TEXAS BUSINESS REVIEW A ~IONTHLY SIDl)lARY OF BUSil'iESS AND ECONOl\OC CONDITIONS IN TEXAS BUREAU OF BUSINESS l\ESEARCH COLLEGE OF BUSI~ESS ADMINI STRATION THE UNIVERSITY OF TEXAS \"OL. XXI\ 0 . 5 JUNE 1950 H I G H LI G HTS 0 F T EXA S BUS I N ES S PERCENT O!CREASE PERCENT IN CREASE MAY 1950 COMPARED I WITH MAY 1949* Bank debits............................................................. Crude petroleum production................................ Bectric power consumption.................................. Industrial electric power consumption................ Postal receipts........................................................ Retail sales............................................·--············· Miscellaneous freight carloadings....................... Farm CdSh income................................................ Crude runs to stills.............-.............................. PERCENT DECREASE MAY 1950 COMPARED I 5WITH APRIL 1950* Farm cash income............................................... . Postal receipts........................................................ Sank debits............................................................. Crude petroleum production................................ Crude runs to stills..........._ .............................. 8ectric power consumption.................................. Industrial electric power consumption................ Retail sales...... ............................. ........·--············ Miscellaneous freight carlo1din9s............_____ _ _ *All percent changes are obtained from seuonally adjusted indexes. TWENTY CENTS PER COPY TWO DOLLARS PER YEAR The Business Situation 1n Texas Business activity in Texas during May bore some resemblances to a boom, with the composite index com­piled by the Bureau of Business Research carried to an all-time high of 212.5. The index of industrial pro­duction in the United States, compiled by the Federal Reserve Board, rose to 193, only two points below the all-time peak reached in 1948. At the end of May activity was still expanding, and every indication dur­ing the early part of June showed this trend to be continuing. The chart below shows the sharp upward spurt in May following a period of four months of steady activity at about the level reached in 1948. The composite index rese 6.2% from April, with an increase registered in every one of the components. The table below shows that the increase was unusually uni· form, with the exception of freight carloadings and building permits. The striking increase in building permits is responsible for the increase in the composite being so high. Four of the component series, which together receive 70.0% of the total weight in the index, showed increases ranging from 2.0 to 3.1 %. Only freight carloadings fell below this range with 0.5%, while building permits exceeded it with an increase of 51.1%. INDEX OF BUSINESS ACTIVITY IN TEXAS, AND COMPONENT SERIES, 1935-39= 100 (adjusted for seasonal variation) April May Percent Series Weight 1950 1950 change Retail sales, adjusted for price change ------------------------------------47.7 172.8 176.2 + 2.0 Industrial power consumption 14.8 324.5 332.7 2.5 + Crude oil runs to stills. __________ 4.5 147.1 151.7 3.1 + Electric power consumption .. 3.0 379.0 390.3 3.0 + Miscellaneous freight carloadings --------------------------17.6 134.0 134.7 + 0.5 Urban building permits, adjusted for price change.... 3.8 386.3 583.8 + 51.1 Crude oil production ------------'8.6 163.4 171.7 + 5.1 INDEX OF BUSINESS 'ACTIVITY (composite) ---100.0 200.1 212.5 6.2 + The strong rise in Texas business during May is part of the general increase in business activity for the coun· try as a whole. Industrial production has continued to increase accompanied by a gradual rise in prices. Un· employment in the United States has decreased, with the number reported by the Bureau of the Census down to approximately three million in May. This is below the level of May 1949, the first time for many months that the current month has been below the same month a year ago. However, May unemployment was still substantially greater than the 1,642 thousand reported for October 1948. The Texas Employment Commission reported that May unemployment in 17 labor market areas continued downward and was 6.4% below May 1949. The important factors in the business situation in May were the same that have been operating since the recovery movement started in the summer of 1949. Some of the most important of these factors have been con· struction, inventory expansion, production of consumer durable goods and increase in capital expenditures of business concerns. The boom in building continued in Texas during the month of May, with the Bureau's seasonally adjusted index of building permits establishing an all-time high of 1098.1 % of the 1935-39 base period. Increased building costs accounted for part of this rise, but even after adjusting for changing prices the Bureau's index was 583.8% of the base period. The Department of Labor estimated that the number of new housing starts in April totaled 126 thousand for the United States, establishing an all-time record for the second consecu· tive month. The value of new construction in the United States increased in all categories during May. The increase in inventories of all types of business concerns has become an important factor in the current business situation. Reduction in inventories was one of the most important causes of the decline in business during 1949, but the increase in demand coupled with a slight increase in commodity prices has brought about PERCENT 225 200 175 150 ·125 100 75 50 INDEX OF TEXAS BUSINESS ACTIVITY ADJUSTED FOR SEASONAL VARIATION 1935-39 : (00 PERCENT 25~ ' ' I / .rJ:'"' ,..,,,. ... "\j f\...­ ............_/ ·- ~ -' ~ ,_00 I 75 I50 ~1.-....1"'~ : -!\. .... ~ ~"' v , _~ r < 1 .. : 1 I25 I00 ~ 75 50 936 1937 1938 1939 1940 1941 1942 1943 1944 194~ 1946 1947 1948 1949 l950 ~ 1930 The TllXAS BUSINESS REVI&W la publiahed by the Bureau of Businesa ResK rch, College of Bualness Administration, The Unlvenltr of Texu. Entered u aecond-clu1 matter on May 7, 1928 at the postoftlce at Austin, Texa1, under the act of A~t 2', 1912. a change in the buying policy of business concerns. The Department of Commerce reports that the value of all business inventories at the end of April was 2.2% more than at the end of December 1949, while the December 1949 value was 8.4% less than a year earlier. The increase in inventories since the end of 1949 was greatest for retailers and least for manufacturers. It is significant that the inventories at the end of April were below the peak of 1948 but that sales had recovered to approxi­mately the same level as in 1948. However, business­men still are watching the level of inventories with a great deal of care, since in a period of rapid change in demand and prices, severe inventory losses are an ever present danger. The fact that businessmen may change their inventory position with considerable speed is an important factor in the changes in business, since the changes in inventories exert a powerful influence on the total business situation. The sales of consumer durable goods continue to support the business situation. The Bureau's index of sales of durable goods stores rose 6.7% in May, bring­ing the index to a point 21.4% above the level of a year ago. Sales of automobiles, furniture, household appliances and building materials continued at record breaking levels. The output of cars and trucks in May wu more than 700 thousand, a record for passenger cars although not for trucks. A study by the Depart­ment of Commerce indicates that, although the number of cars in use at the present time is about the number ~would be expected from past relationships, the ratio of new cars to total registrations is still low in comparison with the prewar period. This factor has been augmenting the effect of the continuing high level of consumer income on the demand for automobiles and lw resulted in record breaking output in the automobile industry. The Department of Commerce study indicates that the effect of deferred demand for household appli­mc:es has practically ceased to be an important factor, but the continuing high consumer income is enough to explain the high level of sales. ~lans for business expenditures on new plant and eqwpment have shown an increase since the beginning of the year over the programs originally scheduled. The survey conducted by the Department of Commerce and the Securities and Exchange Commission showed that plans for outlays for new plant and equipment in the second quarter were 6% greater than first anticipated which brought the total to an amount only 3% lowe; ~expenditures a year ago. The expenditures of busmess concerns for new plant and equipment are INDEX ~ BANK DEBITS IN TEXAS ADA.ISTED FCR ~\CR'..:iTIOH, SM· 39 • l(X) ~ extremely dynamic factors in the business situation and contribute strongly to the present upswing in business. The index of bank debits in Texas cities rose 5.7% to establish another all-time high, at a level 18.8% above a YCB;r ago and 10.3% above the highest point reached durmg 1948. The level reached by the index of bank debits indicates that the boom in Texas business at the .Pre:'ent time is. greater than is shown by the composite mdex, and smce bank debits reflect all kinds of expenditures, this index is a significant measure of total business activity. Retail sales in Texas rose 1.9% in May from the level of April, after adjustment for seasonal variation a~d ~tood ~.0% above ?ie level of a year ago. Th~ nse m retail sales contmues the steady improvement in this phase of business that has been under way throughout 1950, and while it is less than the rise in other components of the index of business, it reflects the effect of the high level of consumer income of Texas business. No change in the relationship between durable and nondurable goods appeared in May, with the high level of sales of durable goods far above those of nondurable goods. The 1950 Survey of Consumer Finances just released by the Federal Reserve Board indicates that consumer incomes are still high, and that c.onsumers in all income and occupational groups con­tmu~ to hold substantial amounts of liquid assets. The spendmg plans of consumers for 1950 indicated a some­~hat greater volume of purchases of durable goods than m 1949. About as many consumers indicated plans to buy new cars and household appliances in 1950 as had announced such plans in 1949. More planned to buy new houses in 1950 than in 1949, and more planned to buy used cars in 1950. Intentions to buy new radios were less in 1950 than in 1949, but about twice as many planned to buy new television sets durino-1950 as reported similar intentions in 1949. With income and savings ~ontinuing at a high level, it appears that consumers will be in a financial position to carry out their planned purchases during 1950. Industrial production in Texas showed the same pat­tern as other phases of business during May, with the Bureau's .seasonally adjusted index of industrial power consumption up 2.5% from April and 11.5% from May 1949. Runs of crude oil to stills rose 3.1% over April .hut were still 5.7% below a year ago. Employ­ment m manufacturing industries rose from 330 700 in April to 336,500 in May. ' lncou_ie from the ma~ketings of farm products rose 29.6% m May after ad1ustment for seasonal variation and for the first five months of the year income wa~ 6.9% above the same period of 1949. It is still too early to predict the relative level of 1950 farm income in comparison with 1949, since the bulk of farm products has yet to be marketed. The great reduction in the size of th~ wheat crop will be one factor that will tend to pull mcome for 1950 down. The prices received by T~xas far.mers s~~wed a substantial increase in May, w:ith the mdex nsmg 3 points from 274 to 277. The hig~ level of consu~er inco~e can be expected to play an important part m holdmg up the price of farm products. TRADE Retail Trade (Tl. ·---t ef tr...• late tlae luuuH ef --er• la -• eftlae fuaclameatel aerie• of statiatiw data •• bualn•.. activity, •lace fw busla-to 1te ...ad tlae vehnae ef retail trade •ust be .....s. hrial' a perlH of laflati-aa lacrease la sales results from a rise la priH• aa weU u frem aa htcreaae In the amouat of b•slae... Tloe lluct.atleaa la retail credit ratiM are impertant cen4itloalll&' factera ef tlae vel•m• of trade. News19aper advertlainc u..... uul ,,..ta1 recelp.. are aecelUlary tralle bullcatera.) High-level retail business characterized May, sup­ported largely by peak consumer incomes and customers' large-scale willingness to spend for automobiles, hous­ing, household furnishings and major household appli­ances. Sales of durable goods have not yet experienced the weakening of demand which was forecast by many, but an eaiing off may occur in later 1950 after the usual mid-summer slowing of business. Meanwhile, textiles are experiencing renewed demand and finner prices, and other lines of soft goods may face similar prospects. Inventory building among manufacturer$ and whole­salers has spread slowly into retail channels. Substan­tial losses of possible 11ales becau11e of inadequate stocks have helped to renew interest in the filling out of more convincing assortments and in patching up the too numerom1 gaps found even in staple and basic stock lines of many stores. Purchasing commitment periods are lengthening slowly, but this probably is to insure earlier receipt of goods because of uncertainty about availability of certain classes and about deliveries. Sup­pliers' overstocks in some Jines threaten to become sltortage11. Both wholesale and retail prfoes turned upward in May. For the first time in months, no major group of retail merchandise showed any · price decline. Retail prices at June 1 (Fairchild Retail Price Index) were 1.2% lower than a year earlier and 3.3% below the 1948 high, hut were still 9.8% above the July 1946 low. In view of sharply diminished profits during the past 16 months, retailers are under two major pressures-­for more effective promotional efforts and for further carefully selective expense reductions. ESTIMAT ES OF TOTAL llETAIL SALES (in thomands) Percent change May 1950 May 1950 Jan.-May 1950 Type of May Jan.-May from from from etore 1950 1950 May 1949 Apr. 1950 J an.-May 1949 TOTAL ----··---$446,006 $2,045,497 + 6.9 + 7.3 + 2.4 Durable goods ___ 191,241 846,270 + 21.0 + 14.0 + 16.7 Nondurable good& !54,7ii 1,199,227 -1.6 + u -6.8 Aided by one more selling day, total retail sales for Texas in May increased 7.3% from April and 6.9% from May 1949. Loss in sales volume of nondurables, 1.6% for May and 5.8% for January-May, was maaked by sales increases for durable goods, 21.0% for May and 16.7% for the five months. The largest increases for May over 1949 were averaged by motor vehicle dealers (35.7%), office and school supply dealers (24.4%), lumber and building material dealers (21.4%), farm implement dealers (13.7%), florists ( 10.0%) and food stores (9.5%). Decreases llETAIL SA.LES TllNDS BY IUNDS OF BUSINUS Sollrce : Burean of Basin-Research in cooperatioa with the Bareaa of tlui Cenaa., U. S. De11&rtment ef Cemmene Perc.nt change N umberof ~---------­ reportin1r Kay 1950 K ay 1950 Jan.-Ma7 1960 •tabliah- from from from menta Hay 190 Apr. 1950 Jo.n.-M.ay 1949 Apparel atoreo ·-·--·-··-261 + 6.1 + 2.7 -0.7 AutomotiTe etoreo --·-··-----!80 + 38.7 + ls.8 + 29.1 Country reneral stores -----59 -12.7 0.5 7.0 Department atores -------8! + 7.t + 7.3 + 2.3 Drug stores --------198 + 2.3 + 1.9 + u Ea tinr and drinking pl•~-101 1.9 + 2.5 LO Fillinl!' 1tatlona -------· 691 -1.0 + 7.1 + i .9 + Florista 53 + 10.0 1.0 2.8 F ood &tores ---------SU + 9.5 + 1.5 + 6.1 F urniture aRd household _ _ 152 + 1.1 + H.O + 9.0 -----··----------+ General merchandise stor• _ J ewelry atoree --­·------­ 65 40 + + 3.0 3.2 + 0.4 + 29.2 5.9 0.0 Lumber, building material and har dware 1toree -------·­au + 18.4 + 13.7 + ~o. s Olli ice, atore a nd school snpply dealeni --­ ---­ 46 + 2U + 5.5 + 8.S appeared for country general ( 12. 7%) and shoe { 4.9%) stores and for filling stations (1.0%). After adjust­ing for the usual seasonal changes between months, furniture and household appliance stores averaged 10.0% better sales than might seasonally be expected, lumber, building material and hardware stores 7.2%, automotive stores 6.3% and total durable goods stores 6.7%. However, drug store sales were off seasonally by 4.2%, apparel stores 3.3%, and jewelry, general merchandise and country general stores and filling sta­tions by 2 to 3%. Eleven of the 12 Texas districts averaged sales in­creases for May over a year ago. With the exception of the Southern Texas Plains, all districts showed in­creases for the first five months of this year over a similar period in 1949. Leaders in May were the Northern (27.7%) and Southern (24.0%) High Plains, the Lower Rio Grande Valley (23.2%) and the Tram­Pecos (22.9%) districts. RETAIL SALES TJlENDS 8Y CITY-SIZE Gll0UP9 Source : Bnreau of Bmlnesa Research in cooperation with the !lureau of the Censa., U. S. Department of Commerce Pttoent chanll'e Number of~---------­ reportinr May 19'0 M.a7 1950 Jan.-Ms:r 1960 •tabliah-from fr&m from Paplll&tlon mente Hay 1949 Apr. 1950 Jan.-May 19'9 Over 100,000 ____________l,477 + 18.6 + 8.4 +l!.0 50,000 to 100,000 ---·-·····--·----225 + &.8 + 11.3 + 4.1 2,500 to 50,00Q --------922 + 15.4 + 7.8 +1u U nder 2.500 --------· U S + 8.S + 6.9 + 9.3 Largest increases were averaged for May by the group of cities over 100,000 population {18.6%) and for the five months in communities of 2,500 to 50,000 (13.2%). Of the 35 cities reported individually, 29 averaged increases for May over a year ago and 30 for the five months of 1950. Largest sales increaaell Ot'el' May 1949 were reported for Plainview (51.2%), Browm­ ville (41.8%), Lubbock (38.5%), Fort Worth (35.9%), Of these papers only 19 reported increases from April Denton (30.9j~), Abilene (29.4%) and San Angelo 1950 but 26 were ahead of May 1949. (28.2%). The five leading cities for the first five months Sales of gasoline subject to tax totaled 210,353 thou­of 1950 were among these same cities--in different sand gallons in April, 6.2% under March but 10.41/(· order-with increases ranging from 18.4 to 38.9%. above April 1949. Sales to the federal government The index (324.4) of total retail sales (based on amounted to 11,281 thousand gallons, or 31.0% up1935-39 and adjusted for seasonal variation) touched from March but 42.9% down from a year ago. The a new high point in May, topping its earlier high of seasonally adjusted index of gasoline sales (1935-39= 323.0 reached in April 1949. Deflated to remove the 100) stood at 223.8 in April against 202.8 a year earlier. elects of price changes, the adjusted total sales index Postal receipts of 69 cities averaged 7.0% over April al 176.9 stood above its earlier high points except 1950 and 9.8% above May 1949. Of these, 32 cities February 1946 (188.8). The durable goods index reported increases over April and 59 cities had increases (4.34.7) also attained a new high point, the earlier top over May 1949. The index of postal receiptii st<>od at being 419.4 in March. For nondurables, the index 303.5 against 278.3 a year ago. (270.6) topped January-March but remained below April 1950 and the 1949 average. POSTAL RECEIPTS CREDIT RATIOS IN DEPARTMENT AND APPAREL STOHS Percent chan~c ( in percent ) Kay 1950 May 1950 KaT Apr. l!aT from from CitT 1950 1950 1949 lilo.y 1949 Apr. 1950 Ratio of Ratio o! credit sal"" collections to TOTAL• .... -------$3,929,837 $3,671,717 $3,580,589 9.8 7.0 Number to net aala• outstandinc•t + + ot reportinc May May May May Borger ------------10,497 7,812 8,679 + 20.9 + S4.4 Claasiftcation stores 1950 1949 1950 1949 Bro.dy --------3,648 3,84' 3,844 + 9.1 -5.1 Brownfield -------4,152 4,874 4,067 + 2.1 -14.8 ALL STORES ------74 66.3 63.7 47.8 50.0 Burnet -----1,510 1,680 1,271 + 18.4 -10.1 ======================= Childreso 4,574 4,489 l!T CITIEI!! ----4,057 + 12.7 + 1.9 57.2 54.6 Cleburne ---------7,869 7,7M i ,174 + 19.4 -5.3 Austin --·-------f 60.4 59.2 Beaumont e7.7 65.2 48.7 52.2 ----------4,601 4,530 4,445 + 3.5 + 1-6 Coleman Crystal City -----2,872 2,150 1,763 + 34.5 + 10.3 Bryan --------49.7 48.0 44.9 49.5 Cleburne ---·-----8 42.7 38.4 49.0 47.0 Del Rio -----····-6,159 1,462 6,667 + 8.7 -4.T Gaineoville e,491 1,on 6,795 + 12.0 -8.0 Corpus Chriati -----I 61.5 58.1 52.3 66.5 --------Dallaa 13 74.0 72.0 47.0 49.2 Gladewater -------4,399 3,499 4,295 + 2.4 + 25.7 El Paao -----57.9 55.3 SS.7 43.1 Graham -----··· 4,036 3,951 3,6!8 + lU + 2.2 Greenville 14,1>58 14,681 12,961 + 12.S 0.8 Fort Worth ------5 62.9 61.8 50.9 53.5 ----­Houst<>n ---------7 65.7 62.3 48.5 46.G -----+ + Harlingen 16,330 16,268 16,481 5.5 0.4 Jacksonville 7,657 7,692 7,655 0.0 -0.5 Lubbock -··----·-----51.0 54.0 52.8 49.5 ----Kenedy 2,392 2,082 2,243 6.G + 14.9 San Antonio _ -----------4 64.6 58.8 46.2 50.7 ------------- + Kerrville 6,169 "375 o,7e4 7.0 -3.:l Waco --------------5 58.8 56.7 55.3 54.5 --------- + BY TYPE OF STORE Lamesa -----------6,811 5,781 6,626 + 21.1 + 17.8 Department atore. (over Littlet'leld -------4,016 3,704 3,747 7.2 + 8-4 + 24, sg.6 Lubbock -----61,09g 61,569 54,277 + 12.6 -0.8 $1 million) -------­66.9 46.0 48.8 Department al<>r.. (under Lufkin --·-----·---11,255 9,597 9,S98 + 19. 8 + 17.3 SI million) ----­10 63.4 51.1 48.1 52.8 Luling ------···· %,619 2,768 2,429 + 3.7 -9.0 Dry iroodi and apparel stores 6 70.9 68.8 59.7 58.4 McAllen -----12,709 13,070 11,766 + 8.0 -2.8 Women's specialty shops _ 20 6'.7 i 2.8 65.0 U .9 :Midland ------24,973 %1,893 %0,52g + 21.7 + 14 .1 lien's clothing stores __ Nacogdoches 7,53, 6,879 7,064 G.7 9.6 14 61.1 59.9 59.1 58.1 -----+ + BY VOLUME OF NET SALES New Braun!elo -·· 8,330 8,452 6,487 + 28.4 -u (1949) Oran~e -----------lP.468 ll,66g 10,670 1.0 -10.3 Over $3,000,000 _____ 20 69.1 66.5 46.4 49.1 Pampa ------11,508 11,928 10,830 + 6.3 -3.5 $3,000,000 down to Sl,500,000 11 57_3 67.0 56.5 !i4.5 Raymondville ----4,396 4,924 4,087 + 7.6 -10.7 Sl,500,000 down to $500,000__ 22 55.4 61.9 53.6 56.3 ------ Seguin ii ,497 6,008 6,018 8.7 -8.5 $500,000 down to $250,000__ 16 50.2 48.0 52.0 61.9 Snyder ---------8,773 7,746 2,806 + 13.3 Leo. than $250,000 _ _ _ _ 6 47.4 47.2 i 0.8 46.9 U valde ------4,597 5,150 3,218 + 4S.l -10.7 ----+ Vernon 7,518 s,e!2 7,103 5.8 -12.8 'Credit aalea divided by net saleo. tCol!eetiona dnrins the month diTided by the tot&! accountt unp&id on •The total includes receipts for cities which are listed individuallT tho tint of the month. u nder "L~al Busineoe Conditions." INDEX OF TEXAS RETAIL SALES ;:.:.....--,--.-ADJ_us-,-Tm_FOR-.SEA_SON.-~_v_10_~.-'9_~_·3r9_•_00..,.---..,.---"""*" ARrl-AT_1,.oo Among individual lines, the sales indexes for auto· motive stores (464.3) and furniture stores (281.7) reached new highs, while lumber and building material (457.5) made its best showing since March 1949 and March 1950. For jewelers the index fell to the lowest point since April 1945. Indexes for soft goods lines, except department stores and eating and drinking places, fell below April registrations. May indexes stood below 1949 averages for general merchandise, country general and food stores, but remained above such averages for apparel, drug and department stores and filling stations. Advertising linage in 34 Texas newspapers in May averaged 1.6% over April and 6.2% above a year ago. Foreign Trade (Tonna1e ft~rea for ex110rt shipments from the principal port• ef tile State· provide an accurate ohyalcal meaeure of Jhe current Yelume of forei1n export trade. Value fi1uree for exports arid lmporta, however, represent a .more common measurement of foreisn trade transactions, but they are subject to adjustment for priceahan1ee.) United States exports in April fell to $808.1 million from $867.8 million in the preceding month, as com­pared with a monthly average of $795.6 million in the first quarter of 1950 and a monthly average of $1 bil­lion in the first quarter of 1949. Total imports also declined from $664.4 million in March to $583.3 mil: Hon in April. This compares with a monthly average for the first quarter of $629.2 million and an average of $552.0 million in 1949, and is about the same as the monthly average for 1948. This continues the trend foward declinine-exports from the postwar hie-h and, despite the decline, imports are back to the level of 1948. The following summary gives some indication of trends in foreign trade by commodity. 1936-38 1947 1948 1949 EXPORTS (mil. of do!.) Wheat -----------------------------------240 909 836 • Wheat flour --------------------------­610 484 165 Coarse grains -------------------------416 154 329 Meats ------------------------------­• 1-56 57 52 Eggs -----------------------------------------100 46 26 Crude petroleum ---------------­91 99 117 98 Petroleum products --------------253 543 540 463 ·Motor fuel and gasoline______ ____ 82 135 134 146 Lubricating oils ---------------------­79 195 198 169 Cotton, unmanufactured --------313 420 503 868 EXPORTS (millions) Wheat, i_ncluding flour (bu.) _ 62 495 502 415 Crude petroleum (bbl.) 65 46 40 33 Motor fuel and gasoline (bbl.) 31 37 27 28 _Lubricating oils (bbl.) ------------. 10 14 14 11 Cotton, unmanufa_ctured (lb.) 2,576 1,328 1,435 2,575 IMPORTS (mil. of dol.) Crude materials -------------------­760 1,766 2,147 1,855 Food stuffs -------------------------------720 1,672 2,003 2,075 Semi-manufactme 2,679,589 4,944,258 -45.8 Average spindle Shiptnente --·---------2,884,099 4,018,723 -40.7 hours ----397 370 249 +59.4 + 7.8 Stocks --·-----··--304,058 1,317,769 -76.9 •In running bale8. {­ 'As of week ending J une 3. t For 4 weeks ending May. 29, 1950. •. Ji·~"· Lumber production in April was 1.6% lower than in March, after adjustment for seasonal variation, and 14.4% greater than in the same period in 1949. The index of lumber shipments fell to 125 for April-4.6% below the March index but 7.8% above the index for April 1949. Gross stocks of lumber remained unchanged from April. The production of cement remained relatively stable during April, showing only a slight increase (1.0%). The 1,445 thousand barrels produced in April was 14.6% higher than total production during the same month last year. Cement shipments declined 11.8% and stocks were up 10.7% from March. Cottonseed crushed, as reflected by its index (1935­39 =lOO), gained 64.0% in April over the March figure. However, cottonseed received at mills declined 10.4% from March and stocks were off 8.0%. Cottonseed re­ceived at mills in April totaled 114,611 tons, as com­pared to only 5,566 tons received during the same period in 1949. This great increase was the result of the un­usually large cotton crop last fall. As a result, cotton­seed is moving to the mills in much greater quantities much later in the year than heretofore. Flour production declined in April, dropping 13.7% from March to a level 6.4% below that of last April. Wheat grindings also showed a 14.4% drop from March to April and a 5.4% decline from April 1949. T EXAS I N DUSTRIAL ACTIVI T Y Sour ces: Southern P ine Association , Bureau of Mines, and Bureau of the Census. Percent change Apr. 1950 Apr. 1950 Apr. Mar. Apr. from from -Item 1950 1950 194~ Apr. 1949 Mar. 1950 Lumber (mlllion board feet) Production 758 766 661 + 14.7 1.0 Shipments 746 785 691 8.0 5.0 + Gross stocks• 1,614 1,602 1,772 -8.9 0.7 + Cement ( 1,000 ba rret.) Production 1,445 1,430 1,261 + 14.6 1.0 + Shipments 1,384 1,569 1,220 + 13.4 -11.8 Stocks• 629 568 857 -26.6 + 10.7 Cottonseed (tons) Received at mills 114,611 127,975 5,566 -10.4 Crushed 144,819 171,138 44,640 -15.4 Stocks 345,746 375,954 64,173 -8.0 W heat Ground (1,000 bushels) 2,397 2,799 2,535 5.4 -14.4 Flour ( 1,000 sacks ) l,033 1,197 1,104 -6.4 -13.7 •E nd of month. One of the most significant developments in manu­facturing circles in the State during May was the trans­ fer of the general offices of the $38 million Dresser Industries, Inc., from Cleveland to Dallas. Dresser Industries, whose 11 subsidiary manufacturing com­ panies last year-sold more than $80 million worth of equipment to the oil and gas industries, manufacture nearly every equipment item required in the production, storage and transmission of oil and gas. Their products also have applications in many other industries--chemi­cal and processing plants, producers of synthetics, oxygen manufacturers, water and sewage systems, radio and television stations and airports. · · · Public Utilities (The sales of public utilities fluctuate leaa than the av~el all businesa but, because the industry requlrea an unuaall1 lerp amount of fixed lnveatment, It la a atrateslc factor In the bua!Mia situation.) · The index of electric power consumption (1935-39= 100), adjusted for seasonal variation, rose slightly dur· ing May. Total power consumption, as compiled from reports of 10 electric power companies to the Bureau, carried the index to 390.3 in May-3.0% above the April figure of 379.0 and 13.0% above the May 1949 index of 345.3. Of the four types of uses, commercial showed the greatest increase (10.3% ) while residential registered the least gain (4.2% ) . . INDEX OF ELECTRIC POWER CONSUMPTION IN TEXAS PERCENT ADJUSTED FOR SEASONAL '41.R!ATION, 193!1-S9•IOO ~ - 400 • 400 - ~ Ir - le .r-t" !.() - - "' ­ 200 ,.. ISO L/' '""' ..... I()() ... ~ ..... I 50 1229 1933 1937 1941 t942 1943 1944 r9-4~ 1946 1947 1948 '"' 1950 While the electric energy production of the United States declined 5.3% from March to April, production in Texas showed a gain of 0.2%. These comparisons are based on reports from the Federal Power Commis­sion. Texas' production of electrical energy is now 16.1% above that of April 1949. The number of telephones in service in the 40 major cities throughout the State rose slightly during May. There are now 1,217,905 telephones in service in these 40 cities-an increase of 11.8% over last year. A total of 13 rural telephone cooperatives have been formed under the Texas law passed in February to bor­row from the Rural Electrification Administration all funds necessary for the extension of telephone lines into new areas. The law does not allow the cooperatives to compete directly with the private telephone concerns, and it allows the private companies until October 28 to provide service to areas now without it. After October 28, however, the cooperatives will be allowed to go into the business of providing telephone service to rural areas which have not received service from private companies. ELECTRIC POWER CONSUMPTION* (in thowianda of kilowatt hours) P ercent change----­ Use May 1950 Apr. 1950 May 1949 May 1950 May 1950 from from May 1949 Apr. 1950 TOTAL ---·----··--· 687,331 646,896 608,332 + 13.0 + Commercial ----·--··-·-152,895 138,563 135,657 + 12.7 + 10.3 6.6 Industrial ··---·-····-·-307,941 291,589 276,154 + 11.5 + Residential ····---120,273 115,413 100,753 + 19.4 + 4.2 4.8 Other ·----·----106,222 101,331 95,768 + 10.9 + •Prepared from reports ·of 10 electric power companies to the Bureau of Business Research. Natural Resources (n. ~uctlon of crude petroleum la a major Industry In Texas, .. tllo cliaa1• In tho volume of production han a direct effect ..-dao lacome produced In the State. Fiirures on the aumber of ..-.lotlona ..,. district• Indicate the atant to which new sourcea .. .0 and sae are boiq developed and tho arooa of tho State in wlilcli drU1lq ...,....UQDa are la proc:-.) Daily average production of crude petroleum in Texas for the four weeks ending June 3 increased 6.1 % over the preceding month. The 2,140,600 barrels produced daily in May was also 13.6% higher than during the ume period last year. Natural gas production for March, the latest month for which figures are available, was up 8.8% from February and 9.9% from March 1949 production. The index of natural gas production, adjusted for seasonal nriation (193~39=100), stood at 417.0, or 13.3% above the February index. The value of carbon black production, which is more 1U1Ceptible to erratic fluctuations than either oil or gas, wu 177.8% above May 1949. However, the $5,562 thousand in carbon black produced in May was still ?.8.0% below April's production value of $7,724 thou­aand. The value of crude oil produced in May was 5.0% above April and 5.3% above May 1949, while the value of natural and casinghead gas produced was up 20.3% from April and 28.3% from May 1949. A 140,500 barrel per day increase in Texas' daily crude oil allowable for June was ordered on May 17 by the Texas Railroad Commission. The boost, achieved by granting one additional producing day, was declared acce~table by national oil executives, but they added that 1t would not promote any reduction in crude imports. A total of 19 producing days was ordered for June. This will mean a daily permissive flow of 2,366,276 barrels of crude as compared to 2,225,876 barrels per day during May. WELL COMPLETIONS Source : The Oil al\d Ga.a JouT1tal Kay 1950* Dlatrict Total Oil Gas Dry -----·· TEXAS -----------­ 1.221 789 56 376 North ~ntral Texas_____ 365 189 171 West Texas ·-· 351 292 56 PanhandleEastern Tex_as_______ 63 37 20 6 85 64 19 Texaa Gulf Coast -----­ 182 110 II 61 Southwest Texas 175 97 15 63 •For 4 weeks ending May 27. 1950. CONSTRUCTION (BecauH of tho accumulatecl tieflcle1tcJ' of bulldln• In an Hctlone of the State, data on the volume of conatruction work are aa atremely important pert of tho buaineaa situation. Buildinl' permit• and contract• awaniecl are both l'&nerally uau to meHur• ltulldba1 activity. ) Estimates of building permits issued in Texas cities during May soared 94.7% above those for the same month of 1949 and were up 18.8% from April of this year. The index of building permits issued in Texas ?ities, adjusted for seasonal variation, jumped to 1098.1 m May (193~39=100) as compared with 726.7 in the previous month and 508.4 for the same month last year. This figure sets an all-time high for building permits issued in Texas. After adjustments for price changes, the May index of building permits stood at 583.8, a 112.3% increase from May 1949. Only three of the 48 reporting cities showed a May-to-May decline in permits issued, and increases were more than tenfold in the cities of Borger, Vernon and San Marcos. O~ly one. class of cons.truction, nonhousekeeping resi­dential, registered a declme (5.0% ) in the year-to-year comparison, and all classifications marked up increases from April to May. Cities within the 50-to-100 thousand population group recorded the largest increases in dollar value of permits issued in both the year-to-year and the month-to-month comparisons. Military construction programs totaling $596 million for six Army and Air Force bases in Texas and one in New Mexico were approved recently by a joint Senate and House committee. Texas bases included in the program are Biggs, Ellington, Gray, Kelly and Lack­land Air Force Bases and Camp Hood. PERCENTAGE CHANGE IN VALUE OF BUILDING PERMITS ISSUED BY TYPE OF CONSTRUCTION* May 1950 May 1950 from from ==--:--=-----------------M---a.y 1949 Apr. 1950 TOTAL ----·---------------+ 94.7 + 18.8 New construction-----·---------­+108.9 + 17.1 Residential -------··-·-----­+ 104.4 + 16.7 Housekeeping ----------------­+ 105.4 + 16. 6 Single family u n it -··--------­+128.9 + 14.0 Multiple family units ----------­+ 18.l + 39.2 N onhousekeeping -----------­-5.0 + 35.1 Nonresidential ------------------------­+121.2 + 18.2 Additions, alterations and repairs -------+ 23.0 + 36.1 . *Only building for which building permits were issued within the incorpor ated area of the city is included. Federal contracts are excluded. All percent changes are based on estimates for the State made from reports of cooper atina: cities. PERCENTAGE CHANGE IN VALUE OF BUILDING PERMITS PRICES ISSUED BY CITY-SIZE GROUPS* May 1950 May 1950 from from Populationt May 1949 Apr. 1950 + 94.7 + 18.8 Over 100,000 ····--··•···------···-·-··---·-···-····­ + 94.3 + 40.3 50,000-100,000 ····--·········-······-··---···-····-·--­ + 165.6 + 43.0 25,000-50,000 ····-···-·····--·-········-···-·······-···----·· + 113.4 - 22.9 Below 25,000 ··--··-··--:---------·-·---­ + 48.5 - 7.4 .•Only building for which building permits were issued within the -incorporated-area of the city is included. Federal contracts are excluded. All percent change• are based on estimate• for the State made from re•orts of cooperatinll cit!•. tl940 Census. Construction activity in the nation continued at record levels which are expected to last through June, with a pos:>ible leveling off later in the year. The construc­tion of private residences still led all other building activity, with new homes equal to more than $3,400 million constructed in the first five months of 1950. Total construction put in place amounted to approxi­mately $2 billion in May and $8 billion for the January· May period of this year. This high level of building activity is being felt in many sections of the nation's economy. The rise in nonagricultural employment has been a primary result of booming construction activi­ties in many areas. Production in many related indus­tries, such as furniture, household appliance and lum­ber, has skyrocketed. The lumber industry for the most part has been unable to meet demands, and a rise in prices has been predicted for later this year when winter weather slows down production. However, latest indications are that lumber mills may be catching up with current demand. An added impetus may be given building activity if savings and loan associations reduce interest rates and increase the number of "no down payment" loans for homes. According to one authority, Texas, North and South Carolina, Georgia and Florida are the leaders in the nation's housing picture. Businessmen in all fields related to construction activity should continue to watch the picture carefully, and builders should be especially cautious in selling too far in advance of construction !n order to avoid losses arising from sudden price mcreases. The number of loans by savings and loan associa­tions increased 49.2% from May of last year with all categories showing advances. Dollar value of loans also increased with "construction" rising 98.1 %. CONSTRUCTION CONTRACTS (valu~ in thousands) Source: Texa.s Contractor Percent change · Type of buildinll lrlay 1950 Apr. 1950 May 1949 11.ay 1950 May 1950 from from May 1949 Apr. 1950 TOTAL -····--······--·$88,636 $61,920 $77,595 + 14.2 + 4U En11:ineerin11: -·······-· 17~ 178 6,232 10,374 + 65.6 Nonresidential ~···­34,962 21,311 21,850 + 60.0. + 64.1 ' Rooldentlal · ........... : . 36,496 34,377 45.371 -19.6 + 6.2 (ChaairH In th• level of orlceo are ae lmportut to bualHum •• cbaz:irea In the volume of preductioa anol aalea. .The laolex of co'":. •umera prlc.ee represent• chances la •rices at retail; the laolex •f wltelHale •rices la a moaaure of chanirH la the •rice• of cemmod"tl la •rimary marlreta.) 1 11 The 1.1% rise in the index of consumer prices in H?uston from 170.6 in May 1949 to 172.4 in May of this year can be attributed to increases in the cost of rent and miscellaneous items. The consumer price i':1dex for the United States showed only a fractional nse ~r~m April, reaching its November 1949 level but re~ammg below the average level prevailing for the entire year of 1949. INDEXES OF CONSUMERS' PRICES (1985-39 =100) Source: Bureau of Labor Statistics, U. S. Department of Labor Percent change Group May 1950 Apr. 1950 May 1949 May 1950 May 1960 from from May 19~9 Apr. 1950 HOUSTON, ALL ITEMS.. 172.4 171.9 170.6 + 1.1 +o.s Food ·········--······-····--········--·­205.5 205.1 211.3 -2.7 + 0.2 Clothing -----------------­-------­ 195.2 195.7 204.3 - 4.5 - o.s Rent --------····--···--------------·--­-144.5 143.2 123.1 +17.4 + 0.9 Fuel, electricity and ice...... 98.4 98.4 99.4 - 1.0 o.u tf!ousefurnishings --------------­ 184.0 184.0 189.0 - 2.6 . 0.0 Miscellaneous ---­------------------­158.4 157.9 153.5 + 3.2 + o.s UNITED STATES, ALL ITEMS ·-··----········ 168.6 167.8 169.2 - 0.4 + 0.8 In the year-to-year comparison, clothing prices in Houston took the largest drop ( 4.5 % ) , food and house· furnishings prices followed with declines of 2.7 and 2.6%, respectively, while fuel, electricity and ice re­c_orded the smallest decrease ( 1.0% ). With the excep· hon of a very slight decline in clothing prices, all components of the Houston index remained stationary or recorded only fractional rises from April to May. Although a surplus of stored agricultural products was expected to prevent sharp rises in food prices, a recent survey indicates that food prices have crept to their highest point in 17 months, with little real relief in sight before fall. In the retail price picture, the National Retail Dry ~oods Association reported that prices of merchandise m department stores fell 4.8% in 1949 from 1948. This price decline was accompanied by a 6% drop in department store sales. The weekly index of wholesale prices in the United States, compiled by the Bureau of Labor Statistics, continued the upward movement which began in the early part of April and stood at 156.8 (1926=100) on ·May 30, the highest point since April 23, 1949, and 1.5% more than the index on May 2 of this year. The index of grain prices at .wholesale in May rose 14.7% from May 1949. Prices of farm products advanced further than other items at wholesale in the month-to· month picture. Farm products, foods, meats, ·chemical and allied products and textiles showed· declines · in the year-to-year comparisons with· only grain·· and LOCAL BUSINESS 'CONDITIONS Percent change Percent change City and item May 1950 May 1950 from May 1949 May 1950 from Apr. 1950 City and item May 1960 May 1960 from May 1949 May 1960 from Apr. 1950 ABILENE: BEAUMONT: Retail sales -----·-·--···--·······-···­Department and apparel store sales__ + 29.4 + 20.3 + + 8.4 2.8 Retail sales __ :·­-······-·····-··-··­-·--·--­Automotive stores ·-----····-------·---·­- + 6.8 + 19.6 + 11.8 + 15.3 Postal receipt& ·-·----····---··-··$ Building permits -------···-$ 44,705 1,013,338 + 11.l + 14.9 + 3.4 10.6 Furniture and household stores ....... . General merchandise stores ---------­ 26.7 + 0.8 + 19.8 + 8.6 Bank debits to individual accounts Lu;,1ber, building material (thousands) -··-----------$ End-or-month deposits (thousands)• $ Annual rate of deposit turnover ___ Air express shipment.s -·-·--·····-----­__ 44,494 46,042 12.l 300 + 43.6 + 6.3 + SG.O + 92.3 + 9.1 + 4.3 + 6.1 + 42.2 and hardware stores -------·----------­Department and apparel store sales___ Postal receipts ············-···--··-··············$ Building permits -··-·····-········-···-··········$ 61,801 820,381 + 14.6 + 1.0 + 2.4 + 36.7 + 22.0 + 6.7 + 4.3 -44.4 Unemployment ----------·-·------·· Placements in employment --------­----­Nonagricultural civilian labor force__ 800 686 19,850 -44.8 -63.6 + 3.9 -11.l + 26.6 + 1.8 Air express shipments ----···-······-··-·­Bank debits to individual accounts (thousands ) ····--­·-··--·--··--······-$ 833 97,893 11.4 + 9.4 + 9.0 8.4 End-of-month deposits (thousands )• $ 90,430 - 7.6 0.0 Annual rate of deposit turnover ··-····-· 13.0 + 19.8 + 3.2· AMARILLO: Unemployment (area) -·-·······-·---·· 9,400 + 34.3 + S.6 Retail sales ----------·-····-·---····-­Apparel stores ------·---------· Automotive stores -------··--­Furniture and household stores____ _ Lumber, building material and hardware stores -----------­ + 26.7 + 9.9 + 69.7 -22.0 18.8 + 8.1 8.3 + 14.6 3.1 + 7.3 Placements in employment (area) ..... . Nonagricultural civilian labor force (area) ···--··--··--------·-·-··········· Export and coastal cars unloaded ·---­Water-borne commerce (tons) ·--------­ l ,632 76,600 122 12.274 12.1 0.0 + 16.2 +113.5 19.8 + Lt 65.0 -63.4 Department and apparel store sales_ Postal receipts ·--··---·-·-······-·--· ____$ 83,869 Building permits --·····--·-············-··­$ 1,564,753 Air express shipments ------····---··· 643 Bank debits to individual accounts (thousands) -··--·--·---···--$ End-or-month deposits (thousands)• $ 100,089 95,326 + 7.7 + 5.4 + 40.1 + 29.4 + 22.4 + 14.3 2.5 2.0 42.2 + 14.6 + 2.4 + 3.6 BIG SPRING: Retail sales ···········--·---·····--······-······· Department and apparel store sales.... Postal receipts ·--··-···-···-··--···-----$ Air express shipments ---·----------------­ 12,219 56 + 16.6 + 14.1 + 1.9 + 22.2 + 9.9 4.5 + 16.6 8.3 Annual rate of deposit turnover -----­Unemployment -····----····--·····-···­Placement.a in employment ----------­Nonagricultural civilian labor force _ 12.8 l,250 l,199 36,800 + 7.6 16.7 2.3 + 0.3 + 0.8 3.8 1.2 0.0 BROWNWOOD: Retail sales ··­----····-···-······-·-·········-·­Department and apparel store sales .. _ + 1.9 6.5 + 14.5 5.0 Postal receipts ··-···----·----········-··$ 12,836 + 8.0 1.7 Building permits -····-······--··--····-···-$ 897,368 + 141.6 +187.0 AUSTIN: Retail sales -··----·--···--·-··-·-··-··-· Apparel stores ···-··---··-·-···-·­Automotive stores -·-----------­ + 10.9 -5.0 + 26.1 + 4.6 -21.8 + 12.0 Bank debits to individual accounts (thouaands) ··············-········---·-···-··$ End-or-month deposits (thousands)• $ Air express shipments --------­-----­ 11,814 13,523 29 + 33.4 + 13.9 + 46.0 + 22.5 + 2.2 12.1 Furniture and household stores ---­ + 6.8 + 22.7 Lumber, building material and hardware stores -----·---­ + 13.5 + 1.4 BRYAN: Department and apparel store sales__ + 2.8 0.2 Department and apparel store sales_ - 4.4 + 14.3 Poetal receipts -·--·-···········--··· $ 178,784 + 17.5 + 42.l Postal receipts ··-·-······-·-··-·-·······--······$ 9,782 - 9.2 21.4 Building permits ----·-·-··-·· _______$ 6,062,692 + 230.9 + 141.0 Building permits ······-········--······--·-··-··$ 219,966 + 89.2 + 28.2 Air express shipments -------­-----­ 580 + 40.8 + 6.8 Air express shipments -----·------­------­ 27 -20.6 + 28.G Bank debits to individual accounts (thousands) --····------··­End-or-month deposits (thousands)• $ $ 123, 725 114,422 + 18.8 + 8.6 + + 1.1 0.9 CISCO: Annual rate of deposit turnover ___ Unemployment ·-··--·----­­Placements in employment ----·­Nonagricultural civilian labor force ... 13.1 l,560 1,458 46,010 + 9.2 11.9 + 81.4 + 1.7 + + + 2.3 4.0 8.0 0.3 Retail sales ·--··-··-····-·--·--·········­·­P ostal receipts ·-·---·-··········---------­$ Bank debits to individual accounts (thousands) ···-····-~---····--------·-·-··$ 3,154 1,989 + 6.6 9.1 7.3 0.5 6.1 + 12.0 End-of-month deposits (thousands)• $ 3,463 + 8.6 + 7.0 BROWNSVILLE: Retail sales ----------­·­ + 41.8 + 16.2 CORSICANA: Department and apparel store sales _ Postal receipts ····-------·-·---S 16,863 + 11.l + 6.6 15.9 + 2.5 Department and apparel store sales._ P ostal receipts --·······--·--·-------$ 9,292 -- 0.6 1.3 + 8.1 -10.4 Building permits ------·---···-$ Air express shipments --------. 553,267 396 + 15.8 + 63 .3 + 33 8 Building permitS 7 ·-··········----··--·---$ Ba nk debits to individual accounts 113,646 + 182.7 + 39.9 Export cars unloaded -------­Coaatal cars unloaded -­··-·--­Water-borne commerce (tons) ___ 304 40 74,172 10.3 + 11.1 + 64.l + 2.0 28.6 11.2 ( thousands) -··--······-·····----··-······$ End-of-month deposits (thousands)• $ Annual rate of deposit turnover ------­ 9,861 20,760 5.6 + 13.4 + 5.4 + 6.7 + 8.9-. 0.1 + ll.7 •Exclud' $ 95,244 1.2 + 2.4 Annual rate of deposit turnover -----­8.5 + ~.7 + 1.2 DENTON: ,.7 Unemployment (area) -----··--·-· 3,050 + 1.7 Retail •ales ··········-··········----···---···--·--··-+ 30.9 + 2.4 Placements in employment (a rea) ·-··­619 + 0.8 + 5.Y Department and apparel store sales__ _ + 18.3 + 6.3 Nonagricultural civilian labor force Postal receipts ------·-··-··--·-···-----$ 14,357 + 2.3 14.1 51,300 2.8 0.5 (area) ·-----·---·-----·---­Buildinll: permits ····-----------------------$ 439,050 + 238.6 + 94.4 Export and coastal cars unloaded --8,838 -31.4 + 9.1 •Excludes depotita to cr&dit of banka. •Excludee depoeit. to credit of banka. CONDITIONS Pucent change Percent chan~e )lay Kay 1950 from May 1950 from )(ay )(ay 1950 from May 1950 from City and item 1950 Kay 1949 Apr. 1950 City and item 1950 May 1949 Apr. 1950 HENDERSON : Li\REDO: P06tal receipts Building permits Bank debits to individual accounts (tbmaands) f;nd-of-month deposits (thousands) • S $ 5,6Sl 50,500 2,5 4 13,362 -5.6 + 48.5 + 24.2 + o. -1.9 + 20.6 -4.7 Department and apparel •tore salea.._ Postal receipts ------­-·--$ Ba nk debits to individual accounts (thousands) $ End-of-month deposits (thousands)• $ Annual rate of deposit turnover _ __ 18,489 18,585 23,385 9.2 + 12.2 + 2.4 + 18.4 + 7.4 + 2.2 2.9 0.7 + 16.4 -5.1 + 12.2 HOUSTON: Export cars unloaded -­---­Electric power consumption (thous. 274 + 3.0 + 33.0 Retail aales + 10.8 + 7.2 k.w.h.) 3,806 + 41.2 + 25.8 Apparel 1tores Automotive stores -­--Drug stores Eating and drinking places ­___ + 6.3 + S9.0 -1.5 + 11.9 + 9.3 + 14.5 + 0.7 + i .O Natural gas consumption (thous. cu. ft. ) -------·­-----­·­-Tourists enterin.ir Mexico --­-­Tourist cars enterinfl: Me..."'t.ico ---­ 35,940 8,784 2,485 -14.0 + 32.7 + 19.6 -19.3 + 5.8 -3.9 Pilling stations Food stores -------­ + 4.4 + 13.7 + 7. + 0.6 Furn;ture a nd household stores General merchandise stores ___ Lumber, building material and hardware stores ----­Department and a pparel store sales_ Postal receipts $ 671,747 Building permits $14,164,391 -11.4 -12.8 + 7.7 + 2.0 + 9.6 + 72.0 + 8.0 + 2.9 + 18.9 + 9.0 + 10.2 + 29.1 LOCKHART: Postal receipts ---­-­-----$ Building perm its --­--·---$ Bank debits to individual accounts (thousands) $ End-of-month deposits (thousands) • $ 2,364 26,300 2,819 4,584 + 5.8 + lS.7 + 6.8 -4.8 + 16.4 + 8.4 0.8 Air express shipments ______ _ 5,125 + 12.1 + 16.2 Bank debits to individual accounts (thousands) End-of-month deposi (thousands) • Annual rate of deposit turnover __ nemployment (area ) -----­Placements in employm ent (area) _ 1,116,701 995,953 13.6 18,500 5,183 + 13.4 + 9.2 + 3. -21.5 + 9.0 + 5.2 + 2.1 + 3.0 12.9 + 8.6 ODESSA: Retail sales -­-­-­-­-­-·­Department and apparel store sales_ . P ostal receipts -·---------$ Building permits $ 20,157 813,166 + 14.8 + 14.5 + 0.2 + 49.1 + 8.8 13.l 10.0 + 2.2 Nonagricultural civilian labor force (uea ) Export and C083tal cars unloaded _ 835,800 2,938 + 0.9 -57.8 0.4 + 23.3 Bank debits to individual accoun ts (thousands) -­---­-·---·$ End-of-month deposits (thousands) • $ 23,802 22,711 + 25.0 + 33.3 + 4.4 + 5.6 Manufacturing employment ___ 69,825 0.2 + 1.3 Air e."tpress shipments ------­ 209 + 29.8 + 19.4 Nonmano!3cturing employment __ 252,450 + 2.7 - 0.1 PARIS: LUBBOCK: Retail sales -----·----­ + 38.5 + 0.8 Retail sales Department and apparel store sale;e_ _ + + 6.8 6.1 + 1.3 -16.5 Apparel stor... Automotive stores -----­ + 2.3 + 46.2 - 22.0 0.2 Postal receipts --·­----­-·-­..$ Building permits ----­·--·----$ 11,396 48,545 + 15.0 + 72.6 Furniture and household stores __ + 50.2 6.6 Bank debits to individual accounts General merchandise stores --­ + 7.5 + 2.3 (thousands) $ 10,839 + 12.3 - 0.8 Lumber, building material End-of-month deposits (thousands)• $ 14,841 + 7.7 + 1.0 and hardware stores -----­Department and appar"1 store sales_ + 107.2 + 6.9 + 27.0 -11.6 Air express shipment.! -­----­ 60 +233.3 + 53.8 Postal receipts $ 61,098 + 12.6 - 0.8 Buildlng permita _________$ 1,760,878 + 105.8 -50.1 PORT ARTHUR: B&nk debi to indivjdual accounts (thousands ) $ End-of-month deposi (thousand& ) • S Annual rate of de:posit turnover __ nemployment Placements in employment ---­Nonagricultural civilian labor force_ 80,575 86,121 11.5 800 1,166 27,600 + 48.2 + 43.l + 7.5 -11.1 + 39.1 + 0.9 + 18.4 + 6.1 + 12.7 -11.l + 19.6 + 0.7 Retail .ales -­--­--­-­-­Apparel 1tores Automotive storee -­----­Furniture and household stores _ _ General merchandise stores _ _ _ Department and apparel store aalea_ Postal receipt& . ___g 26,208 -9.3 + 22.0 + 28.9 -43.0 -30.4 -15.6 -8.3 + 14.6 -4.7 + 28.6 + 94.0 + 7.8 + 2.2 1.0 Building permits ___..____$ 378,518 + 2.8 6.2 ~IARSHALL: Air exp?"tSs shipments ___ ..___ Bank deo1ts to individual accounts 121 - 36.0 + 28.7 ~tail sales --­-­--­-­Department and apparel store sales_ Postal receipts ----­---­ 14,653 + 1.8 0.6 + 9.2 + 7.1 + 6.i + 8.0 (thousands) -----­--·--' End-of-month deposita (thousands) • $ Annual rate of deposit turnover __ 29,317 40,739 8.9 -11.9 + 0.2 -11.0 + 1.2 6.1 1.1 Building permits -------­ 72,707 + 25.8 -52.S Unemployment -­-------­ 9,400 + 34.3 + 3.6 Bank debits to individual accounts (thousands) End-of-month deposits (thousand&) • $ $ 10,755 18,463 + 14.5 + 7.4 + + 0.9 0.2 P lacements in employment ---­Nonairricultural civilian labor force ·­Export cara unloaded ---­..·--­ 1,632 76,600 6 -12.1 0.0 -99.6 -19.8 + 1.1 -94.8 •ExcJud.. de1><>1ita to credit o! bank&. *Exclud• depooita to credit o! banu. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change !. " Percent change ··~ May 1950 May 1950 May 1950 May 1950 May from . from May from from City and item 1950 May 1949 Apr. 1950 City and item 1950 May 1949 Apr. 1960 PLAINVIEW: TEXARKANA: Retail sales ------···-···-·······--·-···· + 51.2 + 3.0 Retail sales ··--··----------~----···---·­+ 7.3 + 7.9 Department and apparel store sales.... + 13.9 1.6 Department and apparel store sales .... 3.7 -2.0 Postal receipts ------·-···-·-···--··----····-$ 9,278 + 15.0 5.4 Postal receipts ··--·-----------------····· .$ 35,421 + 5.6 + 17.7 Building permits ···········-···-·········-······-·$ 121,800 + 64.6 7.7 Bank debits to individual accounts Bank debits to Individual accounts (thousands ) ····-··-------------···-···-$ 25,791 + 14.1 2.4 (thousands) --····-····--····-···--······$ 13,208 + 31.8 2.9 End-of-month deposits (thousands)• $ 22,836 + 2.1 2.5 E nd-of-month deposits (thousands)• $ 17,580 + 20.6 1.1 Annual rate of deposit turnover ·-------­7.9 + 12.9 + 1.3 Air express shipments 61 + 41.9 + 38.6 Air express shipments ----·--···········------­91 + 42.2 -10.8 Unemployment -----------···············-·····----·· 3,000 -16.7 -25.0 Placements in employment -------···-···· 561 0.5 1.2SAN ANGELO: Nonagricultural civilian labor force ... 33,850 -5.3 2.3 - Retail sales ---· ··········-·-·······-················ + 28.2 + 13.7 Department and apparel store sales .... + 13.0 + 0.3 Postal receipts ··--·····-···-·······-·····-····--·-$ 31,326 + 5.1 5.5 TEMPLE: Building· permits ·-··-············-·-·············-$ 1,018,258 +408.8 15.4 Retail sales --····--··········· ····--------·-····-·-+ 1.6 + 1.8 Bank debits to individual accounts Department and apparel store sales .... + 1.4 + 3.5 (thousands) --···------------·--------·-··------$ 46,701 + 77.1 + 52.3 Postal receipts ··--·--·-···-········-· ····--·--· $ 16,621 + 7.4 -12.1 End-of-month deposits (thousands )• $ 46,945 + 21.6 + 7.6 397,041 Building permits ·······------········-···---$ + 87.8 + 81.7 Annual rate of deposit turnover --------­12.4 + 49.4 + 47.6 Air express shipments --·----·--67 + 69.5 + 69.5 Air express shipments -----------------------­478 -2.2 + 25.8 Unemployment ------···············-----·-··--···· 1,000 + 25.0 4.8 - Placements in employment ------------------­561 + 54.5 10.7 TEXAS CITY: Nonagricultural civilian labor force.._ 19,900 + 12.7 + 5.0 Postal receipts ·······-------···----------·--···· $ 9,294 + 15.6 -0.6 Building permits .... --·····-----·-···-········--$ 77,044 -31.0 -62.5 SAN ,ANTO~O: Bank debits to individual accounts (thousands) ··-·········--·····--····-·----····-$ 12,607 -7.4 + 5.8 Retail sales ···········-···-----------·····-···-·--····· + 12.4 + 5.6 End-of-month deposits (thousands)• $ 12,286 -10.1 Apparel stores ···········-········------········­-0.7 4.3 + 2.4 Unemployment (area) ··---·····-··-········· 3,050 + 1.7 4.7 Automotive stores --------------------------+ 34.3 + 12.0 Placements in employment (area) ···-­519 + 0.8 + 5.7 Drug stores ··---------------------------------+ 4.4 + 0.2 Nonagricultural civilian labor force Eating and drinking places ··········-·· 1.4 1.6 (area) ----------------············-·····--· 51,300 2.8 0.5 Filling stations -----------------------------3.0 + 4.9 Coastal cars unloaded ····-····-······--·-·· 681 + 69.4 + 11.6 Food stores ······-·--·--·-···-·········-··-······ + 2.3 0.9 Furniture and household stores ----­+ 21.9 + 18.0 General merchandise stores ·-·······--·· + 14.6 + 7.3 _Lumber, building material WACO: and hardware stores -----··-·-··---·--·-· + 49.2 + 24.8 Retail sales + 16.7 +17.7 Department and apparel store sales___ + 11.3 + 5.2 Apparel stores ---·---·-----------­+ 8.2 -2.1 Postal receipts ················-------·-···---------$ 377,896 + 14.0 + 15.1 Automotive stores ---···-----·---·-­+ 29.5 + 28.8 Building permits ··--·-·-···---·····---·-···------$ 3,894,050 + 11.6 + 8.0 Department stores -----------------------·-·-­+ 6.3 + 9.3 Air express shipments -----····------·-------3.005 + 21.8 + 13.4 Furniture and household stores ------+ 7.3 + 23.7 Bank debits to individual accounts Department and apparel store sales ___ + 6.7 + 6.7 ( thousanc,ls) -·······--------................ $ 314,845 + 27.2 + 8.6 Postal receipts ·-···-·······-·--------·-···-·····$ 79,327 0.6 3.1 End-of-month deposits (thousands)• S 348,692 + 10.6 + 1.2 Building permits -··-··-··------········-$ 1,087 ,485 + 66.1 0.2 Annual rate of deposit turnover -·-·-­10.9 + 13.5 + 7.9 Air express shipments -----····-····-····· 225 -7.8 + 9.2 Una"1ployment ------·---······-·-·-··········­ 6,000 + 33.3 7.7 Bank debits to individual accounts Placements in employment ·-·-·-·······-···--2,948 + 4.7 + 13.0 (thousands ) --------······-----$ 59,437 + 29.9 12.9 Nonagricllltural civilian labor force___ 157 ,500 0.6 0.1 End-of-month deposits (thousands)• $ 65,174 -2.1 ...., 7.1 Annual rate of deposit turnover ---··-··· 10.6 + 27.7 7.0 Unemployment ·----------·-·--------­1,900 5.0 5.0 SHERMAN: Placements in employment ------·-­617 9.4 + 4.9 Retail sales ·····--·--··-·--·················-······-·· + 17.2 + 2.1 Nonagricultural civilian labor force__ 43,950 2.5 0.6 Department and apparel store sales .... 0.7 2.0 Postal receipts ···-·········-···········-·····-----$ 19,388 + 12.3 + 24.1 92,193 9.0 WICHITA FALLS: Building permits ······-····-·····-·····-·········$ -23.9 Retail sales ········-·-···-···-····--····--····-+ 10.6 + 1.1 Department and apparel store sales.... + 6.3 + 9.8 TYLER: Postal receipts ---·------··-····-··--······$ 59,934 + 30.1 + 9.5 -66.9 Retail sales ---···---······---··············--·-+ 17.7 + 16.0 Building permits -·····-----·-····-····-$ 332,924 + 11.5 Department and apparel store sales._ + 11.4 + 8.4 Bank debits tO individual accounts Postal receipts -------····---·-·······-$ 37,158 + 11.3 3.5 (thousands) --·-·----------···--·$ 62,498 + 18.2 + 1.7 Building permits -·-··-··-----·····-····--$ 512,145 + 40.9 + 59.6 End-of-month deposits (thousands)• $ 91,157 + 14.4 + 1.8 Bank debits to individual accounts Annual rate of deposit turnover ---··­8.3 + 3.8 + 1.2 -22.6 (thousands) ·----------·-····-·······-·$ 44,220 + 22.1 + 2.0 Air express shipments --·--·-···--·-··­221 + 6.8 E'nd-o!-month deposits (thousands)• $ 51,319 + 1.3 + 0.2 Unemployment -----·--····-······-···-·­1,025 19.3 -9.3 · Annual rate of deposit turnover ·-···-· 10.3 + 19.8 + 2.0 Placements in employment ·-·-··----·· 827 + 49.5 + 81.3 , Air expres~ shipments -------·--·---·-265 -41.6 + 62.6 Nonagricultural civilian labor force.... 34,875 + 7.4 + 0.7 •Excludes deposits to credit of banks. •Excludes deposits to credit of banks: INDllES OF WHOLESALE P RICES IN THE UNITED STATES (1926 = 100) Source: Bureau of Labor Statistics, U . S. Department of Labor Percent cha.nge Group May SO 1950 May2 1950 May31 1949 May 30, 1950 from May 31, 19(9 May 30, 1950 from May2, 1950 ALL COMMODITIES -·-156.8 154.5 156.2 + 0.4 + 1.5 Farm products . 167.5 162.7 173.l - 3.2 + 3.0 Foods 161.5 158.8 165.8 - 2.6 + l.7 All commoditi.. other than farm and food_ 147.6 146.7 146.0 + 1.1 + 0.6 Textile ·-­185.6 135.4 138.8 - 2.3 + 0.1 Fuo.l and l.U:hting material ---­ 132.9 132.l 130.0 + 2.2 + 0.6 Metal and metal products 171.3 169.6 167.6 + 2.2 + l.O Building materials __ 199.3 194.5 192.0 + 3.8 + 2.5 Chemicals and allied products ----·­ 116.1 116.7 118.3 -l.9 - 0.5 Spo.cial indexes Grain ·-171.9 172.5 149.9 +14.7 - 0.3 Livestock 229.( 209.8 224.3 + 2.3 + 9.3 Meats 238.7 229.2 239.3 - 0.3 + 4.1 chemical and allied products recording declines from the preceding month. It is significant that the wholesale price index has turned up after its slump for the greater part of 1949 md the first three months of 1950. Increasing demand, despite continued high production, is serving as an impetus to the price advances of major raw materials. Following high levels of construction activity, building material prices have been on the upgrade since the August 1949 low, but lumber prices have shown the sharpest movement upward. Rising prices in most fields can be expected as long as business activity continues at boom levels, and the Brookings Institute, in a study released last month, suggests that high income taxes are playing an im­portant part in price increases. Federal farm price supports are holding up present price levels although large surpluses of agricultural products have been a counterbalancing factor. Other factors which have combined to reverse earlier downward price movements are the veterans' insurance refunds, strikes in major industries earlier in the year, farm subsidy programs, foreign aid programs of the United States and the critical international situation. The situation in Korea, if it continues, will most probably serve as a motivating force for further price increases, but rises brought about entirely by this situation could not be expected to continue for long il the crisis is averted. Indexes of consumer prices (1939=100) for Nor· way, Sweden, Canada, the United States and the United Kingdom. based on official figures, show a movement upward from 1939. in all countries, with a slight dip in all except Norway in 1946. In 1949 the indexes for all five countries were very close together, with the United Kingdom reporting the highest index of con­sumer prices and Norway the lowest. AGRICULTURE Income (The amount of Income recel•ed by t.nn.... la a complete •••ure ef th• p...,.perlty of a...-lculture, tekl•• late account both the ••lume •f product• aold aa.d the prlc• recel•ed. Since tbe market!..• ef ...,,. producta are concentrated la certala aeaaona ef tlle yMr, It la lmportaat that the uta ... adjuated for .......u variatlo• ........ ta Now the bulc c:haaa• In tlae altuatiena of qrlcultun.) Total farm cash income for the State in May was 23.5% above April and 1.0% above May of last year, The Edwards Plateau led the State in total income, followed closely by the Northern High Plains, the Red Bed Plains and the Southern Texas Prairies. The ma· jority of this income was from cattle sales, with income from flaxseed having an additional effect in the Southern Texas Prairies. · INDEX OF FARM CASH INCOME IN TEXAS ADJUSTED FOR SEASCWAL \ARIATION, 1935 -39 r 100 PER::ENT PERCENT 900 900 . I I 200 . 100 .. . ,.. ""' "tTV I ll t~ •'I n.. )I. T\,I ~ " II LI I 700 '°° 400 00 00 IOOO 0 1929 933 1937 1941 1942 194 3 1944 1945 1946 1947 1948 1949 1900 The increase in total State income for May over April was the continuation of an upward trend which began in March of this year. Some portion of this rising income can be attributed to the expected sea­ sonal upturn that occurs in the spring of each year. However, even considering this seasonal swing, the first five months of 1950 were 6.9% above the corre­sponding period in 1949. This is exactly the reverse of the national picture. The Department of AgriCul­ture expects 1950 cash income for the nation's farmers to be well under 1949 totals. Through the first three FARM CASH INCOME• Indexes, 1935-39=100, adjusted f or seasonal variation A m ount (in thousands) District May 1950 April 1950 May 1949 January-May 1960 19( 9 ' :TEXAS ·-·­276.0 212.9 276.( $334,184 $312,616 1-N 1-S --­740.2 ---···· 274.3 481.0 215.3 510.0 219.9 53,070 38,375 45,503 26,333 2 -------643.5 213.9 250.4 36,951 25,086 3 ----­331.l 345.4 242.1 16,123 15,84Q 4 -··----169.2 157.8 157.5 83,378 34,l4i 5 -----··--­213.7 182.8 241.1 18,243 15 .• 257 6 -·----·--­141.5 128. l 133.0 9,149 9,563 7 -----­299.8 314.7 269.3 32,366 29,038 g ---·--­386.5 203.6 585.8 32,475 38,265 9 --·-·· 555.4 383. l 673.5 24,078 31,972 10 ---­449.6 329.7 518.6 22,196 21 ,34 1 iO-A ---· 200.3 122.3 308.9 22,780 20,277 •Fa.rm cub income u computed by the Bureau undentat<9 actual !arm cash Income by from 6 to 10%. This situation r..ulta from the fact that m"6n1 of securinr complete local m a.rketinp, especially. by truck, have not yet been fully developed. In addition, meana have not yet been developed for computln1r caah income from all a1rricultural specialties of local Importance h• ae&tured a.reu. · Thia 1ituatlon doea" not impa.ir the accuracy of index•. · Northern High Ploins 1-N months of this year Texas ranked third in the nation in farm income, with only Iowa and Illinois exceeding Texas for the first quarter. Of the 12 crop-reporting districts of Texas, seven showed an increase in income for the total of the first five months as compared with the first five months of last year. The middle sector of the State from the Panhandle to the Valley carried the bulk of the in­crease. The Southern High Plains and the Red Bed Plains both showed increases of over 45%. The Coastal Prairies showed the largest deficit with a loss of 24. 7);: from last year for the year-to-date comparison. The seasonally adjusted index of farm cash income for May 1950 reached 276.0, 29.6% above April of this year and nearly equal to May of last year when it stood at 276.4. The expected poor wheat crop, com­bined with decreasing prices received by farmers, will probably bring farm income down in the succeeding months. Although wheat prospects have improved some­what in most parts of the State due to favorable rains during May, tl e wheat crop for the State as a whole is expected to be only one-fourth of normal. The yield per acre is forecast at 9.0 bushels compared with 14.5 bushels last year. The index of prices for all farm products in Texas for May showed a slight gain over the preceding month but was down 3.1% from May 1949. Although about half of the farm prices dropped from April to May, wool, livestock, feed grain and other prices were up enough to carry the index of all prices up to 1.1 '/~ above April. National farm prices advanced 2.5% between mid­April and mid-May. They are now at the highest level since September 1949. The Department of Agriculture said that higher prices for hogs, together with increases in prices of most other mea·t animals, cotton, wool, soy beans and corn, raised the general average. Prices paid by farmers for materials used in production and for general living expenses increased about 1.2%. INDEXES OF PRICES RECEIVED BT FARMER! (1909-U =100) Source : Bureau ot Airricultural Economics, U. S. Department ot Airriculture P ercent change Indexes May(unadjua ted) 1950 Apr. 1950 May 1949 Kay 1950 May 1950 from from May 1949 Apr. 1950 A LL F ARM PRODUCTS _ 277 274 286 8.1 + 1.1 All crops ------­226 225 240 -5.8 + 0.4 Food grain ---------220 222 242 -9.1 0.9 Feed grains and hay ___ 167 163 179 -6.7 + 2.5 Potatoes and sweet potatoes 176 180 231 -23.8 2.2 F ruit ---­------­179 179 28 o.o T ruck crops ------­229 242 323 -29.1 5.4 Cotton ----------­235 233 24 8 5.2 + 0.9 Oil-bearing crops ------­225 221 240 -6.3 + 1.8 L ivestock a nd pl'oducts -----846 340 347 -0.3 + 1.8 Meat animals -------442 428 415 + 6.5 + 3.3 Dairy p roducts -----­218 229 244 -10.7 4.8 Poultry and eggs --------179 187 252 -29.0 4.3 Wool -------------­385 360 366 + 5.2 + 6.9 As generally happens in the Spring, meat prices have been rising. Prices paid farmers for meat animals were up 6.5% from last year and 3.3% from last month. Feed grains were 2.5 % above April, thus making it less economical to feed livestock and consequently causing meat prices to rise. The most outstanding jump in prices was that expe· rienced by mohair. Late in the month adult mohair was up to 75 cents from April's 65 cents, while kid rose from 85 cents to $1.00 per pound. Wool prices showed a corresponding increase of 5.2% over last year and 6.9% over April. The level of all commodity prices has turned upward with the increase in the demand for goods and services, ~nd a certain amount of speculation on the prospects of mflation. is appearing in the financial news. The sharp upturn m the wholesale price index of the Bureau of ~abo~ Statistics measures in general the effect of these mfl~t1onary factors . .The weekly price index rose steadily ?urmg. May, and the estimate for the May monthly mdex 1s 156.1 compared to 152.9 for April. The prices of farm products contributed more to this increase than the prices of manufactured goods, but all lines shared in the rise. The consumer price index of the Bureau of Labor Statistics for Houston rose from 171.9 in April to 172.4 in May, while for the United States the con­sumer price index rose from 167.3 to 168.6. The retail price of foods accounted for a major portion of the increase. .----------------------------, INDEX OF WHOLESALE PRICES IN TlfE UNITED STATES 1939 t940 1941 1942 194.3 1944 194~ 1946 t947 1948 tMI l9'0 The reversal of the downward trend of prices has been slow in occurring in comparison with the move­ment of the other major elements of the business situa­ tion. However, it now appears to be definitely under way, but probably represents merely a norma~ P.art of the high level of demand rather than the begmnmg of a period of runaway inflation. Total shipments of livestock are increasing as would be expected with prices going up. May shipments were 31.7% above May 1949 and 6.7% above April of this vear. Sheep shipments demonstrated the most outstanding gain over last month, while cattle ship­ments increased the most over last year. Total sheep shipments were up 155.7% from April with the ma­jority of shipments being made out of the State. Cattle shipments showed a 44.2% increase over May 1949. The major portion of out-of-State shipments went to Colorado and Kansas country points where the cattle will be fattened for mid-summer sales. SHIPMENTS OF LIVESTOClll: (In carloads) • Source : Bureau of Business R esearch In cooperation with the Bureau of A~ricultural Economics, U . S. Department of Agriculture Percent change Classification May 1950 Apr. 1950t May 1949 May 1950 May 1950 from from May 1949 Apr . 1950 TOTAL SHIPMENTS 9,959 9,330 7,561 + 31.7 + 6.7 Cattle -------· 6,414 7,260 4,447 + 44.2 -11.7 Calves -----·­Hogs ---------­ 561 864 461 780 512 608 + 9.6 + 42.1 + 21.7 + 10.8 Sheep --·-----­ 2,120 829 1,994 + 6.3 INTERSTATE PLUS FORT WORTH ·-··-·­ 9,588 8,974 6,911 + 38.7 + 6.8 Cattle --------·­ 6,107 7,001 3,926 + 55.6 -12.8 Calves --·------­Hogs ---·---­Sheep ·-·--··-·-·--·· 538 856 2,087 393 775 805 471 600 1,9 14 + 14.2 + 42.7 + 9.0 + 36.9 + 10.5 INTRASTATE MINUS FORT WORTHt --­Cattle ------­ 371 307 356 259 650 521 -- 42.9 41.1 + 4.2 + 18.5 Calves -----­Hogs ---·--·--­Sheep --------­ 23 8 33 68 24 41 8 80 -43.9 0.0 -58.8 -66.2 + 60.0 + 37.5 ' Rail-car baais : cattle, SO head per car: calves, 60: hogs, 80 ; and aheep, 250. tlntrutate truck shipments are not included. Fort Worth shipment. are combined with interstate forwardings in order that the bulk of market disappearance for the month may be ahown. t Revised on the basis of corrected reports. Meat supplies through September of this year are expected to be slightly larger than last year, with pork being the major factor of increase. Consumption of meat per capita in the United States is expected to be normal through September, but in the final quarter consumption of all meat may rise one pound or more over that of the comparable 1949 period. Rail shipments of fruits and vegetable& showed some increase over April but were substantially below those of May 1949. Total shipments for this month were 10.1% above last month and 24.3% below May of RAIL SHIPMENTS OF FRUIT AND VEGETABLES (in carloads) Source: Compiled from reports of Bureau of Agricultural E'conomloo, u. s. Department of Agriculture Percent change---­ May 1950 Item May 1950 Apr. 1950 May 1949 from May 1949 TOTAL --------­ 6,762 6,141 8,934 -24.3 Beets -------------­ 21 60 17 + 23.5 Beets and carrots -···----­ 5 41 0 Cabbage --------------·· 7 70 10 -30.0 Cantaloupes ------------------­ 145 0 64 Carrots -----------------­ 315 873 723 - 56.4 Corn -----------------­ 592 260 1,075 -44.9 Cucumbers ---------------­ 28 25 188 - 85.1 Mixed vegetables ---------­ 178 598 143 + 24.5 Onions ----------------------­ 1,709 2,544 2,608 -34.5 Parsley ------------------­ 32 40 11 Potatoes ---------------­ 8 275 28 -71.4 T omatoes ----------­ 3,628 1,210 3,967 -8.5 Watermelon -------------­ 88 0 98 -10.2 All other --------·-·-·-­ 6 145 2 last year. This month-to-month increase was a con­tinuation of a rising trend which began early in the year but whose rate of increase is falling off rapidly. Shipments of individual commodities fluctuated erratically both from last month and last year. This is to be expected because of the variable seasonal pat­terns that are so much a part of farm products. Corn and tomatoes exhibited large seasonal increases of nearly 200% from April levels. The tomato season generally begins in May in the Jacksonville region. Although some tomato areas suffered severe hail dam­age while a fungus disease has disturbed others, it is hoped that these areas can recover and receive higli COLD STORAGE HOLDINGS Source : Production and Marketing Adminl.otration, U.S. D