistant 
Rachel Woodul Martha Taylor Margaret Hampton 
RT,S Repre•entative Re•earch Aasi•tant Research Assistant 
Buaineaa Research Council 
Robert W. French E. Karl McGinnis (ex ofllefo) E . T. Miller 
J . 	Anderson Fitzgerald Everett G. Smith (ex officio) H . K. Snell 
CoopP.rat in g Faculty 
C. A. Wiley E.T. Miller Ralph B. Thompson 
Agriculture Government Prices 
A. 	B. Cox C. E. Myers H. K. Snell Cotton H . H . Elwell J. D .Neal 
W. 	H . Watson Transportation Labor 
Aasiatanh 
Forrest Adams, Laniere Adams, Curtis Arrington, Cecil Bomar, Tommy Burris, Nuel Childs. Bonnie Crossley, Marvin Davis, Carl Gromatsky, Richard Henshaw, B. L. Hillman, Charles Hinkle, Audrey J ackson, J eraldine Jackson, Joseph James, Calvin Jayroe. James Jeffrey, Robert Luter, Leland McCloud, Nethery Marrow, H. F. Medford, Doris Morgan, Dale McGee, Charles Pow•rs, Alma Rice. Bruno Schroeder, Mary Nell Shinn, John Stephenson, Florence Thomson, Clark Vinson, Charles West. 
TABLE O.F CONTENTS 
Highlights of Texas Business_____ .. ---·-----..---·--l 
Figures for the Month_____ 
______________________________ 
2 The Business Situation in Texas______________________ ...___ ·--3 
Trade Retail Trade ------------------­
Wholesale Trade 
Foreign Trade 

Production Manufacturing Construction 
• 

10 10 
Public Utilities 
Natural Resources -----------·-·----­Agriculture 
11
Incom.e -·------------------­
Marketings -·----------------------------------·------------­

11 12
Prices ------------------------------------------­Cold Storage -----------------------­

18 18
Cotton -------------------­Local Business Conditions -------------·----------------------------­
14 Financ.e 
17
Bank Credit -----------------------------­
l7
Bank Dehits --------------------------­
18
Corporation Charters ------------------------­
18
Life Insurance Sales -------------------­
lB
Business Failures --------------------------------------­Transportation 
19
Rail ---------------------------·----­
19
Air ----------------------­
20
Water -------·----------------­Labor 

IO
Employment ------------------­
20
Pay Rolle --------------------­
21
Hour• and Earnings ---------------­
22
Man-hours ---------------------------------­
28
Unemployment -------------------­
28
Placements ---------------------­
28
Labor Force -------------------------­
24
Industrial Relations -----------------------­
Government Federal Finance -----------------------------------------:: State Finance ----------------------------­
~~ 	H 
Consumers• Prices -------2G Wholesale Prices ------·------------------------------------------­Figures for the Year to Date_____________________________________ 27 Barometers of Texas Business--------------------------------------28 

I 
• 

FIGURES FOR THE YEAR TO DATE 

J anuary-August 

Percent  
TRADE  1948  1947  change  
Estimated retail sales, total ______________________ Durable goods, totaAutomotive stor'-es---------------------­ $3,371 ,836,000 $1,252,138,000 573,110,000  $2,916,598,000 $1,004,480,000 473,077,000  + 15.6 + 24.7 + 21.1  
Lumber, building materials, and bardware •tOr=--­ -------­ 537,199,000  404,339,000  + 32.9  
Furniture-bousehold appliance stores  -------------­ 114,509,000  101,383,000  + 12.9  
Jewelry stores --:--------------------­ 27,320,000  25,681,000  +  6.4  
Nondurable goods, total Apparel  -------------------­ $2,119,698,000 222,878,000  $1,912,118,000 198,225,000  + 10.9 + 12.4  
Country general ---------------------­Department stores--:-----------­---­---­ 48,554,000 245,954,000  48,524,000 214,689,000  + 0.1 + 14.6  
Eating and drinking plac. ~-----------------­ 204,693,000  203,619,000  +  0.5  
Filling stations ---------------------­Food General merchandise  248,291,000 657,857,000 161,515,000  205,555,000 613,322,000 122,152,000  + 20.8 + 7.3 + 32.2  
Drug storee Other  --­ -­-­-----------·----­ 158,359,000 171,597,000  151,215,000 154,817,000  + 4.7 + 10.8  
Ratio of credit sales to net sales in department and apparel stores.  60.7  53.5  + 13.5  
Ratio of collections to outstandings in department. and apparel store"'-------­Postal receipts in reporting citi...._ ______________  53.6 $ 24,464,453  57.8 $ 21,549,091  -7.3 + 13.5  
PRODUCTION  
Industrial electric power consumption for 10 companies (thousands of kilowatt hours) _  2,538,563  2,242,698  + 13.2  
Man-hours worked in reporting manufacturing establishments Crude oil runs to stills (thousands of 42-gallon barrels) ____ ________ Cotton consumption (running bales) __________________  23,404,157 400,460 106,117  22,850,177 336,544 118,731  + 2.4 + 19.0 -10.6  
Cotton !inters consumed (running bales) Cottonseed crushed (tons)----------------------­Manufacture of dairy products (l,000 lbs. milk equivalent) _______  15,205 670,775 432,684  12,711 292,471 606,258  + 19.6 +129.3 -28.6  
Lumber production in southern pine mills (weekly per unit average in board fetlt) __ Construction co ntracts awarded ----­ 208,943 $ 622,633,955  216,647 $ 412,610,127  -3.6 + 50.9  
Construction contracts awarded for residential building -------­--­Building permits issued in reporting cities Number of loans made by savings and loan 115.SOCiation..________ ____ Amount of loans made by savings and loan a!>SOciations----------­Crude petroleum production (daily average in barrels)  $ 224,504,122 $ 306,4°59,106 14,450 $ 57,596,040 2,421,643  $ 170,348,599 s 202,267,084 15,125 $ 56,778,984 2,166,907  + 31.8 + 51.5 -4.5 + 1.4 + 11.8  
ACRICULTU RE  
Farm caab income -----------------------­Shipments of livestock (carloads) __________________ Rail shipments of eggs (shell equivalent ) ________________ Interstate receipts of eggs at Texas stations (shell equivalent) ___ Rail shipments of poultry (carloads) _________  $  880,629,000 63,269 1,568 159 58  $ 929,506,000 87,592 2,333 112 125  -5.3 -27.8 -32.8 + 42.0 -53.6  
FINANCE  
Bank debits in 20 cities (thousands of dollars) __________ _ _ Corporation charters issued (number) Ordinary life insurance sales•--------------------­Business failures (number)----------­-­--­----­ $ 27,961,430 2,773 $ 433,924,804 57  $ 22,758,306 1,929 $ 427,779,467 32  + 22.9 + 43.8 + 1.4 + 78.1  
TRA NSPORTATION  
Revenue freight loaded in Southwestern District (carloads) ____ Export and coa&tal cars unloaded at Texas portusL--------------Miecellaneous freight carload ings in Southwestern District _______ Air express shipments (number>---------------­ 2,290,407 136.592 1,409.910 204,663  2,284,742 149.805 1,337.915 193,922  + + +  0.2 8.8 5.4 5.5  
LABOR Total nonairricultural employment (monthly average) Manufacturing employment ------­-----Nonmannfacturing employment-­---------------­ 1,696.662 345.035 1,351,627  l ,625.0:l8 330.373 1,294,665  + + +  4.4 4.4 4.4  
COVERNMENT Revenue receipts of State Comptroller•______ Federal internal revenue collectionst-----------------­ $ 513.61 1.845 $ 144,982,075  $ 377.549.1 23 $ 132,211,469  + 36.0 + 9.7  
PRICES Index of consumers prices in Houston (monthly average; 1935-39=100 ) Index of food prices in Houston (monthly average; 1935-39=100) -----­-­ 173.9 222.3  158.6 199.0  + 9.6 + 11.7  

•state fiscal year to dai-september 1-August 31. tFederal fiscal year to date-July 1-Angust 31. 

TEXAS BUSINESS REVIEW 
BAROMETERS OF TEXAS BUSINESS 

INDEX OF TEXAS DEPT. AND APPAREL STORE SALES 
ADJUSTED FOR SEASONAL VARIATION
PERCENT 


IN EX OF MISC. FREIGHT CARLOAD! GS IN SOUTHWES 
PERCENT.. ADJUSTED FOR SEASONAL VARIATION 
PmCENT
1935• ~9• 100
200 
175 150 125  1  /'\a J r  ....  " 1 "~..  ~ .a 175 -\IO\ I-150 125  
~~  
100  100  
-~~  
~  
75 1929  1933  1937  .  1941  19 42  1943  1944  1945  1946  1947  1946  75  


.INDEX OF CRUDE OIL RUNS TO STILLS IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION 
PERCENT
PERCENT 
1935-39•100 
225
225 
200
200 
.A. 
175
175 
1a..A 
r 
150
150 
-
-
·-v
\j
;II 
125
125 
51
~~~ 
\_,.~ 
100
100 
~ 
75
75 
~loo
1.~ 
50
5~929 
1933 1937 . 1941 1942 1943 1944 1945 1946 · 1947 1948 
INDEX OF ELECTRIC POWER CONSUMPTION IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION
PERCENT PERCE NT
1935-39•100 
350
350 
300
300 
~ 
.V ~ 
250
250 
d~ 
~ 
"' ..... 
200
200 
"' 
./
150 
I50
, 
.~ 
100 . 
I00
..~ 
~"'­
50
50 
1929 1933 1937 1941 1942 1943 1944 1945 1946 1947 19 48 
IN EX OF BANK DEBITS IN T XAS 
AOJUSTED FOR SEASONAL VARIATION 
PERCENT
PERCENT 
1935-39• 100 
550
550 
500
500 
450 
-
4~0 
400
400 
" 
J"I 
350
350 
,.IV 
300
300 
LJ\ ,~
... 
-250
250 
.....
N>JJI'­
200
200 
__, 
150
15 0 
100
100 
50
50 
1947 1946
1929 1933 1937 1941 1942 1943 1944 1945 1946 PERCENT 
PERCENT
IQ ::O."i·39• IOC
. 
400 
400 
350 
350 
300 
300 
250 
250 
~ 
1 

200 
200



'ft.
y­
rv ­
It\..
150 
150
'~ 
~~ 
"1 1~ l.J"'
100 
100
., 
.­
~ 
50 
50 
0 

F CEMEN PRODUCTION IN TEXAS . 
AOJUSTED FOR SEASONAL VAR/ATION 
1929 1933 1937 1941 1942 1943 1944 1945 1946 1947 1948 
IND X OF CRUDE PE OL UM PRODUCTIO IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION
PERCENT PERCENT
1935•39• 100
225 
225 
200
200 
-
r~
,,,.
.
175 
175 
.r 
' 
'fV""'" 
150
150 
v
I 
125
125 
. 
~ 
.. 
\ .Al'v 
100
100 
,,
~~ 
75
75 
1·~ 
50 
1929 1933 1937 1941 1942 1943 1944 1945 1946 1947 1946 
INDEX OF FARM CASH INCOME IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION 
PERCENT
PERCENT