' f.l~EXAS BUSINESS REVIEW men( 10NTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS sho~ mont' BUREAU OF BUSINESS RESEARCH piled COLLEGE OF BUSINESS ADMINISTRATION afte1 THE UNIVERSITY OF TEXAS POP; -========================================================================= de (II, No. 12 January 1949 n HIGHLIGHTS OF TEXAS BUSINESS DECEMBER 1948 COMPARED WITH DECEMBER 1947 Construction contracts___________________ _ _ Bank debits________________________________________ _ Pay rolls_____________________________________________ _ Electric power consumption ______________ Postal receipts____________________________________ Crude petroleum production ___________ _ Employment______________ _______________ _____ ______ Retaii sales______ .-----------------------------.---­Cotton consumption__________________________ Revenue freight loaded___ __ _______________ _ Farm cash income_____________________________ _ DECEMBER 1948 COMPARED WITH NOVEMBER 1948 Postal receipts_______ ________ __________ __________ _ Retail sales___ _____________________________________ _ Bank debits________________________________________ _ Cotton consumption ____ ____ ________________ __ EmploymenL..-----------------------------------­Electric power consumption______________ Pay rolls..-------------------------------------------­Crude petroleum production____________ Revenue freight loaded ____________________ _ Construction contracts____________________ __ Farm cash income...--------------------------­ PERCENT DECREASE PERCENT INCREASE 60 PERCENT DECREASE PERCENT INCAEASE fiO 50 40 30 20 10 .0 10 20 30 40 50 TWO DOLLARS PER YEAR TWENTY CENTS PER COPY 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) ··---------------------------------·-··-···--·····------····--·------------·--··· Index of payrolls (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 ............................. .. ~~:t:iti~~~~i~~~af: ~; ~Jti~::~~-~pers ==::==~~-======~~~~===::::==::::===:=::: PRODUCTION Industrial electric power consumption for 10 companies (thousands of kilowatt hours) Man-hours worked in 368 manufacturing establishments ···--··-····-··---··-·····-····------·-·------­Crude oil runs to stills ( 42-gallon barrels) --------------------------------------·-·--··---------------------­Gasoline storks at refineries (thousands of barrelsL..----·-·-----------·-·-··------------------------· 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) ------------·-------·------------------------· Lum her production in southern pine mills (weekly per unit average in board feetl........ Construction contracts awarded --·-·--·-----------------------------·-·-----·-·----·-··--·--------------------------­Construction rontracts awarded for residential building ......... ·-----------------------------·--------··--·-· Rnilding nermits issued in 54 cities .................. --------------------------------------------------------·---------· Number of loans made hy savin11;s and loan associations ..·-----------------------------------------...... Amonnt of loans made hy savings and loan associations ..................·-------------··-···------------­Telephones in service in 40 cities (end of month) .. ··--·------------------------------------------------·· Crude petroleum production (daily average in barrels)--------------------------------------------·­ AGP ICUL TURE Farm cash income·-------------------------------------------------------------· ~hinm en ts of livestock (carloads) ----------------------------------------------------------------------------. Rnil shinments of fruits and vegetahles (carloadsl......-----------··-----------------------------------·-·----·· Rail shipments of eggs (shell eouivalent in carloads) __________________________________________________ Rail shipments of poultry . (carloads) -----------------------------------------------------------------·-·-----·-···· Interstate receipts of eggs at Texas stations (shell equivalent in carloads) ____ ................ . FINANCE Loans, reportin11; member banks in Dallas District (thousandsl...............___________ ................. . Loans and investments. reporting member banks in Dallas District (thousands) ............ Demand deposits adjusted, reporting member banks in Dallas District (thousands) .... Bank debits in 20 cities (thousands) __________________________________________________________________________ _ Corn oration charters issued (number) ------------------------------------------------------------------------·---­Ordina rv life insurance sales (thousands) ---------------------·-·····-·----------------------------· .. Sales of United States Savings Bonds·-·---·----------------------------------------------------···-·-------· TRANSPORTATION Revenue freight loaded in Southwestern District (carloads) -----------------------------------------· Export and coastal cars unloaded at Texas ports (carloads) ...... -----------------------------·--····-· .. Miscellaneous freight carloadings in Southwestern District (carloads) .............................. . Air express shipmen ts (number) .. --·-·-----------------------------------------------------------------------·-­ LABOR Total nonagricultural employment.. ..____________________________________________________............ . Man uf acturi ng employment..__________________________________________________________________.................. --­ N onmanu facturi ng employment ................--------------------···--------···-----------------·---·-·-----------------­Nona11;rirultural civilian lahor force in 17 labor market areas ........... -----· ..................... Unemployment in 17 labor market areas. __________________________________________________ ........................... . Plarements in employment in 17 labor market areas ---------------------------··-··---------.......... -­ GOVERNMENT Revenue receipts of State Comptroller_______________________________________________ ........ . Federal internal revenue collections .... ---------------·-·-------------------------------------------· ... . PRICES Index of consumers' prices in Houston (1935-39 =100) ---------­ Index of food prices in Houston (1935-39 = 100) December 1948 229.6 353.9 161.5 189.6 327.7 131.7 281.0 $514,029,000 SI 64.748.000 $349,281,000 59.4 52.0 34.651,882 s 4,735,362 278.2::!4 2.846.653 53,951.674 20.996 29.760 12.790 2.079 161.219 35.183 189.617 $ 75.643.453 s 23.461.800 $ 26,971.401 1.454 s 5.664.446 1.044.294 2,509,200 $ 94,183.000 4.703 6,166 78 124 28 s 1.1.33.000 s 2.:l.ili.000 $ 1.997.000 $ 4,321.4:\9 27::! s 6R.057 s 19,127,693 276.442 19.0?9 177.::!93 34,197 l,7QR.500 350.ROO 1.447.700 l,3R2.275 45.47.5 20,713 s 43.792.701 s 91 ,336,751 173.8 218.1 November 1948 226.9 361.0 156.0 176.5 325.1 130.l 279.3 $432,749,000 $148.799,000 $283,950.000 62.0 5::!.5 s 30.816.288 $ 3,284,841 280.077 2.877 .206 49,267.807 18 613 33.108 11.967 2.349 171.362 39.846 19::!426 s 93.99::!.6::!6 $ 46.0.~7.::!RO $ 30,629.798 l.603 $ 6.196 .~96 1.0::l'l 6?0 2,523,850 $193,160.000 7.RSl 3,562 63 136 39 s 1.110.000 s 2.31R.OOO s 1.972.000 s 3,707.:lli4 22R s 59.19::! $ 11,591,321 289.749 17.ROR 18S 4S5 26,387 1.776.ROO ::!SR 000 l.41 RROO 1,375 ?RO 4::!.7::!0 27,400 s 51.2.55.362 $. 78,189,697 173.9 217.6 December 1947 209.1 317.2 161.6 174.2 290.2 125.0 246.3 $502,261,000 $158.136.000 $344,125,000 57.6 55.7 s 30.917.953 $ 4,201,082 255,275 2.792.623 49,563.699 18.9.'H 19.236 12.726 2.498 151.542 32 323 18R.4R6 s 61.446.903 $ 34.054.405 S 29,468 8~R 1.5RS s 5.840 275 9l::l.'l24 2,348,600 $152,949.000 5.553 8,8S9 24 254 46 s 1.025.000 s 2.2S?.000 s 1.RS'l 000 s 3,768.?69 :101 s 671R9 $ 15,474,476 284 024 15 616 177 7:12 37,879 1.714.900 346.600 1.361l 'l00 l,3::!0:lli0 S'l.775 22,536 s 50.161 .827 $ 77,279,070 169.3 218.l •The composite index is made up of the indexes listed. All component indexes except employment and payrolls are adjusted for seasonal variation, and nil indexes are based on the average month of the years 1935-39. Numbers in parenthesis following the component Indexes Indicate the weight of each index in the composite. The Business Situation lll Texas Bus~ness activity in Texas showed a slight improve­ment m December f h b . h ed . ' as more o t e usmess barometers s owhs mcreases th.an . decreases over the previous ~fnJ b T~e composite index of business activiw com­pi e ~ t e Bureau of Business Research rose 1.2% after adjustment .for seasonal variation. All of the com­ponents of the mdex advanced with the exception of de~artme~t and apparel store sales, which declined 2.0%. This declme ~as part of the rather general disappoint­me~t of busmessmen with the volume of Christmas husmess, and tended to offset the rise ifl the other com­p~nent~ of the composite index. Runs of crude oil to stills mcreased 7.4% in December over November miscellaneous freight carloadings in the Southwest in: crease<;! 3.5%, employment 1.2%, electric power con­s~mption 0.8%, and pay rolls 0.6%. In comparison with December 1947 miscellaneous freiaht carloadinas 0 decreased 0.1 %, but all the other components of the composite index increased as follows: pay rolls 14.l%, electric power consumption 12.9%, department and apparel store sales 11.6%, crude runs to stills 8.8%, and employment 5.4%. General business activity for December as measured by the index of bank debits in Texas cities declined 1.2% from November, after adjustment for seasonal variation. In comparison with December 1947, bank debits were up 14.7%. Postal receipts in Texas cities also measure the changes in the level of general business; this barometer registered an increase of 4.3% over November. In comparison with December 1947, the index rose 14.3%, approximately the same percentage increase as shown in bank debits. December retail sales increased 2.1 % over November after allowance for seasonal variation, with both durable goods stores and nondurable goods stores showing the same increase. The worst showing in the retail field was made by department and apparel stores, which declined 2.0% after allowance for the normal seasonal pattern. Manufacturing activity showed an increase for Decem­ber, with the index of industrial power consumption rising 2.3% after adjustment for seasonal variation. The refining industry reported an increase of 7.4% in crude runs to stills, while crude production increased 0.2%. Both of these series are adjusted for seasonal variation. Manufacturing employment in Texas declined 2.0% for the pay period ending nearest the 15th of December, while man-hours worked in manufacturing establishments declined 1.1 %. The building industry registered a decline in activity for December, with the Bureau's index of building permits declining 33.4% after adjustment for seasonal variation. Construction contracts awarded were down 19.5%, and contracts for residential construction were down 49.0%. Farm cash income dropped 14.7% in December after seasonal adjustment, to bring the Bureau's index to 337.1 % of the 1935-39 base. This level was 38.4% below December 1947, when the index was 547.4. Steadi­ly declining prices have reduced farm income for the year 1948 in comparison with 1947, and the total income for 1948 was 11.7% below the previous year. Prices continue to show signs of weakness. The wholesale price index of the Bureau of Labor Statistics declined 1.0% during the four weeks between December 4, 1948 and January 1, 1949. Prices of farm products declined 1.1 % during this period, food prices 1.9%, and all products other than food and farm products 0.6%. THIS MONTH The Bureau of Business Research is glad to present its annual issue of the REVIEW. An an­alysis of Texas business in 1948 is presented on pages 26-27, as prepared by Dr. John R. Stock­ton, Bureau Statistician and Professor of Business Statistics in the College of Business Administra­tion. Included in the analysis are charts and tables depicting local and State business condi­tions for the year 1948 as compared with 1947. Th• Tsxil BUBIN1!'8S Re:vuw Is published by the Bureau of Buslneu Research, Colleiie of Business Administration The Univ I~ ot T8XU· Entered aa aecond-clua matter on May 7, i928 at the P<>11tofllce at A11&tin, T~, qi;il!Jas Conbractor Percent change Dec. 1948 Dec. 1948 Type of building Dec. 1948 Nov. 1948 Dec. 1947 from from Dec. 1947 Nov. 1948 TOTAL --$ 76,643,468 $ 93,993,636 $ 61,446,903 + 23.1 - 19.6 Engineering _ 12,541,891 15,362,308 4,847,944 +158.7 - 18.4 Nonresidential 89,639,762 32,593,953 22,644,554 + 76.8 + 21.6 Residential _ 28,461,800 46,037,380 84,054,405 -31.1 - 49.0 Worth, San A t . D 11 n omo, a as, Lubbock, and Austin in that order. Home bu"ld" · slack d 1 mg m December throughout the State ever ere somdewhat. Nonresidential construction, how­' ncrebase another 21.6% over the previous month £ N o ovem er C d 1 . . 75 8o/c W ·h ompare to ast year, it had nsen · ho. f a7e ouses and office buildings account for ~.u?r 0 Pthids b~siness construction. Until 1947 the b·~;;.an ro uction Administration restrictions Ii.'.nited U1 hmg to small houses and to what was interpreted as t e most necessary business and industrial construc­ tion. BUILDING P ERMITS City December 1948 November 1948 December 1947 TOTAL ------­-----------------$26'971,401 $30,629,798 $29,468,858 'Abilene -----­------------------·--Ama rillo ------------­----------­Austin ---------­-----------------­-Beaumont --­---------------­--­Big Spring ---------­--------Borger --------­---­------------­Brownsville -------------------Brownwood ------------------­Bryan --------------­-----------Childress ---------------------­-Cleburne ----­-------------------Cor pus Christi ------------Corsicana --------­-----------­Dallas --------------------------­Del Rio ---------------------­ 393,979 525,446 1,335,088 544,523 144,850 11,100 56,947 48,905 78,370 21,350 32,000 689,021 6,400 2,496,568 27,190 286,785 512,571 824,250 894,986 79,370 77 ,650 198,742 59,098 93,250 14,100 75,725 1,232,308 34,264 6,047,295 21,675 369,090 524,485 1,480,948 1,392,664 153,275 28,800 184,295 61,610 152,500 4,350 21,50 0 878,077 39,250 5,700,914 6,600 Denison ----------------------­ 468.349 97,194 52,490 Denton ----------------------­ 73,400 122,600 93,000 Edinburg -----------------­ 45,944 93 ,686 55,950 El Paso ---------------------­ 473,369 425,391 484 ,683 Fort Worth ----------------­ 2,658,083 2,704,058 1,984,430 Gainesville ------------­----­ 37,025 21,100 34,550 Galveston ---------------------­ 157,483 136,971 434,542 Gladewater --------­----------­ 38,800 21,500 8,450 Greenville --------------------­ 31,275 151,120 242,000 Harlingen -----------------­ 104,335 302,911 208,650 Houst on -----------------­ 7,886,950 7,663,925 7,321,050 J acksonville ------­----------­ 15,950 88,000 43,900 Kenedy --------------------­ 18,800 7,350 6,700 Kerrville -------------------­ 12,150 16,800 44,400 Lamesa ----------­------------­ 52,750 15 36,870 Lockhart --------­--­-------------­ 35,200 36,400 13,250 Lubbock -------------------­ 1,574,706 1,618,838 1,172,610 Lufkin --------------------­---­ 235,260 69,727 46,225 McAllen -------­-------------­ 106,350 81,300 26,490 Marshall ---­-----------------­ 66,999 142,423 68,995 Midland ---------­--------------­ 941,850 1,117,250 234,750 Nacog;doches ---------------­ 29,000 10,150 19,000 New Braunfels -----------­ 64,008 208,025 65,827 Palestine -----------------------­ 20,505 40,671 35,9 12 Pampa ------------------------­Par is -------­-------------------­Plainview ----­----------------­P or t Arthur -----­------------­San Angelo -------------------­San Antonio ---------------Seguin -------------------------­Sherman --------------------­Snyder -------------------------Sweetwater -----------------­Temple -------------------­City -------------------­T exas ------------------------­Tyler V ictoria -----------------­------­W aco --------­ 23,960 281,120 69,500 202,852 633,520 2,566,606 31,725 68,645 36.515 40,275 113,576 73,250 606,350 131,340 531,889 141,540 24,200 167,500 336,912 458,080 2,654,880 28,500 66,932 41,400 31,925 220 ,166 29,565 224,316 58,458 515,950 39,750 21,850 74,250 118,599 375,525 2,381,497 26,130 93,501 0 38,570 236,725 1,203,483 327,962 94,700 703,234 LOANS MADE BY SAVINGS AND LOAN ASSOCLATIONS Source: Federal Home Loan Bank of Little Rock Percent cha nge Type Dec. 1948 Nov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 NUMBER, TOTAL.. 1,454 1,603 1,585 -8.3 -9.3 Construction ------------­ 413 422 457 - 9.6 - 2.1 P urchase ------------------­-­ 509 559 680 -25.1 -8.9 Refinan ce -------------------­ 138 147 104 +32.7 -6. 1 Recondition -------------­ 193 323 167 +15.6 -13.5 Other ---­-------------------­-­ 201 252 177 +13.6 -20.2 AMOUNT, TOTAL_ $5,664,446 $6,196,396 $5,840,275 - 3.0 - 8.6 Construction ---------­-­ 2,166,7°12 2,062,122 1,991,336 + 8.8 + 5. 1 Purchase ------------------­ 2,028 ,71 1 2,319, 190 2,821,846 -28.1 -12.5 Refina nce --­-------------­ 484,458 624,469 381,839 +26.9 -22.4 Recondition ----------­-­ 362,084 473,309 220,306 +64.4 -23.5 Other ------------­----------­ 622,481 71 7,306 424,948 + 46.5 -13.2 Natural Resources (The production of crude petroleum la a major fnduatry In Texae, and the changes In the volume of production have a direct effect upon the Income produced In the State. Figures on the number of well completions by districts Indicate the extent to which new sources of oil and gaa are being developed and the areas of the State In which drlllinir operations are In proceaa.) Texas concluded a remar~able year in 1948 by estab­lishing records in both oil and gas production. Crude petroleum production for the year was 977 million barrels, compared to 816 million for the previous peak in 1947. Also during the year more Texas customers were served with gas than ever before, output of gas attained a new high level, revenues reached an all-time peak, and capital expenditures for construction and expansion of gas utility systems surpassed any previous figure in the history of the industry. It now appears probable that oil production must be reduced if excess storage of crude and products above ground is to be avoided. The situation is the result of peak oil imports together with the unprecedented domestic crude production. With the daily average production of crude petroleum at 2,509,200 barrels, the index of crude petroleum pro­ duction (1935-39=100), adjusted for seasonal varia­ tion, reached a new high of 203.1, or a little over twice the prewar average. VALUE OF NATURAL RESOURCES PRODUCED Source: State Compt roller of Public Accounts Percen t cha nge Item December 1948 November 1948 Dec. 1948 Dec. 1948 December f rom from 1947 Dec. 1947 N ov. 1948 Carbon black ______ $ 4,776,480 $ 4,315,321 $ 4,891,012 -2.3 + 10.7 Crude oil --------------199,849,018 209,547,187 147,586,537 + 35.4 -4. 6 Natural and casing- head gas ------------18,548,980 15,930,255 11,200,827 + 65.6 + 16.4 The value of crude oil produced in December was somewhat less than in November, but much higher than December of last year-$199,849,018 compared to $147,586,537. The value of gas production has, of course, continued the steady rise w}Jich it has followed for so many months. The value of natural gas produced. in December was 65.6% greater than in December of 1947 and 16.4% above the preceding month of November 1948. Drilling activity for the year showed 12,223 com­pleted wells, compared to 9,130 for 1947. Roughly two oil or gas wells, during December, were brought in for every dry hole for the State as a whole. WELL COMPLETIONS Source: The' Oil and GM Jour=l Jan.-Dec. December 1948* (all wells) District Total Oil Gas Dry 1948 1947 TEXAS ---------------------------------1,288 779 65 444 12,223 9,130 North Central Texas ----------------422 208 4 210 3,833 2,820 West Texas 324 269 4 51 3,255 2,250 Panhandle ------------------------------71 52 17 2 664 481 Eastern Texas 91 23 629 577 ----·-------------------------­ ---·---------------------55 13 Texas Gulf Coast --------------------167 80 17 70 1,889 1,548 Southwest Texas -----------------213 115 10 88 1,953 1,454 •For 5 weeks ending January 1, 1949. Public Utilities (The consumption of electric power by Industrial concems fs a measure of the volume ef Industrial activity, since It may be as• sumed that the amount of power used will be directly related to manufacturlns volume. Residential and commercial power consump· tlon show a seasonal variation due to the cbanslng amount of lighting needed.) · · The production of electric energy in Texas increased from November 1947 to November 1948 almm1t twice as fast as that for the nation as a whole. This added output has been divided rather evenly among indus­trial, commercial, and residential consumers, reflecting a balanced growth in the economy of the State. Total power consumption in December remained about the same as in November, but was 12.7% above Decem­ber 1947. In 40 Texas cities the number of telephones in service increased slightly over November, and, like energy consumption, was noticeably larger than at the same time last year. Most of the utilities in the cities of Texas are being expanded or have recently done so. More noteworthy than the added power loads are the projects being under­taken to meet increased water demands. Construction of dams or canals is under way or soon to be started on the Trinity, Brazos, Rio Grande, San Jacinto, Leon, and Colorado rivers, or on their tributaries. Plans have been formulated for an integrated reclamation system on the Guadalupe River, which probably will include a series of reservoirs. ELECTRIC POWER CONSUMPTION* (in thousands of kilowatt hours) Percent change Use Dec. 1948 Nov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 f rom from Dec. 1947 Nov. 1948 TOTAL 598,168 594,184 530,535 + 12.7 + 0.7 Commercial --­------­ 125,206 126,063 109,634 + 14.2 - 0.7 Industrial ------------­ 278,234 280,077 255,275 + 9.0 - 0.7 Resident ial ··--··-­ 102,426 94,867 89,523 +14.4 + 8.5 Other -------------­ 92,302 93,677 76,103 +21.3 - 1.5 *Prepared from reports of 10 electric power companies to the Bureau o! Business Research . AGRICULTURE Income (The amount of Income received by farmer. la a complete m... ure of the proaperfty of asrfculture, taking Into account botb tbe volume of products aold and the prfcea received. Since tbe market­lnss of many product• are concentrated In certain aeuona of tbe year, It la Important that the data ho adjusted for aeuonaJ varla· tlons In order to show the baalc cbaas.. In the situation of agrlcul· ture.) Farm cash income in Texas declined 14.7% from November to an estimated $94,183,000 in December 1948. This level was 38.4% below that reported for December 1947. With the exception of the Coastal Prairies District, which showed a 20.8% increase in farm income over the corresponding month in 1947, all farm districts registered decreases ranging from 2.7% in the South Texas Plains to 62. 7% in the Southern High Plains. Due to lower yields, which resulted from the early March freeze and the drouth during the summer, and lower prices, Texas farmers received 11. 7% less money during 1948, than they did in ~e peak year of 1947. FARM CASH INCOME District Indexes, 1935-89 = 100, adjusted for seasonal variation Amount, Jan.-Dec. (in thousands of dollars) Dec. 1948 Nov. 1948 Dec. 1947 1948 1947 TEXAS ----------337.1 395.1 547.4 $1,658,952 $1,879,076 1-N -----------·--­437.6 661.4 745.3 172,404 270,640 1-S --------·----­475.2 691.4 1,268.8 188,778 247,226 2 ------------------­404.6 391.5 657.1 198,310 235,459 3 -----------·-------­297.3 346.8 317.6 87,427 91,047 4 ------·-------·----­168.8 181.8 404.3 269,073 297,074 5 -------------------­227.4 199.9 278.4 101,999 100;516 6 --------­---------­223.0 590.0 244.8 66,520 60,087 7 -------­----------­327.9 285.6 844.8 101,992 96,106 8 ---·­--------------­383.1 341.2 437.7 162,813 167,015 9 -­-----------------­495.8 331.1 421.9 129,517 131,54! 10 --­----­-------­842.4 319.3 869.8 61,970 63,093 10-A ---------­---­205.9 253.6 253.6 118,149 129,271 TEXAS BUSINESS REVIEW Marketings (The level of f pricea, but by tb arm •ncome la affected not only by cbanl"H In &"iven month. n:i:olumeb?f products farmers aend to market In e uaed to explain th onti! •pmenta of farm products must also be month to month.) e c nl"ea In the level of farm Income from Shipments of T f · nd t 6166 l .exas ruits a vegetables amounted 1~48 d~~;g~ m December 1948, 3,562 in November ' abn ' m December 1947. The big increase for Decem er over Novemb the seasonal movement ~r w.as ahcoubnbted for .largel_Y by d . d 0 spmac , ca age, mixed citrus, an mixe vegetables. Freezing weather during the early part of December destroyed a large portion of the tomato, p~pper, a?d bean crops in the Valley area. Co~modities showing increases over comparable year· e?rher figures were lettuce, carrots, spinach and mixed citrus. ' RAIL SHIPMENTS OF FRUITS AND VEGETABLESt (in carloads) Source: Compiled from reports of Bureau of Agricultural Economics U.S. Department of A~riculture · ' Percent change Dec. i 948 Dec. 1948 Dec. Nov. Dec. fram from Item 1948 1948 1947 Dec. 1947 Nov. 1948 TOTAL 6,166 ------------- ---------3.562 8,859 -30.4 + 73.1 Cabbage ---­----------­-----­ 716 74 1,i31 - 36.7 +867.6 Carrots --­--- ­-----------­ 464 45 306 + 51.6 + 31.1 Grapefruit ····-·········­····--· 1,479 1,348 2,255 - 34.4 + 9.7 Lettuce ------·-----­ 114 63 14 + 81.4 + 81.0 Mixed citrus ---­-----­---­- 932 238 847 + 10.0 +291.6 Mixed vegetables -------­ 1,464 418 1,760 - 16.8 +250.2 Oranges --------­----­ 225 146 1,283 - 82.5 + 54.l Peppers -------------­ 82 218 161 - 49.1 -62.4 Spinach ------------­ 435 11 383 + 13.6 + 3854.5 Tomatoes ---·----------------­ 84 941 377 - 77.7 -91.l Others ---­------------­-­ 171 60 342 - 50.0 +185.0 tFigures for oranges and grapefruit include both rail and truck shipments. Rail shipments of poultry and eggs from Texas sta· tions were slightly above their November levels, with the exception of shipments of turkeys. Total shipments exceeded the November mark by only 3 carloads, but were narrowed by 76 carloads from a year earlier. Turkey shipments decreased by 9.6% from November and 50.2% from December 1947. Contrary to seasonal RAIL SHIPMENTS OF POULTRY AND EGGS FROM TEXAS STATIONS (In carloads) Source: Bureau of Business Research in cooperation with the Division of Ag ricultural Statistics, Bureau of Agricultural Economfcs, U.S. Department of Agriculture December November December Classification 1948 1948 1947 Chickens ---­---·-·-­- - 1 7 Turkeys ·­·--­----------­123 Eggs-shell quivalent* ·---­--­78 136 63 247 24 Shell --Frozen - ----------­---·---··­-·---­ o 15 3 22 4 6 Dried -·-·--·--­---- -----·-­ 6 2 •Dried eggs and fr_ozen eg~s are convert~ to a shell-egg equivalent n the following basis: 1 rail-carload o~dried eggs = 8 carloads of and 1 carload of frozen eggs -2 carloads of shell eggs. shell eggs expectations, egg shipments climbed 23.8% from No­vember to December, and were more than three times as high as they were in December 1947. Interstate receipts of eggs declined substantially from the previous month and year-earlier levels. Texas livestock shipments for December totaled 4,703 carloads, as compared to 7,851 in November 1948, and 5,553 in December 1947. SHIPMENTS OF LIVESTOCK (in carloads )• Source: Bureau of Business Research in cooperation with the Bureau of Agricultural Economics, U.S. Department of Agriculture Percent change Classification Dee. 1948 Nov. 1948 Dec. 1947 Dee. 1948 Dec. 1948 form from Dec. 1947 Nov. 1948 TOTAL SHIPMENTS 4,703 7,851 5,558 -15.8 -40.1 Cattle 2,674 4,850 8,408 -21.5 -44.9 Calves 928 1,64 1 1,060 -12.5 -43.4 Hogs Sheep --·­·-·-···­·····--·-····-··-·­····­·--····---·····-···­--­ 709 419 654 706 759 326 -6.6 + 28.5 + 8.4 -40.7 INTERSTATE PLUS FORT WORTH ·-····--· 4,356 6,725 5.018 -13.2 -85.2 Cattle ··­·---·-··­-·-·­··-­····­-2,414 3,985 8,038 -20.5 -89.4 Calves ··-·------·­·-···-·­ 856 1,450 923 - 7.8 - 41.0 H ogs -·-·­-·-­·--····---····-·-­ 705 654 746 - 5.5 + 7.8 Sheep ....·-···········---·-····-······-­ 381 686 311 + 22.5 -40.1 INTRASTATE MINUS FORT WORTHt ---­ 374 1,126 585 - 80.1 -66.8 Cattle ------­- --­ 260 865 870 - 29.7 -69.9 Calves --···­-··-·-··-­·­ -- • 72 191 187 - 47.4 -6%.8 Hogs --­ ----··----··-··-·-· 4 13 -69.2 Sheep - - -- ---·­--··­--- 38 70 15 +158.3 -46.7 *Rail-car basis: cattle, 30 head per car; calves, 60; hogs, 80 ; and sheep, 250. tintrastate truck shipments are not included. Fort Worth shipments are combined with interstate forwardlngs in order that the bulk of market disappearance for the month may be shown. COLD STORAGE HOLDINGS Source : Production and Marketing Administration, U.S. Department of Aericulture Percent chane-e Item Unit (OOO's) Dec. 1 1948 Nov.1 1948 Dec. 1948 Dec. 1948 Dec. 1 from from 1947 Dec. 1947 Nov. 1948 Fresh vegetables ___ lbs. 1,678 1,088 4,246 -60.5 + 64.0 Frozen vegetables __ Iba. 8,475 2,878 8,888 -10.6 + 20.7 Dried and evape>­ rated fruits -·-··-···· lbs. 568 704 765 - 25.8 -19.8 Frozen fruits ___ lbs. 5,357 5,270 5,919 - 9.6 + 1.7 Nuts -··-·­---···­lbs. 4,402 2,756 946 +365.8 + 59.7 Dairy products ---­ lbs. 6,897 7,955 10,103 -31.7 -13.8 Cream ··--··-·-·-··· lbs. 915 923 596 + 63.5 - 0.9 Fluid --·---·-lbs. Plastic ··-···­······­lbs. 405 510 481 442 240 856 + + 68.8 43.3 -15.8 + 15.4 Creamery butter _ lbs. 1,034 1,492 1,849 -23.4 -30.7 Evaporated and condensed milk _ lbs. 792 987 3,594 -78.0 -19.8 Cheese, all varieties lbs. 4,155 4,558 4.56• - 9.0 - 8.7 Eggs: Shell --··-­--­ cases 15 47 30 -50.0 -68.1 Frozen ----·­ lbs. 5,987 7,966 7,620 -2U -24.8 Dried --­-····--­ lbs. 2,161 2,158 3,454 -37.4 + 0.1 Frozen poultry -··­lbs. 2,750 1,952 8,723 -26.1 + 40.9 Meat and meat products ·---­--·· lbs. 24,436 15,165 24,815 1.5 + 61.l Hides and pelts -·­lbs. 2,349 2,729 2,221 + 5.8 - 18.9 P RICES OF TEXAS FARM PRODUCTS Cotton (The cotton balance sheet shows the basic demand and supply factors affecting cotton, which la an outatandin1r element >n the farm income of the State.) The outlook for United States cotton through May, at least, will be dominated by three major facts : {a) an exceptionally strong demand for cotton for export under the Economic Cooperation Administration, {b) a strong demand from American mills, and { c) the fact that over four million bales of the current crop have been put under government loan by farmers. A substantial part of the cotton under government loan will have to be drawn out of t}).e loan to satisfy these demands. The 64-dollar question is: what price will be required to induce farmers to sell their equities in the loan cotton? Such a situation will normally unravel itself by May ,due to pressure by the govern· ment and the oncoming crop. Apparently there will be a11 increase in acreage planted to cotton in 1949 in the United States, and probably in other cotton growing countries as well. An increase of as much as 15% in the 1949 acreage in the United States would not necessarily mean an increase in production, as pointed out in the October 1948 issue of this publi­ cation. 90% of the increased production of the 1948 crop over 1947 was due to an increase in yield per acre. A 15% increase in acreage with a yield per acre equal to the last ten-year average would result in a crop smaller than that of 1948, or 14.2 million bales. The world outlook for cotton for 1949 is not at all depressing to say the least. Foreign consumption of cotton is expected to increase about 2 million bales. Stocks of cotton in foreign cotton producing countries are substantially lower than last year and this, coupled with the demand under the Economic Cooperation Ad­ ministration, means that the United States will be called upon to supply most of this cotton. Summarizing then, it may be said that current prices are dominated by a strong demand for cotton coupled with the fact that a large portion of the supply is under government loan. Government loan prospects, plus po· tential acreage increases, are the most important forces governing the price outlook for the new crop. The significance of the increase in balance of cotton in the United States at this time compared with last year is to a large extent offset by the facts listed above. Source: Bureau of Agricultural Economics, U.S. Department of Agricult ure Dec. Nov. Dec. Commodity Unit 1948 1948 1947 Wheat..... _ ........................................... bu. 2.10 $ 2.06 $ 2.76 Corn ··········································-----··· bu. 1.50 1.43 2.26 Oats .......... ----·-································-··· bu. 0.98 0.95 1.23 Barley......... -....................................... bu. 1.28 1.19 1.74 Grain sorghum·--------------------------------· cwt. 2.31 2.20 3.55 Rice.--------------------------------------------------­bu. 3.05 2.75 8.20 Flaxseed.............................................. bu. 5.60 5.70 5.90 Potatoes.................... ~----·-················· bu. 2.32 1.65 2.00 Sweet potatoes.................................. bu. 2.65 2.35 2.10 Cotton lint ........................................ lb. 0.303 0.295 0.330 Cottonseed........ ----····························· ton 74.22 74.00 97.00 Cowpeas ···------------------------------------------· bu. 4.44 4.30 4.50 Peanuts ............................................... lb. 0.104 0.101 0.099 Hogs ........ ·-·····································-·· cwt . 21.21 21.50 24.70 Beef cattle ································-······· cwt. 20.01 20.10 18.10 Veal calves....----------·------------­-----­-----· cwt. 22.50 22.90 20.50 Sheep.. ·-··················-······-·················· cwt. Lambs ................................................. cwt: 9.66 18.54 9.70 20.10 9.50 17.80 Milk cows·-···-··················-···············-head 148.64 145.00 123.00 Chickens................................ ---·········· lb. 0.296 0.279 0.243 Turkeys....---····················-··········-······ lb. Eggs.......... ----········'······························ doz. 0.465 0.605 0.406 0.550 0.355 0.64 Butter..... ---································--·-··· lb. 0.679 0.68 0.76 Butterfat................. ---······· ............... lb. 0.591 0.60 0.77 Milk, retail... ........ -............................ qt. 0.200 0.206 0.200 Milk, wholesale .................................. cwt. 6.60 6.50 5.95 Wool..................................................... lb. 0.473 0.46 0.41 All h ay, loose..................................... ton 20.75 21.60 21.50 Alfalfa hay, loose ····················-····· ton 28.33 30.00 31.00 Prices (The prices received by farmers constitute one of the element• of farm cash mcome. Changes In prices are of primary concern to farmers and all businessmen relying on the farm market. Farmer• are also concerned with the prices which they have to pay for commodities used in family maintenance and productlan since th•• prices help to determine their real income.) Prices of most farm products in Texas were somewhat higher in December than their month-earlier levels, but were considerably below that reported for December 1947. Of the 31 commodities on which the Bureau records price quotations, 12 showed price increases, 1 no significant change, while 16 registered declines from December 1947. For the most part these price decreases occurred in grain and livestock products. From the previous month, December prices of live­stock moved slightly downward while grain prices were higher in December than they were in November. COTTON BALANCE SHEET FOR THE UNITED STATES AS OF JANUARY 1, 1949 (in thousands of running bales except as noted) Year Carryo\·er Aug. 1* Imports to J a n. 1 Government estimate as of Dec. 1* Total Consump­tion to Jan. 1 Exports to Jan. 1 Total Balance as of Jan . 1 -------·-----­ 1939-40 ---------------------·--.-----------------­ 13,033 57 11,792 24,882 3,312 3,134 6,455 18,427 1940-41 --------------------------------------------­ 10,596 48 12,686 22,790 3,574 601 4,185 18,605 1941-42 --------------------------------···------­ 12,376 169 10,976 23,330 4,441 644 5,085 18,245 1942-43 ------·---------------------------------­ 10,590 125 12,982 23,697 4,707 572 5,279 18,418 1943-44 -----·------------------------------------· 10,687 80 11,478 22,245 4,272 699 4,971 17,274 1944-45 -----------------------------­---------·­ 10,727 62 12,359 23,148 4,020 607 4,627 18,521 1945-46 -------------------­-----­-----------­-­ 11,164 130 9,195 20,489 3,594 1,139 4,733 15,756 1946-47 -----------------------------------·-----· 7,522 150 8,482 16,154 4,257 1,559 5,816 10,338 1947-48 -----­·-··-····--·-----·----­-------------·· 2,521 172 11,694 14,387 3,777 658 4,435 9,952 1948-49 -·----------------------------­----·-·-­ 2,823 125t 14,937 17,875 3,530 960t 4,490 13,385 The cotton year beg ins August 1. *In 500-pound bales. t To December 1 only. FINANCE Bank Credit (Since bank cred"t . . the commercial ban~ •s essential to all business, the conditions of cant Indicator of th 5 and the Federal Reserve Banks are a ail'Difi­ credlt that the banke j,tate of business. Changes in the volume of The condition of cr:d"tave ?usbtanding reflect the state of business. 1 1 avai a le to commercial banks.) As has been true f h l . or t e ast few months only mmor changes were reflected · h ' . . kl . m t e statement of condition of wee Y ref!ort_ing m~mber banks in the Dallas district. Though still mcreasmg slightly th t f . . l d · ' e ra e o mcrease m o.ans an mvest~ents has slackened. Loans showed a slightly greater mcrease than last month, which was offset m p~rt by the decline in investments this month. Total holdmgs of government securities after remaining almost unc?anged in the aggregate fo; several months, showed their greatest decline since September 1948. The movement from longer maturities to shorter maturities observed in the past few months was altered somewhat during December. Holdings of United States bonds continued to decre~se and ?t a much higher rate, while Treasury notes, which dechned substantially in Novem· her, showed an important gain during December. Treas· W:Y certific~tes of indebte~ness continued to expand slightly, while Treasury bills, after a sharp increase last month, showed a small drop. Other securities wit· nessed no change over the previous month, while re­serves with Federal Reserve Banks were up only slightly. Balancing the decrease in United States bonds were increases in cash in vaults and balances with domestic banks. [. Total deposits increased narrowly, the greatest change tpercentagewise being in United States government de­' posits which were up almost one-fourth. Capital accounts CHANGES IN CONDITION OF WEEKLY REPORTING MEMBER BANKS * Sou rce : Board of Governors of the Federal Reserve System Percent change Dec. 1948 Dec. 1948 Dec. 1947 from from from Item Dec. 1947 Nov. 1948 Nov. 1947 ASS ETS Loans and investments ------···------··-·--+ 3.7 + 0.8 1.8 Loans --··-·----------------------------------··--·--------+ 10.5 + 2.1 + 2.0 Total U.S. Government securities -----3.2 0.5 5.0 Treasury bills --------------···----··--------------+ 750.0 1.9 -82.4 Treasury certificates of indebted­ ness ------------------------·-··-----·-·····-------·· + 49.4 + 1.3 -9.8 Treasury notes -----------------·····-------------29.1 + 16.4 -11.3 Un ited States bonds --·-------------------· -14.9 2.4 o.o Other securities -------------------------·-·-----+ 11.0 0.0 2.7 Reserve w ith Federal Reserve Banks + 7.2 + 0.7 + 4.2 Cash in vault ----------·----·--··-·-·-·----------···--+ 12.1 + 15.6 0.0 Balances with domestic banks --------·----7.1 + 2.4 + 18.3 LIABILITIES Total deposits (except interbank) --· + 8.4 + 1.6 + 0.1 Dema nd deposits adjusted -···--------· + 7.8 • + 1.3 0.5 Time deposits ----·--·-··----·--·-···------·------·· + 8.7 + 1.2 + 2.2 United States Government deposits + 38. 7 + 22.9 + 10.7 Interbank deposits : 1.0 + 5.2 ~om~ticb:~~~s _::=:::::=:::=::.~::=:::=::::: -1~:~ 0.0 0.0 CA;;~!~ ACCOUNTS --------···---------+ 5.9 + 0.5 0.0 *Percentage comparisons based on week ending nearest the close of ca lendar month. showed an increase of 0.5% over the previous months to bring the increase for the year to 6%. The summary statement of condition of the Dallas Federal Reserve Bank indicates that the total resources of the bank declined slightly during the past month. Considerable decreases in gold certificate reserves, dis· counts and advances, and "other" cash items were only partially offset by increases in United States govern· ment securities and "other" assets. Decreases in lia· bilities were greater than decreases in assets, resulting in an increase in capital accounts represented by a slight increase in capital paid in and a considerable advance percentagewise in "other" capital accounts, while sur· plus remained unchanged from November. SUMMARY STAT EMENT OF CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS (in thousands of dollars) Source: Board of Governors of the Federal Reserve System P ercen t cha nge Class ification Dec. 29 1948 D ec. 1 1948 Dec. 1948 Dec. 1948 Dec. 30 from from 1947 Dec. 1947 Nov. 1948 ASSETS Gold certificate reserves ----------------­ 599,789 629,759 513,821 + 16.7 4. 8 U.S. Government securi t ies --­---------·-·-1,058,044 1,049,824 1,017 ,419 + 4.0 + 0. 8 Discounts a nd advances --------·-----­ 6,464 7,697 1,670 +287.1 - 16.0 Ot her cash ------·-----·-­ 11,924 12,745 11 ,522 + 3.5 - 6.4 Other assets ------------­ 158,538 141,592 112,139 + 41.4 + 12.0 TOTAL ASSETS ____ l,834,759 1,841,617 1,656,571 + 10.8 - 0.4 LIABILITIES Federal Reserve notes ----------------------­ 627,925 631,437 628,438 - 0.1 0.6 Deposits --------------···----1,052,038 1.066,171 910,380 + 15.6 1.3 Other liabilities ........ 124,611 115,019 92,049 + 35.4 + 8.3 TOTAL LIABILITIES ______ l ,804,574 1,812,627 1,630,867 + 10.7 0.4 Capital p a id in ------­ 7,85 1 7,804 7,303 + 7.5 + 0.6 Surplus ---------------------­ 15,418 15,418 15,084 + 2.2 0.0 Other capital accoun ts -----------·-· 6,916 5,768 3,317 + 108.5 + 19.9 TOTAL LIABILITIES AND CAPITAL ACCOUNTS __________ l ,834,759 1,841,617 1,656,571 + 10.8 - 0.4 Bank Debits (Since the bulk of business transactions are settled by check, changes in bank debits to individual accounts represent chanaea in the volume of transactions and are a basic measure of bualneaa activity.) Bank debits in 20 Texas cities showed an increase over the previous month equal to the gain for the same period a year ago. The advance for the yea~ 1948 was 14.7%, compared with 20.9% for 1947; which furt?er indicates a slackening in the rate of mcrease durmg the past year. The increa~e in bank debits over .last month is shown to be entuely seasonal by the slight drop in the seasonally adjusted index, indicating that the upward trend may possibly be turning. ~ownward. Gains were recorded in 19 of the 20 cities, Lubbock being the only city to show a decline from the previous month. Greatest gains were recorded by Galveston, Houston, and Dallas. The annual rate of deposit turn· over increased 14.9% from November to December and was 7.7% above a year ago. The seasonally adjusted index of bank debits showed a slight December) month. decline as (from 466.4 in compared with November a sizable to incr 460.7 in ease last BANK DEBITS* (in thousands of dollars ) Source: Board of Governors of the Federal Reserve System Percent change City Dec. 1948 N ov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 TOTAL ____________$4,321,439 $3,707,364 $3,768,269 +14.7 +16.G Abilene ---------------­Amarillo ------------­ 37,328 97,766 36,497 93,485 37,017 89,234 + + 0.8 9.6 + 2.3 + 4.6 Austin -----·----------­ 117,190 106,779 101,848 +15.1 + 9.8 Beaumont -----------­ 106,443 103,357 84,046 +26.6 + 3.0 Corpus Christi .... 82,868 75,768 76,471 + 8.4 + 9.4 Corsicana --------­ 13,085 11,138 12,896 + 1.5 + 17.5 Dallas ········-------·­1,301 ,559 l,07A,612 1,130,925 +15.1 +20.7 Fl Paso --··--------­ 148,690 138,646 131,059 +13.4 + 7.2 Fort Worth ------­ 395,019 341,248 366,159 + 7.9 +is.a Galveston --­- 87,009 67,024 67,246 +29.4 +29.8 Houston ···········-·· 1,300,266 1,081,976 1,053,901 +23.4 +20.2 Laredo ----­--------­ 18,471 16,721 17,277 + 6.9 + 17.5 Lubbock -------­ 76,431 79,566 85,638 -10.6 -3.9 Port Arthur _ 39,132 33,939 33,817 +15.7 +16.3 San Angelo ___ San Antonio __ 32,385 274,026 30,935 235,2 44 32,466 269,099 -0.2 + 1.8 + 4.7 +16.5 Texarkanat -­ 27,463 26,825 27,673 - 0.8 + 2.4 Tyler -­-­----­ 45,013 41,034 40,915 +lo.o + 9.7 Waco --------·--­ 55,429 53,075 56,666 - 2.2 + 4.4 Wichita Falls ___ 65,976 56,666 54,026 +22.l +16.6 *Debits to deposit accounts except interbank accounts. tincludes two banks in Arkansas, Eighth District. Business Failures (The number of failures and the amount of liabilities vary ln­veraely with the proaperlty of bualneas and reflect In a simple and direct manner what la happenin1r to business.) The 10 business failures reported by Dunn and Brad­street in December resulted in liabilities of $507,000, the highest figure since September of last year. The number of failures was the highest since August of last year. BUSINESS FAILURES Source: Dun and Bradstreet, Inc. Dec. Nov. Dec. Nov. 1948 1948 1947 1947 Number -------------­ 10 9 6 3 Liabilities• -------··· $507 $295 $ 64 $ 41 Average liabilities per failure• -------­ $ 51 $ 33 $ 11 $ 14 •In thousands of dollars. Corporation-Charters (The iaaue of corporation charters measurea the additions to the buabseaa population and reflects the atate of optimism or peaalmlsm of bualneumen.) The Secretary of State granted charters to 273 cor­porations in December, as compared with 228 in No­vember and 301 in December 1947. The capitalization of these corporations chartered in December was the largest for any month since July of 1948. A consider­able increase is evident in the number of corporations chartered to engage in manufacturing. The majority of ~barters were issued to corporations having a capitali­zat10n of between $5,000 and $100,000, while 18 cor­porations had capitalizations qf more than $100,000. CORPORATION CHARTERS ISSUED BY CLASSIFICATIONS Source: Secretary of State December November December Classification 1948 1948 1947 DOMESTIC CORPORATIONS Capitalization• ----------·--------·-$6,198 $5,271 $5,888 Number ---------------------­-·--------­------···-­ 273 228 801 Banking-finance --------············-----------­ 10 9 7 Construction ----------­---·-­---------­ -­ 20 17 lS Manufacturing ·-------···········--·------­ 35 18 25 Merchandising -----­-----·-----------­----­ 67 71 71 Oil ---···············-·-·······--­-----­----------­ 9 9 0 Public service -------------­-­---------­ 4 5 Real estate --------------­--­---------------­----­ 84 28 83 Transportation ----­--···························--­ 7 6 13 All others -------···············----------······-­-­ 24 38 70 No capital stock ---­------·····················­ 63 31 54 FOREIGN CORPORATIONS Number ·····-·····-····-········-----------­--·---­ 38 30 21 •In thousands of dollars. CORP ORATION CHARTERS ISSUED BY CAPITALIZATION Source: Secretary of State Percent chan11e Capitalization Dec. 1948 N ov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 Over $100,000 ·············­ 18 13 + 38.5 +157.1 $5,000-$100,000 --------­-- 111 135 158 - 29.7 -17.8 Less than $5,000 ------­No capital stock ____ 75 63 51 31 70 54 + 7.1 + 16.7 + 47.1 +103.2 Capitalization n ot specified ------­------­ 6 4 6 0.0 + 50.0 Life Insurance Sales (Since the sales of life. Insurance are relatively aenaltive to the chan1rea In consumer Income, they may be uaed aa a meuure of th• consumer market.) Texas sales of ordinary life insurance increased 15% over November or slightly more than the percentage increase for the nation as a whole. Sales in Texas held slightly above December 1947, while sales for the United States dropped 10.8% Sales of United States Savings Bonds (Sales of United States savings bonds leas redemptions are ale· nificant because they represent private aavln1ra alphoned off by tbe 1rovernment to meet ita fiscal needa.) December sales of United States savings bond& in. Texas were up considerably from November and were well above December 1947. The greatest increase in amount of sales was in Series "E" bonds, while Series "F" and "G" showed the greatest gain percentagewise. SALES OF UNITED STATES SAVINGS BONDS Source : Treasury Department, Office of State Director for Texas Percent change Series December 1948 November 1948 December 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 TOTAL --­-------····$19,127,693 $11,591,321 $15,474,476 + 23.6 +ss.o Series E -----·---­---­14,312,788 9,021,194 10,260,882 +s9.5 + s8.7 Series F and G --· 4,817,905 2,570,127 6,213,694 - 7.6 +87.3 ========================T=E=XA==S=B=U=S=IN=E=SS==RE=V=l=EW========================l=S TRANSPORTATION Rail (The movement 0 f operations, and cb roods by rail la fundamental to all bualneaa basic chanrea hi tb"reaIn the number of frelrbt cars loaded reflect al...Uficant for tbe j fo1ume of bualneH. The commodity rroupa are mlacellaneoua rroupn i0"j~lon they rive on specific induatrlea. The c:onsi.tered a meaau nc u ea manufactured roods and la renerally shipments include th: of the volume of trade. Merchandise l.c.I. •a.me type of roods shipped in smaller Iota.) The volume of f . western Dist · t revenue reight loaded in the South-in Decembe flt as measured in carloads, declined 4.6% in all ~fi ro?J-November. Decreases were registered 1 c. ass1 cations except coal. The index of miscell f . ht . . d £ aneous reig carloadings ad- JUSte or seasonal variation, increased 3.5% to 16i.5% of the ~935-39 average in December. Late m Dec~mber the Interstate Commerce Commission r-anted th~ railroads an interim increase in rates amount­mg to a h~tle over 5%. The carriers had asked for a !empo.ra11' mcrease .of 8% pending the outcome of the mveshgatio~ of !heir request for a permanent increase of 13%. It is estimated that the hike will net the carriers an a~ditional $425 million a year. With the usual seasonal decline in carloadings the supply of boxcars is much easier. However, the demand for better grade boxcars continues strong. • Several events concerning railroads, which are of local mterest, have taken place recently. The directors of the strikebound Wichita Falls and Southern Railroad have voted to apply for permission to abandon the line. The Rock Island has completed a new $250,000 freight station in Dallas. Heretofore the company has used the facilities of some other lines. The office of the San Antonio Freight Bureau has been acquired by the Chamber of Commerce. The work formerly done by the private firm will be continued under the direction of a Chamber of Commerce traffic manager as yet to be hired. REVENUE FREIGHT LOADED IN SOUTHWESTERN DISTRICT (in carloads) Source: Car Service Division, ABSociation of American Railroads P ercent change Item Dec. 1948 N ov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 TOTAL ··--···········-········-····· 276,442 289,749 284,024 -2.7 -4.6 ====================== Grain and grain products 22,909 26,260 19,846 +15.4 -12.8 Livestock ·····-··-···········-····· 3,767 5,418 4,504 -16.4 -30.5 24,770 22,656 29,830 Coal ·------····-··········--· -17.0 + 9.3 698 962 Coke -··-··-···························· 857 -18.6 -27.5 Forest products ·····-··········· 19,114 19,198 19,997 -4.4 -0.4 Ore -·-·--··-······-················· 2,457 2,899 -15.3 -6.9 2,639 Merchandise (I.e.!. l ·········· 25•334 27,160 38,359 -34.0 -6.7 Miscellaneous ·····--············· -0.2 -4.4 177•393 185,455 177,732 Air (The total volume of commodities shipped by air express la only a ve small percentare of all commodities moved, but the rapidIner~• In the uae of tbla tJ'IHI of transportation makes fta rrowth of renerel Interest to buaineaa.) Air express shipments showed an increase of 29.6% . December over November. Compared with the Decem­b 1947 figures, however, the 34,197 shipments in D:cember 1948 were off by 9. 7% in number. Thus the slump in air express shipments which set in last August continued throughout the balance of the year with only a slight reversal of the trend in September. Regarding the national picture, preliminary surveys of the returns per revenue passenger mile before and after the 10% increase in fares in September, indicate an increase in revenue of only 2.4%. The discrepancy between an increase in rates of 10% and an increase in revenues of only 2.4% is explained by the "dilution" caused by family-fare plans, and round-trip discounts. The revenue outlook for the scheduled air carriers is much brighter with the speed-up in Civil Aeronautics Board retroactive mail pay adjustments. Current pre­dictions, which are based on actual results for the first nine months of 1948 and estimates for the fourth quarter, indicate that operating deficits may be wiped out by the recent mail pay awards. This compares with the industry­wide $21.8 million operating deficit for 1947. AIR EXPRESS SHIPMENTS Source: Railway Express Agency Percent change City Dec. 1948 Nov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 TOTAL ·········-············ 34,197 26,387 37,879 -9.7 + 29.6 Abilene ····-·····-····-····· 258 166 225 + 14.7 + 55.4 Amarillo ·········-·-········ 882 450 985 - 10.5 + 96.0 Austin ···-········-······-·· 806 502 831 - 3.o + 60.6 Beaumont ···········-·-····· 566 321 533 + 6.2 + 76.3 Big Spring .................. 105 47 89 + 18.0 + 123.4 Brownsville ······-········ 516 469 2,056 -74.9 + 10.0 Brownwood ···-··--·· 58 45 47 + 23.4 + 28.9 Bryan -·-····--·····-····· Corpus Christi -·········· 62 846 25 537 49 978 + 26.5 -13.5 + 148.0 + 57.5 Dallas ·· ·········-············· 10,450 Eagle P ass ··········-······ 38 El Paso ···················-··· 2,042 9,708 24 1,201 10,910 2,024 + 4.2 0.9 + 7.6 + 58.3 + 70.0 Fort Stockton ··--··­ 10 19 -47.4 Fort Worth -···---··-·· 2,282 1,979 2,360 3.3 + 15.3 Galveston ········-········ Houston ····-···--···­ 488 6,313 334 4,831 592 6,940 -- 17.6 9.0 + 46.1 + 80.7 L aredo ···············-········ L ongview ·······-··-···-­ 366 261 251 181 467 243 -21.6 + 7.4 + 45.8 + 44.2 Lubbock ··········-----­Midland ····-·············-··· Mineral W ells ··--·-·· Odessa ····-·----·­--·· 572 400 39 322 402 222 36 217 483 318 31 262 + 18.4 + 25.8 + 25.8 + 22.9 + 42.3 + 80.2 + 8.3 + 48.4 P alestine ····­··········­·­ 22 9 27 -18.5 +a u Paris -···-·-···-··-­ 55 29 101 - 45.5 + 89.7 Plainview ···-··-·-·-··· P ort Arthur ---­··-­San Angelo -·-·····-··­San Antonio ·-----­ 85 286 682 3,395 51 201 463 2,291 304 898 4,509 -5.9 -24.1 -24.7 + 66.7 + 42.3 + 47.8 + 48.2 Sweetwater ·····--······· T emple --·-··-·--··· Texark ana ··-·----····­Tyler ----·-··-·-­Victoria ·-··--···--· Waco ··-----···--·-· Wichita F alls ····---·-· 39 96 154 300 57 360 582 29 56 78 228 44 202 347 75 104 173 856 24 884 501 -48.0 -7.7 -11.0 -15.7 +137.5 6.3 + 6.2 + 34.5 + 71..f. + 97.4 + 81.6 + 29.5 + 78.2 + 53.8 •Air express service originated at a later date. Water (Since a sizable volume of traffic moves into and out of the State by water atati•tlca on water-borne commerce are an Important In­dicator n~t only of transportation but of reneral bualneaa activity;) Activity at Texas ports continued at a high level during December. A total of 10,029 export and coastal LOCAL BUSINE Percent change Percent change Dec. 1948 Dec. 1948 Dec. 1948 Dec. 1948 December from from December from from City and item 1948 Dec. 1947 Nov. 1948 City and item 1948 Dec. 1947 Nov. 1948 ABILENE: BROWNWOOD: Retail sales of independent stores___ _ 28.1 Retail sales independent stores ____ + 11.7 + of + 3.8 + 49.7 Department and apparel store sales + 4.3 + 50.9 Department and apparel store sales 7.8 + 52. 0 Postal receipts ---·------------------------------$ 55,026 + 7.5 + 55.6 Postal receipts ---------------··--------------------------$ 20,678 + 13.4 + 82.5 Building permits -----------------------------------$ 393,979 + 6.7 + 37.4 Building permits ----------------------------------$ 48,905 -20.6 -17.2 Bank debits to individual accounts Air express shipments 58 + 23.4 + 28.9 (thousands) ----------------------------------$ 37,328 + 0. 8 + 2.3 End-of-month deposits (thousands)•__$ 42,403 + 0.03 0.7 Annual rate of deposit turnover -----­10.6 1.9 + 2.9 BRYAN: Air express shipments --------------------------258 + 14.7 + 55.4 Department and apparel store sales -12.2 + 52.1 Unemployment -------------------------------------890 -21.9 + 27.1 Postal receipts --------------------------------------$ 15,767 + 9.6 + 73.2 Placements in employment ---------------­407 + 1.2 -33.6 Building permits -----------------------------------$ 78,370 -48.6 -16.0 Nonagricultural civilian labor force 19,290 -2.0 + 1.8 Air express shipments --------------------------62 + 26.5 + 148.0 AMARILLO: CORPUS CHRISTI: Retail sales of independent stores.__ _ 3.6 + 30.5 Retail sales of independent stores --· + 16.2 + 11.5 Department and apparel store sales 1.9 + 40.6 Department and apparel store sales 1.8 + 79.6 Postal receipts -----------------------------------$ 105,019 + 9.4 + 52.8 Postal receipts --------------------------------------$ 115,720 + 14.3 + 68.0 Building permits -------------------------------$ 525,446 + 0.2 + 2.5 Bank debits to fodividual accounts Building permits ----------------------------------$ 689,021 -21.5 -44.1 Bank debits to individual accounts (thousands ) -----------·-------------------------$ 97,756 + 9.6 + 4.6 End-of-month deposits (thousands)•_$ 86,421 + 1.9 + 1.1 (thousands) -------------------------------------$ 82,868 + 8.4 + 9.4 End-of-month deposits (thousands)• $ 81,819 + 6.9 + 0.5 Annual rate of deposit turnover -----­13.7 + 8.7 + 3.8 Annual rate of deposit turnover --------12.2 + 0.8 + 8.0 Air express shipments -----------------­882 10.5 + 96.0 Air express shipments 846 -13.5 + 57.5 Unemployment ----------------------------------­1,400 6.7 0.0 Water-borne commerce (tons ) ---------­1,914,310 + 6.2 + 15.6 Placements in employment --------------­719 2.8 -15.2 Nonagricultural civilian labor force 36,200 + 3.3 + 0.6 Unemployment -------------·-----------------------­1,600 -38.5 + 14.3 Placements in employment -----------------­1,128 + 24.6 8.1 Nonagricultural civilian labor force 53,500 + 8.2 + 0.5 AUSTIN: Water connections ----------------------------·----23,230 + 9.0 + 0.6 Retail sales of independent stores.... + 6.2 + 30.7 Electrical connections 27,041 + 7.8 + 0.8 Department and apparel store sales + 3.4 + 47.8 Postal receipts ---------·---------------------$ 198,796 + 4.6 + 45.1 Building permits -------------------------$ 1,335,088 9.8 + 62.0 CORSICANA: Bank debits to individual accounts Postal receipts ---------------------------------------$ 23,389 + 8.0 + 104.4 (thousands ) ------------·----------------$ 117,190 + 15.1 + 9. 8 Building permits --·---------------------------------$ 6,400 -83.7 -81.3 End-of-month deposits (thousands)•_$ 104,015 2.2 + 3.0 Bank debits to individual accounts Annual rate of deposit turnover -------­13.7 + 16.1 + 8.7 (thousands) --------------------------------------$ 13,085 + 1.5 + 17.5 Air express shipments -------------------­806 3.0 + 60.6 End-of-month deposits (thousands)•_$ 21,250 + 3.1 + 2.7 Railroad carloadings: Annual rate of deposit turnover --------7.4 2.6 + 13.8 Inbound -------------------------------------­ 971 15.3 9.3 Outbound -----------------------------------­19.4 -19.9 326 + Unemployment -------------------------­1,360 -12.8 + 4.6 DALLAS: Placements in employment ----------------­926 + 15.0 6.6 Retail sales of independent stores __ _ + 2.1 + 33.9 Nonagricultural civilia~ labor force 44,860 + 1.3 + 0.2 Apparel stores -----------------------------------­+ 6.0 + 46.5 Automotive stores ----------------------------­5.0 + 3.6BEAUMONT: Eating and drinking places ------------4.9 -2.1 Retail sales of independent stores____ + 17.9 + 21.2 + 10.3 Food stores ------------------------------------------+ 6.1 Depa rtment and apparel store sales + 8.3 + 45.4 Furniture and household stores _____ _ -10.4 + 45.7 P ostal receipts ----------------------------$ 88,710 + 11.3 + 74.3 Lumber. building materials, and Building permits ------------------------$ 544,523 -60.9 -39.2 hardware stores ------------------------------10.4 -7.2 Bank debits to individual accounts All other stores --------------------------------+ 1.1 + 36.2 (thousands) --------------------------$ 106,443 + 26.6 + 3.0 Postal receipts --------------·-------------------------$ 1,148,861 + 14.1 + 31.8 End-of-month deposits (thousands)•__ $ 101,811 + 2.1 0.4 -­ Building permits ---,------------------------------·$ 2,496,568 56.2 58.7 Annual rate of deposit turnover _______ 12.5 + 21.4 + 3.3 A ir express shipmen ts -------------------------10,450 4.2 + 7.6 Export and coastal cars unloaded ----­577 + 23.3 + 35.1 Bank debits to individual accounts 566 Air express shipments ---------------------­+ 6.2 + 76.3 (thousands) ----------------------------:--------$ 1,301,559 + 15.1 + 20.7 Water-borne commerce (tons) -------­26,404 + 27.6 + 31.4 End-of-month deposits (thousands)•--$ 776,089 + 9.3 + 2.4 Unemployment (area) --------------------­4,600 19.4 + 1.1 Annual rate of deposit turnover ------20-4 + 6.3 + 17.2 Placements in employment (area) ·--­1,440 19.3 -30.4 Unemployment 5,100 -16.4 + 13.3 Nonagricultural civilian labor force --32.5 Placements in employment --------------..,.-­3,345 15.5 76,000 + 8.9 0.0 (area) -------------------·---------- Nonagricultural civilian labor fo"rce 239,900 + 5.6 + 0.6 BROWNSVILLE: Retail sales of independent stores__ + 5.5 + 9.5 LOCKl:IART: Postal receipts ------------------------$ 21,877 + 8.7 + 51.2 Retail sales of independent stores___ _ -1.5 -16.5 Building permits -------------------------·$ 56,947 69.1 -71.3 Postal receipts ---------------------------------------$ 4,300 + 32.5 + 99.4 Export cars unloaded --------------------­194 -47.0 + 44.8 Building permits --------------------------------·---$ 35,200 +165.7 3.3 Coastal cars unloaded -------------------14 + 16.7 Bank debits to individual accounts Air express shipments 516 -74.9 + 10.0 (thousands) -----------------------------------$ 3,102,002 0.8 5.6 Water-borne commerce (tons) ------91,888 + 44.2 + 83.2 End-of-month deposits (thousands)• $ 5,092,008 3.0 4.2 •Excludes deposits to credit of ba nks. •Excludes deposits to credit of banks. CONDITIONS Percent change Percent change Dec. 1948 Dec. 1948 Dec. 1948 Dec. 1948 December from fromDecember from from City and item Dec. 1947 Nov. 1948 1948 Dec. 1947 Nov. 1948 City and item 1948 DENISON: HOUSTON: Retail sales of independent stores. __ + 14.5 + 28.3 Retail sales of inde.pendent stores.... + 4.2 + 30.9 Department and apparel store sales 52.6 Postal receipts ------------·--··--·-------·$ 17,001 + OA + 55.5 + 7.8 + 11.2 + 7.1 + 55.3 Apparel stores ----------------------------------­+ 2.8 + Automotive stores -------------------------­ Building permits ---·----------·--·------------$ 468,349 + 792.3 +381.9 Drug --+ 6.5 + 38.3 stores ----------------------------------------­Eating and drinking places -----------+ 5.3 + 6.1 EL PASO: Food stores + 5.0 + 17.4 Retail sales of independent stores.... Furniture and household stores ____ _ + 20.6 + 44.5 -0.6 + 20.6 Department and apparel store sales General merchandise stores -----------­+ 4.3 + 42.3 -0.8 + 44.6 Postal receipts -----·-·-·-----·-··-------··------$ 165,131 + 13.5 + 24.2 Lumber, building materials, and + 44.1 + 2.8 Building permits --------------------------------$ 473,369 2.3 + 11.3 hardware stores ---------·---------------------­Bank debits to individual accounts All other stores -·------T·----------------------­ 6.2 + 22.2 (thousands) ----------------------------··----$ 148,590 + 13.4 + 7.2 Postal receipts ----··------------------·------------·$ 841,51() + 13.9 + 44.5 End-of-month deposits (thousands)*. $ 121,125 0.4 + 6.1 Building permits ------···--·-·-·----------·····--·$ 7,886,950 + 7.7 + 2.9 Annual rate of deposit turnover _____ _ Air express shipments ----------------~-----­6,313 9.0 + 30.7 15.1 + 12.7 + 3.4 Export and coastal cars unloaded .... 5,666 + 27.4 0.2 Railroad carloadings : Bank debits to individual accounts Air express shipments ·---------------------­2,042 + 0.9 + 70.0 Inbound -------------·---------·-------·-----·--------3,651 -16.5 (thousands ) ------------,-----·-··--------·----$ 1,301,266 + 23.4 + 20.2 Outbound 3,247 + 2.1 End-of-month deposits (thousands)•.. $ 941,285 + 10.1 + 1.8 Unemployment 2,100 8.7 + 10.5 Annual rate of deposit turnover ----···· 16.7 + 10.6 + 16.8 Placements in employment ----------------­967 + 10.6 19.9 Unemployment --------·-·····-----------·--------·-··· 7,200 + 7.7 0.0 Nonagricultural civilian labor force 52,400 + 2.6 + 0.7 Placements in employment -----------------­3,380 2.4 21.6 Nonagricultural civilian IaQor force 325,700 + 4.5 + 0.2 Manufacturing employment ---------------­74,205 0.2 FORT WORTH: N onmanufacturing employment ------··--244.,275 + 0. 3 Retail sales of independent stores___ + 4.2 + 24.0 Apparel stores ---------------------------·--­6.2 + 45.2 + LAREDO: Automotive stores ----------------------------­+ 12.4 10.3 Eating and drinking places -----------+ 6.7 0.6 Department and apparel store sales 14.8 + 48 .8 Food stores ------------------------·---------+ 10.8 + 8.2 Postal receipts --·-------·------------------·---------$ 23,629 + 6.7 + 45.9 General merchandise stores --------­1.7 + 52.3 Ba nk debits to individual accounts Lumber, building materials, and (thousands) --·--------------------------------$ 18,471 + 6.9 + 17.5 hardware stores ----------------------------+ 9.1 -5.5 End-of-month deposits (thousands)•_$ 22,041 + 16.1 1.2 + 7.0 + 28.5 Annual rate of deposit turnover _______ _ All other stores --------------·----·------·-·--­10.0 2.9 + 0.6 Postal receipts ------------··-------------------·---$ 488,180 + 15.0 + 38.6 Air express shipments -------·-----------.----­366 -21.6 + 45.8 Building permits -----------------------------·--$ 2,658,083 + 33.9 1.7 Electric power consumption 2,282 3.3 + 15.3 2,447 Air express shipments ---------------------­(thousand KWH) -·-----·--·--·------··---­9.1 10.2 Bank debits to individual accounts Natural gas consumption (thousand 7.9 (thousands) ------------------·----------··---$ 395,019 + + 15.8 cu. ft.) -·------·--------·-------··--·---------------63,092 + 14.1 + 37.4 End-of-month deposits (thousands )*..$ 301,037 + 9.6 + 1.6 Annual rate of deposit turnover ----­ 15.8 0.0 + 12.9 LUBBOCK: 5,900 1.7 + 3.5 Unemployment -----·---------·--·---·-­ 2,444 -24.7 39.3 Retail sales of independent stores.... -1.7 + 15.7 Placements in employment -----------­137,900 + 2.4 + 1.0 Department and apparel store sales -6.6 + 33.2 Nonagricultural civilian labor force Postal receipts ---------------------------------------$ 69,365 + 11.6 + 39.7 Building permits ·-------------·------------------$ 1,574,706 + 34.3 2.7 GALVESTON: Bank debits to individual accounts + 4.4 + 19.1 Retail sales of independent stores.... (thousands) ---------·· ·-------··---------------$ 76,431 -10.6 3.9 + 0.3 + 49.1 Department and apparel store sales E nd-of-month deposits (thousands)*$ 71,943 1.3 + 6.5 83,489 + 10.6 + 58 .8 Postal receipts ------···--·--------------·-·--$ Annual rate of deposit turnover -------13.2 -11.4 5.7 157,483 -63.8 + 15.0' Building permits ---------------------------·$ Air express shipments ----···----····--------­572 + 18.4 + 42.3 Bank debits to individual accounts Unemployment ·;-------------···--·------·-------900 + 12.5 + 28.6 87,009 + 29.4 + 29.8 (thousands) ----·--·----------------------$ Placements in employment ----------------­742 -22.6 -21.7 97 ,687 + 5.1 -1.3 End-of-month deposits (thousands)•-$ Nonagricultural civilian labor force 27,300 + 9.1 + 0.7 10.7 + 21.6 + 28.9 Annual rate of deposit turnover -·­ 10,692 + 17.9 + 2.2 Export and coastal cars unloaded ­ 488 -17.6 + 46.1 PORT ARTHUR: Air express shipments --·-----------­ 2,000 + 25.0 4.8 Retail sales of independent stores.... + 22.6 Unemployment (area ) ···---·----­ + 16.2 Placements in employment (area) -­612 -39.3 + 3.6 Postal receipts ···-------------·-------····------·----$ 48,181 + 5.3 + 81.4 Building permits --------·--:·----------------------$ 202,852 + 71.0 -39.8 Nonagricultural civilian labor force 53,700 -6.2 1.6 Bank debits to individual accounts (area) ·------------------------­ (thousands) ---------------------------·---$ 39,132 + 15.7 + 15.3 End-of-month deposits (thousands)•.. $ 39,898 4.3 0.3 - LAMESA: Annual rate of deposit turnover -------­11.8 16.8 + 13.5 +16.5 -0.7 Retail sales of independent stores­0.2 Export cars unloaded -----------·-·----------­940 + 67.3 + 86.5 9,365 + 72.5 Postal receipts --·-------------------$ Coastal cars unloaded ------------·--·-·--·---­409 + 31.1 + 23.9 52,750 + 43.1 +3416.7 Building permits -·--·--------_________$ Air express shipments ---------·--------·-­286 5.9 + 42.3 Unemployment (area) -----------------------­4,600 19.4 + 1.1 Placements in employment (area ) __ 1,440 19.3 30.4 MARSHALL: ­ 18,157 + 3.6 + 24.6 N onagricultural civilian labor force Postal receipts --------------------$ Building permits ----·---------------$ (area) --------------------------·-----------------76,000 + 8.9 0.0 66,999 2.9 -53 .0 •Excludes deposits to credit of banka. •Excludes deposits to credit of banka. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS (Continued) Percent change Percent change Dec. 1948 Dec. 1948 Dec. 1948 Dec. 1948 December from from December from from City and Item 1948 Dec. 1947 Nov. 1948 City and Item 19.f.8 Dec. 1947 Nov. 1948 PLAINVIEW: McALLEN: Retail sales of independent stores.... + 0.4 + 16.7 Retail sales of Independent stores.... + 15.7 + 38.3 Department and apparel store sales 0.4 + 80.6 Postal receipts ·········-····-···················--·$ 19,436 + 11.8 + 40.8 Postal receipts ···-···-·-·-················--······$ 18,461 + 1.3 + 46.6 Building permits ···--····-·······················$ 106,350 +801.5 + 80.8 Building permits ·····-··-···-·········--·-·-$ 69,500 6.4 -58.5 Air express shipments ····-···················· 91 + 97.8 Air express shipments -············--····· 85 + 66.7 TEMPLE:SAN ANGELO: Retai Isales of independent stores.... + 1.4 + 21.9 Department and apparel store sales + 6.4 + 80.9 Department and apparel store sales + 11.4 + 68.8 Postal receipts ··········-··········-············--·$ 45,997 + 18.2 + 61.2 "Postal receipts ·····--·--········-·······-······$ 24,384 + 13.9 + 51.8 Building permits ·····-··························--·$ 633,520 + 68.7 + 38.3 Building permits --·····-···-·······-···-····$ 118,576 -52.0 -48.4 Bank debits to Individual accounts Air express shipments -·····-····-···-----96 -7.7 + 71.4 (thousands) ···-·················-·-·······--·$ 82,885 0.2 + 4.7 End-of-month deposits (thousands)•..$ 40,879 + 4.9 + 0.1 Annual rate of deposit turnover ·····-· 9.5 5.0 + 3.3 TEXAS CITY: Air express shipments --------------------­682 -24.1 + 47.3 Postal receipts ····-····-··-··-········-----·---$ 18,626 + 2.6 + 65.2 Unemployment --···--······--······-···········­700 + 40.0 + 9.4 Building permits --·········-···-·-·······-$ 73,250 -93.9 + 147.8 Placements in employment ··-············· 416 + 11.5 6.9 Export cars unloaded -·········-··········-· 0 Nonagricultural civilian labor force 17,850 + + 9.5 1.8 Coastal cars unloaded ----·-··-·······----­537 + 38.4 +104.2 Unemployment (area) ---·----·-····­2,000 + 25.0 4.8 Placements in employment (area) .... 612 -39.3 + 3.6 Retail sales of independent stores.... + 4.1 + 23.5 N ona11rricultural civilian labor force SAN ANTONIO: + 89.6 (area) 58,700 -6.2 1.6 Apparel stores --········-···············-·· + 3.3 ·······-·······-·--···--------­Automotive stores ---------------------­+ 28.4 + 7.9 Drug atoree + 7.7 + 37.0 TYLER: Eating and drinking places ........... . 1.6 + 10.2 Retail sales of independent stores.... + 15.0 + 38.7 Food stores ·····-------······-······-·· + 1.2 + 14.2 Furniture and household stores ..... . + .f..4 -5.5 Department and apparel store sales + 13.1 + 57.4 "General merchandise stores ............. . O • .f. + 82.8 Postal receipts -····-···-···---------$ 54,558 + 19.4 + 33.4 Lumber, building materials, and Building permits ··-····---------·-·-··---$ 606,350 + 84.9 +170.3 Bank debits to individual accounts hardware atora ---------14.5 -3.6 All other stores ····--·-···-····-·········-·· -3.8 + 15.7 (thousands) ·······-····---·-··-··$ 45,013 + 10.0 + 9.7 Postal receipts ···--·-··········: ............... _$ 471,776 + 15.2 + 50.1 End-of-month deposits (thousands)•-$ 54,508 + 3.3 + 0.4 Building permits ···-·······-··-············-·····$ 2,566,606 + 7.8 -3.8 Annual rate of deposit turnover ······­10.0 + 3.1 + 9.9 300 -15.7 + 81.6 Air express shipments ·····-················-· 8,395 -24.7 + 48.2 Air express shipments -·---··--·· Bank debita to individual accounts (thousands) ·········-·-··-······--··········$ 27 4,026 + 1.8 + 16.6 WACO: End-of-month deposits (thousands)•..$ 327,623 + 1.8 + 1.5 Annual rate of deposit turnover ....... . 10.1 0.0 + 14.8 Retail sales of independent stores.. _ + 11.5 + 32.9 Department and apparel store sales + 2.2 + 46.8 Unemployment --··-··········-············-·· 8,750 -44.9 0.0 Placementa In employment --------· 2,840 + u -18.8 Postal receipts ··-··-······----------------$ 166,285 + 13.3 + 48.5 Nonagricultural civilian labor force 159,V50 + 2.5 + 1.1 Building permits ··--·-·······-······-----$ 631,889 -24.4 + 8.1 Bank debits to individual accounts (thousands) ··---------------·-···$ 55,429 2.2 +uTEXARKANA: End-of-month deposits (thousands)•..$ 66,028 1.1 2.0 Retail sales of independent stores.. _ + 10.8 + 18.6 Annual rate of deposit turnover ······­10.0 + 2.0 + 5.8 Department and apparel store sales -1.8 + 60.9 360 6.3 + 78.2 Air express shipments ··········-·-·········­ Postal receipts -------------········----$ .f.6,766 + 11.1 + 86.6 2,600 -16.1 + 4.0 Unemployment ······-···-·······-·····--·-·· Bank debits to individual accounta Placements In employment ···-···-···-····· 401 -29.8 -36.5 27,.f.68 0.8 + 2.4 (thousands) --·-··---···--·-·-·-···$ Nonagricultural civilian labor force 46,500 -1.2 + 0.9 End-of-month deposits (thousands)•..$ 23,960 + 0.7 + 5.2 Annual rate of deposit turnover -····­8.6 + 1.2 + 1.2 154 Air express shipments ----------------·----11.0 + 97.4 WICHITA FALLS: Unemployment --·--···················-·····-······ 2,800 -11.8 -3.5 Retail aale11 of independent stores__ + 2.6 + 45.5 '14 -40.1 -82.1 Placements In employment -·---------­Department and apparel store sales + 5.8 + 52.0 Nonagricultural civilian labor force 85,850 + 8.0 0.0 Building permits ·········-········-···-·-······• 699,4'5 + 9.4 +217.9 Bank debita to Individual accounts HARLINGEN: (thousands) ··-------·--• 65,976 + 22.1 + 16.5 End-of-month edposits (thonaands)•_$ 84,775 + 7.8 + 2.6 Postal receipts ···-·····-····--·-··--············$ 22,083 + 2.5 + 29.0 104,335 -50.0 . -65.6 Annual rate of deposit turnover ··-··· 9.5 + 14.5 +lu Building permit!! ··-·-···-·----······* Bank debits to individual accounts Air express shipments ······-··-·····-·····-532 + 6.2 + 68.8 (thousands) -··········-----···-··· __$ 18,662 + 4.5 + 8.8 Unemployment ···--··········-··········-·······-· 1,100 -11.3 + 8.8 8.4 625 Nona&'ricultural civilian labor force 83,100 + 10.2 + End-of-month deposits (thousands)• $ 16,825 5.5 -7.4 Placements in employment ···········--···· + 36.9 1.6 Air express shipments ····-···················· 103 + 15.7 •Excludes depoolta to credit of banks. •Exclndes depooitt to credit of banks. ~rs were unloaded in that month. This represented an 0mcrease of 6.9% over November, and 21.9% over ecember 1947. Total tonnage at the Port of Houston for the year19~ exceeded 40 million tons for the first time in history. This v.olume had been indicated by the rate of current operations earlier in the year. The exact tonnage figure as released by the port director, was 40,679,029 tons worth $1,129,701,400. The number of ships using the channel increased from 4,359 in 1947 to 5;310 in 1948. Whether or not Houston achieved its goal as second part in the nation will not be known until figures from other leading ports are available some months hence. The year 1948 witnessed the introduction on inland waterways of an improved method of towing. This is the integrated tow which began operation in May. Named the Harry Truman, early reports compiled after seven months' operation reveal that a number of records have been set as far as speed and tons·miles·per-hour are con­cerned. The results indicate that performance is far superior to the conventional type of tow. EXPORT AND COASTAL CARS UNLOADED* Source: Car Service Division, Association of American Railroads P er cent change P ort Dec. 1948 Nov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 N ov. 1948 TOTAL ·--···-··-·-· 19,029 17,808 15,616 + 21.9 + 6.9 Beaumont ---------­---­ 577 427 468 + 23.3 + 35.1 Port A rthur ····-·-·-··· 1,349 834 874 + 54.3 + 61.8 Texas City ------­--------­ 637 263 888 + 88.4 + 104.2 H ouston ------------------­ 5,666 5,680 4,449 + 27.4 - 0.2 Galveston ···-··-·········­10,692 10,458 9,071 + 17.9 + 2.2 Brownsville --- -­-----­- 208 146 366 - 43.2 + 42.5 *Excluding coal. WATER-BORNE COMMERCE AT TEXAS PORTS (tons ) P e rcent change P ort Dec. 1948 Nov. 1948 Dec. 1947 Dec. 1948 Dec. 1948 from from Dec. 1947 Nov. 1948 TOTAL ············-·· 2,032,602 1,725,838 1,887,261 + 7.7 +17.8 Beaumont ··-----26,404 20,096 20,690 +27.6 +al.4 Brownsville ____ 91,888 50,148 63,733 +44.2 +83.2 Corpus Christi _ 1,914,310 1,656,595 1,802,838 + 6.2 +16.6 Motor (Alth h rrent data on trends in Texas motor tranaportation are not 0~~ail:i:le, developments in tbia im_portan~ aeirment of the traaaportation mduatry are part of the buainea• picture.) For the first time in several months truck loadings in the nation dropped in November. .Although the monthly I. 4 701. loadings contmued well above the dec me was . ;o, A · T k 1947 figures. Statistics released by the mencan rue . ing Association reveal that Nove~ber 1948 topped ~e d. th of the previous year by 13.4 ;o. correspon mg mon f 286 The November index, compiled from reports o . carriers in 45 states, was 238, based on average monthly tonnage for the years 1938-40 as ~onnal. . The Household Goods Carriers Bureau has issued . a new tariff 'of rates on household goohds. The r~t.es are approximately 13.5% higher than t ose preva11mg in 1939. LABOR Employment (Employment atatiatica are amonir the moat important iadlcetora of Texaa busineaa and economic activity. The eatimetea of total am• ploymeont in Texas include all employees, both production workera and others, but excludes proprietors, principal executivea, aelf­employed, and bouaehold employees. More detailed atatiatica on Texas employment, pay rolls, hours, earninirs, and man-hours are analyzed m a Supplement to the Review OD Texas Employment and Pay Rolls.) · Nonagricultural employment in Texas continued to increase, reaching a level of 1,798,500 in December. The Bureau of Business Research in cooperation with the federal Bureau of Labor Statistics estimated that 21,700 more persons were employed at mid-December than during the preceding month. Seasonal influences were apparent in the 15,300 increase which occurred in the trade classification. Employment in December was 83,400, or 4.9% above the level of a year ago; however, in this comparison the trade group showed no appreciable change. In manufacturing there was an over-all drop of 7,200 in mid-December from mid-November. The decrease to a level of 350,800 was concentrated in the soft goods lines of manufacturing activity, the durable goods indus­tries ~eporting only a slight change of employment. Seasonal declines continued in employment of lumber and timber manufacturing. Stone, clay, glas~, and trans­portation equipment (except automobile) manufacturing establishments employed as many as 2% more workers in December than during the preceding month; Employ­ment among nondurable goods production lines dropped 1,300 (4.7%) in the apparel and 4,800 (6.5%)in food industries. Nonmanufacturing employment in December was higher in all of the major classifications than in Novem­ber. Government added about 10,500 persons to its pay rolls in December, the majority of whom were for the handling of the holiday postal rush. The 5.3% increase in employment in retail trade establishments between November and December was reflected in the 3.7% increase in the entire trade group. Retail apparel stores showed the largest relative increase in the group (20.1 %). Finance and service establishments hired a few more people in December than in November, ~ost of the increase coming in bank and trust companies. As compared with December a year ag