ANNUAL ISSUE TEXAS BUSINESS REVIEW A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS BUREAU OF BUSINESS RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS OL. XXIII, NO. 12 JA UARY 1950 HIGHLIGHTS OF TEXAS BUSINESS 1949 COMPARED WITH 1948 PERCENT DECREASE PERCENT INCREASE 20 Postal receipts ...................................... . Farm cuh income ................................ . 8edric power consumption ............ ­ Industrial electric power consumption. Retail saleHeflated........................... . Bank debits ...........·-·············-············· Consumers' price index-Houston....... . Construction contracts awarded......... Manufacturing employment ................ . Composite business activity ..·-············ Department and apparel store sa les .... Crude runs to stills .......... ·-················ Building permi+Heflated.................... Cotton consumption ..................... ~...... . MiKellaneous freight carloadingL ..... . Crude petroleum production .............. . TWEl'\TY CEl'll'S PER COPY TWO DOLLARS PER YEAR The Year 1n Review Business activity in Texas finished the year 1949 at a level about equal to that reached in the closing months of 1948. Throughout the first half of the year the course of business was downward, reversing its trends in the summer to recover the losses of the first half. The rise during the second half of the year was interrupted by the coal and steel strike! with the result that October declined sharply, hut a strong rise in November effec­income, it is expressed in current dollars, and the decline from a year ago is partly a reflection of the lower prices prevailing at the end of 1949. The Bureau's index of hank debits followed approxi· mately the same pattern as the index of business activity during 1949. It declined from a high of 466.4 in Novem. her 1948 to 426.7 in, July 1949, but rose throughout the last half of the year until it reached 466.3 in December. tively erased the losses sustained the month before. The course of business throughout 1949 is shown at the bottom of the page by the composite index of business activity. This revised index of business activity was published for the first time in the Review for October 1949, replacing the index that had been used as a measure of business activity for the past 13 years. It represents the major components of business in Texas and its changes register the combined result of all fluctuations on the general business situation. The course of business in Texas during 1949 was similar to that of business over the nation except that the recovery during the last half of the year has: been some­what more vigorous than for the country as a whole. One of the best measures of the total business situation in the United States is the data on national income com­piled and published quarterly by the United States Department of Commerce. Every quarter of 1949 was lower than the preceding quarter, with the last quarter estimated at 7.0% lower than the last quarter of 1948. Corporate and proprietors' profits showed the greatest decline of all the elements in the national income picture, but there was also a decline in the compensation of employees. Gross national product during the fourth quarter of 1949 was approximately the same as during the third quarter hut 4% below the first half of the year ancl more than 5% below the high point reached in the last quarter of 1948. The gross national product measures the value of all goods and services produced without deduction of value of capital goods consumed. Like the national INDEX OF BANK DEBITS IN TEXAS ADJUSTED FOR SEASCf'.W. VARIATION, l9M • 39~ 100 I 1929 1933 1937 1941 1942 194J 1944 1945 1946 1947 1948 1949 1950 The whole year of 1949 averaged 448.2 in comparison with 447.2 in 1948. Since this index reflects the fluctu· ations in the volume of business transactions, it is influenced by prices as well as by volume. The rise in prices during the war and the postwar period has pushed the index to a level more than double that of the index of business activity, hut although the levels are now widely separated, the fluctuations follow the same pattern. Both indexes declined significantly during the first half of the year and recovered all of the decline in the last half. The close agreement of the two indexes of general business activity is rather convincing evidence that busi· ness in Texas at the end of 1949 had recovered all of the ground lost in the decline of the first half of the year, although the indexes of business activity for the country as a whole showed a slower rate of rebound from the recession. The component of Texas business that contributed a major part of the decline during the first half of 1949 JNDEX OF TEXAS BUSINESS ACTIVITY ADJUSTED FOR SEASONAL VARIATION PERCENT IQ,.__ '\a. inn PERC 22!:1 .. - 200 200 / !VVVV A __ hJI - I75 175 ... #\I ,,,.. v I50 150 ,-IJvl -j I25 125 '...r"V v ~f'A...~~ vv-~ I00 100 r _,./'" 75 75 50 . 50 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 The TKXAs BUBINBSS REvnlw Is published b7 the Bur eau of Buaiuel!e Research, Collece of Baal-Admlnlatratlon, The Unlvenlt7 ol .fexu. Entered u eee<,nd-cl&es matter on Ma7 7, 1928 at the pOBtoftice at Auatln, Tel<&I, under the act of AIJll'Wlt 24, 1912. was industrial production. The reduction in crude petro· leum production and the accompanying cut in refinery operations brought about a substantial decline in one of the most important segments of Texas industry. In July 1949 the Bureau's index of crude petroleum pro· duction was 145.4% of the 1935-39 base, a drop of 28.4% from the peak of 203.l in December 1948. Since July, production has increased 11.6%, but the level of December was 20.l % below the same month a year earlier. Refinery operations followed a similar pattern, with the peak of the index of crude runs to stills 189.6 in December 1948, followed by a decline of 17.5% to bring the index to a low of 156.5 in July 1949. The upturn in the last half of 1949 brought the index to 170.4, a rise of 8.9% in the last five months of the year. Industrial activity other than petroleum showed less decline and recovered much more vigorously. The Bureau's index of industrial power consumption measures the changes in industrial activity with considerable accuracy since the amount of electricity consumed in industrial uses may be expected to change with fluctu­ations in industrial activity. This index declined slightly during the first half of 1949 but steadily recovered during the second half except for a sharp drop in October when the steel and coal strikes curtailed industrial activity all over the country. The December level of the index was 328.2% of the 1935-39 base, an increase of 5.2% from December 1948. The index for the year 1949 was 302.1, compared to 294.4 in 1948. The index of industrial production for the United States, compiled by the Federal Reserve Board, declined 8.9% in 1949 from the level of 1948. This index reached its lowest point in July and rose steadily after that date. The December 1949 index was 178, up 17 points from the year's low of 161 reached in July, but 17 points below the high of 195 reached in October and November 1948. The decline during the first half of 1949 was the first serious drop in the production of goods to occur since the end of the war and resulted largely from a reduc­tion in inventories, which cautious businessmen had begun to cut back in the belief that the great accumulated demand for goods built up by the war shortages had been filled. When merchants stopped buying and began filling their customers' needs from stocks, a sharp drop in production was inevitable; however, consumer buying continued strong, and by August there was an increased demand for consumer durable goods, particularly house­hold equipment, building materials, and automobiles. Building activity exerted a depressing influence on industrial activity during the first half of 1949 but increased in volume during the second half of the year until the average for all 12 months was 557.6, only 4.8% below the average for 1948. The index of building per· mits in Texas cities for the first half of 1949 was 16.4% below the average for 1948 but for the second half rose 32.I% over the first six months. The picture for building in Texas followed closely the pattern for the country as a whole, where residential construction declined sharply in the early months of 1949 but rose rapidly throughout the remainder of the year. The volume of consumer spending in Texas has been the most stable component of the general economic situ· ation. The index of retail sales in Texas for 1949 was 1.5% less than for 1948, but after adjustment was made for the changing retail prices, sales were 0.8~>;, higher. This means that slightly more goods were sold, but since prices were somewhat lower, the value of the goods sold was slightly less. However, the difference in retail sales for 1948 and 1949 was so small that it can be ignored. More important are the fluctuations in the sales of durable and nondurable goods since there was con­siderable divergence between the two groups. Sales of durable goods stores were 10.1 % higher in 1949 than in 1948, while the sales of nondurable goods stores were 7.9% lower in 1949 than in 1948. In the durable group, automobile sales registered an increase of 27.8%, while the other types of durable goods stores showed decreases. It seems important to repeat at this point that the recession in the early part of 1949 was primarily a de­cline in business spending. During the year consumers continued to spend at about the rate prevailing in 1948, but a larger portion of these sales were financed by credit rather than current income or accumulated savings. One of the important factors tending to keep the level of Texas business above that of the rest of the country has been the large farm income in Texas. The Bureau's estimate of farm income indicates that 1949 will be 14.1 % higher than 1948, but during this same period, prices received by farmers declined 11.3%. The unusually favorable position of Texas with respect to farm income is the result of the large wheat and cotton crops which increased in volume more than enough to offset the decline in prices. In 1948 farm income from cotton and wheat totaled $728,315 thousand, but in 1949 these crops produced $1,105,925 thousand. This was an increase of 51.8% from 1948. Other major sources of farm income generally declined in 1949, but wheat and cotton accounted for 59.7% of total income and their increase was enough to carry the level of income above that of 1948. Commodity prices have continued to decline steadily during 1949. The wholesale price index of the Bureau of Labor Statistics dropped from 162.4 in December 1948 to 151.5 in December 1949, representing a decline of 11.8% from the peak in August 1948. The prices of foods and farm products dropped more during 1949 than other groups, with the result that the indexes of food and farm product prices are drawing close to the index of all commodities. Consumers' prices in large cities in the United States in December was 4.0% lower than in August and September 194·8, the high point of the postwar period. Most of the decline occurred in 1948 with the index running almost level throughout all of 1949. . ·INDEX OF WHOLESALE PRICES IN THE UNITED STATES PER PERCENT 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 TRADE Retail Trade (The movement of &'oods Into the bands of coaaumera 11 one of the fundaml!'lltal aeries of statistical data on buaineu activity, 1lnce for husineas to he sound the volume of retail trade must be l'OOd. Durlnr a period of inflation an Increase In sales results from a riae In pricu as well as from an increase in the amount of buslnea1. A more detailed analysis of retail sales trends ls made In a Supple. ment to the Review on Texas Retail Trade. Th• fluctuations In retail credit ratios are important conditioning factors of tbe volume of trade. Newspaper advertlsinr llnal'e and postal receipts are HCondary trade Indicators.) The close of 1949 displayed firmer prices, cautious buying by retailers, · smaller and cleaner inventories, emphasis on staple and lower-priced merchandise, dis· criminating and exacting customers, and steadily in­creasing sales on credit. Political developments and psychological currents among customers and businessmen may influence 1950 business trends significantly. - INDEX OF TEXAS RETAIL SALES Percent In Texas, December, with retail sales estimated at $500,875 thousand, became the ninth month in which sales fell below the same months of 1948. Only February, October, and November averaged increases. Eleven months in 1949 showed increases over 1948 in sales of durable goods, ranging from 1.1 to 26.6%, with April the exception. All months in 1949 averaged decreases from 194.8 in sales of nondurables, these declines vary­ing from 1.7 to 14.6%. The 8.7% increase in sales of durables for the year failed to offset the 7.8% decrease in sales of nondurables as the year's total sales ended 2.0% below 1948. ESTIMATES OF TOTAL RETAIL SALES (in thousands of dollars) Percent change Type of store Dec. 1949 J an.-Dec. 1949 Dec. 1949 from Dec. 1948 Dec. 1949 from Nov. 1949 J an.-Dec. 1949 from Jan.-Dec. 1948 TOTAL ---------------500,875 5,041,396 -2.6 +lo.8 -2.0 Durable goods ____ 187,723 1,982,694 +13.9 -0.3 + 8.7 Nondurable goods 313,152 3,059,222 -10.3 + 18.7 -7.8 In Pecember, among all types of retailers, automotive stores (7.5%) for the first time in eight months failed to report the largest percentage rise in sales over the same month in 1948. Liquor stores ( 10.3 % ) led the increases, with nominal advances from 0.8 to 3.2% for apparel, drug, department, and food stores. Substantial decreases appeared in the sales of jewelry and general merchandise stores. For the year 1949 over 1948, only automotive (18.8%) and food (2.2%) stores averaged sales increases. RETAIL SALES TRENDS BY KINDS OF BUSINESS Source : Bureau of Business Research in cooperation with the Bvrf'eu of the Census, U. S. Department of Commerce Percent change Number of Jan.-Dec. reporting Dec. 1949 Dec. 1949 1949 establish· from from from Business ments Dec. 1948 Nov. 1949 Jan.-Dec. ~~~~~~~~~~~~~~~~~~~~~~ 1948 Apparel stores 269 ----------------·----+ 0.8 +59.6 -15.6 Automotive stores 250 7.5 6.6 ----------------+ -+ ls.s stores_____ ___ Country general 59 -4.4 +17.1 -5.4 Department stores 69 1.1 +63.3 ------------+ -4.9 Drug stores 191 0.9 +35.8 ----------------------------+ 0.0 + Eating and drinking places 122 -1.9 1.0 -3.8 Florists ---------------------·---------····· 53 -4.4 + 81.5 -4.4 Food stores ------313 3.2 8.3 + 2.2 ----------------------+ + Fuxniture and household____ 169 -1.9 + 24.5 -4.6 General merchandise stores 69 -12.2 +45.4 -5.8 Jewelry stores 37 -11.8 ------------·---------+ 17.7 -12.9 Liquor stores ------------------------29 + lo.3 +98.4 -3.2 Lumber, building material, and hardware stores ........ 297 -4.0 -7.0 -12.7 Office, store, and school supply dealers 47 -3.2 +22.8 -1.6 By districts {see map under Agriculture), the largest sales increase for the year 1949 over 1948 were in the Lower Rio Grande Valley, the Trans-Pecos, and the Southern High Plains, these ranging from 9.6 to 7.2%. Of the 33 cities reported individually, 24 averaged sales increases from December 1949 over a year ago and 21 for the year 1949 over 1948. Largest sales increases in December were in Lubbock (32.2%), El Paso (11.6%), McAllen (11.1 % ) , Paris (10.8%), and Big Spring (10.4%). For the year 1949, the sales leaders were Orange (23.6%), San Angelo (22.6%), McAllen (14.6%), El Paso (9.9%), and Big Spring (9.2%). The index of total retail sales (based on 1935-39 and adjusted for seasonal variation) fell 10 points in Decern· her to 326.3, equaling that month a year ago. The aver· age index, 315.6, for 1949 compares with 320.5 for 1948, 289.7 in 1947, 258.0 in 1946, and 199.8 in 1945. Deflated to remove the effects of price changes, the adjusted total sales index at 175.8 had declined from November's 181.3 but still topped any other recorded month except Febru· ary 1946 (188.8). The average annual indexes were: 1949, 166.6; 1948, 166.7; 1947, 160.7; 1946, 168.0. The durable goods index fell off 32 points from Novem• her and 57 points from September but it still stood above the annual indexes for 1949 and earlier years. The non· durables index about equaled November and stood above the annual indexes for 1949 and 1947 but below 1948. RETAIL SALES TRENDS BY CITY-SIZE GROUPS Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce Percent change Jan.-Dee. Number of reporting Dec. 1949 Dec. 1949 1949 fromestablish-from from J an.-Dec. Population ments Dee. 19-!8 N ov. 1949 1948 + 1.1 + 27.1 + 0.7 O\·er 100,000 ----------------------------986 -8.1 + 18.6 +1.8 50,000 to 100,000 --------------------232 -6.6 2,500 to 50,000 -----------------------876 + 3.0 +rn.s -2.7 + 10.2 Under 2,500 ----------------------161 + 8.4 TEXAS BUSINESS REVIEW CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES (In percent ) Ratio of Ratio of credit sales collections to Number to net sales• outstandingst of Clas1Ulcation reporting stores Dec. 1949 Dec. 1948 Dec. 1949 Dec. 1948. 62.5 59.4 50.3 52.9 ALL STORES -----------72 ====================== BY CITIES Austin -----------­--­ 7 52.7 52.0 59.0 57.5 Beaumont --------­ 3 64 .7 60.6 55. 1 53.0 Cleburne ----------­ 33.0 33.4 46 .0 53.4 Corpus Christi ___ .... __ __ 3 58.7 53.3 53.5 59.3 Dalla• ·--------------­---­ 14 70.4 68.1 49.0 52.3 Fort Worth -------------..-­ 5 60.7 57.3 47 .7 52.8 Houston --·------....-­ 52.7 47.4 49.3 50.1 Lubbock ______ .. ___ .... _ 46.7 44.2 63.1 67.5 San Antonio _____..__...... 58.3 54.1 50.4 50.5 Wsco __________..__ 54.8 52.6 55.8 57.4 BY TYPE OF STORE Department stores --------­ 27 65 .1 62.0 49.0 52.0 Dry 11oods and apparel stores 7 45.2 43.0 50.5 56.3 Women's specia1ty stores ---·­ 20 54.9 51.7 54~ 54~ Men's clothin11 stores .............. 18 57.1 53.9 55.8 57.6 BY VOLUME OF NET SALES (19(8) Q,·or $2,500,COO ........................ 23 65 .1 62.2 49.8 52.6 $1,000 ,000 to $2 ,500,000 ...... ___ 15 53.3 49. 2 53.0 55.0 $500,000 to $! , 000,000 ______ .. 16 49.0 46.2 52.7 56.5 Less than $500,000 ____ 18 42 .3 40.5 52.0 50.9 ' Credit tales divided by net eales. tCollectiono during the month divided by the total accounts unpaid on the flrat of the month. Among individual lines, the drug and food store indexes reached new highs in December. The automotive and building materials indexes had fallen from mid-year points but still exceeded 1949 averages. December indexes for apparel, department, and jewelry stores, and for eating and drinking places, all stood below their aftl'age annual indexes since 1945. Furniture nearly equaled its 1949 average but was below 1948. The ratio of credit sales to total net sales in December for 72 Texas department and apparel stores averaged: 1949, 62.5%; 1948, 59.4%; 1947, 57.6%; 1946, 52.3%. Largest percentages were in Dallas (70.4%), Beaumont (64.7%), and Fort Worth (60.7%), and by types, among department stores (65.1 % ) . The average collec­tion ratio stood at 50.3% in 1949, 52.9% in 1948, 55.7% in 194.7, and 55.2% in 1946. Largest collections were in Lubbock (63.1%), Austin (59.0%), Waco (55.8%), and Beaumont (55.1 % ) , and among men's clothing stores stores (55.8%). Only Beaumont and Austin bettered their collection ratios of December 1948. Advertising linage in 36 Texas newspapers in Decem­ber averaged 11.2% over November and 5.1% above a year ago. Of these papers 14 showed decreases. Sales of gasoline subject to tax totaled 213,642 thous­and gallons in November or 6.3% above October and 14.5% over November 1948. Sales to the federal govern­ment amounted to 21,417 thousand gallons, or 9.0% below October and 11.7% down from a year earlier. The lelll!Onally adjusted index of gasoline sales (1935-39= 100) stood at 227.9 in November against 199.1 a year before. Visitors at State parks in December numbered 95,64 7 in 35,04.l cars, or an equal number. of visitors in 81.5% ~"cars than a year earlier. Assisted by increased postal rates, postal receipts of 62 cities averaged 48.8% over November and 17.7% above December 1948. Only four cities reported decreases from 1948 against an average of nine cities for the earlier 11 months. POSTAL RECEIPTS Percent chanll'e Dec. 1949 Dec. 1949 Dec. N ov. Dec. from from City 1949 1949 1948 Dec. 1948 Nov. 1949 TOTAL ................ $5.787,440 $3,884,567 $4,910,589 + 17.9 + 49 .0 Abilene .................. 70,076 42,233 55,026 + 27.4 + 65.9 Amarillo ................ 125,079 81,523 105,019 + 19.1 + 53.4 Austin ...... -........... 225,793 149,117 198,796 + 13.6 + 51.4 Beaumont ............ 101,260 63,102 88,710 + 14.1 + 60.5 Big Spring .......... 22,929 10,975 17 ,328 + 32.3 Borll'er _____............ 18, 728 8,881 15,588 + 20.1 Brownsville .......... 25,523 17,384 21,877 + 16.7 + 46.8 Brownwood .......... 20,122 15,756 20,678 -2.7 + 27.7 Bryan ---------------15,788 10,869 15,767 + 0.1 + 45 .3 Childress .............. 8,302 4,737 7,465 + 11.2 + 75.3 Cisco _.................. 5,129 3,425 4,915 + 4.4 + 49 .8 Cleburne .............. 12,854 7,129 11,436 + 12.4 + 80.3 Coleman -------------6,586 3,971 5,650 + 16.6 + 15.9 Corpus Christi .... 140,658 79,161 115,720 + 21.6 + 77.7 Corsicana ------···· 29 ,279 14,594 23,389 + 25.2 Dallas -------------1,395,444 1,057,478 1,148,861 + 21.5 + 32.0 Del Rio -------11,284 6,780 9,179 + 22.9 + 66.4 Denison ____.. 18,799 10,157 17,001 + 10.6 + 85 .1 Denton ---------26,863 15,481 25,571 + 5. 1 + 73.5 Edinburll' ----------10,726 6,437 9,908 + 8.3 + 66.6 El Paso .................. 194,512 136,513 165,131 + 17.8 + 42.5 Fort Worth .......... 594,573 423,893 488,180 + 21.8 + 40.3 Gainesville ............ 11,642 6,958 10,684 + 9.0 + 67.3 Galveston ----------95,877 57,540 83,489 + 14.8 + 66.6 Gladewater .......... 7 ,178 3,829 6,316 + 13.6 + 87.5 Greenville ............ 21,015 16,049 18,847 + 11.5 + 30.9 Henderson --------10,599 6,405 9,547 + 11.0 + 65.5 Houston ................ 986,087 657 ,778 846,510 + 17.2 + 49.9 J acksonville --------9,943 7,434 8,927 + 11.4 + 33.8 Kenedy .................. 3,881 1,945 3,233 + 20.0 + 99.5 Kerrville ----------12,072 6,237 9,678 + 24.7 + 93.6 Lamesa --------10,647 9,186 9,365 + 13.7 + 15.9 Laredo ------------.. -25,452 17,457 23,629 + 7.7 + 45.8 Longview ............ 68,244 18,324 66,307 + 2.9 Lockhart -------------4,239 2,107 4,300 -1.4 Lubbock ................ 87,383 59,332 69,365 + 26.0 + 47.3 Lufkin .................. 15,895 9,279 14,83 1 + 7.2 + 71.3 McAllen _............. 22,227 14,031 19,436 + 14.4 + 58.4 Marshall ................ 20,540 13,064 18,157 + 13.1 + 57.2 Midland ................ 32,841 20,489 29,399 + 11.7 + 59.5 New Braunfels .... 10,962 8,584 9,029 + 21.4 + 27.7 Orange ... -............ 18,871 10,672 17 ,383 + 8.6 + 75.3 Odessa __.............. 34,889 20,899 30,231 + 15.4 + 66.9 Palestine __ .......... 16,352 8,056 14,126 + 15.8 Pampa .....-.......... 21 ,065 10,702 18,939 + 11.2 + 96.8 Paris --------------20,810 12,155 19,359 + 7.5 + 71.2 Plainview ---------13,033 9,088 13,461 -3.2 + 43.4 Port Arthur ........ 57 ,083 28,267 48,181 + 18.5 San Angelo .......... 56,876 32,457 45,997 + 23.7 + 75.2 San Antonio ........ 547,629 347,759 471,775 + 16.1 + 57.5 Seguin _................ 9,553 5,216 8,134 + 17.4 + 83.l Sherman .............. 31,139 16,664 25,209 + 23.5 + 86.9 Snyder .................. 9,168 5,146 5,064 + 81.0 + 78.2 Sweetwater .......... 16,743 9,650 14,307 + 17.0 + 73.5 Temple .................. 29,792 19,202 24,384 + 22.2 + 55.2 Texarkana ............ 53,804 32,244 46,765 + 15.1 + 66.9 Texas City .......... 16,137 9,306 13,625 + 18.4 + 73.4 Tyler ...................... 59,884 48,275 54,558 + 9.8 + 24.0 Vernon ......-........ 13,620 7,813 12,454 + 9.4 + 74.3 Victoria .... _ .. _ .. _ 20,696 12,034 16,861 + 22.7 + 72.0 Waco ___ .. _____ .... 174,812 75,495 105,285 + 9.0 + 52.1 Wichita Falls ...... 88,453 57,654 77,247 + 14.5 + 53.4 Wholesale Trade (Wholesale sales and inventories represent the movement of sooda to retailers, and when compared with the chances In retail aalea Indicate whether stocks in tha hands of retailers are belns main• tained at a constant level or are belns allowed to Increase or decrease. The information on inventories of wholesalers gives an indlcation of the availability of irooda to retailers, which la a alsnlfi· cant factor In the business situation.) Wholesale sales of 160 wholesale firms in Texas in­creased 2% during December 1949 from the same month a year ago and 2% from the previous month. Only three groups (automotive supplies, electrical goods, and gro­ceries) registered drops from December 1948; the largest decline ( 19% ) was in the electrical goods line. Gains ranged as high as 9% in drugs and sundries (liquor ex­cluded) and 18% in the "all other" group from Decem­ber of 1948. The largest advance in December of this year from November was reported in the "all other" group-22%. In the last month of 1949 inventories of wholesalers declined 13% from December 1948 and 13% from November 1949. Foreign Trade (Tonaase ficurea for export shipments from the principal ports ef the State provide an accurate physical measure of the current volume of foreiirn export trede. Value fisurea for exports and Im· ports, however, represent a more common measurement of forelp trade transactions, but they are subject to adjustment for price chaases. ) Exports from Texas (Laredo and EI Paso) in October declined to the lowest figure for the year, $23.1 million as compared to $27.2 million in the preceding month and $29.7 million in October 1948. Imports through Texas ports, on the other hand rose to $31.3 million, the highest level of imports this year, as compared to $27.5 in the preceding month and $21.7 million in October 1948. The fall in exports and rise in imports follow, of course, the national pattern. Total United States exports of merchandise in Novem· her continued to fall to a monthly level of $835.5 million from the $849.1 million in the preceding month. This is about 21 % below the 1948 monthly average of $1,054.2 million and 18% below the $1,021.3 million average for the first 10 months of 1949. Exports during the first six months were distinctly higher than in any of the follow· ing months. Total United States imports in November rose to $592.7 million as compared to $559.1 million in the preceding month and $554.3 million in November EXPORT AND COASTAL CARS UNLOADED• Source: Car Service Division, Association of American Railroads Dec. Port 1949 Beaumont ----------------127 Port Arthur -------------1,067 Texas City ----------------614 Brownsville -------------254 Cor pus Christi -------·----97 Houston -----------------------4.268 Galveston -------------·-···· 7.547 •Excludinll coal. 1948 (the month of the maritime strike). Imports have recovered from the midyear low and are now at about the same level as the monthly average for 1948 ($593.7). Their present level is about 9% above the $542.9 monthly average for the first IO months of 1949. Official figures of total tonnage cleared at seaports in 1948 showed that Houston now ranks second in the nation with total traffic of 38.9 million tons. Houston has passed both Philadelphia and Baltimore. New York still ranks first. Preliminary tonnage figures for 1949 indicated that the port of Houston handled almost as much tonnage during the first IO months of this year as in the same period of last year. Dr. T. S. Painter, president of The University of Texas, and Mr. E. J. McCurdy, businessman of Fort Worth, have been appointed to head a committee to study the impact of oil imports on the economy of Texas. FOREIGN TRADE OF TEXAS PORTS (in million• of dollars) Source: Bureau of the Census, U. S. Department of Commerce Percent change Cnstoms district Oct. 1949 Sept. 1949 Oct. 1948 Oct. 1949 Oct. 1949 from from Oct. 1948 Sept. 1949 EXPORTS, TOTAL* ------91.9 112.8 El Paso -------------­------­ 1.9 1.6 2.7 - 29.6 , +18.8 Galveston ---------------­ t 11.1 11.9 Laredo ---­---------­----­ 21.2 25.6 27.0 -21.6 -17.2 Sabine ----­---­-------------­ 68.6 71.2 IMPORT S, T OTAL --­----­ 81.8 27.6 21.7 + 44.2 +18.8 E l P aso 2.4 2.4 2.6 -7.7 0.0 Ga\veston ,22.0 a6.8 12.6 + 76.0 +36.0 Laredo --------------------------4.6 6.0 5.7 -19.3 -23.S Sabine 2.3 2.8 0.9 -17.9 *Exports from the Sabine and Galveston districts Include only water­borne shipments. t Not available. WATER-BORNE IMPORTS OF MERCHANDISE (in thousands of dollars) Source: Bureau of t he Census, U. S. Department of Commerce Percent change Sept. 1949 Sept. 1949 Sept. AUil-Sept. from from Customs district 1949 1949 1948 Sept. 1948 Aug. 1949 + 8.9 16.800 10.800 + 69.4 TOTAL ----------------------·-····-· ,;1;8;.3; 00~,;;;;~~;,;;~~===== +21.6 Sabine ----------------------------2, 700 2.400 900 + 4.3 Galveston --------------------------14,600 14,000 8.900 + 64.0 Laredo ···-·······----------------·-····· 1,000 400 1,000 0.0 WATER-BORNE EXPORTS OF FOREIGN AND DOMESTIC MERCHANDISE (in thousands of dollars) Source: Bureau of the Census. U. S. Depar tment of Commerce Percent change Sept. 1949 Sept. 1949 Sept. Aug. Sept. from from Customs diatrict 1949 1949 1948 Sept. 1948 Aug. 1949 61,300 85.400 -14.9 +18.6 T OT AL ------------------------·· 0·-·=7~2'.;.7~0;=~~=;;;,~======::=:== 9,100 13.800 -16.6 +22.0 Sabine --------------------------11,100 +33.0 40,300 69,100 -22.4 Galveston ---------------------63,600 -32.8 11,900 3.000 Le.redo --------------------------8.000 PRODUCTION Manufacturing (TIM Yolume of manufacturlns activity In any Industrial area la a -ltive measure of the chanses In business activity. The vol­-of durable sooda manufactured tends to fluctuate more vio­'-tl:v ti.-the volume of nondurable caods such as foods, and may _.... to Indicate chanses In the business situation at an early elate. Smee many manufacturing Industries vary recularly with the seasons, this factor must be taken into consideration In lnterpretlns the ~­ from month to month.) In general 1949 continued industrial expansion in Texas despite the presence of several adverse factors. First of these was the temporary recession in early 1949, generally nation-wide in scope, which for a few weeks dropped activity in manufacturing, construction, and natural resources production. The second factor, which is still present today, has been the decline in crude-oil production which has been forced by the Railroad Com­mission. The third factor was the effect of the steel and coal strikes during the fall and early winter. For these reasons, and others, activity in general fluctuated more erratically during 1949 than in 1948. However, despite these factors, by the end of 1949 the index of industrial power consumption, which reflects dependably the over-all industrial picture throughout the state, was pointed upward and stood well above the level of 1948 for the same date. For the entire year this index (1935-39=100) averaged 302.1 as compared to INDEX OF INDUSTfllAL ELECTRIC POWER CONSUMPTION IN TEXAS ~RCOfl' AO.AJSTEO FOR SEASONAL vARIA.i15N (19~'9•1005° pt'R'~ .I 300 '"' ' ~ /'!'I J ' . \.._....I"" / 200 200 -N 150 I'° ' .....r' - 100 100 lJT ~'i' BUSlNfSS ~H 50 '° 1949 1939 1940 1941 1942 1943 1944 194!) 1946 1947 1948 REFINERY STOCKS• (in thousands of barrels) Source : Th• Oil and Gcu Journal Percent change Section and item Dec. 1949 Nov. 1949 Dec. 1948 Dec. 1949 Dec. 1949 from from Dec. 1948 Nov. 1949 TEXAS Gasoline ·--·---­20,696 19,504 20,996 - 1.4 + 6.1 Distillate ----­16,926 17,180 14,883 + 7.4 - 7.3 Residual --------­ 7,530 8,704 12,201 - 88.3 - 13.6 Kerosene -----3,576 4,358 2,726 + 31.2 - 17.8 TF.XAS GULF COAST Gasoline ·-·---·--16,704 16,689 17,058 - 2.0 + 6.5 Distillate ----­14,941 16,083 13,952 + 7.1 - 7.1 Residual 6,567 7,329 10,966 - 40.1 - 10.4 KerOBene ------3,112 3,639 2,085 + 49.3 - 14.6 Il\LAND TEXAS Gasoline 3,992 8,816 3,943 + 1.2 + •.6 Distillate -----­ 985 1,097 881 + 11.8 - 10.2 Residual ----­ 963 1,375 1,285 - 22.0 - 30.0 Xerosene 46' 714 641 - 27.6 - 85.0 294.4 for 1948--indicating the continued expansion despite the setbacks. The index of dairy manufacturing (1935-39=100) fell 5.9% in December from November but was still 12.9% above December of 1948. For the entire year, the total production of dairy products was 10.3% above 1948. MANUFACTURE OF DAIRY P P.ODUCTS P ercent change Product Unit Dec. 1949 Jan.-Dec. Dec. 1949 from 1949 1948 Nov. 1949 1949 from 1948 TOTAL MTLK EQUIVALENT* 1,000 lbs. 43,330 748,824 679,108 -16.9 +lo.s Creamery butter __ 1,000 lbs. 1,118 17,084 13,152 -11.0 +29.9 I ce creamt ___ 1,000 gals. 1,183 21,847 21 ,491 -11.4 + 1.7 American cheese __ 1,000 lbs. 271 6,936 7,569 -27.2 -21.6 All other ----­1,000 lbs. 1,489 84,615 29,594 -18.4 +17.0 *Milk equivalent of dairy products was calculated from production data. tincludes sherbeta and ices. Cotton manufacturing, however, as measured bv the amount of cotton consumed bv mills, declined 9.2% during 1949 compared with 1948. Grapefruit juice canning, up to December 31, was 36.5% above the production of the same portion of the 1948-49 season, although shipments were down con­siderably compared to the same period. GRAPEFRUIT JUICE CANNING (in casee of 2'/ 2'1) Source : Texas Canners Association 1949-50 1948-49 Percent Item season• season change Production ----···----····-1,016,290 744,510 + 86.5 Shipmente -------·-468,992 618,D64 -26.7 Stocks --------·· 565,866 618,670 + 9.1 •As of week ending December 31, 19{9. November is the latest month for which figures are available on the production of cement, lumber, cotton­seed, and wheat. All of these, except flour milling, showed substantial increases from the preceding month of October, indicative of the upward trend after the temporary declines during the fall. COTTON MANUFACTURING Source : Bureau of the Census, U.S. Department of Commerce Percent change Item Dec. 1949 January-December 1949 1948 Dec. 1949 from Nov. 1948 1948 from 1948 CONSUMPTION• Cotton -----------11,739 Linters ········--···· 2,011 SPINNING ACTIVITYt Spindles in place 219,000 Spindles active _ 201,000 Total spindle hours --------­ 69,000,000 Average spindle hours ---·--·-·· 816 143,469 168,035 -13.2 -9.2 32,178 24,494 -13.9 +au 240,000 236,000 -3.1 + 1.7 195,00.0 214,000 -1.6 -8.9 70,917,000 85,000,000 -12.7 -16.6 297 360 -9.7 -17.5 •In running bales. !Monthly averages. TEXAS INDUSTRIAL ACTIVITY Percent change Item Nov. 1949 Oct. 1949 Nov. 1949 Nov. 1949 N ov. from from 1948 Nov. 1948 Oct. 1949 Lumber (million board feet) Production Shipments Gross stocks• Cement (thousands of barrels) Production Shipments Stocks• Cottonseed (tons) 760 701 716 6.1 + 781 763 681 + 14.7 1,545 l,566 1,616 4.4 1,272 1,307 1,167 9.0 + 1,401 1,308 1,142 + 22.7 410 538 370 + 10.8 Received at mills 318,429 367,969 214,499 + 48.5 Crushed 220,074 209,881 171,362 + 28.4 Stocks• 653,487 555,132 474,855 + 37.6 Wheat Ground (1,000 bushels) 2,643 2,592 3,254 -18.8 Flour ( 1,000 sacks) 1,131 l,111 1,427 -20.7 + 8.4 + 2.4 + 7.1 1.3 2.7 -23.8 -11.0 + 4.9 + 17.7 + 2.0 + 1.8 •End o! month. Natural Resources (The production of crude petroleum la a major tnduatry in Texa1, and the chansea in the volume of production have a direct effect upon the income produced in the State. Flsures on the number of well completion• by diatrict1 indicate the extent to which new aourcea of oil and saa are belns developed and the areaa of the State in which drillios operatlona are in proceu.) Continued uneasiness prevailed in the petroleum in­dustry of Texas as the daily average production of crude petroleum dropped from 2,175,850 barrels in November to 2,004,250 during December. With inventories of crude relatively high and imports of foreign oil remaining strong-possibly continuing to increase--there seems little immediate prospect of a significant increase in INDEX OF CRUDE PETROLEUM PRODUCTION IN TEXAS ~ERCENT 50 ADJUSTED FOR SEASONAL VARIATION t935 -39 • IOO PE"1Jfr 5 22S 17 150 25 100 ,.I.I "' I . \ ,,../ " r . ""'--' -~ 'y'4. f \ /11 9 I 200 IS ISO 2l 75 ... " µT Jt.YR°"U 9F eu~~.;55 .~S~CHI -­ ro 1929 I933 t937 1941 1942 1943 1944 1945 1946 1947 1949 1949 195() ­ allowable production being made by the Railroad Com· mission unless some administrative action is taken to restrict importations. Recently, however, several major oil companies have announced cuts in their importations of crude. Texas production is inevitably influenced to some ex­tent by trends in world production. In this connection it should be noted that world production is definitely on the increase, especially in Canada, the Middle East, Venezuela, and Mexico, besides the recent new dis­coveries in West Texas. With the threat of a British ban on dollar oil, a price war in petroleum is not entirely impossible. Drilling activity for the year 1949 showed 13,325 com­ pleted wells as compared with 12,216 for 1948. The largest number of well completions for 1949 was in West Texas. Cutbacks in Texas oil production were quite evident in figures for the value of crude produced. In 1948 the total value of crude was $2,312,967 thousand compared to $1,935,499 thousand for the past year. The value of natural and casinghead gas produced during 1949 was about the same as 1948. Carbon black, however, declined in value of output to 29.4% below that of 1948. W ELL COMPLETIONS Source : The Oil and Ga• Journal December 1949• January-December District Total Oil Gas Dry 1949 1948 333 13,325 12,216 TEXAS -····----·-··········· 1,134 751 50 North Central Texas.. 361 219 5 137 4,479 3,833 West Texas ······----····­Panhandle ----------------­ 277 56 239 41 2 10 36 3,259 950 8,255 657 Eastern Texas ----··--···­ 102 74 2 26 778 629 Texas Gulf Coast --···· 179 94 23 62 1,985 1,889 Southwest Texas -----­- 169 84 8 67 1,874 1,963 •For four weeks ending December 31, 1949. VALUE OF NATURAL RESOURCES PRODUCED (in thousaods) Source : State Comptroller of Public Accounts Percent change 1949 J anuary-December Dec. 1949 from from 1948 Nov. 1949 Dec. 1948 1949 Item 1949 ________ $ -2U Carbon black 2,617 $ 35,874 $ 47,274 -29.4 1.2 -16.8 156,890 1,935,499 2,812,967 ­ Crude oil ---------···· Natural and calling;­gas 14,647 166,438 168,027 + 11.0 + 2.1 head ------------­ Public Utilities (1\e -umptfoa of electric power by lnduatrlal cenc-• la • _,.... of tbe volume •f Industrial activity, alnce It may be u­....i tbat tbe amount of power uaed will be directly related to _,.ufecturinr volume. Residential and commercial power conaump• Ila abow a aeaaonal variation due to the chanrlnr amount of llslattnr needed.) Power consumption, by all types of users, was 8.3% greater in 1949 than for the total of 1948. "Other" con­sumption made the largest gain in 1949, followed closely by the residential and commercial users. The production of electric energy in Texas declined slightly in November from October but remained 9.5% above the level of November 1948. The nation as a whole, on the other hand, showed no change in energy production between the same two months. The number of telephones in service continued to .move up at the rate of 1 % a month. There are now 1,167,043 telephones in service in 40 major Texas cities, an increase of 11.8% over last year. INDEX OF VALUE OF BUILDING PERMITS IN TEXAS I BOO Building permits in December were 30.3% above those for the corresponding month of 1948, indicating that construction for 1950 should begin very firmly . During December, Dallas maintained a strong lead in the value of building permits issued. Next were Houston, Fort Worth, San Antonio, and El Paso in that order. It is worth noting that, whereas engineering and non­ ELECTRIC POWER CONSUMPTION" (in thousands of kilowatt hours) Percent change Dec. J anuary-December Dec. 1949 from 1949 from Uae 1949 1949 1948 Nov. 1949 1948 TOTAL ----650,791 7,793,000 7,194,617 -0.6 + 8.3 Commercial __ 139,438 1,757,745 1,561,663 -1.2 +12.6 Industrial --292,711 3,432,359 3,343,989 -0.5 + 2.6 Residential -·-112,405 1,363,203 1,208,548 + 2.9 +12.8 Other ------106,237 1,239,693 1,080,417 -3.7 +14.7 •Prepared from reports o! 10 electric power companies to the Bureau of Business Research. Construction (8-uae ef the accumulated deficiency of bulldlnr In all aectlona •f tha State, data on the volume of construction work are an n:­"'-ly Important part of the bualnesa situation. Buildinr permlta •-tracts awarded are renerall,. uaed to meaaure baildlnr activity, i.t ncent studies by tile United States Bureau of Labor Statlsltlca Wlcate than la conalderable lar In ber!nnlnr construction of build· lap for whlcb permits bave been luned, aad tbat actual coats are -29~ or more above tbe permit valuation. Loans by aavlnp ... loui uaodatloaa reflect the fillandns of residential houalnr.) The year 1949 was another successful one in the con­struction field. Because of the short decline last spring the yearly average for the index of deflated building permits was somewhat under 1948 but well above those of other preceding years. This particular index is adjusted to offset the affects of changing dollar values in order to show accurate measurement of the actual volume of eoBllraction undertaken, residential construction during 1949 were somewhat below 1948, residential construction was slightly in­creased. These observations are based on the value of construction contracts awarded. CONSTRUCTION CONTRACTS (value in thousands) Source: Tezaa Contractor Percent change Type of building Dec. 1949 January-December 1949 1948 Dec. 1949 from Nov. 1949 1949 from 1948 TOTAL --­··--···-­··-·$66,280 $939,383 $948,714 -19.9 1.0 Engineering -·········­10,093 Nonresidential -·-·-· 28,319 Residential -·· ­-···­· 27,868 153,700 406,012 379,671 164,210 423,149 360,355 -30.6 -3.0 -28.6 6.4 4.0 + 6A BUILDING PERMITS ISSUED BY CLASS OF CONSTRUCTION" (value In thousands) Dec. Nov. Percent 1949 1949 change TOTAL $39,469 $44,140 -10.6 New construction -··--·-··--···--····--­ 85,611 38,241 - 6.9 R esidential ---·-··---··-·--­--·-···---­··­ 22,998 27,506 - 16.4 Housekeeping --·--­--··--···-·-··---·-·-· 22,931 27,483 - 16.6 Nonhousekeeping -····---­--·--·--·­ 67 23 N onresidential --·-·--·---·-··--­------­ 12,613 10,735 + 17.6 Additions, alterations, and 1·epairs 3,848 5,899 - 34.8 *Only building for which building permits were issued within the incorporated area of the city is included. Federal contracts are excluded. BUILDING PERMITS ISSUED BY CITY-SIZE GROUPS" (value in thousands) Dec. Nov. Percent Populationt 1949 1949 change TOTAL --------------··------············------­--­- $39,459 $44,140 -10.6 Over 100,000 ----·-------­--·--­------­--­ 17,529 18,552 - 5.6 50,000-100,000 -------------­-----------­ 9,414 8,561 + 10.0 25,000-60,000 --------------------­···· 4,725 6,460 -26.9 Below 25,000 ---------­--­-----------------­ 7,791 10,567 -26.3 *Only building for which building permits were issued within the incorporated area of the city is included. Federal contracts are exclude 22 104 - 78.8 Sheep 8 838 655 - 65.2 + 27.9 0 Rail-car ha.sis: cattle, 30 head per car; calves, 60 ; hoiis, 80; and sheep, 250. tintrastate truck shipments are not included. Fort Worth shipments are combined with interstate forwardings in order that the bulk of market. disappearance for the month may be ahown. except hogs, which increased 3.5%. The effects of the freeze which occurred in the Rio Grande Valley in January 1949 is apparent in the 40.2% decrease of rail shipments of fruits and vegetables in 1949 u compared with 1948. Orange and grapefruit shipments declined 84.4 and 72.9%, respectively, while some com­modities (cantaloupes, carrots, com, lettuce, and peppers) showed increased shipments. RAIL SHIPMENTS OF FRUIT AND VEGETABLES• (in carloads) Source: Compiled from reports of Bureau of Agricultural Economics. U. S. Department of Agriculture Percent change Item Dec. 1949 J anuary-December 1949 1948 1949 f rom 1948 TOTAL 6,568 54,968 91,854 -40.2 Beets 33 365 600 -39.2 Cabbage 615 3,124 8,687 -64.0 Cantaloupe 220 177 + 24.3 Carrots 241 5,147 4,718 9.1 + Corn 1,350 1,114 + 21.2 Grapefruit• 1,673 6,459 23,805 -72.9 Lettuce ---------614 1,435 466 +207.9 Mixed citrus ------464 983 8,163 -68.9 Mixed Vea'etables 1,478 7,412 10,239 -27.9 Onions 4,711 7,566 -37.7 Orana-es• 659 1,466 9,407 -84.4 Peppers 240 648 400 + 37.0 Potatoes --------1,494 2,353 -36.5 Spinach 242 1,933 2,640 -26.8 Tomatoes _ 295 9,563 8,347 + 14.6 Watermelons 7,921 7,144 + 10.9 All other --------218 837 1,028 -18.6 "Fi&'Ul'el Include both rail and truck sltipmenta. RAIL SHIPMENTS OF POULTRY AND EGGS FROM TEXAS STATIONS (in carloads) Source: Bureau of Business Research in cooperation with the Bureau of Agricultural Economics, U. S. Department of Agriculture P ercen t change J anuary-December 1949 Dec. from Classification 1949 1949 1948 1948 Chickens -·-----------0 8 38 -78.9 T urke;>s -------------------199 447 290 + 54.1 E ggs-shell equivalent• _ ___ 8 901 1,871 -51.8 Shell --------·---0 19 -94.7 Frozen 4 106 342 ---·-------69.0 Dried ·-----------0 86 -41.1 146 *Dried eggs and frozen eggs are converted to a !hell-egg equivalent on the following ba!is: 1 rail-carload of d ried eggs = 8 carloads of shell eggs and 1 carload of frozen eggs = 2 carloads o! shell eg£a. INTERSTATE RECEIPTS OF EGGS BY RAIL AT TEXAS STATIONS (in carloads) Source: Bureau of Business Research in cooperation with the Bureau of Agricultural Economics, U.S. Department of A11:riculture P ercent change Type Dec. 1949 J anuary-December 1949 1948 1949 from 1948 TOTAL RECEIPTS-SHELL EQUIVALENT• ·----·---­ 24 131 329 - 60. 2 Shell Frozen --­--­---­Dried -----­----­ 0 8 16 41 4 123 71 8 --- 87.0 41.5 50.0 •Dried eggs and frozen eggs are converted to a shell-egg equivalent on the following basis: 1 rail-carload of dried eggs = 8 carloads of shell eggs and 1 carload of frozen eggs = 2 carloads of shell eg11:1. Total shipments of fruits and vegetables increased 87.5% in December over November as harvest got into full swing. Recent freeze damages in California and late maturing Florida citrus crops are doing much toward creating a demand for Texas citrus. Canneries are paying about the same prices for citrus as fresh fruit markets. Rail shipments of poultry and eggs from Texas stations in 1949 as contrasted with 1948 presents an interesting picture. While the shipments of turkeys increased by 54.1 %, the shipments of chickens and eggs decreased by Recent additions to the list of Small Business Aids reproduced by the Bureau of Business Research in cooperation with the Small Business Division of the United States Department of Commerce are as follows: Training Retail Employees Pays Setting Up a Credit System in a Men's Wear Store Some Ways of Reducing Lumber Yard Expenses What Downtown Merchants Can Do About the Parking and Traffic Problem Copies of these Aids are available without charge from the Bureau of Business Research. 78.9 and 51.8%, respectively. Interstate receipts of eggs for the same period decreased 60.2%. The decrease in both shipments and receipts indicates that Texas is rely· ing more strongly on its own egg production. Comparing December 1949 with November 1949, the same general pattern prevails with one exception. Interstate receipts of eggs increased in December to 24 carloads as compared with 4 carloads in November. Cold Storage (In botk periods of shortages and surpluses, the storace holdlncs of peri•hable food products are importa·nt because of their effect on prices. The oeaaonal nature of farm products ia in part offset by the accumulation of •tocks in periods of peak production to be withdrawn in periods of low production. Deviations from the normal levels of boldinas will exert pressure D'D the price structure.) Space in meat packing warehouses was fully occupied during December although occupancy of cooler and freezer space in public, private, and semi-private estab­lishments was down considerably from December of last COLD STORAGE SPACE Source: Production and Marketing Administration, U.S. Department of Agriculture Net J;>ilinK" Percent of space occupied Type space• (1,000 cu. ft. ) Dec. 1 1949 Nov. 1 1949 Dec. 1 1948 Nov. 1 1948 Public cold storage warehouses Cooler ·-------------------·­4,709 53 51 63 61 Freezer -------------------­3,311 42 39 54 51 Private and semi-private warehouses Cooler ----------------------­ 576 32 29 100 100 Freezer ----------------·--­ 123 GS 29 Meat-packing establishments Cooler -----------­----­2,497 100 100 99 99 Freezer ------------­1,045 100 100 100 100 •Space survey October 1, 1947. COLD STORAGE HOLDINGS Source: Production and Marketing Administration, U. S. Department of Agriculture Percent change Item Unit (OOO's) Dec. 1949 Nov. 1949 Dec. 1948 Dec. 1949 Dec. 1949 from from Dec. 1948 Nov. 1949 Fresh vegetables -----­lbs. 2,761 2,083 1,678 + 64.5 + 32.5 Frozen vegetables ____ lbs. 3,641 3,139 3,475 + 4.8 + 16.0 Dried a nd evapcr rated fruits _______ lbs. 418 467 568 - 26.4 - 10.5 Frozen fruits ---------· lbs. 4,302 4,161 5,357 - 19.7 + 3.4 Nuts -------··--------­lbs. 6,787 2,176 4,402 - 64.2 Dairy products -------­lbs. 6,337 7,328 6,897 - 8.1 - 13.5 Cream ·-------------­lbs. 148 166 915 - 83.8 - 10.8 Fluid --------­lbs. 80 108 405 - 80.2 - 25.9 Plastic ------------­lbs. 68 57 510 - 86.7 + 19.3 C:reamery butter _ lbs. 1,297 1,407 1,034 + 25.4 7.8 Evapora ted and condensed milk__ lbs. 1,006 1,110 792 + 27.0 9.4 Cheese, all varieties lbs. 3,885 4,646 4,155 - 6.5 - 16.4 E~gs Shell -----­---------­ca.see 20 29 15 + 33.3 - 31.4 Frozen ----------­!be. 5,749 6,889 6,987 - 4.0 - 16.5 Dried -------­lbs. 6,029 6,083 2,161 - 0.9 Frozen poultry ____ lbs. 2,898 2,027 2,750 + 5.4 + 43 .0 Meat and meat products --­--·----­lbs. 17,081 11,534 24,436 - 30.1 + 48.1 Hides and pelts _____ lbs. 1,422 1,716 2,349 - 39.5 - 17.1 year. This was primarily a result of decreased holdings in fruits, nuts, and cream, with plastic cream showing the largest decline (86.7 % ). In contrast to this, holdings of dried eggs rose from 2,161 pounds in December of last year to 6,029 pounds during the past month. This represents an increase of 179.0% and is probably a direct result of the govern­ment's agricultural price support program. Prices (The prices received by farmers constitute one of the elementa al farm cash income. Changes in prices are of primary concem to farmers and all businessmen relylna on the farm market. Farmen are also concerned with the prices which they have to pay for com• modities used in family maintenance and production alace tbeaa prices help to determine their real Income.) The index of prices received by farmers dropped 1.9% from November 1949 and is now 13.7% below December 1948. There are, however, several encouraging aspects in the price picture. Livestock and livestock products halted their down­ward trend this month and stood at 322% of their 1909­14 base. The index of prices received for wool registered a much needed 12.7% gain over December 1948 and a 3.8% gain over November 1949. The scarcity of citrus fruit raised the price slightly over November 1949 and permitted a 144.8% jump over December 1948. Winter feeding has temporarily raised the price of feed, but it is still 22.9% below December 1948. INDEXES OF PRICES RECEIVED BY FARMERS (1909-14 =100) Source: Bureau of Agricultural Economics, U. S. Department of Agriculture Percent change Indexes (unadjusted) Dec. 1949 Nov. 1949 Dec. 1948 Dec. 1949 Dec. 1949 from from Dec. 1948 Nov. 1949 ALL FARM PRODUCTS -----­259 264 800 - 13.7 1.9 All crops --------·-----------··---­212 221 250 - 15.2 u Food grains ----------------------­218 216 255 - 14.5 + 0.9 Feed grains and hay -------­152 146 197 - 22 .8 + 4.1 Potatoes and sweet potatoes 168 153 203 - 17.2 + 9.8 Fruit --­-----------------­---142 138 58 +144.8 + 2.9 Truck crops -------··--·----------­ 286 344 345 - 17.1 -16.9 Cotton --------------------------­ 211 221 239 - 11.7 u Oil-bearing crops --····-·---·----· 213 207 341 - 37.5 + 2.9 Livestock and products -----·--­322 322 366 - 12.0 0.0 Meat animals ----------------·-·­360 355 416 - 13.5 + 1.4 Dairy products ---------·---­---­258 258 276 - 6.6 0.0 Poultry and eggs --------------­280 301 363 - 22.9 7.0 Wool --------­ --­----------­---­329 317 292 + 12.7 + 3.8 Cotton (The cotton balance sheet shows the baolc demand and aupplf factors affecli-n!I' cotton which Is an outstandina element in tba farm Income of the State.) Spot cotton is still in a relatively strong position. The factors which contribute to this condition are: (1) the high non-recourse government loan rate, (2) the rela· tively high margins received by most cotton manu· facturers, (3) the slightly less than average stocks of cotton in mill warehouses, ( 4) prospects for reduced production in the U.S. in 1950, (5) high unliquidated contracts in near futures positions to the extent that the TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percent change Dec. 1949 Dec. 1949 Dec. 1949 Dec. 1949 December from from December from from City and item 1949 Dec. 1948 Nov. 1949 City and item 1949 Dec. 1948 Nov. 1949 ABILENE: BEAUMONT: ~il sales + 5.3 + 23.2 Retail sales ----­ ---------­ + 1.3 + 12.6 Department and apparel store sales_ Postal receipts $ 70,076 + 12.7 + 27.4 + 62.2 + 65.9 Apparel stores ·---------­Automotive stores ------·---­­ -8.2 + 32.1 + 60.6 -24.1 Buildinii permits $ 340,675 -13.5 -42.6 Furniture and household stores _ _ + 4.8 - 9.7 Bank debits to individual accounts (thouaands) $ 39,622 + 6.1 + 4.6 General merchandise stores Lumber, building material, ··--·-­ - 4.3 + 68.2 F.nd-<>f-monlh deposits (thousands) • $ Annual rate of deposit turnover __ 42,077 11.8 -0.8 + 11.3 + 7.4 0.8 and hardware stores ·---­-·­Department and apparel store sales_ -22.6 -4.2 -88.7 + 58.1 Air express shipments -----­Unemployment Placements in employment ____ 302 950 494 + 17.1 + 6.7 + 21.4 + 17.1 + 18.8 9.9 P ostal receipts ----------­---$ Building permits ------------$ Bank debits to individual accounts 101,260 587,565 + 14.1 1.3 + 60.6 -48.9 Nonagricultural civilian labor force_ 19,100 - 1.0 + 8.8 (thousands) --------------$ 113,503 + 6.6 + 17.1 End-of-month deposits (thousands )• $ Annual rate of deposite turnover __ 92,929 14.8 8.7 + 18.4 + 1.4 + 16.6 AMARILLO: Air express shipments ----·---·· 457 - 19.3 + 47.9 Retail sales -----­----­Apparel stores Automotive stores Furniture and household stores Lumber, building mate.rial, and hardware stores -7.8 + 8.8 -29.6 + 3.9 0.4 + 16.4 + 60.9 -30.6 + 26.7 -1.9 Unemployment (area ) -------­Placements in employment (area) __ N onagricultural civilian labor force (area) ----------­Export and coastal cars unloaded _ Water-borne commerce (tons) 7,600 1,442 76,300 127 8,109 + 65.2 + 0.1 + 0.4 -78.0 -69.3 + 6.6 -26.6 0.0 -32.4 -19.3 Department and apparel store sales_ + 4.0 + 61.3 Postal receipts ------­$ 125,079 ·-----$ l ,305,323 Building permits Air express shipments -----­839 + 19.1 +148.4 4.9 + 53.4 + 19.4 + 42.9 BROWNWOOD: Retail sales ---------­ + 3.0 + 26.8 Bank debits to individual accounts (thousands) $ End-<>f-month deposits (thousands)• $ 100,944 195,252 + 3.3 + 10.2 + 2.6 + 2.4 Department and apparel store sales_ Postal receipts ----------$ Building permits ----­------$ 20,122 62,750 + 4.8 2.7 + 28.3 + 66.0 + 27.7 -69.3 Annual rate of deposit turnover - · 12.8 - 6.6 0.0 Bank debits to individual accounts Unemployment 1,400 0.0 + 7.7 (thousands) ---------­-S 10,967 + 9.2 - 6.4 Placements in employment ----­Nonagricultural civilian labor force_ 902 36,750 + 25.5 + l.5 -31.7 -0.4 End-of-month deposits (thousands)• $ Air express shipments 12,569 61 + 3.1 6.2 + 3.3 + 96.8 AUSTIN: BRYAN: Retail sales Apparel stores -------­Automotive stores ------­Food stores + 2.6 -0.8 + 34.7 + 5.9 + 83.5 + 58.0 + 3.5 + 11.0 Depar tment and apparel store sales_ Postal receipts ---------S Building permits ·---------$ Air express shipments 15,788 223,650 42 + 2.4 + 0.1 + 186.S -32.3 + 82.9 + 45.3 + 22.5 + 27.3 Furniture and household stores __ S.6 + 39.1 Lumber, building material, and hardware stores ----·-­Department and apparel store aales_ Postal receipts $ BuildiDi permits --------$ Air express shipments ------­Bank debits to individual accounts 225,793 1, 30,540 777 5.9 + 2.6 + 13.6 + 37.l -3.6 + 11.0 + 67.0 + 51.4 -16.1 + 34.9 CORPUS CHRISTI: Retail sales _ _ .­------------­Apparel stores ---------­Automotive stores -----·----­Department stores ·-·------­Furniture and household stores__ + + + + 4.4 1.9 6.4 9.3 8.8 + 28.0 + 92.8 + 0.5 + 97.S + 40.4 (thousands) End-of-month deposits (thousands) • Annual rate of deposit turnover Unemployment Placements in employment _ _ _ _ Nonaiiricultural civilian labor force_ $ $ 148,949 108,064 16.7 l,480 962 45,630 + 27.1 + 3.9 + 21.9 + 8.8 + 3.9 + 1.7 + 85.9 + 1.0 + 40.3 + 20.S 4.3 + 0.8 Lumber. building material, and hardware stores ··----­Department and apparel store sales_ Postal receipts ___________$ 140,658 Building permits ---·----------­$ 1,474,272 Air express shipments -------­739 Bank debits to individual accounts -19.9 + 8.2 + 21.6 +113.9 -12.6 + 2.4 + 96.7 + 77.7 + 42.7 + 57.6 (thousands) ----------$ 80,896 2.4 + 9.1 BROWNSVILLE: End-of-month deposits (thousands)• $ Annual rate of deposit turnover __ 82,296 12.0 + 0.6 1.6 + + 2.6 7.1 Department and apparel store sales_ Postal receipts $ 25,523 + 14.8 + 16.7 + 51.5 + 46.8 Unemployment ----------­Placements in employment ___ 2,300 1,277 + 43.8 + 13.2 - 4.2 19.2 Building permits $ Ex·port cars unloaded ------­Air express shipments -----­134,797 210 463 + 136.7 + 8.2 -10.3 -50.7 -40.2 + 7.2 N onagricultural civilian labor force_ Water-borne commerce (tons) ___ Export a nd coastal cars unloaded ___ 53,900 1,759,312 97 + 0.7 -8.1 -51.7 0.0 + 29.0 -40.5 Coastal cars unloaded -----­Water-borne commerce (tons) ___ 44 92,189 + 214.3 + 0.4 -24.l + 14.9 Water connections ------····---­E lectric connections -------------­ 25,203 29,246 + 8.5 + 8.2 + + 0.6 0.8 •Excludes deposits to credit of banks. •Excludes deposits to credit of banks. LOCAL BUSINE Percent change Percent change Dec. 1949 Dec. 1949 Dec. 1949 Dec. 1949 December from from December from from City and item 1949 Dec. 1948 Nov. 1949 City and item 1949 Dec. 1948 Nov. 1949 DALLAS: DENISON: Retail sales ····----····-··········-····-·-··-· + 2.7 + 26.5 Retail sales ··--------------·-····---· + 4.2 + 12.3Apparel stores ----------------·-········ + 4.4 + 60.4 Department and apparel store sales__ -2.4 + 79.2 Automotive stores -----------------·-·-­+ 8.9 0.5 Postal receipts -·-·-------------------·$ 18,799 + 10.6 +86.! Eating and drinking places ·----······ + 0.4 5.2 Buildin11: permits ··--·-··---···-------$ 42,636 -90.9 -66.V Florists ··-··--········---·-······-··-···-··· 7.0 + 85.7 Bank debits to individual accounts Food stores ··-··--------·---·--· + 6.3 + 4.8 (thousands) ····-··------·······-····-$ 7,668 -24.1 -10.6Furniture and household stores ·-·­+ 9.2 + 41.6 End-of-month deposits (thousands)• $ 11,735 + 13.5 + 6.0General merchandise stores --------­+ 1.7 + 47.5 Lumber. building material, and hardware stores ------------------­+ 13.3 10.0 GALVESTON : Office, store, and school supply -9.2 Retail sales ···-··-··---·-······-··-················· -13.7 + 20.2 6.1 dealers ··-··········-·····-····-···-·····-·····-·· Apparel stores -------------··-·------· -4.7 + 65.0 Department and apparel store sales ___ + 3.7 + 59.0 Automotive stores ····-------···--·--­-21.5 -13.2 Postal receipts ---···········-·······--·····---$ 1,395,444 + 21.5 + 32.0 Lumber, building material, Building permits ------··········-······-----$ 6,066,506 +143.0 4.9 and hardware stores ------------------­-46.7 -47.4 Air express shipments ···---··-···-·---10,145 2.9 + 10.9 Department and apparel stores •ales.. _ -4.4 +62.8 Bank debits to individual accounts Postal receipts ··--·-····-·········-···----$ 95,877 + 14.8 +66.6 (thousands ) ·-···-·······-·········--·-·-··$ 1,342,321 + 3.1 + 29.2 Building permits -··--·-······-····-·······----$ 308,177 + 95.7 + 78.0 End-of-month deposits (thousands)• $ 797,132 + 2.7 + 0.1 Air express shipments -----------------­484 0.8 + 84.8 Annual rate of deposit turnover -···· 20.3 0.5 + 29.3 Bank debits to individual accounts Unemployment ···---------------·-·­7,500 + 47.1 0.0 (thousands) ·····--·····-··--···-----$ 73,079 16.0 + I2.4 Placements in employment ---------­3,356 + 0.3 -26.1 End-of-month deposits (thousands)• $ 95,304 + 2.4 + 1.3 Nonagricultural civilian labor force.... 251,600 + 4.9 + 0.4 Annual rate of deposit turnover -----­9.2 -14.0 + 10.8 Unemployment (area) ····-····-··--·······­3,000 + 50.0 + 3.4 Placements in employment (area ) .... 608 0.7 -IO.I EL PASO: Nonagricultural civilian labor force Retail sales ---····--··-···-·················· + 11.6 + 15.6 53,050 1.2 + 0.8 Apparel stores -------···--·-········· + 1.1 + 37.8 (area) ·····-----------····---··-·· 4.2 Export and coastal cars unloaded __ 7,547 -29.4 + 4.6 Automotive stores ------------------------· + 38.0 ­General merchandise stores ------·-----· 3.0 + 46.8 Lumber, building material, HOUSTON : and hardware stores ---···----------------+ 7.6 -10.5 Department and apparel store sales___ 1.7 + 43.7 Retail sales ····-······-········-···--···--······ 6.2 + 31.9 Postal receipts ···----····-··-·····-·············-$ 194,512 + 17.8 + 42.5 Apparel stores ·-·-----······-·-··-·-··-· 6.8 +51.6 Building permits ----·-···-·····-·········---·$ 2,980,087 +529.5 + 53.7 Automotive stores -------------------­+ 1.0 + 9.6 Air express shipments -·--········-·-········-2,008 1.7 + 35.7 Eating and drinking places -----·-5.1 -0.8 Bank debits to individual accounts Food stores -------············-··-·--·-----18.0 + I3.3 (thousands) ···---·-··--·-······-···-··· $ 159,699 + 7.5 + 12.6 Furniture and household stores ---· -9.2 + I7.7 End-of-month deposits (thousands )• $ 131,481 + 8.5 + 9.2 General merchandise stores ----------­-12.7 +49.2 Annual rate of deposit turnover --·----­15.2 + 0.7 + 6.3 Lumber, building material, Unemployment ··-···-·····--······-··········· 2,400 + 14.3 4.0 and hardware stores ----------------------­--6.3 18.8 Placements in employment -------·········· 1,106 + 14.4 4.7 Department and apparel store sales.... -5.1 +52.4 Nonagricultural civilian labor force ... 53,750 + 2.6 + 2.1 Postal receipts ···-···--····-··----·--······-$ 986,087 + 17.2 +49.9 Railroad carloadinga : Building permits ---····--·-····--····----$ 4,683,330 -40.6 + 8.3 Inbound ··-----··-···············-·----·········· 3,689 + 1.0 3.1 Air express shipments ·······--------------6,133 2.9 + 26.0 Outbound -----···-···-············-·······--····-2,933 9.7 18.3 Bank debits to individual accounts (thousands) ---······-······----··-····--·-$ 1,216,443 6.4 +16.1 End-of-month deposits (thousands)• $ 980,021 + 4.1 + 2.1 FORT WORTH: Annual rate of deposit turnover ........ 15.0 -I0.2 + I2.8 + 1.9 + 31.3 Retail sales ---------·················-·· Unemployment (area) ··--··--·-·--···-· 15,000 + l o8.3 -I6.7 Apparel stores -··-··········-·--·-···-··-··· -3.1 + 65.5 + 3.2 4.2 P lacements in employment (area) .... 4,019 + 18.9 Automotive stores ----------------------­+ 10.5 Nonagricultural civilian labor force Eating and drinkinll: places ·········-··· 3.8 + 3.5 (area) ·-·················-·-·······-·······-·-338,300 + 3.9 + 0.3 Food stores -·····--····-···-···-···-············ + 1.3 + 6.5 Export and coastal cars unloaded ..... . 4,268 -24.7 + I4.3 Lumber, building material, Manufacturing employment ................. . 68,750 5.6 + 4.1 + 1.8 11.2 and hardware stores --------------·--····­Nonmanufacturing employment --------254,550 + 1.2 + I.4 Department and apparel store sales.... 0.5 + 66.9 P ostal receipts ·-·-·-·-··----·····-········---$ 594,573 + 21.8 40.3 + Building permits ··--········-···········-··----$ 3,563,902 + 34.1 + 21.0 Air express shipments ------------········· 2,510 + 10.0 + 38.2 MARSHALL: Bank debits to individual accounts + 1.2 +69.3 Retail sales ·-·-····--·-···················---····· +96.7 (thousands ) ·-··-·------··---·--···$ 393,934 o.3 + 19.6 Department and apparel store sales___ + 0.3 End-of-month deposits (thousands)• $ 309,198 + 2.7 + 0.2 Postal receipts 20,540 + 13.1 +57.2 ·-·-·-··-····-·····-··············* -71.l Annual rate of deposit turnover ....... . 15.4 2.5 + 20.3 Building permits ---··-···-··········----······-$ 48,776 -27.2 Unemployment ··-···----···-·············­6,800 + 15.3 + 3.0 Bank debits to individual accounts + 9.8 + 8.6 Placements in employment -----------------­3,491 + 42.8 0.9 (thousands) -----···---··-···---$ 10,903 9.2 Nonagricultural civilian labor force ... 141,400 + 2.5 + 1.8 End-of-month deposits (thousands)• $ 18,775 + 0.6 •Excludes deposits to credit of banks. •Excludee deposits to credit of banka. CONDITIONS Percent change Percent change Dec. 1949 Dec. 1<. 49 Dec. 1949 Dec. 1949 December from from December from from City and item 1949 Dec. 1948 Nov. 1949 City and item 1949 Dec. 1948 Nov. 1949 LAREDO: PORT ARTHUR: Department and apparel store sales_ Po taJ receipts S 25,452 -1&.3 + 7.7 + 48.9 + 45.8 Retail sales -------­-----­Apparel stores ---­-----­ + 1.3 -S.9 + 13.7 -95.6 Building permits $ 44,555 -56.2 Automotive stores --------­ + 17.2 - 6.0 Bank debits to individual accounts Furniture and household stores ___ 7.9 + a8.7 (thousands) S 17,512 5.2 + 15.1 Lumber, building material, End--0f-month deposits (thousands) • $ 21,684 1.6 0.1 and hardware stores ------­ 0.0 - 21.7 Annual rate of deposit turnover __ 9.7 3.0 + 14.1 Department and apparel store sales____ 8.6 + 73.7 Air express shipments 836 8.2 + 48.7 Postal receipts _ _ ___________$ 57,083 + 18.5 +101.9 Electric Power consumption (thousand k.w.h.) ----­ 2,669,525 + 9.1 - 16.7 Building permits ____ ___ $ Air express shipments -------­ 208,660 2H + 2.9 11.2 -77.0 + 32.8 Natural gas cousumption cu. ft.) Tourists enterin~ Mexico (thousand 45,578 10,836 -27.~ + 2Q .$ + 11.6 + 64.7 Bank debits to individual accounts (thousands) -­----­------• End-of-month deposits (thousands)• $ 86,395 40,456 + 7.0 1.4 + + 13.1 1.7 Tourist cars entering Mexico ___ 3,583 + 24.0 +bU Annual rate of deposit turnover __ 10.9 7.6 + 11.2 Unemployment (area) ------­ 7,600 + 65.2 + 5.S LONGVIEW: Post.al receipts _$ Building permits ---------S Bank debits to individual accounts (thousands) $ End-of-monlh deposits (thousands)• S Air ex-press shipments Unemployment Placements in e.mployment ____ Nonagricultural civilian labor force­68,244 1,613,035 9,819 23,595 253 1,675 387 22,575 + 2.9 5.9 + 0.7 3.1 + 13.6 4.9 -0.9 +272.4 +376.8 + 16.8 + 6.8 + 97.7 + 4.7 -15.9 + 0.6 Placements in employment (area) _ Nonagricultural civilian labor force (area) ------------­Exports cars unloaded ----­--­Coastal cars unloaded ---­-----­SA N ANGELO: Retail oales ----------­Department and apparel store sales._ Postal receipts ---­------·$ Building permits -----­-­S 1,442 76,300 618 449 56,876 550,963 + 0.1 + 0.( -34.3 + 9.8 + 3.2 + 6.6 + 23.7 -13.0 -26.5 0.0 + 52.2 + 24-4 + 58.4 + 91.0 -75.2 + 5., LUBBOCK: Retail sales Apparel stores Automotive stores Furniture and household stores__ General merchandise stores Lamber, buiJdin2 material, and hardware stores + 32.2 + 36.4 + 53.2 + 13.9 + 7.6 + 56.2 + 26.6 + 90.2 -10.8 + 47.2 + 62.7 + 6.6 Bank debits to individual accounts (thousands) -----------.$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover __ Air express shipment.a -----­Unemployment ---­---­­Placements in employment ---­Nonagricultural civilian labor force __ 87,168 43,182 10.7 683 950 432 18,450 + 14-7 + 5.6 + 12.6 + 0.1 + 35.7 + 3.8 + 3.4 + 11.8 + 7.0 + 7.0 + 44.4 + 18.8 2.0 + 2.8 Department and apparel store sales_ Post.al receipts $ 87 ,383 Buildina: permits $ 2,490,556 Air express shipments 570 + 21.6 + 26.0 + 58.2 -0.3 + 77.1 + 47.3 -34.3 + 39.0 SA N ANTONIO: Retail sales ----------­-­Apparel stores ---------­ + H 3.0 + 91.5 + 41.1 Bank debits to individual accounts (thousands) $ End-of-month deP<>Sits (thousands) • $ Annual rate of deposit turnover __ Unemployment Placements in employment ____ Nonagricultural civilian labor force­103,689 78,663 16.9 900 703 26, 50 + 35.7 + 9.3 + 28.0 0.0 5.3 1.6 + 13.6 + 14.8 + 3.7 + 80.0 19.4 + 2.1 Automotive stores -------­Drug stores --------­--­Eating and drinkina: places ___ Florists Food stores ----------­Furniture and household stores__ General merchandise stores + 1.3 + 4.3 1.8 -10.7 + 19.3 + 0.2 + 0.8 -4.4 + 32.2 + 11.9 + 98.7 + 19.2 + 25.4 + 33.2 PARIS: Retail sales ---------­Department and apparel store saJes_ PostaJ receipts $ Building permits $ Bank debits to individual accounts (thousands) $ End-of-month deP<>Sits (thousands)• $ Air express shipments -----­20,810 29,600 12,560 15, 56 64 + 10.8 + 0.3 + 7.5 -89.5 -1.3 6.3 + 16.4 + 17.1 + 47.9 + 71.2 -43.4 -8.5 -1.3 + 56.1 Lumber, building material, and hardware stores Department and apparel store sales_ Postal receipts _ $ 547,629 Building permits ________$ 3,216,326 Air express shipments -----­3,457 Bank debits to individual accounts (thousands) ________________$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover --­Unemployment -------­---­293,797 309,209 11.0 6,000 + 6.S 0.9 + 16.1 + 25.3 + 1.8 + 7.2 2.6 + 8.9 + 60.0 -9.1 + 40.8 + 57.5 -34.4 + 36.6 + 19.1 -0.6 + 19.6 + 9.1 PLAINVIEW: Retail u.les 3.2 + 9.2 Placements in employment --­Nonagricultural civilian labor force_ 2,082 161,300 -11.0 + 0.8 -20.1 + 0.4 Department and apparel store sales_ Poot.al receipts Building permits $ Bank debits to indh,idual a.ccounts (thousands) S End-of-month deposits (thousands)• $ Air express shipments 13,033 107,500 18,816 17,585 108 + 17.9 3.2 + 64.6 + 14.2 + 9.5 + 27.1 + 62.5 + 43.4 -56.7 + 14.7 + 13.0 + 61.2 TEMPLE: Retail sales Department and apparel store sales_ Postal receipts $ Buildina: permits __________$ Air express shipments 29,792 221,255 70 + 8.7 + 1.5 + 22.2 + 94.8 -27.1 + 18.3 + 56.9 + 55.2 -24.3 + 42.9 0 hclud.. depoeita to credit of banka. •Ex.eludes depoeita to credit of banu. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percent change Dec. 1949 Dec. 1949 Dec. 1949 Dec. 1949 December from from December from from City and Item 1949 Dec. 1948 Nov. 1949 City and item 1949 Nov. 1949 Dec. 1948 TEXARKANA: WACO: Retail sales --···------·-··----­+ 4.4 + 18.1 Retail sales ·--·-······-----·---····-··-····-···· 1.6 +2'.7 Department and apparel store sales._ -11.4 + 79.5 Apparel stores ---··--···---·--··--· 1.3 +60.1 Postal receipts ··--··-------·-·······-···-$ 53,804 + 15.1 + 66.9 Automotive stores ------·-------------3.4 -10.9 Building permits ··············--·-···-··----$· 24,655 -47.4 -56.4 Furniture and household stores........ -27.4 -7.8 Bank debits to individual accounts Lumber, buildin2' material, (thousands) ············--·-······-··-···$ 28,613 + 4.2 + 10.9 and hardware stores ----··-·····-······ + 2.9 -13.6 End-of-month deposits (thousands)• $ 24,131 + 0.7 + 0.8 Department and apparel store sales.._ + 1.6 +69.6 Annual rate of deposit turnover -····· 8.4 2.3 + 6.3 Postal receipts --········------------$ 114,812 + 9.0 +62.1 Air express shipments --------------------­249 + 61.7 +124.3 Building permits ---------·······--··-·····$ 978,800 + 84.0 -10.2 Unemployment ···-·-····-------·--·-····· 3,525 + 25.9 + 2.2 Air express shipments ------·-··-········ 342 5.0 +61.3 Placements in employment ---------------­367 -11.4 -12.0 Bank debits to individual accounts Nonagricultural civilian labor force.... 86,125 + 2.2 -0.1 (thousands ) -····-·--·-··-·-··-····-' 58,544 + 5.6 + 4.6 E nd-of-month deposits (thousands)• $ 68,007 + 3.0 3.6 TEXAS CITY: Annual rate of deposit turnover ····-­10.2 + 2.0 + 6.3 Postal receipts ··-·--··-------····---$ 16,137 + 18.4 + 73.4 Unemployment -············---·-····-·········· 1,250 -51.9 + 4.2 Building permits ----------------·-···-$ 85,290 + 16.4 -49.7 Placements in employment ··········-·--·· 635 + 33.4 -24.6 Bank debits to individual accounts Nonagricultural civilian labor force.... 44,800 -3.7 + 1.1 (thousands ) ··········-··········-······-······$ 13,827 -27.1 + 9.2 E'nd-of-month deposits (thousands)• $ 13,663 -27.1 + 4.5 Unemployment (area) ·-·-····-----········ 3,000 + 50.0 + 3.4 Placements in employment (area) .... 608 0.7 -10.1 WICHITA FALLS: Nonagricultural civilian labor force (area) --··--·-············--·-···--···--53,050 1.2 + 0.8 Retail sales --··-···-····------·------­-0.3 +33.2 Export and coastal cars unloaded -···· 614 + 14.3 + 49.0 Department and apparel store sales.... + 3.2 -176.6 Postal receipts ·-·--·-·-··-······--·-·-··--·$ 88,453 + 14.5 +63.4 TYLER: Building permits ------··--·--·-·--·····-$ 923,940 + 2.7 +206.6 -12.4 + 19.6 Bank debits to individual accounts Retail sales --·-----·...-..--------····­Department and apparel store sales'.__ -3.9 + 72.3 (thousands) ··············--·-·-········-···-$ 67,622 + 2.5 + 19.6 P ostal receipts ··---···-···-············-······..$ 59,884 + 9.8 + 24.0 End-of-month deposits (thousands )* $ 89,127 + 5.1 + 6.1 Building permits ··-··-···-..···-··---..-·.$ 165,995 -72.6 -32.4 Annual rate of deposit turnover --···· 9.4 1.1 +14.6 Bank debits to individual accounts Air express shipments ········-·-······-·-·· 504 5.3 + 102.4 (thousands) ····-·····-····-----····--···$ 46,356 + 3.0 + 8.7 Unemployment -·-··--····-·--·-·······-·­1,170 + 6.4 +17.0 End-of-month deposits (thousands)• $ 64,902 + 0.7 + 8.7 Placements in employment ·······-·-··-­663 + 6.1 6.8 Annual rate of deposit turnover ----· 10.6 + 6.0 + 3.9 Nonagricultural civilian labor force_.. 84,020 + 2.8 + 1.3 Air express shipments ---------------· 389 + 13.0 + 16.1 It will be observed from the cotton balance sheet that the limitations placed on the sale of government owned contracts are held against spot commitments, and (6) supplies of cotton in this country are a little over two cotton stocks. The above forces do not indicate strong million bales in excess of supplies at this time last ye3r. advances in prices of cotton but rather that cotton of This is the second year supplies have increased. The increase has been the result mainly of exceptionally high desirable characteristics will be increasingly difficult average yields per acre. to buy. COTTON BALANCE SHEET FOR THE UNITED STATES AS OF JANUARY 1, 1950 (in thousands of running bales except as noted) Balance Imports Government Consump-Exports as of Carryover to estimate as tlon to to Jan.1 Aug. l Jan. l* of Jan. 1° Total Jan. 1 Jan. 1 Total Year 18.606 48 12,686 22,790 3,579 601 4,185 1V40-41--------·-··-······ 10,596 644 5,086 18,246169 10,976 23,330 4,441 1941-42-----------··--·-··-· 12,376 18,418125 12,982 23,697 4,707 572 5,2791V42-4S-------------·-· 10,590 4,971 17,27480 11,478 22,245 4,272 6991943-44.-------··------· 10,687 607 4,627 18,52162 12,359 23,148 4,0201V44-45·-··-·--·-··-·-·-··-10,727 15,766 130 9,195 20,489 8,594 l ,139 4,733 1946-47.________________ 7,522 160 8,482 16,154 4,257 1,559 5,816 1V45-46.----------------· 11,164 10,338 9,952 658 4,435 4,490 1947-48______________ 2,521 172 11,694 14,387 8,777 13,385 1948-49·----------········-·--2,823 123t 14,937 17,875 3,530 960t 16,567 1949-60.______________ ____ 5,288 84t 16,034 20,401 8,806 l,228t 4,834 •478 pounds net weight. tTo December 1 only. FINANCE Bank Debiu (Slace the bulk of business tranaactlona Is settled by check, duui•ea In benk debits to individual accounts represent cban•ea la tbe volume of tranaactlone and an a basic meuure of bualneaa 11ct!Ylty.) The volume of business payments completed by the use of bank deposits during 1949 varied slightly but not decisively from the pattern set in 1948. The total volume is approximately four and one-half times that used as the base (1935-39=100) . It is well above that for any of the postwar years, indicating a relatively high level of business activity during the last two years. The index of bank debits ended 1949 at 466.3% compared to 460.7% for 1948, and average deposit turnover during 1949 was 13.l compared with 13.5 for the year 1948. Bank debits and deposit turnover both increased over November 1949; this action was natural when considered in the light of the seasonal influences. Source: BANK DEBITS" (In thousands) Board of Governor11 of the F ederal Reserve Syatem City Percent change Dee. 1949 Dec. 1949 Dec. N ov. Dec. from from 1949 1949 1948 Dec. 1948 Nov. 1949 TOTAL ____$4,373,698 Abilene ----39 ,622 37,914 37,328 + 6.1 + 4.5 Amarillo ---100,944 98,517 97,756 + 3.3 + 2.5 Austin ---148,949 109,578 117,190 +27.I +35.9 Beaumont --113,503 96,926 106,443 + 6.6 +17.1 Corpus Christi -· 80,896 74,134 82 ,868 -2.4 + 9.1 Corsicana --14,617 12,897 13,085 + 11.7 +13.3 Dallaa ---1,342,321 1,038,690 1,301,559 + 3.1 +29.2 El Paso ___ 159,699 141,776 148,590 + 7.5 + 12.& Fort Worth __ 393,934 329,431 395,019 -0.3 +19.6 Galveaton -·-73,079 65,036 87,009 -16.0 + 12.4 Houston ---1,216,443 1,047,407 1,300,266 -6.4 +16.1 Laredo 17,512 15,209 18,471 -----5.2 +15.1 Lubbock ·---103,6 9 91,243 76,431 +35.7 +1s.6 Port Arthur ___ 36,395 32,171 39,132 -7.0 +13.1 San Anllelo __ 37,163 33,244 32,385 +14.8 +11.8 San Antonio _ 293,797 246,631 274,026 + 7.2 +19.1 Texarkanat __ 28,613 25,812 27,463 + 4.2 +10.9 Tyler ----46,356 42,662 45,013 + 3.0 + 8.7 Waco ----58,544 56,003 55,429 + 5.6 + 4.5 Wichita Falls __ 67,622 56,591 65,976 + 2.5 +19.5 $3,651,872 $4,321,439 + 1.2 +19.8 0 Debita to deposit accounts except interbank account&. tincludu two banks in Arkansaa, Eillhth District. Bank Credit (Since bell credit ta eaaentiaJ te all buslneaa, the cond.ltlena el tile commercial banks and the Federal Reserve Banks are a elpifi­cent Indicator of tbe state of busineH. Chanre• in the volume of credit tloat the banlra have outatandl•• reflect tbe buelneH sltuatloa. The coadltion of the Federal Reserve Banks In like manner ahDYI •Ii.at la happen.in• to crecllt available to commercial banks.) The quantity of bank credit increased during 1949 to contribute toward more money in the market place just as did the increase in bank debits and deposit turnover. The amount of bank loans and bank deposits at the end of 1949 were not substantially above those of 1948 al­though the totals for the year did show an increase. The CHANGES IN CONDITION OF WEEKLY REPORTING MEMBER BANKS IN THE DALLAS DISTRICT• Source: Board of Governors of the Federal Reserve S:r•tem Percent chanlle Dee. 1949 Dec. 1949 Dec. 1949 from from fr om Item Dec. 1948 Nov. 1949 Nov. 1948 ASSETS L oans and investments ---­ - - + 8.4 + 1.0 + 0.8 L oans ---------------+ 4.1 + 2.6 + 2.1 Total U .S. Government securities -·-­+ 13.0 0.3 0.5 Treasury bills ----------­--­ + 21.0 1.9 Treasury certificates of indebted­ ness -------­------­+ 43.3 - 3.7 + 1.3 Treasury notes --­-----·----+ 11.5 + 16.4 United States bonds -------·--­ 6.8 6.8 2.4 Other securities ·---·------·-·-­+ 7.4 - 1.5 0.0 Reserve with Federal Reserve Banks -15.9 + 1.1 + 0.7 Cash in vault -·---------­+ 8.1 + 17.6 + 15.6 Balances with domestic banks ---·-­+ 15.0 + 14.6 + 2.4 LIABILITIES Total deposits (except interbank> --+ 2. 7 + 1.4 + 1.6 Demand deposits adjusted ------+ 1.1 + 1.5 + 1.3 Time deposits (except govern­ ment) ----­-----­+ 9.0 United States Government deposits + 16.8 + + 0.4 6.4 + + 1.2 22.9 Interbank deposits Domestic banks --·---··---·-·-----·----­+ 13.6 + 7.5 1.0 F oreign ba nks ---·------­+ 40.0 CAPITAL A CCOUNTS ------­+ 5.6 - 30.0 0.0 + 0.0 0.5 •Percentage comparisons based on week endina-nearest last day of month. Federal Reserve Bank of Dallas reported an increase in its Gold Certificate Reserves and an increase in Federal Reserve Notes in circulation which indicates that the 11th SUMMARY STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS (in thousands of dollars) Source: Board of Governon of the Federal Reserve Syot= Percent change Item Dec. 1949 Nov. 1949 Dec. 1948 Dec. 1949 Dec. 1949 from from Dec. 1948 Nov. 1949 ASSETS Gold certificate reserves -----706,592 702,274 559,789 + 17.8 + 0.6 U .S. Government securities ----812,705 764,845 1,058,044 - 23.2 + 6.3 Dh~counts and advances --·····­ 2,433 2,485 6,464 - 62.4 2.1 Other cash ---·­ 11,511 11,900 11,924 - 8.5 3.3 Other assets ____ 133,750 134,024 158,538 - 15.6 0.2 TOTAL ASSETS __l,666,991 1,615,528 1,834,759 - 9.1 + 3.2 LIABILITIES Federal reserve notes -------­ 646,560 649,439 627,925 + a.o 0.4 Deposits -----·­ 870,901 818,104 1,052,038 - 17.2 + 6.6 Other liabilities --·­ 116,749 115,937 124,611 6.8 + 0.7 TOTAL LIABILITIES ---1.634,210 1,583,480 1,804,574 9.4 + 3.2 Capital paid in ---­ 8,448 8,386 7,851 + 7.6 + 0.7 Surplus ---­ 16,261 16,261 15,418 + 5.5 0.0 Other capital accounts --­ 8,072 7,401 6,916 + 16.7 + 9.1 TOTAL LIABILITIES AND CAPITAL ACCOUNTS __l,666,991 1,615,528 1,834,759 - 9.1 + 1.2 TEXAS BUSINESS REVIEW Federal Reserve District had a balance 0£ trade com­parable to other districts and that more money was in circulation within the district at the end 0£ 1949 than there was at the end 0£ 1948. The increase in deposits was experienced in all sections of the State as 15 0£ the 20 reporting cities had deposits in excess 0£ those reported in December 1948. Life Insurance Sales (Since the aalea of life Insurance are relatively aenaltlve te the chansea In conaumer Income, they may be used aa a maaaure of the con•umer market.) Sales 0£ life insurance in Texas have increased over December 1948 and over November 1949. The sales increases in Texas have been greater than those for the entire United States both in total for the year and for the total 0£ the various months. In £act, for the entire year of 1949 Texas insurance sales increased by 11.6% over 1948 while on a nation-wide basis they decreased by 0.2% for the same period. Government Finance (Federal collections of Income, pay roll, and excise taxes and state occupation, production, use, and sales taxes and license feea vary directly with the level of business prosperity and conoequently aerve as a valuable index of economic conditions. Furthermore, federal tax policies have become an important determinant of ~eneral business activity.) When compared with 1948, federal government tax revenues in Texas showed an increase. All federal tax classifications increased in volume with the exception of the "other" classification. The increases in income, employment, and withholding taxes indicate that more was being paid to Texas income receivers as the tax rates for the two years remained approximately the same. Total State revenues from taxes decreased slightly during last year due primarily to the decreased oil run which occasioned a smaller return on taxes from the oil industry. Since this source is relatively important any change tends to affect the total. The net decrease was small, only 1.7% less than 1948. REVENUE RECEIPTS OF STATE COMPTROLLER Source : State Comptroller of Public Accounts September 1-December 31 Item December 1949 1949 1948 Percent change TOTAL -------------$36,294,096 $170,379,032 $173,268,756 -1.7 Ad valorem taxes -----·-15,950,292 16,672,006 10,763,187 + 6'-9 Cr ude oil production taxes ---------·-------------6,585,662 25,720,952 33,316,847 -22.8 Motor fuel taxes (net) 6,911,782 30,809,634 30,421,402 + l.S Cigarette tax an d licenses -------------1,827,247 7,957,764 7,838,429 + 1.6 Mineral leases, rentals, and bonuses ---------­149,348 505,349 4,091,918 -87.7 Interest on securities owned --------------· ··-----2,359,877 8,846,836 3,141,248 +22.6 Unclassified receipt.. from county tax collectors -----------------­11,425,451-6,711,629 4,156,654 +61.6 Federal aid-highways__ 1,617,907 9,996,738 10,902,399 8.3 Federal aid-public welfare -----------------·-li,275,544 24,793,095 23,944,928 + S.6 Federal aid-public education ------------­ 633,509 7,367,724 6,145,242 + 19.9 U nemployment com­ pensation tax --------­ 230,504 6,376,004 6,884,574 7.4 All other receipts --·-­ 7,277,875 29,621,201 31,661,928 6.4 SALES OF UNITED STATES SAVINGS BONDS Source~ Treasury Department, Office of State Director for Texu Percent change Serles Dec. 1949 Nov. 1949 Dec. 1948 Dec. 1949 Dec. 1949 from from Dec. 1948 Nov. 1949 TOT AL _____$13,996,616 $12,144,337 $19,127,693 -26.8 +15.3 Series E ---­-----­-­10,687,744 9,203,634 14,312,789 -25.3 + 16.l Ser ies F and G ---- 3,308,872 2,940,703 4,8 14,905 -31.3 + 12.6 The sales 0£ savings bonds to Texans decreased in December 1949 when compared with December 1948. However, sales increased slightly from November to December 1949. All classes of bonds showed the same tendencies. FEDERAL INTERNAL REVENUE COLLECT IONS Source: Office of the Collector, Internal Revenue Service, Treasury Departm ent December July 1-December 31 District 1949 TEXAS.----------------------------------------------$110,375,408 Income_ ·-------·------···-------­---·---­-----------------------­ 94,912,188 Employment­------··---·--------·-----·------·------·-·---------­ 1,881,402 Withholding_____·­--------------------------------·----· 1,115,515 Other­----------------------­ --------------------­ 12,466,303 FIRST DISTRICT------------­-----­-----------­Income___________________________________________ 70,594,199 62,936,827 Employment --------------------­ ------­ 127,416 Withholding----------------------------­----------­ 719,506 Other·-----------------------------------------­ 6,810,450 SECOND DISTRICT­------­-------------­--------­ 39,781,209 Income --­----------------­----------------------­Employment _____________________________ 31,975,361 1,753,986 Withholding_·------­-------------·--------­ 396,009 Other----------------­---­---­-----­ 5,655,853 1948 $ 91,336,750 73,323,698 637 ,802 1,036,577 16,338,773 53,373,665 42,476,657 131,319 546,683 10,219,006 37,963,086 30,846,941 506,483 489,894 6,119,767 Percent change + 20.8 + 29.4 + 7.6 -23.7 + 82.3 + 48.2 -3.0 + 31.6 -33.4 + 4.8 + 3.6 -19.2 -7.6 1949 $539,447,828 298,073,135 32,771,262 134,768,187 73,835,244 309,591,495 183,608,926 14,300,390 73,264,277 38,417,902 229,856,333 114,464,209 18,470,872 61,503,910 85,417,342 1948 $506,077,339 254,775,543 32,269,119 128,647,815 90,384,862 277,488,833 144,079,630 13,951,905 68,948,338 50,508,960 228,588,506 110,695,913 18,317,214 59,699,477 39,875,902 Percent change 6.6 + 17.0 + 1.6 + 4.8 -18.3 + + 11.6 + 27.4 + 2.5 6.3 -23.9 + 0.6 + 3.4 + 0.8 + 3.0 -u.2 + Business Failurea TRANSPORTATION (Tiie 1111111ber of failures and the amount of liahilitlea vary ID­_...,. with the -perity of bualneaa and reflect in a aimple and 6ect -er what ia .._..uis to business.) The total number of business failures in 1949 continued the upward trend which began in 1947. In 1949 there were 124 more failures than in 19.W and 154 more than in 1947. On the other hand, average liabilities of each failure have consistently decreased, dropping from $91 in 1947 to S33 in 19.w. BUSI ESS FATLURE.S Source: Dun and Bradstreet, Inc. 1949 1948 1947 Number 209 85 55 Liabilities• $6,963 $4,391 $5,018 A\·eraire liabilities per failure• ___ $ 33 $ 52 $ 91 • In thousands. Corporation Charters (11le W-of C001J0ration chartew-s measures th1t additions to the ...._ -uladoa and reftecta the state of optimiam or peaaimiam .,.....__, The total number of new business ventures in Texas during 1949 was 246 less than those in 19.W. Only one classification, capital below $5,000, showed an increase. Corporations with a capitalization above Sl00.000 showed the greatest decrease. This mi~ht he an indication that competition is increasing and that profit margins are no longer as great as previously. CORPORATION CHARTERS ISSUED BY CLASSIFICATIONS Source : Secretary of State P ercent chang~ J anuary.-December 1949 Dec. f rom Classifica ion 19-19 1949 194 1948 DCMESTIC CORPORATIONS Capitalization (thousands) _ $4,606 $'76,463 $91,7 2 -16.7 Number 235 3,643 3,801 4.2 Banking-nance 6 100 95 5.3 + Construction 19 214 229 -6.6 Manufacturing 15 296 397 -25.4 Merchandising 47 739 9 3 -24.8 Oil 9 135 176 -23.3 Real Estate 24 465 474 -1.9 Transportation 1 56 90 -37.8 All otb= 69 1,025 847 + 21.0 Nonprofit (no capital stock) _ 45 613 598 2.5 + FOREIGN OORPORATIO s Number 82 525 472 + 11.2 CORPORATION CHARTERS ISSUED BY CAPITALIZATION Source: Secretary of State Percen t change Ca pitalir.ation Dec. 1949 Jannary-December 1949 194 1949 from 1948 O.-er $100,000 -----­$Z.OOM100,000 Less than $5,000 ______ No capital stock ______ Capitalliation t 1peci6ed _ _ 119 65 ~5 120 1.839 946 28 710 146 2,187 897 265 S94 -17.8 -15.9 + 5.5 -89.4 + 80.2 All'• (The total volume of commodities shipped by air express la only a very small percentage of all commodities moved, hut the rapid Increase in the use of this type of tranaPortatlon makes lta srowtb of &'eneral in terest to business.) Financial and operating results of the 16 domestic trunk airlines for the calendar year 1949 are not yet available. Recurrent reports of the Civil Aeronautics Board show that for the 12 months ended September 30, 1949, the carriers had a net operating revenue of $34.826 thousand as compared with an operating loss of $18.691 thousand for the 12 months ended September 30, 19.W. The much improved position of the ~ir lines is due to an increase in passenger revenues of 16%, an increase in freight revenue of 35% , and particularly to an increase in mail revenue of 73 %. Revenue miles flown increased 5.65% during the year ended September 30, 1949. Prospects for 1950 continue to look bright, especially for the Atlantic carriers. Increased competition among the carriers offering reduced coach fares has caused a drop in load factors and cast a shadow, for the time being at least, on that phase of sales promotion. Air express shipments at Texas cities were up 28% in December compared with November hut were off slightly less than 1 % from December 19.W. Water (Since a sizable volume of traffic moves Into and out of the State lty water, statistics on water·borne commerce are an Important la.. dicator not only of transportation but of &'eneral buainesa activity.) The 38.904 thousand tons which cleared through the Port of Houston in 1948 were sufficient to earn for that port second place among the ports of the nation. United States Anny EngineP.r's figures released in December revealed this faC't. Port of Houston's officials believe that the 1949 tonnage of 37,565 thousand tons will he sufficient for the port to retain its second place rank, although this represents a decrease of 3.5% from the previous Year. Grain shipments increased 35% to a total of 60,400 thousand bushels in 1949. Cotton exports jumped from 675,815 bales in 19.W to 1,003,716 hales in 1949. Currently, a move is underway to obtain funds with which to deepen the Houston ship channel to a depth of 40 feet in order that the new 28,000 ton tankers may be accommodated. Water-borne commerce at certain Texas ports increased 27.9% from November to December. However, the December tonnage was 8.5% less than one year ago. Rail (The movement of good1 by rail 11 fundamental to all huslnesa -rations, and changes In the number of freight cars loaded reflect basic chances in the volume of buaineas. The commodity ITOUpa are aiplficant for the Information they &'iYe on specific Industries. The misc..llaneoua group includes manufactured goods and 11 &'enerally cOftsl Paso ---------------­ 2,400 2,500 2,100 +14.8 -4.0 Fort Worth -----­-------­ 6,800 6,600 5,900 +15.3 + 3.0 Galveston-Texas City .... 3,000 2,900 2,000 + so.o + 3.4 Houston-Baytown -----··---­15,000 18,000 7,200 -16.7 Longview ----------------------­ 1,675 1,600 1,475 + 13.6 + 4.7 Lubbock -------------------­ 900 500 900 0.0 +80.0 San Angelo ------------·-------­ 950 800 700 +35.7 +18.8 San Antonio -------------­ 6,000 5,500 3,750 + 60.0 + 9.1 Texarkana -----··----·---· 8,526 S,450 2,800 + 26.9 + 2.2 Waco ··--·--·----­··-·-·--·-·­ 1,250 1,200 2,600 -61.9 +u Wichita Falla ·--·-·-­-·-·· 1,170 1,000 1,100 + 6.4 + 17.o seasonal pattern. However, November and December of 1948 also saw slight increases from September and October in the number unemployed, increases which continued through February of 1949 and which finally reached a peak of 74,875 in June 1949. This was the largest number of unemployed in the State since March 1947. The number jobless in the Houston-Baytown area in 1949 more than doubled that of 1948. Viewed as a monthly comparison, December 1949 unemployment was down fractionally from November but was up 40.5% from December 1948. Only three areas (Houston-Baytown 16.7%, Corpus Christi 4.2%, and El Paso 4.0%) registered decreases from November. These decreases were attributed primarily to the employment of persons in retail establishments during the holiday season. In only one area (Waco 51.9%) was there a decrease in unemployment during December from the same month a year ago. Placementa (The number of placements reported by the Texaa EmplOJMllftl Commission lndlcat"• roushly the relatlon1hlp of the supply of 1u the demand for Jobs In varloua parts of the State. Placementa clo nnt Include private placements In buslneu and lndustrv. but onlJr tboae made tbrouirh the State Employment s,rvlce. Furthermore, the numb"r of placements made should not be considered ao •dell· tions to total employment, since many of them repreaent ahlfta from one Job to another.) Average monthlv placements in 17 labor market areas in Texas durine; 1949. as reported by the Texas Employ· ment Commission, fell 9 % below those of 194,8 in soite of an 8 % increase in the size of the nonagricultural civilian labor force. The largest decrease for the year occurred in the Houston-Bavtown area where plarements dropped from 4,861 in 1948 to 4,099 in 1949. This decrease in the number of placements per month is a reflection of the g;eneral recession which slowed business activity during the first part of the year and which was accompanied by a comparative increase in unemployment. Industrial Relations (A lmowledse of current developments In lnduatrfal relatloH la necessary to an anderstandlns of the State's labor picture.) The hope for 1950 had been for more favorable news on the labor front. Such hope was based on the best available cost of living indexes. Although such indexes are not the overwhelming factor concerned, they are probably the most important single factor. However, the present situation in coal, communications, and automobiles does not support such hope too well. As mentioned last month, the n~w trend toward bargain­ing for benefits other than direct pay items is also a factor. lnterunion rivalry to win the best settlement can be an important influence in makin~ a union hard to handle. The situation in the electrical industry is in a confused state because of such union conflict. More and more rumors concerning a guaranteed annual wage drive are being heard. Many feel that, as soon. as pensions and insurance problems are settled, a dnve will begin in the automobile union for a guaranteed wage. It is obvious that most employers will not accept such proposals willingly and there promises to be a great deal of strife and tension before the matter is brought to a satisfactory conclusion. PRICES Consumers' Prices (AD btcome fipree muat be uaed la counectlon with a measure of cbaa1es in consumers' prices, since the purchasinl' power of in· -la more alplficant than tlle asrnpte amount in dollars. The coat of llvlns, as measured liy lndezea of cousumera' prices, la ef vital importance to all bualuesamen and consumera.) Consumers in Houston paid but slightly less for the goods they purchased in December than they had in November-the Bureau of Labor Statistics Index for all items falling by 0.1 %. Foods dropped 1.0% during the month. The announcement on December 16 of higher steel prices may be reflected soon in an even faster rise in the "misceilaneous" classification as the increase is passed on to producers of consumer durable goods. Despite criticism in Congress and elsewhere of the action of the steel companies, many observers believe that this move indicates an expectation of continued high level busine;,s activity during 1950. Almost simultaneously with the rise in steel prices came the spring editions of the mail· order catalogs full of price cuts varying from 10 to 42%, most of which were in the so-called "soft" lines of mer­chandise such as clothing, white goods, and carpets. Employment has been nsmg and has about made up the gains lost earlier in 1949. This fact should add fuel to the predictions of steady business activity and con· sumer demand-hence fairly stable prices. Wholesale Prices (Chanps In the prlcee of commoclltlea are of hmdameatal Im­portance to busineasmen, alaca the level of prices bu an Important effect oa profita. The iades ef wholeaale prlcea complied by tbe United Statea Bureau of Labor Statlatlca la the moat comprehenalve measure of price claaasea publlalaetl In the Ualted States.) A gradual easing of wholesale price indexes took place during December. The over-all index fell 0.6% below the November leYel. Hides and skins declined the most­5.8%, meats went down 3.1 %, foods 2.2%, while farm products were off 1.4% and grains 1.2%. All other com· modity indexes dropped less than 1.0%, except building materials which rose 0.6% and metal and metal products which were up 0.2%. The over-all index stood at a point 8.0% under that attained on December 28, 1948. Last month the index was 7.6% below the previous year's level. All groups shared in the distinction of being priced at a lower figure than they were in 1948: 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 source will be appreciated. Subscription S2.00 per year. J . Andenon Fitzger&ln, Tommy Barris, R<>bert Carpenter, Frank Dannelley, Lucille Dunlevy, James Falzone, Tom Flanagan, Carl Gromatsky, Grady Hall, Richard Henshaw, Margaret Hickson, B. L. Billman, Charles Hinkle, Calvin J ayroe, James Kelley, Lee R-Oy Kern, Robert Luter, Caroline Martin, Marvin Masur, Dale McGtt, James Ocker, Harold Manning, Alma Rice, Elaine Tuley, Jack C. Westmoreland, and Frances Younll'. TABLE OF CONTENTS Highlights of Texas Business_________________ The Year in Review_______________________ Trade Retail Trade Wholesale Trade __ Forei~ Trade ----------------------­Production Manufacturing -----·-·---···---­Natural Resources --------------­Public Utilities Construction --------­----------····--···· Agriculture Income Marketings --------·--------·-----··---­Cold Storall'e Prices -----·--------------­·-­Cotton Local Business Conditions_____________ Finance Bank Debits --------­-----------­Bank Credit --------------­Life Insurance Sales ----­----­----­------­Government Finance Businesa Failures -­--­-----­--·-·-----­Corporation Charters Transportation Air ----­Water ----­·--­--------­··· Rail -··-­··-··--­-Motor Labor Employment Labor Force --------------­Hours and Earni~ --------­Unemployment Placementa ---­lndaatriru Relatiom ------------­Prices Couumers' Prices Wholesale Prices Local Business Conditions for the Year_______ ~~~~ilieMoo 1 2 (6 6 7 8 9 9 10 10 12 12 12 13 17 17 18 18 19 19 19 19 19 20 20 20 21 22 22 22 2S 2S 24 ~ TEXAS BUSINESS REVIEW Local Business Conditions for the Year City and item 1949 1948 Percent chang-e City and item 1949 1948 Percent chan11e ABILENE: BEAUMONT: Retail sales -----------­---­---­-----­------------­-----­Department and apparel store sales____ -- 2.0 2.9 Retail sales ------------­----­----------­--------------­Apparel stores -­----------------­----­------­-----­ + 1.1 -13.9 Postal receipts ---------­-----­------------­------­---­--$ 510,118 Building permits ___________________________ _________ $ 6,446,469 $ 432,500 $ 5,228 ,720 + 18.1 + 23.3 Automotive stores ----------­----­--------­------­Furniture and household stores ________ + 16.7 5.6 Bunk debits to individual accounts General merchandise stores .............. 9.5 (thousands) ------------------­---­----­--------­$ 393,206 $ 408,281 3.7 Lumber, building material, End-of-month deposits (thousands)>t$ 38,920 $ 41,764 6.8 and hardware stores --------­------------­ 8.3 Annual rate of deposit turnovert...... Air express shipments -----­--­-------­-·-··-··-Unemploymentt -----­------­---­------------­-------­ 10.1 2,072 1,366 9.8 2,392 1,060 + 3.1 13.4 + 28.9 Department and apparel store sales.... Posta l receipts ----------------------­---­------------ -$ Building permits _________ ____ _____________ ________ _$ 760,477 9,442,570 669,557 9,817,397 9.6 + 13.6 -3.8 Placements in employmentt ---------------­ 47 2 482 2.1 Air express shipments --­---------------------­ 3,817 4,419 -13.6 N onngricultural civilian labor forcef __ 18,862 18,328 + 2.9 J;iank debits to individual accounts (thousands) --------­--- ---­--­---­---­-----$ 1,143,342 $ 1,181,473 3.2 AMARILLO: Retail sales ------------------­------------­------­ + 0.8 End-of-mon th deposits (thousands) • t s Annual rate of deposit turnovert----­Unemployment (area) t -------------­--------­ 95,290 12.0 7,455 $ 97,873 12.1 4,500 2.6 0.8 + 65.7 Apparel stores ----------­---­------------­------­--­Automotive stores -­----­-----------­-------­--­ -4.7 + 13.6 Placements in employment (area) t ---­Nonagricultural civilian labor force 1,694 1,877 9.7 Furniture and household stores___ __ __ _ Lumber, building material, and hardware stores ----­-----­--­---­ 11.4 + 4.1 (area) t ----------­--------------------------­----­Export and coastal cars unloaded____ __ 76,7 97 2,043 74,172 5,794 + 3.5 -64.7 Department and apparel store sales____ 5.9 Postal receipts -----­-------­-------------­------------$ 985,705 Building permits --------------------------------------$16,932,204 Air express shipments ------------­-------­---­6,493 Bank debit~ to individual accounts $ 845,168 $10,549,955 6,522 + 16.6 + 60.5 0.4 BROWNWOOD: Retail sales -------­--­------­----­----­--­--­------­Department and apparel store s ales__ __ + 1.0 6.1 (thousands) ----------­-­-------­--­--------­---$ 1,089,928 $ 1,073,259 + 1.6 Postal receipts ---------------------------­-------------­$ 154,998 150,986 + 2.7 End-of-month deposits (thousands) •t$ 94,945 $ 84,892 + 12.5 Bank debits t o individual accounts Annual rate of deposit turnovert_____ _ U nemploymentt ----­--------­---­--­-----------­Placements in employmentt ---­----------­Nonagricultural civilian labor forcet.. 12.6 1,463 l,031 36,425 12.7 1,506 908 35,537 0.8 2.9 + 13.5 + 2.5 (thousands) -----­-----­------­-----­------------­$ End-of-month deposits (thousands)' t $ Air express shipments --­---­---------------­110,474 12,003 314 $ 120,368 $ 13,326 500 - 8.2 9.9 37.2 AUSTIN: CORPUS CHRISTI: Retail sales --------------­------­--------­--------­-­ + 3.3 Retail sales -­--------------­-----­----------­--­----­-­ + 8.3 Apparel stores ------------­-------­------­------­Automotive stores -------­-------­---­-----­----­Food stores --------------------------------­Furniture and household stores_____ Lumber, building material, -3.6 + 83.3 2.4 3.3 Apparel stores --------------------------­--------­Automotive stores --------------------­---------­Furniture and household stores_______ General merchandise stores -8.2 + 29.4 -12.6 + 1.3 and hardware stores --------­-----------­ 9.9 Lumber. building material, Department and apparel store sales__ __ 8.6 and hardware stores ------------------­---­­ - 25.9 Postal receipts ---------------------------------------$ 1,882,817 Buildin1r permits -------------------------------------$30,636,344 Air express shipments ------------------­---­5,657 Bank debits to individual accounts (thousands) ----------------------­----­---­--­$ 1,524,670 End-of-month deposits (thousands)' t$ 106,040 Annual rate of deposit turnovert...... 14.4 Unemploymentt ------­------------­--------------­1,686 Placements in employmen tt ----------­961 1,719,119 $22,124,207 6,614 $ 1,339,310 $ 102,746 13.0 1,494 980 + 9.5 + 38.5 -16.0 + 13.8 + 3.2 + 10.8 + 12.9 1.9 Department and apparel store sales.. Postal receipts -----------­--­------------­--­-______ _$ 1,004,410 Building permits ----------------­------­------­--­$16,109,062 Air express shipments -----------------------·-­5,341 Bank debits to individual accounts (thousands) -------­----­---------------------$ 920,782 End-of-month deposits (thousands) • t $ Annual rate of deposit turnovert----­­79,002 11.7 856,421 $15,937,949 6,563 945,827 76,620 12.4 -0.7 + 17.3 + 1.1 -18.6 2.6 + 3.1 5.6 Nonagricultural civilian labor forcet.. 45,244 44,624 + 1.4 Unemploymentt ------------­--­-----------­·--·····­Placements in employmentt -­-------------­ 2,083 1,489 2,217 1,178 6.0 + 26.4 BROWNSVILLE: Department and apparel store sales___ _ Postal receipts -------­------­--------------$ Air express shipments ----------­------------­Export and coastal cars unloaded__ ___ _ 197,488 4,771 5,916 $ 169,152 7,960 4,458 + 2.0 + 16.7 -40.1 + 32.7 Nonagricultural civilian labor forcet.. Water connections ---------------------------····· Electric connections --­------------------------···­-Export and coastal cars unloaded___ __ _ 53,725 25,203 29,246 1,364 49,861 23,230 27,00 1,676 + 7.7 + 8.5 + 8.2 -18.6 BRYAN: Department and apparel store sales___ _ Postal receipts ------­--­----------­---------­----$ 132,007 Building permits ----------------------------------­$ 2,649,357 Air express shipments ----------------------­366 $ 109,846 $ l,337,625 375 -11.8 + 20.2 + 98.1 -2.4 DENISON: Retail sales --­--------­-----­-------­---------­---­--­Department and apparel store sales__ __ Postal receipts ------­-------­----­--­---­----­--­------$ Building permita ------------­----­-------­-----$ 128,924 932,193 128,090 1,410,003 + 7.1 2.3 + 0.7 -33.9 •Excludes depoeita to credit of banks. •Excludes depoaita to credit of banks. t Monthly averaa'e. t Monthly a veraire. TEXAS BUSINFSS REVIEW Local Business Conditions for the Year (Continued) Percent Percent City a.nd item 1949 1948 change City and item 1949 1948 change DALLAS : GALVESTON : ~tail sales -------------· + 0.7 Reta.ii sales --···-·····--···--··-·········­ - 4.8 Apparel stores -­----­Automotive stores ------­----­ + 6.4 9.8 Apparel stores -··-······-----·-······-··· Automotive stores --­----------------­ 7.7 + 21.9 Eating and drinking places ----­ 0.6 Lumber, buildin_g material, Florists ---­--------­ 4.7 and hardware stores ----­---------­ -27.9 Food stores -------·--·­Furniture and household stores ...... . + 3.3 + 8.5 Department and apparel store sal....... Postal receipta -·-············-··-··-·······-···-$ 701,054 $ 653,533 -9.6 + 7.3 General merchandise stores ------­ 3.0 Buildin!l' permits ··········-----···-··············$ 8,380,963 $ 3,506,576 + 139.0 Lumber, building maU!rial, Air express shipment.a ----------------­ 3,826 4,590 16.6 and hardware stores --------­ 4.9 Bank debits to individual accounts Office, store, and school dealen supply + 3.9 (thousands) --·--­·--·-······-·······-$ End-of-month deposits (thousands) •ts 839,261 95,651 $ 843,543 s 94,425 0.5 + 1.3 Department and apparel store sales_ 5.5 Annual rate of deposit turnovert..... . 8.7 9.0 3.8 Poetal receipts ··------------··· $11,940,187 Building permit& ____________$69,301,611 $10,058,311 $80,499,206 + 18.7 13.9 Unemployment (area) t ·-·-····­········-·· Placements in employment (area) t --­ 2,758 532 1,796 868 + 53.6 38.7 Air t!Xpress shipments -------· 93,078 103,458 10.0 N onagricultural civilian labor force Bank debits to individual accounts (thousands) _________$12,539,248 End-of-month deposits (thousands ) ••s 834,527 $12,862,237 $ 719,844 + 1.9 + 15.9 (area) t -----­····-··--·--····-·· Export and coastal can unloaded____ 52,521 108,196 56,308 116,133 6.7 6.8 Annual rat.. of deposit turnoverf__ Unemploymentt .. --·· --········ ... ......... 16.3 8,033 17.1 5,767 4.7 + 39.3 HOUSTON: Placements in employmentt ·---------· Nonair?"itultural civilian labor force! ­ 4,196 245,375 4,785 231 ,444 12.3 + 6.0 Retail sales ·----··-········· ......................... . Apparel stores ·-·--···-·-··············-······· Atttomotive etores --­-------------------­-----­ 0.5 6.3 + 14.3 Eating and drinking places ·····-·--­ 5.8 EL PASO: Food stores --····-···-·····--·············· + 6.4 Retail sales ---·-·-·----··---·-··· Apparel stores ····-····-···-··-·····--· Automotive stores + 9.9 + 6.6 + 32.7 Furniture and household stores________ General merchandise stores -------------­Lumber, building material, 8.9 5.5 General merchandise stores ............. . Lumber, building material. and hardware stores -------------­Department and apparel store sales --­Postal receipts ...... -----··-· ·····---···· S 1,601,250 Building permits ___ .. ·-··--.. __ ····--$16,046,568 Air express shipmenta -----------------­15,84-4 Bank debits to ind.ividual accounts (thousands) --·-··------··-·--$ End-of-month deposits (thousands) •ts Annual rate or deposit turnovert ____ Unemploymentt ---···--···­-----·····­PU.cements in employmentt ····-·-····· Nonagricultural civilian labor forcet -­1,530,720 118,758 12.9 2,738 1,060 52,550 1,331,558 $13,170, 727 17,197 $ 1,499,532 $ 115,472 13.0 2,454 1,006 51,717 4.9 -8.4 0.8 + 20.3 + 21.8 7.9 + 2.1 + 2.8 0.8 + 11.6 + 5.4 + 1.6 and hardware stores ------------------­Department and apparel store sales___ _ Postal receipts ··--·······--····-···················* 7,756,469 Building permits ··-·····························--$82,545,466 Air express shipments ············-··-······ 56,488 Bnnk debits to individual accounts (thousands) --···-···············-­-·-····$12, 762,453 End-of-month deposits (thousands) • t s 922,201 Annual rat.. of deposit turnovert---·· 13.9 Unemployment (area) t ··-··--···-····-·· 16,292 Placements in employment (area) t ... 4,099 Nonagricultural civilian labor force (area) t ·····-············-······-··············· Export and coastal cars unloaded..___ 332,892 60,389 6,769,235 $100,159,722 63,484 $12,895,362 $ 877,100 14.7 7,983 4,861 816,907 59,439 19.8 5.4 + 14.6 17.6 11.1 1.0 + 5.1 5.4 + 104.1 15.7 + 5.0 + 1.6 FORT WORTH: LAREDO: Department and apparel store sales ___ 21.5 Retail sales --------­ 0.9 Postal receipts . ----·-···-·-··-·····----·----­S 220,842 203,611 + 8.5 Apparel stores ---------·-···· -----­ 8.6 Bank debits to individual accounts Automotive stores -------­ --------­ + 10.1 (thousands) --·--·-·····-·-·········­ $ 193,318 $ 201,918 4 a £a.ting and drinking places ---·· Food stores -··----­------­Lumber, building mat..rial, and hardware stores ----­Department and apparel store sales__ 3.8 + 1.7 7.7 4.9 End-of-month deposits (thousands) • t s Annual rate or deposit turnovert _____ Air e:xpress shipments _____ ---------------­Electric power consumption 21,631 8.9 2,783 (thousand k.w.h. ) ····-··········-····-·· 37,282,086 Natural gas consumption (thousand $ 22,501 9.0 3,380 33,881,403 3.9 1.1 17.7 + 10.0 Postal receipts S 4,667,513 4,004,158 + 16.6 cu. rt. l ------·-·-·-----··········-····-· ... 563,868 634,414 11.1 Building permits __________$30,055,865 $31,478,213 4.5 Tourists entering Mexico ____ ·---------------­ 120, 733 104,785 + 15.2 Air express shipments ------­ 19,649 21 ,240 7.5 Tourist cars entering Mex ico 36,776 31,541 16.6 Bank debits to individual accounts (thousands ) _______$ End-of-month deposits (thousands) • t s Annual rat.. of deposit turnovert -Unmiployment Placements in employmentt Nonagricultural civilian labor forcet _ 3,797,455 297,127 12.8 8,158 S,191 138,125 $ 3,911,407 $ 278,933 14.0 7,067 3,566 134,733 2.9 + 6.5 8.6 + 15.4 10.5 + 2.5 PA RIS: Retail sales Department and apparel store sales __ Postal receipts -············ ...................... $ Building permits ---·---·········· ............. $ Air express shipments ------­----­----­147,133 579,996 433 139,572 1,030,899 430 12.8 14.9 + 5.4 48.7 + 0.7 •!:zcludeo depoeits to credit ot banks. •Excludes dePoOits to credit or bank•. llontbly averaire. t Monthly average. TEXAS BUSINESS REVIEW Local Business Conditions for the Year (Continued) Percent Percent City and item 1949 1948 change City and item 1949 1948 change LONGVIEW: PORT ARTHUR: Postal r eceipts --------------------------------------$ Bank debits to individual accounts (thousands) --------------------------------­$ End-of-month deposits (thousands ) • ts 267,891 97,994 21,407 $ $' $ 249,985 105,002 22,849 + 7.2 6.7 6.3 Retail sales ----------­----------------­-----------­Apparel stores ----­------­-------------------­Automotive stores ----------------------­Furniture and household stores ------­ + 8.5 -7.0 +30.2 u Air express shipments --········-·····--­-----­ 1,692 2,254 -24.9 Lumber, building material, Unemploymentt -------------------------------------­ 1,660 1,672 - 0.7 and hardware stores --------------­----­ 5.6 Placements in employmentt ---------------­ 455 541 15.9 Department and apparel store sales ... 6.0 Nonagricultural civilian labor forcet.. 22,398 22,834 - 1.9 Postal rec4'ipts ---­-----------------------·-----­_$ 355,667 Building-permits ___ ------­_____ $ 4,558,910 $ 328,043 $ 3,967,840 + 8., +14.9 LUBBOCK: Air express shipments ......... ___ -----·-­_ Bank debits to individual accounts 2,139 2,282 6.8 Retail sales ------------------------------------­ + 8.0 (thousands) -----­-­---------­--------------$ 409,761 $ 426,567 8.9 Apparel stores ----------­----­-------­-----------­Automotive stores ---------­----------­-·-· Furniture and household etoreo....... . -8.6 + 24.2 + 6.0 End-of-month deposits (thousands) •t$ Annual rate of deposit turnovert ... U nemployment (area) t ___ ------------. ____ 39,585 10.4 7,455 $ 89,611 10.8 4,500 0.1 3.7 + 65.7 General merchandise stores -------------­ 5.2 Placements in employm ent (area) L .. 1,694 1,877 9.7 Lumber, building material, and hardware stores -------------­-­Department and apparel store sales.... Postal receipts --------­--------------------------­$ 688,547 Building permits -----------------------------­$16,681 ,926 Air express shipments ------------------­4,152 $ 593,186 $15,171,373 4,320 + 4.4 6.5 + 16.1 + 10.0 3.9 Nonagricultural civilian labor force (area) t -------------------------------------------­Export and coastal cars unloaded____ SAN ANTONIO: 76,797 15,720 74,172 14,681 + 3.5 + 7.1 Bank debits to individual accounts (thousands) --------------------------------$ End-of-month deposits (thousands) •t$ Annual rate of deposit turnovert--­-­Unemploymentt ------­---------------­P lacements in employment t -----------­---­Nonagricultural civilian labor forcet­ 771,424 65,404 11.7 879 741 26,521 $ 800,067 $ 67,928 11.8 808 688 26,214 + + + 3.6 3.7 0.8 8.8 7.7 1.2 Retail sales -----------------------------­Apparel stores --­----­-------­-----------­Automotive etores ·-·--·-···--······-··­Drug stores -----------­-----------­Eating and drinking places ------­Florists ----------------------------------------------­Food stores ···-········-·········-·····--·-­ -0.2 -6.6 +lU + 1.6 8.9 1.8 + 6.9 Furniture and household stores__ 9.S MARSHALL: General merchandise stores ---····-·· Lumber, building material, 6-' Retail sales ------------,-----------------­ 8.6 and hardware stores ···--·-------­ -15.8 Department and apvarel store sales -­Postal receipts ---------­----------------------­$' 165,397 Building permits --------­---­--------------------$ 1,133,658 Bank debits to individual accounts (thousands) ---------­-----------------------$ End-of-month deposits (thousands) •t$ 121,182 17,331 PLAINVIEW: $ 153,882 $ 1,839,590 $ $ 129,416 20,901 4.6 + 7.5 -38.4 6.4 17.1 Department and apparel store sales._ Postal receipts -----------------------------------$ 4,265,933 Building permits --------------------------........ $37,015,777 Air express shipments --------------------­27,592 Bank debits to individual accounts (thousands) ---------------------------­-----­$ End-of-month deposits (thousands ) • t s Annual rate of deposit turnovert ..... Unemployment (area) t --------------------­Placements in employment (area) t .... 3,006,996 315,361 9.5 5,292 2,895 $' 3,783,758 $35,610,549 82,230 $ 2,946,884 $ 316,663 9.3 5,262 2,727 -6.1 + 12.7 + u -14.4 + 2.0 0.4 + 2.2 + 0.6 -12.2 Retail sales --------------------------­------­Department and apparel store sales.... Postal receipts ---------------------------­---$ 110,419 102,827 2.6 6.9 + 7.4 Nonagricultural civilian labor force (area) t ----------------------------· __ -----­ 160,017 157,330 + 1.7 Building permits ---­-----------------------$ 2,129, 700 Bank debits to individual accounts 2,001,050 + 6.4 TEMPLE: (thousands) -------------------------­--­$ 153,031 $ 176,807 13.4 Retail sales ----­-----------------------­ + 8.9 End-of-month deposits (thousands) • t $ Air express shipments ---------------------­ 15,484 579 15,825 746 - 2.2 22.4 Department and apparel store sales.... Postal receipts ---­----------------------------------$ 219,G16Building permits ______________________$ 3,133,929 181,469 2,055,245 -4.8 + 21.0 + 52.5 Air express shipments ------------------­ 599 795 - 24.7 SAN ANGELO: Retail sales ------------------------­Department and apparel store sales ... + 22.6 5.2 TEXAS CITY: Postal receipts ---------------------------------­$ 403,976 Building permits -------­------------------$ 4,204,140 Bank debits to individual accounts (thousands) ----------­---------------------$ End-of-month deposits (thousands) •t$ Annual rate of deposit turnovert----­350,537 38,966 9.0 $ 357,133 $ 6,946,581 $ 372,974 $ 38,934 9.6 + 13.1 29.3 6.0 + 0.1 6.2 Postal receipts -----------------------­----------$ 111,732 Building permits ---------------------------------$ 1,873,120 Bank debits to individual accounts (thousands ) ----­-------------------------­$ End-of-month deposits (thousands ) •t$ Unemployment (area) t ---------------------­Placements in employment (area) t --­161,266 13,364 2,758 532 $ 113,154 $ 4,434,423 $ $ 239,860 19,995 1,796 868 -1.8 -57.8 -82.8 -SS.2 + 68.6 -38.7 Air express shipments ······--···--········ Placements in employmentt --------------Nonagricultura l civilian labor forcet .. 5,465 363 17,842 6,147 460 17,031 11.1 21.1 + 4.8 Nonagricultural civilian labor force (area) t ----·-------------­----------------------­Export and coastal cars unloaded_____ 52,521 5,599 56,308 4,946 -6.7 +18.2 •Excludes deposits to credit of banks. •Excludes deposits to credit of ba nks. tMonthly average. t Monthly averaire. TEXAS BUSINESS REVIEW Local Business Conditions for the Year (Continued) City and item 1949 1948 Percent change City and item 1949 1948 Percent change TEXARKANA: Retail sales -----·----·-­Department and apparel store sales_. Pootal receipts -----·-····--$ 430,273 Bank debits to individual accounts (thousands) __________, 294,575 End-o!-month deposits (thousands l°t S 22,866 Annual rate of deposit turnovert _ ... 7.5 Air express shipments --------------­1,088 Unemploymentt --------­3,774 Placement& in employmentt ___ 453 Nonagricultural civilian labor !orcet _ 35,578 WICHITA FALLS: Retail sales Apparel stores Pootsl receipts ----·-----$ 655,021 Building permits -·---·----$ 5,337,086 Air express ehipmente -------­3,110 Bank debits to individual accounts (thousands) ···-·-·----·--·--··-···-$ 673,243 F.nd-o!-month deposits (thousands) • t s 81,792 Annual rate o! deposit turnovert__ 8.2 Unemploymentt -----------------­1,307 Placements in employmentt --·····­570 Nonagricultural civilian labor forcet _ 32,778 $ 375,928 301,503 $ 22,657 8.2 1,110 3,311 519 33,725 543,048 $ 4,313,021 4,019 666,128 79,866 8.4 1,250 549 31,361 + 3.2 -10.6 + 14.5 2.3 + 0.9 8.5 2.0 + 14.0 -12.7 + 5.6 -0.5 -6.4 + 20.6 + 23.7 -22.6 + 1.2 + 2.4 2.4 + 4.6 + 3.8 + 4.6 TYLER: Retail sales --··-·--···--·-·····---·-···· Department and apparel store sales.... P ostal receipts ······-·····-··---···---··-····$ 507,578 Building permits ·-·-·······-·-·-······-·····$ 5,616,606 Bank debits to individual accounts (thousands) ····················-············-··$ End-o!-month deposits (thousands) •ts Annual rate of deposit turnovert ..... . Air express shipments -------------·-------­WACO: Retail sales ----·-···················---····­Apparel stores ······-······ ·········-·-······· Automotive stores ---------------­Furniture and household stores....... . Lumber, building material, and hardware stores ------------------­Department and apparel store sales____ 487,201 50,865 9.6 4,689 Postal receipts ····-··········-·······-······-·······* 956, 734 Buildlni­permits ····················-·-··-······$11,223,276 Air express shipments ----················ 2,663 Bank debits to individual accounts (thousands) ··················-················* End-of-month deposits (thousands) • t $ Annual rate of deposit turnovert ..... . Unemploymentt ···········-·······-····-·········· Placements In employmentt ·······-·-···· Nonagricultural civilian labor forcet .. 603,339 67 ,408 9.0 2,079 572 44,892 $ 421,961 $ 6,285,531 $ 491,594 52,749 9.3 4,181 867,886 $11,390,027 2,917 $ 614,370 $ 64 ,039 9.6 3,026 581 46,181 -2.8 -9.6 + 20.3 -12.3 0.9 3.6 + 3.2 + 12.2 + 8.3 -6.0 + 42.4 -17.9 + 24.2 -3.2 + 11.5 1.5 9.1 1.8 + 6.3 6.2 -81.3 1.6 -2.8 'Excludes deposits to credit of banks. t.Monthly average. •Excludes deposits to credit of banks. t Monthly average. New Publications The Bureau of Business Research is glad to announce that the following Economic Surveys of East Texas counties, prepared by the staff of the Bureau under a grant-in-aid from the Texas and Pacific Railway, will be ready for distribution February 17. Bowie Fannin Panola Camp Cass Collin Grayson Gregg Harrison Rains Red River Rockwall Smith Cooke Kaufman Upshur Delta Marion Van Zandt Denton Morris Wood Single copies of each survey are $10 and may be obtained from the Publications Division of the Bureau. FIGURES FO R THE MONTH December 1949 GENERAL BUSINESS ACTIVITY tlndex of Texas Buaineaa ActivitY-----------------------------------------­Index of bank debits in Texas cities---------------------------------­Income payments to individuals in the U.S. (billion9--5ea50nally adjusted at annual rate) ____ ________________________________________ Index of wholesale prices in the U.S. (1926=100, unadjusted) ___________ _ Index of consumers' prices in Houston (unadjusted) ______________________ , Index of consumers' prices in the U.S. (unadjusted) _____________________ Index of postal receipts in Texas cities_________________ __________________ tlndex of miscellaneous freight carloadings in the Southwestern Dis­trict (17.6) -----------------------------------------------------------­ Business corporation charters issued (number) ------------------­Business failures (number) -----------------------­TRADE tlndex of total retail sales (adjusted for price changes) (47.7) _______ ________ _ Index of total retail sales------------------------------------------------------­Durable goods stores----'---------------------------------------------­Automotive stores -~---------------------------------------------­ Furniture and household appliance stores________________________________ · Lumber, building material, and hardware stores..----------------­Nondurable goods stores..----------------------------------­Apparel stores ---------------------------------------------------------------------­ Country general stores_______________________________________________________ Department stores ---------------------------------------------------------­Drug stores -------------------------------------------------------------------------------­Eating and drinking places..---------------------------------------------­Food stores -------------------------------------------------------------­General merchandise stores..----------------------------------------------­Index of department and apparel stores--------------------------------------­ Index of department store sales in the u.s..___________________________________ Ratio of credit sales to net sales in department and apparel stores_________ Ratio of collections to outstandings in department and apparel stores______ Index of gasoline sales_______________________________________. PRODUCTION . tlndex of industrial electric power consumption (14.8) __________________ tlndex of crude runs to stills (4.5) ________________________________ Index of wheat grindings------------------------------------------------------------­ Index of cottonseed crushed____________________ ____________ Index of Southern pine production___________________________________ Index of dairy product manufacturing_____________________________________________ tlndex of urban building permits (adjusted for price changes) (3.8) ___ __ Index of urban building permits_____________________________________ _ Value of construction contracts awarded (thousands)_______________________ _ tlndex of crude petroleum production (8.6) ______________________ _ Index of natural gas production---------------------------------------------------­ tlndex of total electric power consumption (3.0) ________________________________ Index of industrial production in the u.s.____ Index of cement production___________ AGRICULTURE Index of farm cash income_______________________________ Index of prices received by farmers (unadjusted) ________________ Index of prices paid by farmers in U.S. (parity index, unadjusted) _______ Parity ratio for Texas_________________________ _ Shipments of poultry and eggs (carloads) _____________________ Index of prices received by farmers-livestock_ _______________ Index of prices received by farmers-all crops__________________ FINANCE Loans, reporting member banks in Dallas district (millions)______________ Loans and investments, reporting member banks in Dallas district (millions)--------------------------------------------------------­Demand deposits adjusted, reporting member banks in Dallas district (millions) ___________________________________________________ Bank debits in 20 cities (millions) -----------------------------·-------------------------.. Revenue receipts of State Comptroller (thousands) _______________________________ Federal internal revenue collections (thousands) _______________________________ LABOR Total manufacturing employment (thousands} ____________ Durable goods employment (thousands) ______________________ Nondurable goods employment (thousands) _______ _____________ Nonagricultural civilian labor force in 17 labor market areas (thousands) Unemployment in 17 labor market areas.._____________________________ _ Placements in 17 labor market areas--------------------------------------------------­200.4 466.3 151.5:t: 173.2 167.5 323.7 140.0 190 15 175.8 326.3 418.3 421.5 267.6 488.9 280.7 282.4 121.6 235.1 371.7 312.7 313.0 227.4 366.4 294 62.5 50.3 328.2 170.4 81.5 290.5 545.0 $ 66,280 162.2 356.4 178+ 597.6 259 240 108 207 322 212 s 1,179 $ 2,532 $ 2,019 $ 4,374 s 36,294 $110,375 338.2+ 137.8:t: 200.4+ 1,414 63,900 22,826 N ovember 1949 207.7* 459.4 209.7 151.6 173.3 168.6 300.9 141.9 201 16 181.3* 336.5* 450.6 471.6 272.8 500.0 280.9 252.8 115.4 222.1 367.4 313.7 309.5 227.9 312.7 276 64.5 49.3 227.9 320.4 165.4 113.3 122.4 128 86.6 411.2 771.4 $ 82,752 174.7* 358.2 171 258.9 707.l 264 248 106 200 322 221 $ 1,149 $ 2,508 $ 1,989 $ 3,652 s 58,116 s 78,985 336.1 135.5 200.6 1,404 64,480 26,427 October Average for the rear 1949 1949 1948 187.3 191.5 197.8 430.6 448.2 447.2 209.0 211.7 211.9 152.2 154.9 165.0 172.0 171.3 172.8 168.5 169.1 171.2 275.9 286.2 246.4 114.5 131.4 156.1 251 250 267 13 17 7 173.7 168.0 166.7 325.3 315.6 320.4 469.1 398.5 362.I 537.7 390.4 305.4 249.1 268.9 273.9 442.3 460.3 515.3 256.3 274.3 297.7 241.7 309.1 365.3 120.8 124.2 134.8 232.3 270.6 316.4 346.1 351.6 315.7 310.6 317.4 346.0 253.3 262.2 270.5 220.8 262.4 327.4 338.6 341.l 355.7 276 285 302 63.6 62.5 60.2 47.5 49.1 51.5 207.2 206.9 191.5 273.3 302.1 294.4 165.1 165.1 179.5 103.5 118.8 159.4 103.0 146.7 167.2 118 118 131 76.1 70.6 48.0 324.0 305.3 332.0 607.8 557.6 585.8 $ 49,599 s 78,282 s 79,060 167.1 163.4 197.l 389.7 371.9 350.I 324.5 346.9 320.0 166 176 192 243.5 240.3 218.8 456.5 442.0 387.5 258 275 310 240 244 249 108 112 124 77 113 183 322 332 366 210 228 268 s 1,099 $ 1,075 s 1,046 s 2,465 s 2,335 $ 2,247 s 1,959 $ 1,940 s 1,897 s 3,658 s 3,622 $ 3,613 s 42,651 s 43,294 s 43,280 s 56,167 $118,465 Slll,667 338.9 337.1 348.2 138.0 141.5 146.8 200.9 195.6 201.5 1,398 1,393 1,288 66,710 67,915 48,376 30,456 24,278 26,575 All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1985-39. All monthly indexes are adjusted for seasonal variation. tThe index of business activity is a weighted average of the indexes indicated by a dagger (t) . The weight given each index in computlnc the composite is given in parenthesis. tPreliminary. •Revised.