TEXAS BUSINESS REVIEW A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS BUREAU OF BUSINESS RESEARCH COLI.EGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS VOL. XXVI, NO. 9 OCTOBER 1952 Profile of Texas population Population change, by eonntiee:. 194-0 • 1950' =~e~;;an 20 Increase (%) 1114-0. 75 -Over 75· I l LJ Leu than 10 Decrease (%) 'UDD/J 10 • ao 1111 -Over 30 TWENTY CENTS A COPY TWO DOLLARS A YEAR The Business Situation 1n Texas The index of business activity in Texas compiled by the Bureau of Business Research rose sharply in Septem­ber, bringing it to 270% of the 1935-39 base pe~iod. T~is level, only one point below the high of 271 registered 1_n February 1952, restores practically all of the losses this index has suffered since last winter. May, June and July showed rather sharp declines, reflecting primarily labor disturbances in the steel and refining industries. August, however, recovered from this downward trend with an increase of 2%, and September continued the new trend with a rise of 5 % . In spite of the decline in the index of business activity during the summer months of 1952, no month during 1952 was below the average for the ~ear 1951. This means that 1952 to date has shown the high­est level of business ever reached in Texas. The average for the first nine months of 1952 was 262, compared to an average of 251 for the whole year of 1951, and 249 for the first nine months of 1951. The general conclusion that business in Texas showed an improvement over the summer months seems to apply equally well to business all over the United States. In­dustries that had been feeling the effects of the steel strike resumed full-scale operations. To the continued ex­pansion in the output of defense goods and capital equip­ment for industry is being added an increase in output of many consumer goods that have been somewhat slow for the past few months. The index of industrial production compiled by the Board of Governors of the Federal Re­serve System rose sharply between August and September, and preliminary estimates place the September level at approximately the all-time high reached last winter. The rise in activity in Texas was felt in all phases of business and was distributed more uniformly than is usually the case. All seven of the components of the index of business activity rose after adjustment for seasonal variation. The greatest increase was in urban building permits adjusted for price changes which rose 16% from August. This rise restored the loss suffered in August, but the level of building permits is still substantially be­low the first half of 1952. Miscellaneous freight carload­ings rose 10% to establish the highest level of any month in 1952, one point above February, which for most series was the peak month this year. Crude oil production and crude runs to stills each increased 6%, while retail sales and industrial electric power consumption were each up 4% . The tabulation of the component series making up the composite index is given below. INDEX OF BUSINESS ACTIVITY IN TEXAS AND COMPONENT SERIES (adjusted for seasonal variation) 1935-39=100 Sept Aug Percent Indexes Weight 1952 1952 change Index of Business Activity (Composite) _______ 100.0 270* 258• + 6 Retail sales, adjusted for price chang..,_ 47.7 224• 215 + 4 Industrial power consumption ---14.8 533 512 + ' Crude oil runs to stills -------4.5 226 214 + 6 Electric power consumption ----8.0 646 635 + 2 Miscellaneous freight car!oadings___ 17.6 156 142 +10 Urban building permits, adjusted for price changes ---·-----+16 3.8 178• 153 Crude petroleum production ------8.6 238 22' + 6 •Preliminary. The industrial component of Texas business continues to rise vigorously, after the declines of April and May. It was pointed out during the summer in these columns that when the labor disturbances that had brought the slow-down in Texas industry were settled, there was every reason to believe that industrial activity would swing back up to the high level pevailing before the strikes. The 4% rises in industrial power consumption in August and again in September restored most of the loss due to the strikes; the September level of 533 was onlv five points below the peak month, April 1952. INDEX OF TEXAS BUSINESS ACTIVITY All phases of industrial activity in Texas continue to expand as investment in plant and equipment proceeds at a rapid rate. The Bureau's latest quarterly list of new and expanded manufacturing plants in Texas, available upon request, gives a detailed account of the industrial growth that the state is undergoing. The output of these new fa. cilities goes to raise the state's industrial production, which accounts for an increasingly large proportion of total income in Texas. Employment in manufacturing con­cerns is still rising; August 1952 manufacturing em­ployment was 421,000 compared with an average of 398,000 in 1951. Pay rolls of manufacturing concerns are becoming an increasingly important factor in total income payments to individuals in Texas. Between 1940 and 1951, manu­facturing pay rolls increased 158% for the United States, but during the same period in Texas manufacturing pay rolls increased 351 %. In 1940 manufacturing pay rolls produced 9.0% of total income payments to individuals in Texas, but in 1951 the percentage had risen to 12.2%. These data are compiled annually by the United States Department of Commerce for all states, and serve as a comparable measure of shifts in the pattern of the economy of the United States. In August the Department of Commerce and the Se­ curities and Exchange Commission collected reports from businesses on anticipated capital expenditures for the third and fourth quarters of 1952. Estimates based on these reports indicate that expenditures in the third quar­ ter of 1952 will prove to have been as large as the first and second quarters, and that in the fourth quarter this form of investment will be still greater. Increases were expected in manufacturing, mining, railroads, and public utilities during the fourth quarter. On the basis of the estimates made in August, it ap­ pears that the year 1952 will set another record for ex­ penditures for plant and equipment in the United States. In 1951 expenditures for this type of capital goods ex­ ceeded $26 billion, but the estimates for 1952 indicate a total of approximately $27.5 billion. Although no com­ plete estimates of capital expenditures are available for Texas, the evidence on the industrialization of the state indicates that capital expenditures in Texas have been in­ creasing faster than for the country as a whole. This ele­ ment remains the most dynamic factor in the business situation, and as long as it remains at the present high level it seems to insure a continuation of good business. For the United States new construction put in place in­creased . in September, after adjustment for seasonal vari­ation, ending a decline that has held for five months, since the all-time high was recorded in March. Data on new construction put in place is not available for Texas; the best information on building is the estimate of the value of new urban building authorized, computed from building permits. In September the value of permits is­sued increased 16%, after having declined rather con­sistently for six months. Construction put in place would be a better measure of this phase of business, but the' information available on the value of building authorized as evidenced by the issuance of a permit, gives a reason­ably accurate picture of what is happening. The trend of construction in Texas seems to be following the general course of the industry in the rest of the country, and it is evident that in spite of rather gloomy predictions, 1952 is going to be another big year for construction. Building permits issued during 1952 have been at a rate nearly four times as high as in the pre-war period, and even after allowance for the rise in costs this is a large volume of building. Consumer expenditures, which represent the largest component of business activity in Texas, increased during September, although this increase in the total volume re­sulted from some widely different performances by indi­vidual types of business. A rise of 25% in sales of auto­motive dealers was chiefly responsible for the increase, but the decline in sales of automotive dealers was likewise the chief factor responsible for the decline in sales during the summer months. The sales of nondurable-goods stores have fluctuated relatively little during 1952; the highest month for the index was August, with a value of 404, and the lowest month was March, which registered 375. Thus the lowest month was only 7% below the peak month. The average index of sales of nondurable-goods stores for the first nine months of 1952 was 392, compared with an average of 375 for the 12 months of 1951. However, the index of sales of durable-goods stores averaged 644 for the first nine months of 1952 and 670 for the same part of 1951. Comparison of data on consumer expeditures for the United States during the first nine months of 1952 as against the year 1951 shows essentially the same patterns as the comparison for Texas; the difference is no greater than would be expected from the fact that both sets of data are based on samples. · The level of commodity prices reflects the strong de­mand for goods, and since June the index of wholesale prices has been moving up slightly. Farm prices show some variations, reflecting differences in the supply situ­ation, but in general, industrial and consumer goods are showing little tendency to drop further. Yet, there appears no immediate indication that any runaway inflation is in prospect. The great volume of production of all kinds of goods seems to have removed the dangers of an unreason­able rise in prices, but at the same time the large volume of income payments indicates a demand strong enough to prevent any substantial decline. Inventories do not seem to be excessive, and no great change in the level of prices appears likely in the near future . INDEX OF BANK DEBITS IN TEXAS Ptru.llt ,..,'*"'' 800 100 700 •oo 000 <00 200 200 000 The index of bank debits in Texas shown in the ac­companying chart rose 3% between August and Septem­ber, after allowance for seasonal rnriation. This places the index 11 % above a year ago; for the first nine months of 1952 it was 7% aboYe the average of the year 1951. JoHN R. STOCKTON TEXAS BUSINESS REVIEW Robert H. Ryan ·······-················-······ ············-·········· .......Managing Editor College of Business Administration, ,The University of Texas J. Anderson Fitzgerald. ..Consultin1r Dean Business Research Council William R. Spriegel (ex officio), A. Hamilton Chute, F . L. Cox, Elizabeth Lanham, R. H. Montgomery, C. Aubrey Smith, and Charis E. Walker. STAFF OF THE BUREAU OF BUSINESS RESEARCH John R. Stockton Director Stanley A. Arbingast Marjorie T. Cornwell Assistant Director Research Supervisor Resources Specialist Stella Traweek C011sulting Statistician A. Hamilton Chute Richard C. Henshaw, Jr. Retailing Specialist Statistician Raymond V. Lesikar Rese~rch Associate Robert H . Ryan Frank T . Cadena Research A ssociate Research Associate Jo Overstreet Statistical Assistant Elizabeth Bodenstein William Lowe Informational Writer Statiatical Assistant Alfred G. Dale Mary Ann Nobles Fletcher H. Etheridge Research Assistant Publications Assistant Research Assistant Charlotte Bellah Grace Eulenfeld Beverly Webb Statiatical Clerk Judy Vaughan Statistical Clerk Secretaries Gus F . White Joanne Barry Field Representative Libraru Assistant Assistants Bob Arburn, Howard Brady, Ben Cummins, Tom Greer, Olin Hardwick, Della Henry, Benny Hill, Calvin Jayroe, Vera Jeffrey, Bill Kiblinger, Richard Lee, Sylva Macrides, Gene Myrick, Bob Nixon, Leola Norman, Ann Roche, Howard Rose, and Jack Stillinger. Cooperating Faculty A. B. Cox Charis E. Walker Professor of Assistant Professor Cotton Marketing of Finance TABLE OF CONTENTS The Business Situation in Texas....................... 2 Construction ·····-···-·······-····-····-····--···············-············ 4 Retail Trade -··-·····-··-·-···············-······-························ 6 [ndustrial Production -·························-···-····-···········-8 Agriculture --------··..... ·-----------.. ·------------....··--------·· 10 Cotton ····--------·······---·--------····-----------·······----------------11 Labor _______ __ _ ·······-··---------·· .--------·---·-···--------· .. 12 Prices ...... ·--------··· ·-----------···------------··· ...·----·-----------13 Finance --------· ......------------···--------· --·· 14 Profile of Texas population: 7,711,194 Texans in 1950________ _ 16 Local and Business Conditions___ __ ___ .. ___ ___ 18 Barometers of Texas Business -······· ·········-··· 24 Published monthly by the Bureau of Business Research College of Business Administration, The University of Texas, A~stin 12. Entered as second class ma.tter May 7, 1928 at the post office a\ Austi'1, Texas, under the act of August 24, 1912. Content of thia publication ia not copyrighted and may be reproduced freely. Acknowledgement of source will be appreciated. Subscription $2.00 a J"ear ; Individual copies, 20 cents. ' CONSTRUCTION Sharp rise. The Bureau's seasonally adjusted index of building permit values climbed nearly 17% from August to September in response to the suspension of credit controls. The market for new construction in Texas showed more than average strength when compared with total new construction outside Texas, which experienced a small decline in September. INDEX OF VALUE OF BU IL DING PERMITS IN TEXAS Needs for construction material controls are vanishing, and it is expected that self-authorization will he per· mitted early in 1953 for recreational, entertainment, amusement, and highway construction. The national picture. Expenditures for new con· struction in September totaled $3,112 million, about the same as in August, according to preliminary estimates of the U. S. Labor Department's Bureau of Labor Statistics, U. S. Department of Labor and the Building Materials Division, U. S. Department of Commerce. In September outlays exceeded the $3-billion mark for the third con· secutive month, to round out the largest quarterly volume on record-$9.3 billion, in contrast to $8.7 billion in third-quarter 1951. In most major construction categories, activity during September continued at high levels which is usual for this time of year. Private expenditures totaled $2,037 million, and public $1,075 million. Comparing the record volume for July-September 1952 with that for third-quarter 1951, private residential building and public utilities construction were higher, and private nonresidential building was lower, each by 9% . Private new construction activity as a whole was up by 3%. All major types of new public construction, ex­cept public housing, also showed an increase over the year; the entire public sector was 13% greater. For the first nine months combined, private expendi­tures this year ($16.1 billion) were slightly under last year's total. In contrast, public construction ($8.1 hi!· lion) was up by a fifth, largely as a result of increased federal spending for military, atomic energy, and defense plant facilities, particularly in the first half of the year. Texas building up. The value of permits issued dur· ing September increased 16% from the August level. However, total urban construction for the first nine months of this year remained 5% below the same period of 1951. Nonresidential building experienced a momen· tous increase of 50% from August to September and now stands 20% below the first nine months of last year. Residential construction did not increase significantly; it was up only 3% from August to bring the nine-month total to a negligible 1% above 1951. The important classes of building showing the most ~ignificant increases during September were institution· al building (+2,383%), nonhousekeeping residential ( + 1,229%) , office and bank building ( +208%), stores and other mercantile building ( + 140%) and apartment building (+171%) . The only major classes of building marking up im­portant increases above last year during the first nine months of 1952 were two family units (+50%), addi­tions, alterations, and repairs to residential buildings ( + 10% ), stores and other mercantile buildings ( +6%), three-and four-family units (+ 10% ), factories and workshops ( +4%), and churches ( +2%). ESTIMATES OF BUILDING PERMITS ISSUED (in thouaanda) Source: Bureau of Business Research in cooperation with the l!ureau of Labor Statistics, U.S. Department of Labor January-September Sept Percent Claasification 1952• 1952 1951 change All building permits_ $ 54,623 $485,836 $510,345 5 Kind of construction New construction ··--­ 48,056 424,174 452,189 - 6 Residential -----31,724 300,657 297,911 + 1 Housekeeping ----­ 31,126 298,555 294,133 + 2 Single family ---­- 29,251 272,346 268,871 + 1 Multiple family ---­ 1,875 26,209 25,262 + 4 N onhousekeeping --­ 598 2,102 8,778 -44 Nonresidential -----­ 16,382 123,517 154,228 -20 Additions, alteration•, and repairs -·----­ 6,567 61,162 58,206 + ~ Clty-aize group (Population, 1940 Cenaus) Over 100,000 -------­ 27,607 214,183 255,737 -16 50,000 to 100,000 ----­25,000 to 50,000 ----­ 8,823 5,670 87,735 49,081 85,196 89,965 + 3 + 23 Under 25,000 ------­ 12,623 134,387 129,447 + 4 Only building for which permits were issued within the inoorporated area of the city is included. Federal contracts are excluded. •Preliminary. Permit~ were issued for 4,497 new urban dwelling units in September, an increase of 68 over August and 227 above September 1951. Contracts awarded. Construction contracts awarded Texas during the first eight months of this year were 5% less in total volume than those awarded during the same period of 1951. All classes are below last year's levels eJOO 300 !00 200 000 000 WELL COMPLETIONS Source: The Oil And Ga.a Jovmal September 1952• Jan-8ept Region Oil Gas Dry Total 1952 1961 Texaa_______ 554 68 489 1,111 13,100 12,(20 North Central Texas_ 157 2 187 346 4,122 3,783 West Texas 193 a 100 296 4,022 3,763 Panhandle 15 ------20 11 46 516 622 Eastern Texas ___ 20 3 18 41 692 899 Texas Gulf Coast __ 77 23 94 194 1,959 1,715 Southwest Texas __ 92 17 79 188 1,790 1,738 •For four weeks ending~ep;;mher..;2;.;, ,;;;;,;2·;.... S.;.::;..;te=;,;7.:.195,;;;________. considerably. If annual production is said to he 2 bil­lion barrels-the actual figure is even larger than that­the casual observer of the industry might conclude that within two decades the petroleum assets of the nation will be exhausted. This popular fallacy is based upon a mis· conception of the term reserves. Estimates of proved re· serves include only the amount of crude oil and con­ seasonally adjusted index from August to September. In the absence of a direct measure of the over-all activity in Texas industry, this index represents the general trend with considerable accuracy. ELECTRIC POWER CONSU.HPTION (in thousands of kilowatt-hours) Percent chan&"e Sept 1952 Sept 1952 Sept Aug Sept from from Use 1952 1952 1951 Sept 1951 Aug 1952 Total--~-1,346,350 1,346,906 1,159,924 + 16 x Commercial __ 271,004 272,325 245,481 + 10 x Industrial _____ 655,458 538,609 501,931 + 11 + 3 densate that is known to be recoverable under current economic conditions and by the use of present production methods. The estimates do not purport to show the total amount of oil that will ultimately be produced in the nation, unquestionably a much greater figure. Oil three leagues to sea. Pre-election campaigning drew unprecedented attention to one promising and largely unexplored source of petroleum, the Texas tide­lands. Claims were made that the issue of tidelands con­trol was no issue at all for there was little oil in the dis· puted territory. However, up to May 1950, when the current federal suit brought an end to state reports on tideland production, 20 offshore wells had been drilled in Texas, and five of them were producing then. Residential 241,976 238,688 225,637 7 1 ----+ + Other --------277,912 297,284 186,875 + 49 7 Prepa.red from report.8 of 10 electric power companiea to the Bureau of Business Research. xChange is less than one half of one percent. Texas oil reserves. More than half the known re· serves of petroleum in the United States lies in Texas fields. Figures announced in the annual report of the American Petroleum Institute and the American Gas As­sociation indicate that by the end of 1951, Texas reserves amounted to 18.2 billion barrels, including natural gas liquids. As the result of intensified oil exploration in the state, some 80% of the increase in estimated national re­serves during 1951 was in Texas, a net increase of 2.1 billion barrels. This figure becomes more significant when it is noted that 1.1 billion barrels of oil were withdrawn from Texas pools during the year, leaving a net gain of about a billion barrels. That is, Texas oil was discovered during 1951 at nearly twice the rate that it was used. This surplus may be growing none too soon, however. Taking inventory of the nation's oil reserves and poten­tial needs, the Texas Mid-Continent Oil and Gas As­sociation has forecasted that by 1975 consumption of petroleum will have increased 109%. The association looks for a 75 './t: growth in the total fuel needs of passen­ger cars and a 150~{ increase for trucks and buses, and for domestic heating. Aircraft fuel and jet fuel require­ments may reach 500 to 1,000% of the present volume within 25 years. What are "reserves?" During the three years 1949­51, the national stock of oil grew from 2.3 billion barrels to 32 billion, and the rate of production also expanded Texas Land Commissioner Bascom Giles reports that the state has received $8,977,045 in oil and gas bonuses, rentals, and royalties from the tidelands tracts; yet state REPORTED PETROLEUM PRODUCTION (in barrela) Source: Oil and Gu Dlvla!on, Railroad Comm!a1ion of Tena January-June Oil and gas June Percent district 1952 1952 1951 change Texas 79,121,916 491,155,652 478,453,048 + 3 District 1 964,312 5,986,351 5,850,332 + 2 District 2 4,234,591 28,046,755 28,490,239 -2 District 3 ----12,728,106 81,079,232 83,843,229 -3 District 4 -------7,100,183 46,041,895 44,713,176 + 3 District 5 ··-----1,616,376 10,319,392 9,067,298 +u District 6 _____ 11,615,739 70,473,581 69,327,701 + 2 District 7b ------2,777,511 16,006,653 14,541,247 + 10 District 7c _____ 4,161,996 23,599,477 15,710,381 + 50 District 8 ------26,653,243 166,844,325 163,153,862 + 2 District 9 ----·-4,895,038 28,562,891 28,117,293 + 2 District 10 ---------2,374,821 14,695,100 15,640,340 -s INDEX OF CRUDE PETROLEUM PRODUCTION IN TEXAS P1tc111t ADJUSTED FOR SEASONAL VAIUATION, 193,-39• IOO ..... ... 2'0 "' 200 ''° "' '" "0 "' "' "' 000 ''° " " 00 1940 ~ 194l 1943 1944 19•) t,46 1947 1941 1949 ~•o lt)I " TEXA5 INDUSTIUAL ACTIVITY Source: Bureau of the Census, U.S. Department of Commerce; Bureau of Mines, U. S. Department of the Interior; and State Comptroller of Public Accounts INDEX OF CRUDE OIL RUNS TO STILLS IN TEXAS llEFINltRT llTOCIU (in tbousanda of barrels) Source: Th• Oil rind Gu JouM\al Percent change Sept 1952 Sept 1952 Area and Sept Aug Sept from from product 1g52 1952 1951 Sept 1951 Aug 1952 United States Gasoline ----122,468 117,240 112,8~6 + 9 + 4 Distillate ------------104,170 101,948 97,019 + 7 + 2 Residual -------49,014 52,296 47,569 + s -6 Kerosene - ----36,171 32,080 83,837 + 7 + 13 Texas Gasoline -------20,936 20,159 21,153 -1 + 4 --------+ + 17 Distillate 14,612 12,479 13,977 5 Residual -----9,479 9,041 7,817 + 21 + 5 Kerosene ------4,470 4,592 6,187 -28 -3 Figureo shown for week ending nearest last day of month. leases are outstanding on only 159,329 acres out of the 2.6 million acres claimed by Texas under its annexation agreement of 1846. Texas' declaration of dependence. In spite of the rapid growth of chemical industry in Texas, the state is still far from independent of chemical production in other parts of the country. A study just completed by the Texas Engineering Experiment Station shows that Texas im· ported an estimated $135 million worth of chemicals from other states last year, and total chemical imports of all the southern states may run as high as $1 billion. The report suggests that Texas chemical manufacturers are not yet turning out enough finished products for local use. While the import of certain commodities may always be necessary and desirable, there is reason to think that improved marketing techniques within the Gulf area might cut transportation costs and streamline distribu· tion. The TEES study particularly emphasized the $30 million total of industrial inorganic chemicals-alkalies and chlorine, acids, and other heavy chemicals-brought into Texas in 1951 to supplement massive local produc­tion of many of the same products. MANUFACTURE OF DAIRY PRODUCT! Percent change Sept 1952 Sept 1952 Sept Aug Sept from from Product 1952 1952 1951 Sept 1951 Aug 1952 Total production In milk 941ulvalent (000'• Ibo) ________________ 38,145 48,764 45,634 -16 -22 Creamery butter (OOO's lbs) ___ 405 580 606 -20 -30 Ice cream (OOO's gals) ______ 2,114 2,556 2,298 -8 -17 American cheese (OOO's lbs) _ 208 323 277 -25 -36 Cottage cheese (OOO's lbs) ...... 893 422 442 -13 -7 All others (OOO's lbs)._______ 973 1,260 2,116 -54 -23 Milk equivalent of dairy product. ia calculated from production data. Percent cbanir• Item Sept 1952 Aug 1952 Sept 1951 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 Value of carbon black produced (000'•> --­ $ 2,546 $ 3,625 $ 1,141 +123 - 80 Cotton (In running bales) Cotton consumed _ _ 11,779 11,602 11,547 + 2 + 2 Linters consumed __ 3,223 2,881 1,475 + 119 + 12 Cottonseed (tons) Received at mills__ 243,122 212,045 207,284 + 17 + 15 Crushed ------128,228 64,363 127,709 x + 99 Stocks, end-of-month _ 324,598 209,704 329,090 -1 + 55 Crude oil Value --------$215,088 $204,860 $190,477 + 13 + 5 Production (bbls) __ 83,529 79,436 73,735 -l-13 + 5 Runs to still• (bbl•) -64,517 61,819 55,895 + 15 + 4 Value of natural and casinghead gao (OOO'o) ___ $ 27,906 $ 27,037 $ 15,267 + 83 + 3 xChange is less than one half of one percent. t For four weeks ending September 27, 1952. Texas industrial expansion checklist: 1. Steel pipe and oilfield tubular goods will soon roll from the $73-million mill being added to the Lone Star Steel plant in the pine hills between Daingerfield and Longview. 2. El Paso Natural Gas Company is engaged in a Sl76­million expansion program including new purification and dehydration plants and gas line absorption plants at Driver, Midkiff, Pembrook, and Pampa and a recoYery plant at Wasson. 3. The heavy power demands of electrol)1ic aluminum refining in the 895-million Alcoa expansion at Sandow will be met by a new $62-million Texas Power and Li~ht Company installation there. 4-. New ethylene dichloride towers are poking skyward at Freeport in the Dow Chemical plant, currently the scene of a multimillion-dollar building program which in­cludes new facilities for the production of magnesium, heavy chemicals, and synthetics. Expansion in Dow's Texas Division has been so rapid that construction people have equalled and sometimes exceeded the number of production workers. 5. Nearly twice the originally scheduled number of Buick Oldsmobile, and Pontiac passenger cars will come from General :Motors' assembly line in Arlington after completion of the plant early next fall. Changes in :\ayy plans for construction of Grumann-designed planes in. the giant dual-purpose plant will allow production of many more automobiles than originally expected. 6. Within about two years, l\IcGregor farmers may be plowing fields just across the fence from a rocket plant, the former Bluebonnet Ordnance works, to be reactiYated and operated by Phillips Petroleum Company for the Air Force. Take-off rockets and rocket fuel s will be manu· factured on the 18,500-acre site when com·ersion and new construction are finished, and already owners of adjacent lands are being briefed on security and safety regulations, which require that certain nearby areas be erncuated. ROBERT H. RYA::\" AGRICULTURE Drouth continues. Once again the Texas drouth dom· inate! the state's agricultural news. For the 28th consecu· tive month (the state average) drouthy conditions prevail throughout most of the state's crop lands. So severe has the drouth become that many are calling it the " worst in history"; indeed, most of the state has been declared. a disaster relief area. Because of the lack of surface m01s· ture, there has been little planting of next season's wheat, oats, and clover crops, which should be up and growing now. And growth of such winter crops as have been planted remains at a critical standstill. . Since pasture feed conditions have dropped to their lowest fall level in nearly 20 years, federal relief in the form of drouth-aid hay has begun to come into the state in quantity. This hay, bought by the government in areas where it is plentiful, is being sold to drouth-area farmers at market price less transportation cost. Stock water, too, has become critical, particularly in areas where surface tanks and streams provide the major aource of supply. Only in the eastern plateau, south central, and coastal counties, where torrential rains broke the drouth in mid­September, are crop and range conditions favorable. In these isolated spots green grasslands give promise of the best fall grazing conditions in recent years. But elsewhere in the state stockmen are tightening up their belts and preparing their bankers for another hard winter. FARM CASH INCOME (In thoaaanda) January-September Percent Commodity 1952 1951 change Te&&•--·--·---·-·-· $1,145,8&4 $1,801,034 -12 Cotton 212,696 826,522 ------------35 Cottonaeed 79,024 63,112 + 25 Wheat ------------58,084 21,441 +171 Oata -------------6,363 6,297 + 1 Corn -----------------15,632 17,802 -lZ Grain aor~bum -----·-49,740 51,033 -8 Flaueed 3,159 248 -----------+1174 Peanuts --------!,738 5,410 -49 Rice 31,108 20,563 + 51 Cattle --------------224,344 287,448 -22 CalYea ----------------------56,084 80,795 -31 Hoga -·---------------23,799 29,347 -19 Sheep and lambs 18,479 29,166 -·-----37 Wool --------·-23,H2 40,702 -42 Mohair 11,017 9,067 ---------------+ 22 Poultry 51,036 45,204 ----------------+ 18 Egga ·----------------56,480 63,224 -11 Milk and milk produeta ·----168,605 159,644 6 + Fruit and v~tables -----54,089 44,009 + 23 Farm eash lneome aa computed by the Bureau understates actual farm caah income by from 6 to 10%. Thia situation result. from the fac' that means of aecuring complete local marketings, especially by tM1ck, have not yet been fully developed. In addition, means have not yet been developed for computing caah income from all agricultural apecialtiea ef local importance in acattered areaa. Thia aituation does aot impair the ac4uracy of the Index shown on page 24. Crop prospects spotty. In spite of the drouth, the harvest of crops such as cotton, corn, rice, and pecans is turning out better than had been expected, according to the Bureau of Agricultural Economics. Anticipated cotton production as of October 1 stood at 3,600,000 bales down 12% from last year's 4,074,000 but 20% larger than the 1949-50 average of 3,020,000 bales. The ex. pected corn yield is only slightly lower than in 1951 (39,117,000 bushels as compared with 42,143,000 bu. shels) but well below the ten-year average of 56,981 000 bushels. Rice, produced almost wholly in the rain-~ich INDEXES OF PRICES RECEIVED BY FARMERS IN TEXAS (1909-14=100) Source: Bureau of A&'ricultural Economics, U. S. Department of Agriculture Percent change Sept 1952 Sept 196: Sept A\11' Sept from fromProduct 1952 1952 1961 Sept 1951 Auii 1962 All farm proclucu__ 828 888 343 -4 -2 All crop•--·-------314 812 268 + 17 + 1 Food grains 242 238 212 +14 + 2 Feed grains and hay --··--237 280 202 +17 + 3 Potatoes and sweet potatoes__ 320 275 215 +49 -15 Fruit -----------242 242 47 +415 0 Truck crops ·-------487 462 410 +19 + 6 Cotton ---· 809 310 271 +14 Oil-bearing cropa ------887 836 311 + 8 x Livestock and producu.. _ 346 861 444 -22 Meat animals -------------388 425 554 -so + + 2 Dairy products 288 281 274 5 Poultry and eggs -----300 269 312 -4 +12 Wool 829 842 441 -25 ­ ' xChange la leaa than one half of one percent. coastal country, is expected to reach 13,402,000 equiva· lent 100-pound bags, substantially higher than the 8,668,­000 average of last year's production. And this year's pecan crop, an estimated 33 million pounds, should have little difficulty in exceeding the short 1951 crop of 5 million pound». On the other hand, production prospects for such crops as grain sorghums, hay, and peanuts continue to decline. Texas' parched fields of grain sorghums are expected to yield only 38,038,000 bushels this year. In 1951 the pro· duction figure reached 71,085,000 bushels, considerably below the 79,098,000 bushels averaged over the past ten years. The peanut crop is estimated at 90.5 million pounds, compared with 118 million pounds for 1951 and the ten-year average of 317 million pounds. Hay of all kinds, reported at 1,442,000 tons, is only slightly below the 1951 crop of 1,456,000 tons and the past av~~age ?f 1,550,000 tons. But this condition becomes cntical rn the light of the urgent need for feed in drouth-stricken areas. Current pasture conditiorni, reported at 38%, are at the lowest seasonal level since 1934. In last year's dry fall the conditions stood at 58% ; the ten year average is 75% . Livestock and products trends vary. Egg produc· tion in Texas continues to gain, and this year's produc· tion to date is about 11 %over the comparable 1951 fig· ure. The September estimate of 187 million is well above the 151 million for last year. Milk, affected somewhat by drouthy conditions, fell to 248 million pounds for Septem· her. This figure compares with 265 million a month ear· lier, 261 million during 1951, and the ten-year September ave.rage of 317 million pounds. Hard hit by the drouth, stockmen in the extremely parched regions continue the culling and marketing of their livestock. Slight price declines. Average prices received by Texas farmers continued to fall during September, ending the month 2% below the August level and 4% below the year-ago figure. The loss was almost wholly a result of declines in livestock prices, a drop brought about by heavy liquidations forced by the current drouth. Live­stock prices fell 9% from the August level and a stagger­30% from September of last year. In brief, the month's drop in meat-animal prices was more than enough to offset minor gains among crops and dairy products and the major (12% ) gain of poultry and eggs. mIPHZNTS OF LIVESTOCll (In earlo&da) • S.uree: Bureau of Bmln-Rs•rch In cooperation with the Bureau of Asrleultural Economf.,., U. 8. Department ef Agrleulture Percent chanire Sept 1952 Sept 1952 Sept Aug Sept from from Classification 1952 1952 1951 Sept 1951 Aug 1952 Total 1hlpmenta_ 8,582 6,436 9,780 -12 + 33 Cattle 5,628 Calves 1,167 Hogs 421 Sheep ------------1,366 lnter1tate plua Fort Werth.___ 8,290 Cattle 5,509 Calves -------------­ 1,159 Hoga 414 Sheep 1,208 lntrutate mlnua Fort Wortlat--292 Cattle 119 Calves ----------8 Hogs 7 158 Sheep ------­ 1,533 5,818 -3 +267 629 1,797 -35 + 86 337 675 -38 + 25 S,938 l,~90 -8 -65 6,256 9,305 -11 + 33 1,516 5,580 -1 +263 617 1,680 -31 + 88 321 658 -87 + 29 3,802 1,387 -13 -68 180 475 -39 + 62 16 288 -50 +644 12 117 -93 -38 16 17 -59 -56 136 103 + 53 + 16 •Rail-car bula : cattle, 80 head per car : calv•, &O : hop, 80 : and 1heep, 250. tlntrastate trock 1blpmenta are not Included. Fort Worth 1lttpmenta are combined with lnterat&te forwardln1r1 In order that the bulk of market diaappearance for the month mair be 1ho-trn. Valley conditions mixed. In the usually productive Rio Grande Valley, agricultural prospects are mixed. Prospective vegetable production in the Lower Valley is limited to the eastern half and a few other areas that re­ceived local rains recently. The rest of the Valley has received insufficient rain and remains without adequate irrigation water. Production of citrus fruit this year will be only a fraction of the yield before the orchards were blasted by two freezing winters. Of the 11,374,372 citrus fruit trees flourishing in South .Texas a few years ago, only 3,679,473 remain, according to counts made by the U. S. Bureau of Entomology and Plant Quarantine. Production from the remaining citrus orchards is ex­pected to reach a total of 1,650,000 boxes-about three and a third times last year's small yield. But this antici­pated production is only one twelfth of the 1941-50 average. The orange crop is expected to reach 1,200,000 boxes; the ten-year average is 3,621,000. Grapefruit production is fairing worse with an estimated 450,000 boxes; the 1949-50 average is 16,772,000. RAYMOND v. LESIKAR COTION The cotton situation was greatly changed by the gov­ernment's increase in estimated production from 13,889,­000 bales on September 8 to 14,413,000 bales on October 8. The increase of 524,000 bales made the difference be­tween a tight supply of domestic cotton and an easy sup­ply, especially in view of the total world situation. Pro­duction of cotton outside the Iron Curtain nations prom­io.es to be about 27 million bales in 1952-53. The August 1 carryover of 12.5 million bales was about 2.5 million bales more than the carryover on August 1, 1951. The total supply of cotton available for 1952-53 outside the Iron Curtain is more than was available for 1951-52. The next result is that while the supply in the Gnited States is down about 2 million bales, decrease is more than made up by increase outside the nation. It seems probable now that as a result of the above relocation of supplies, U. S. exports will be decreased by over a million bales. Never­theless, if consumption in the United States amounts to as much as 10 million bales and exports to as much as 4.5 million, the carryovers in the l'nited States on August 1, 1953 will be about the same as for August 1, 1952. In view of these facts, it is not surprising that the price of cotton broke sharply following the government esti­mate of October 8. However, the increase of a half-million bales in the estimate does not justify the amount of the price decrease from October 8 to October 26. If the No­vember 8 government estimate is no larger than the October estimate, cotton prices during :\ovember should recover most of the loss recorded in October. A. B. Cox COTTON BALANCE SHEET FOR THE UNITED STATES AS OF OCTOBER 1, 1952 (in thousanda of runninir bales except as noted) Year CarryoTerAugl Imports to Oct 1• Government estimate Oct l Total Consump­tion to Oct 1 Exports to Oct 1 Total Balance as of Oct l 1943-44________________ 10,687 31 11,478 22,196 1,715 448 2,163 20,033 1944--45 10,727 44 11,953 22,726 1,631 72 1,703 21,021 1945-46 11,160 79 9,779 21,018 1,439 433 1,872 19,146 1946-47 7,522 1947-48________________ 2,521 1948-49___________ 3,082 1949-50_____________ 4,985 1950-51.___________ 6,846 1951-52__________________ 2,179 1952-53_________________ -----­2,745 59 5t 9t 5t 5t 4t St 8,724 11,508 15,079 15,446 9,869 16,9Tl 14,413 16,305 14,034 18,170 20,436 16,720 19,154 17,166 1,674 1,438 1,468 1,374 1,778 1,476 1,481 654 37t 115t 168t 856t 146t 107t 2,328 1,475 1,583 1,542 2,132 1,622 1,588 13,977 12,559 16,587 18,894. 14,588 17,532 15,578 The cotton year begins Auinist 1. •In 478 pound bal8. t Dat& from AulfUlt 1 to September 1 only. LABOR Farm labor problems studied. The Federal Bureau of Agricultural Economics in cooperation with several state universities and colleges haii investigated existing farm manpower problems created by the national shortage of farm labor. The Texas study centered on the shortage of seasonal, migrant laborers for the cotton fields in Lubbock and Crosbv counties in the Southern High Plains. Although more ·than 50,000 seasonal laborers were used in the cotton harvesting in 1951, the iiUrvey found that Texas farmers in the area met the labor situation chiefly through increased use of machine harvesting. About 40% of the 1951 crop was harvested in this manner as compared to a.n estimated 15 to 20% in 1948. The demand for mi­grant labor, nevertheless, has not lessened, for the Texas Employment Commission has estimated that more than 110,000 braceros will find employment this year in West Texas alone. LABOR IN SELECTED TEXAS MARKETS Source: Texas Employment Commlsaion Percent change Sept 1952 Sept 1952 Sept Aull Sept from from Clusiftaatioa 1952 1952 1951 Sept 1951 Aull 1952 Nonagricultural civiliaa labor force -------------1,613,025 1,608,985 1,551,160 + 4 x Uuemplo)'lllent ----------48,825 52,285 43,910 + 11 7 Pie.cementa --------------43,0&2 SG,978 41,3Z5 + 4 + 16 Percent of labor force unemployed __ 1.0 a.2 2.i + 7 -6 xCl•a•ge ia leaa than one half of one percent. Recently, Mr. Michael Gavin, Undersecretary of the U. S. Department of Labor, told Texas farmers that the department is actively negotiating with .Mexican o~cials to improve the present labor agreement m effect until the end of 1953. Allio, since an estimated 200,000 braceros worked on Texas farms in 1951 under provisiom of the agreement, and the need continues, the department has agreed to seek an extension of the farm labor period. Hiring the handicapped. The week of October 5-11 was observed throughout the United States as National Employ the Physically Handicapped Week. The function marked the eighth consecutive year that this means of promoting the hiring of handicapped persons has been brought to the attention of employers. Currently, the TEC reports that there are about 4,300 physically handicapped workers seeking employment through its 82 local offices. Thousands of these handicapped individuals have been rehabilitated so that they may form an integral part of the labor force. During August the TEC placed 1,292 workers, of which about 50% were veterans. This figure represents a slight increase over July's total but falls sho1t of the 2,501 placed last October as a result of in· tensified work during the 1951 employ-the-handicapped week. Korean veterans enter the labor market. Veterans returning from the Korean war and available for work are enlarging the labor force. The exact number of Kor· ean veterans seeking jobs at TEC offices was not re· leased; however, in August a year ago 29% of male applicants were veterans of the Korean war or other wars. In August of this year, the percentage had increased to 32 out of every hundred. Since the rate of releases from the service is advancing, the percentage available for work will probably continue to increase. The TEC reports that many of these returnees have no work experience; nevertheless, they are being readily accepted by employers for on-the-job training. State employment up.The number of employed per­sons in the 17 labor-market areas again registered an in· crease during the month of September. The TEC reported that employment totalled 1,564,200, about 7,500 more than in August. Dallas, with a gain of 1,800 work­ers, netted the greatest increase; it was followed by the Houston-Baytown area, with a rise of 1,600 in employment. FRANK T. CADENA FOREIGN TRADE Benefits to all. The Department of State recently re· l'ealed in a booklet entitled, Texas and Foreign Trade that nearly el'ery industry benefits in some way from a thriving foreign trade. Although exact figures covering exports of goods produced in Texas cannot be deter· mined, the study reports that, "there is impressive factual evidence which indicates clearly that exports play a sig­nificant part in the industrial prosperity of all ieCtions of Texas ..." Petroleum products head the list of the manufactured coods exported, while cotton lint is among the chief agricultural commodities in foreign trade. Aside from the firms engaged service establishments Texas foreign trade. in exporting derive su and importing, many bstantial returns from FRANK: T. CADENA FOREIGN TRADE THROUGH TEXAS CUSTOMS DllTRICT!l (in mllllona) Source: Bureau of the Cenaua, U.S. Department of Commerce January-June Percent Customs district 1952 1952 1951 cban11e June Exports, total.--$184.8 $985.9 $846.0 + 17 District 21 (Sabine) t----------9.4 68.9 52.9 +21 (Laredo) _________ 9 Diatrict 22 32.6 208.0 190.4 + Dist:l"ict 28 (Galveston) -----88.8 685.0 580.4 + 18 District 24 (El Paso) t ---------4.Z 29.0 22.8 + 10 Import., tetaL___ • 48.5 $251.9 $234.6 + 7 Diatrict 21 (Sabine) t------------0.6 2.4 2.7 -11 District 22 (Laredo)-----11.0 55.9 25.7 +us Diatrlct 23 (Galveaton) ______ 27.4 183.1 185.9 -12 Diotrlct 24 (El Paao)t__ ___ 4.5 80.i 20.I +iO tCustom1 diatrlct1 21 and Z4 Include Lake CharlM, Louillana, and Columbus, New Mexico, rapectlveJ7. PRICES Consumers' prices. After successive increases over a period of six months, the national Index of Consumers' Prices slipped from 191.1 in mid-August to 190.8 in mid­September. The slight downswing was apparently due to a 1 % drop in the index of food prices during the monthly period. All other changes were negligible, except for a rise of 1.2 points in clothing prices. prices of cottonseed and cottonseed oil and have affected prices of soybean products. :\feat prices, following the same pattern, reflect in part the high Yolume of market­ings forced by drouth conditions. Yet, it is questionable whether this altogether accounts for a drop of 30% from Septemb er 1951 in p rices received. Even after the effects of a devastating drouth have been taken into consideration, indications are that total farm output this year for the nation as a whole, will still CONSUMERS ' PRICES IN HOUSTON Peru111 INDEX, 1935·39 • IOO P ... too '" OIO "' tc1 111 ... '" IOO "' 000 " be 1.5% above last year's production and that prices re­ceived for all farm products will continue their slow de­cline from the early 1951 peak. The parity ratio fell from 107 in December 1951 to 103 during last August, and now stands at 101. l\"everthele5s, the parity index (based on prices paid by farmers, and interest, tax, and wage rates) has also been declining since March of this year. INDEXES OF CONSUMERS' PRICES ( 19315-119=100) The Houston index decreased slightly, due mainly to the fact that food prices showed the same proportion­ate decline as the national average. An analysis of the index of prices received by farmers in Texas shows that prices of all livestock products were down 4% from August, and this decline is probably reflected in the retail food index. Wholesale prices. This conclusion is partly sub­stantiated by the wholesale price index. The index of farm products declined from 107.9 at the beginning of September, to 106.6 at the end of the first week of Octo­ber, and at mid-October stood at 104.6. The total index was down 0.4% from the first to the second week of October, and now stands at 110.7% of the 1947-1949 base period. Source : Bureau of Labor Statistics, U. 8. Department of Labor P ercent chana-e Inda Sept 15 1952• Aua-15 1952 Sept 1952 Sept 1952 Sept 15 from from 1951 Sept 1951 Aua-1952 United Stat.., all ltemot---190.8 FoOd 2SS.S Clothina­202.1 Rent U2.4 Fuel group 147.6 Housefurnisbing 205.0 191.l %15.5 201.1 1(2.S 1'7.S 204.2 186.6 227.1 209.0 117.1 1«..& 211.1 + + + + 2 a '2 8 + x 1 x x x Miacellaneoua 171.8 173.2 166.0 + 5 x Hou oten, all Item•t -195.6 Food -------240 .9 Clothina­217.1 196.0 242.8 216.8 194.1 2&9. 4 22!.1 + + 1 1 3 - x 1 x Rent t 171.0 t Fuel a-roup -----103.1 Housefumiabinga ___ 202.1 103.1 202.9 98.6 205.1 + ' 0 x Miscellaneouo 178.2 172.11 169.7 + ! x INDEX OF WHOLESALE PRICES IN THE UNITED STATES 1947. 49 . 100 ' "0 ''0 100 •O •o •o 70 •o •o •o •o •o •o 1139 11 40 1941 lt4t 11 43 1944 lt•O 1941 1947 tt41 1949 1950 1151 ttll xChana-o lo leu than one ha!! of one percent. •Preliminary. t Comparlaou of Index• la different oerleo (e.r. Houoton and U.S.) doeo not OM>'W abooh1te rtiatlonohlpo of P riC8 In t he anu or cit!.. ...,.,..,...i. tNot • urveyed. Farm prices are subject to more immediate and, nor­mally, to wider fluctuations than prices of manufactured The downward trend. In Texas, as in the rest of the United States, commodity prices have been declining in recent months. Wool prices are down as a result of slow buying by industrial consumers and because of the ex­istence of large stockpiles in this country and throughout the world. At the beginning of October, the U. S. Depart­ment of Agriculture recommended to the Tariff Commis­sion that, as a temporary measure, a fee in addition to the normal tariff of 25.5 cents a pound be imposed on foreign wool entering the country at prices below the 90%-of­parity level at which domestic wool is pegged. Cotton prices reflect the heavy crop, which is now expected to ex­ceed early estimates by as much as a half-million bales. Prospects of a larger cotton crop have also depressed the goods or services. However, the decline of the parity index illustrates a tendency in other segments of the economy for prices to weaken; and on the basis of cer­tain contingent circumstances, it may reasonably be as­sumed that this trend will continue at least into the near future. Improved efficiency coupled with expanded pro· duction capacity is a major factor that will increasingly tend to depress prices by permitting lower unit costs of goods. Further, defense production is expected to reach a peak next year. This may not involve a decline in ac­tual production but rather a levelling off at an annual rate of about S60 billion. (The annual rate for the second quarter of 1952 was about S50 billion.) Consequently, defense expenditures would decline proportionately in a total economy which i• •till expanding. In Texas, the index of petroleum production has in­creased almost 31 % over the June 1950 figure; steel ca­pacity in the United States is expected to reach 120 million tons annually by mid-1953; primary aluminum capacity at the end of this year will be more than a million tons annually, compared with 750,000 tons before the outbreak of the Korean police action. At the same time, the prices of certain basic raw materials are de­clining. The Bureau of Labor Statistics spot market index has shown recent drops in the prices of lead, zinc, tin, and rubber, as well as other commodities. Recent reduc­tion of lead prices followed changes on the London Metal Exchange, when free dealing in this metal was permitted for the first time since 1939. INDEXES OF WHOLESALE PRICES IN THE UNITED STATES (19,7-1.9=10-0) Source: Bureau of Labor Statlatlco, U. S. Department of Labor 1951• Sept Oct Index Oct 14 Oct 7 1952 1951 All commodities__________ 110.7 111.1 111.7 113.7 Farm products ---·---­ 104.6 106.6 106.4 111.5 Food --------­ 108.1 108.5 110.5 111.6 All others -------­ 112.6 112.6 113.1 114.6 •Estimatee of the index for the week endinir on elate irh·en. It would be dubious statistical practice, however, to assume on the basis of these facts, that consumer prices will follow the apparent downward trend closely or soon. There now seems little doubt that current price support policies will be maintained, that wages will remain high, and that costs incidental to production-transportation rates, for example-will still be expensive. Stronger controls recommended. After a nation­wide tour undertaken during September, Price Stabilizer Tighe Woods stated that he considered it essential that controls on consumer goods' prices be maintained and tightened. From his own observations during the tour, he concludes that as many as 80% of housewives favor the retention of controls. He seemed to find less unanimity in Texas; at Denton, for example, his audience was more disposed to discuss rent controls than controls on prices. ALFRED G. DALE FINANCE Design for economic stability. During the first nine months of 1952, Federal Reserve authorities followed a policy of "neutrality" in their attempt to maintain a mone­tary atmosphere favorable to economic stability. The policy has involved utilization of Federal Reserve powers for the purpose of offsetting events in the monetary sphere that might tend to upset the equilbrium of the past year. At present the policy appears to have been successful. CHANCES IN CONDITION OF WEEKLY-REPORTING MEMBER BANKS IN THE DALLAS DISTRICT Source: Boerd of Governors of the Federal Reserve SYBtem Percent chan1re Sept 1952 Sept 1952 Sept 1951 from from fromItem Sept 1951 Auir 1952 Au1r 1951 Aaaeta Loans and investments ___ Loa11B ----------­ + 18 + 15 x + 1 + 1 x Total U.S. Government securities + 13 2 + 2 Treasury bills ------­ -10 -13 + 3 Treasury certificates of indebtedness + 19 9 + 12 Treasury notes - 5 + 7 6 Bonds ------­ + 25 + 1 0 Other securities -----­ + 1 -1 2 Reserve with Federal Reserve Banks x + 5 Cash in vaults + 8 0 6 Balances with domestic banks_ -1 + 9 + 18 Uabllltt.. Total deposits (except interbank) + 9 x x Demand deposits (adjusted) _ + 9 -1 1 Time deposits ---­- - + 11 + 1 x U.S. Government deposits _ + 5 + 7 + 61 Interbank deposits + 3 + 1 + 15 Domestic banks ---­ + 3 + 1 + 15 Foreiirn banks +u 0 +u Capital accounta + 13 x x Percentaire comparisona are baaed on week endinir nearest the cloN ot the calendar month. xChanire is less than one half of one percent. Bureau of Business Research Publications A Survey of Bank and Department Store Employee Handbooks William R. Spriegel, Dean and Distinguished Pro­fes sor of Management, and E. Lanham, Assistant Professor of Management, both of the College of Business Administra­tion, The University of Texas. This study analyzes the practices of 193 leading banks and department stores throughout the notion in regard to their use of handbooks and printed guides for employees. Price, one dollar. At the end of September, total Federal Reserve credit outstanding-this includes "U. S. Government securities owned,'' "discounts and advances,'' and the relatively minor items, "industrial loans" and "acceptances pur· chased"-was only slightly above the level prevailing at the beginning of the year. In addition, the gold stoc~, after a rapid rise in early 1952, levelled off at approx1· mately $23.5 billion, thus exerting no significant effect on member bank reserves. Consequently, member bank reserve balances have fluctuated at a volume of about $20 billion during the period under review. Total loans and investments of all weekly reporting member banks stood at approximately $74.2 billion at the beginning of this year, and after reaching a high of more than $77 billion in July, the total had declined to about $75.5 billion by the end of August. The early July expansion resulted primarily from bank purchases of the new 2%% intermediate Treasury bonds issued on July 1 (Texas Business Review, June 1952). Commercial, in­dustrial, and agricultural loans of weekly reporting mem· her banks, slightly lower in amount at the end of August than at the beginning of year, increased sharply during September, owing primarily to seasonal factors. As a re­sult of the mixed trends in bank credit, adjusted demand deposits of the reporting banks amounted to a little less than $52.5 billion at the end of August, about $1.5 billion less than at the beginning of the year. Inflation may continue. The apparent success of this policy of "neutrality" should not be taken as proof LOANS MADE BY SAVINGS AND LOAN ASSOCIATIONS Source: Federal Home Loan Bank of Little Rock Percent change Sept 1952 Sept 1952 Sept Aug Sept from from Typa ig52 1952 ig51 Sept 1951 Aug 1952 Number______ 3,029 3,009 2,386 + 27 -1 Construction ----713 684. 501 + 42 + 4 Purchase 964 1,020 764 5 Refinancing -------319 254 206 + 55 + 26 Reconditioning ____ 345 367 252 + 37 6 Other 688 684 668 4 1 ---------· +u ------------+ + Value (thousands) ___ $14,534 $14,792 $ 9,620 + 51 2 Construction ------4,696 4,702 8,048 + 54 x Purchase ---------5,312 5,792 8,873 + 37 8 Refinancin&' -------1,651 1,397 909 + 82 + 18 Reconditioning ___ 915 885 619 + 48 s + Other ------------1,960 2,016 1,171 + 67 -8 xChange is less than one half of one percent. that the economic outlook in general is healthy. Inflation­ ary forces, although almost dormant during the past year, are still likely to capture the economic spotlight during the next six months. Several factors support this con­ clusion. First, the federal financial situation is definitely in­ flationary. During the first three months of fiscal 1953 (July-September), a deficit of almost $4 billion was in­ curred in the federal budget; a deficit of $10 billion has REVENUE RECEIPTS OF STATE COllPTROLLEll Source: State Comptroller of Public Account. September !-September SO Percent Source 1952 1951 change Total -$48,393,385 $39,046,663 + 24 Inheritance tax --------------1,083,828 528,359 +105 Natural and casinghead gas :production taxes -----------------1,596,485 873,299 +SS Crude oil production taxes ------10,050,313 8,781,165 +a Net motor fuel taxes ----------8,387,565 8,419,54g x Cigarette tax and licenses__________ 8,088,127 2,630,779 + 15 Alcoholic beverage taxea and licenses 2,477,770 2,875,146 + 4 Automobile and other sales taxes_ 961,857 1,189,191 -16 Other licenses and feea ---------------2,674,851 1,475,560 + 81 Oil and gas royalties --------l,461,79g 118,480 +1188 Sales of commodities -------1,165,173 640,722 + 82 Federal aid-highways ---------2,953,467 3,699,588 -20 Federal aid-public welfare ----8,097,586 4,729,357 +71 All other receipts ----------4,444,61' S,640,468 + 22 xChange is less than one half of one percent. been forecast for the entire fiscal year. (The deficit in fiscal 1952 amounted to only slightly more than $4 bil­ lion) . It is quite improbable that these funds can be raised in a non-inflationary manner. In the second place, expenditures for national security continue at a high rate. Compared to the total of $37 billion for calendar year 1951, the seasonally adjusted annual rate for the second quarter of 1952 was $50 billion, and coming months may bring further increase. BUSINESS FAILURES Source: Dun & Bradatreet, Inc. Percent change Sept 1952 Sept 1952 Sept Aug Sept from from Item 1952 1952 1951 Sept 1951 Aug 1952 Number 6 12 8 -25 -50 Liabilities (in thousanda) -$ 178 $ 786 $1,931 -91 -77 Average liabilities per failure (in thousands) $ 66 $ 241 -88 -55 ---· 80 Third, gross private domestic investment continues at a high level, if somewhat lower than in 1951. The ad­justed annual rate, about $50 billion in the first half of 1952, declined from $58.5 billion in 1951. The long-range effect of a high rate of investment (e.g. new construction and purchases of durable producers' goods,) is of course deflationary, in that such activity tends to increase the flow of goods and services in the economy. But the short­run effect is inflationary because of the length of time necessary for such investment projects to come to fruition. In the meantime, they tend to exert pressure on prices. FEDERAL INTERNAL REVENUE COLLECTIONI Source: Office ot the Collector, Internal Revenue Sernce, Trea11ury Department July !-September 30 Percent Source 1952 1951 change Texas $ 450,043,248 $ 877,466,143 + 19 Income 226,n8,85S 196,233, 788 + 16 Employment 3,830,091 S,640,338 -9 Withholding 173,991,434 188,398,112 + 26 Other 45,802,770 ag,193,955 + 17 First District___ 245,140,421 197,855,02 +u Income 125,935,58g 108,250,38! + 22 Employment a4,05g 136,673 + 5 Withholding 93,033,367 7S,108,Sg7 + 27 Other ---26,027,406 20,866,029 + 25 Secend District_ 204,902,827 180,110,711 + 14 Income ioo,g83,364 92,983,405 + 9 Employment 1,186,032 S,508,665 -9 Withholding 80,958,067 65,294,715 +u Other 19,775,864 18,328,926 8 -------+ Finally, disposable personal income (income after taxes) has risen to all-time highs in 1952, providing con­ sumers with purchasing power sufficient to maintain the spending flow. In addition, total liquid asset holdings of individuals were estimated to be at a peak of $186 billion at the beginning of 1952. Availability of these funds, coupled with the high and increasing level of disposable personal income, adds to the inflationary pressures. It is too much to hope that Federal Reserve policy alone can produce price stability in an economy so diverse as that of the United States. It is encouraging, however, that in contrast with the years 1946-1950, central banking policy is again being utilized effectively in the control of money and credit. CHARLS E. wALKER Profile of Texas population: f'O,ULATI ON IN Mil.LIONS 1--...--......-' 6 ~--1--4-­51---t--+­4 ..--p.;if\ 3 1--+--m 2 ,___...___...._...._..._, 0 ~_......._....__ _.___ 1850 1860 1870 1880 c;;+---1---1"""""""--f--~ 6 ~-f7"'0-.+--+----I 5 Texans ~--l---l----ll--f 4 fi--+--+---l---l 3 1n 1950 "--1----'---<>----+---<2 '--~l---+---1----+---I I _,__....._ _,,_ _ _.__ __._ 1910 1920 1930 1940 The cotton field is deserted, and the city teems with relocated throngs of Texans. Scarcely enough workers can be found to harvest crops in many parts of the state; but Main Street in Houston, and Main Street in Dallas, and the main street in nearly every city in Texas is jammed with traffic that the most wildly optimistic city fathers could hardly have foreseen a few years back. Not that Texas is the only state where migration to the city has taken place; during the ten years between 1940 and 1950, according to the Bureau of the Census, four­fifths of the increase in U. S. population took place in the 168 standard metropolitan areas in the nation. Texas, however, has been a leader in the shift from farms to cities. Industrialization, already underway and given sharp impetus by the war, drew more Texans than ever before into the towns and especially into the larger cities. Urban population in the state increased 58 % .0nce in the city, post-war prosperity tended to keep the newcomers there, and the growing demand for goods and services in every population nucleus added further momentum to the urban shift. At the same time that small-town and rural families have been moving into the metropolitan areas, a counter­~hift within the metropolitan areas themselves has come into action. For want of a better name, this trend might be called suburbanization. It is basically a reflection of decentralization in business and the improvement of urban transportation. Every new expressway that cuts through the maze of narrow streets in older residential and small-business districts also cuts through bonds of time and distance and frees thousands of families to move into the newer, more spacious fringe areas of the metro­politan pattern. In Dallas, for example, the population within the city limits increased 47% during the forties; but during the same years the increase in the remainder of Dallas county was 74%. Again, Fort Worth proper gained 57% during the decade, while the county area outside Fort Worth rose 72% in population. Elsewhere the same movement into the suburbs is in progress, and in many cases, the local government has extended its city limits, with subsequently increased demands upon munici­pal services. For the first time, the census showed Texas to be pre­dominantly a state of city-dwellers. In 1950, nearly 63% of Texas residents were classified as urban; no longer ago than 1910, three quarters of the people in the state lived in the country and in small towns under 2,500. Moreover, the census showed an actual decline (12%) __, 0 1950 crease, the excess of births over deaths, was far from enough to offset the wholesale exodus from rural areas. There has been widespread misinterpretation of the growth of Texas population. It is a popular notion that enormous numbers of people have moved into Texas during recent years from other states, particularly the North and East, and long-time residents are even heard to complain that Texas is "not what it use to be" before the heavy influx of Northerners. If economic and social conditions in the state have undergone chapge, and there is no doubt that they have, the changes are more the result of industrial and commercial development than of a heavy in-migration from outside the state. Texas population in· creased 1,296,370 between 1940 and 1950, but the net gain from out-of-state newcomers was only 27,000. Al­though the number of persons who moved into the state was considerably larger than this, it must be remembered that many, both newcomers and long-time residents, moved out of Texas during the forties; therefore, the 27,000 represents only the net increment to the popula­tion gained through migration. The rest of the total in· crease was due to the excess of births over deaths in the state; the ratio was slightly more than three to one. In spite of popular belief that in-migrants are drawn mainly from lower educational and economic levels, de­tailed analyses of population mobility by the Bureau of the Census indicate that the more highly qualified workers and professionals are the quickest to move. Hence, in­migration tends to improve the average qualifications of the chosen state's labor force. All such mass migrations of people require maj~r re· adjustment of national and local patterns of business, especially in the service industries. New telephone ex· changes are· needed, and new directories must be issu~d more frequently. Home-building must be accelerated m the over-populated, under-housed vicinities of new indus· tries. Commercial activities are also affected, for the wholesale and retail markets in a growing trade area may be bottlenecked by inadequate transportation and dis­tribution facilities. It is an incidental fact of possible significance that males are slightly more mobile than females, but that on the other hand the female population of Texas now slightly outnumbers the male, and for the first time in Texas history. Perhaps a marked insurge of men workers seeking jobs in Texas industry during the present census period will be found to have balanced Texas' male-female in the rural population of Texas. The rate of natural in-ratio by 1960. During the nineteen-forties, Texas population trends deviated from the major, nation-wide pattern more in degree than in direction. Two tendencies underlay the the county-to-county and state-to-state changes that took place between the two decennial censuses. First, the western states led in rate of population in­crease (+41% ) as they have in every census for the past 100 years, and for the first time, the West also led in numerical increase. The southern states placed second in both rate and amount of gain. POPULATION OF TEXAS CITIES: 1950 Source: Bureau of the Census, U.S. Department of Commerce 1950 Population Census Report P-A1 Population Urbanized area Standard metro- City City politan area Total Per square mile Houston ----------------­ 596,163 806,701 700,508 2,594 Dallas --------------------­ 434,462 614,799 538,924 3,777 San Antonio _____ 408,442 500,460 449,521 5,011 Fort Worth ············­ 278,778 361,253 315,578 2,652 Austin --------------­ 132,459 160,980 135,971 3,930 El Paso ---------------­ 130,485 194,968 136,918 4,997 Corpus Christi ---·­ 108,287 165,471 122,956 (,196 Beaumont ---------­ 94,0U 195,083* 94,169 2,559 Waco -----------------­ 84,706 130,194 92,834 3,084 Amarillo -----------­ 74,246 87,140 74,443 3,38' Lubbock ----------­ 71,747 101,048 Wichita Falls ·----­ 68,042 98,493 Galveston ----------­ 66,568 113,066 71,527 (,933 Port Arthur --------­ 57,530 195,083* 82,150 2,600 San Angelo -------···· 52,093 58,929 Laredo --------------­ 51,910 56,141 •Total population of Beaumont-Port Arthur metropolitan area. The second major trend, already discussed, was the movement into the cities. Texas, through its physical size and economic diversity reflected within it borders both of these general tendencies in population movement. The cover map on this issue shows a striking parallel with a similar map of the entire nation. While the east-central portion of Texas, where the bulk of rural population has always lived, generally declined, the heaviest gains were across much of West Texas, along the Gulf Coast, and in all the heavily urbanized counties. Of the 31 counties in the nation that more than doubled in population between 1940 and 1950, four of the first 20 were in Texas: NATIONAL RANK COUNTY INCREASE 3 Andrews 291.7% 4 Moore 199.2% 8 Ector 179.7% 20 Midland 120.0% It is immediately noticeable that all four counties are in West Texas and that three of them, Andrews, Ector, and How major cities are counted: Midland, are contiguous counties that stretch aero~!! the most heavily developed part of the West Texas 011 and gas fields. Yet, across the nation, despite the record g~in of 19 million in total population, nearly half the counties lost population and almost a fourth of them lost more than 10%. 0 the 254 counties in Texas, 109 gained in population and 145 lost. While the loss in the latter group was nearly great enough in total to offset the gain in all the non­metropolitan counties, the 15 metropolitan areas in the state grew enough to boost the population of the entire state by 20%. Seventeen of the 140 (1940) metropolitan districts in the United States chalked up increases of more than 50% between the last two censuses. and of these, the over-all leader and four others were in Texa!I: 1949-1950 METROPOLITAN DISTRICTS I NCREASE Corpus Christi 90.5% San Diego 87.8% Phoenix 86.2% Miami 79.1 % Norfolk-Portsmouth-Newport News 72.1 % Sacramento 68.3 % Mobile 67.3% Fort Worth 62.5% Stockton 62.1% San Jose 61.2% Wichita 60.9% Dallas 54.3% Columbus, Georgia 53.9% San Francisco-Oakland 53.5% Houston 53.4% Fresno 52.8% San Antonio 50.2% Other Texas metropolitan areas also grew much faster than the +21% average of all such areas in the United States: Austin 48.2% Waco 42.9% Amarillo 40.2% Beaumont-Port Arthur 33.8% Galveston 35.8% Dallas grew faster during the IO-year period than any other metropolitan area of equal or greater population; and Dallas, San Francisco-Oakland, and Houston were the only areas in the over-500,000 class that expanded more than 50%. The terms urbanized area and standard metropolitan area, both briefly defined in the accompanving box, are becoming increasingly more meaningful. The urbanized (Please turn to page 23) Urbanized area: an area that includes at least one city with 50,000 inhabitants or more and also the sur­rounding, closely settled incorporated places and unincorporated areas that meet certain qualifications. Standard metropolitan area: a county or group of contiguous counties that conta ins at least one city of 50,­000 population or more. Contiguous counties containing no city of that size are included if they are essentially metropolitan in character and are socially and economically integrated with the central city. TEXAS BUSINESS REVIEW Local Business Percent change Percent change City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 ABILENE: (pop. 45,570) BAYTOWN: (pop. 22,983) Retail •ales ----·-------------­Department and apparel •tore.___ Postal receipto $ 53,186 x 2 + 13 + 20 + 87 3 Postal receipts -----------$ Bank debits (OOO's) -----------$ End-of-month deposita (OOO's) •----$ 13,425 14,186 18,309 + 22 + 44 + 6 +u -11 -1 Building permito -----------$ Bank debito (OOO's) -------------$ End-of-month deposito (OOO's) •----$ Annual rate of deposit turnover____ Placement.. in employment ----­Nonagricultural civilian labor force__ Unemployment -------------­Percent of labor force unemployed____ Air express shipments ---------­ 359,625 55,063 56,265 11.6 751 25,250 1,000 4.0 205 -20 + 11 + 7 + ++ 9 + 25 + 18 + 34 + 6 + 8 + 8 + 20 -1 -17 -15 + 51 Annual rate of depooit turnover____ Building permits -------------' Placements in employment (area) __ Nonagricultural civilian labor force (area) -------------­Unemployment (area) --------­Percent of labor force unemployed (area) --­-----------­---­--­ 9.2 272,560 7,550 857,500 7,800 2.Z + 85 +los + 4 + 3 3 -13 -37 +27 x ALICE: (pop. 16,449) Postal receipto ---------------$ 8,309 + 2 - 2 BEAUMONT: (pop. 94,014) Retail sales§ --------------­ + 15 + 8 Building permito __ $ Bank debita (OOO's) -------$ End-of-month deposita (OOO's) •----$ 67,237 12,714 15,517 +523 +147 + 4 x Automotive stores§ --------­Department and apparel stores.___ Furniture and household 1 + 4 -2 +12 Annual rate of deposit turnover___ 9.8 + 3 appliance stores§ ------­ +120 Air express shipments 14 -18 -46 General merchandise stores§ ____ + 8 Lumber, building material, AMARILLO: (pop. 74,246) Retail sales .. Automotive stores . Department and apparel stores__ Drug stores ----------------­Floristo --------------------­ +II + 2 x +u + 85 + 5 + ' + 15 -7 + 34 and hardware stores§ ------­Postal receipto $ Bank debito (OOO's) __________$ End-of-month deposits (OOO's)•______$ Annual rate of deposit turnover_____ Placements in employment (area) __ _ Nonagricultural civilian labor force 75,199 124,219 96,277 15.6 2,266 + 31 + 12 + 5 + 10 4 + 7 + 1 +15 + 1 + 2 + 8 +11 Food stores Furniture and household 1 - 3 (area) ---­------­Unemployment (area) -------­ 77,000 8,700 -30 x -11 appliance stores ---------·­ 6 -17 Percent of labor force unemployed Office, store, and school supply dealeni -------­Postal receipto -----------$ Building permito ------------$ Bank debits (OOO's) -------$ 131,229 1,839,282 135,659 + 19 + 42 -+ "' s + 18 + 14 -30 + 6 (area) ------------­Air express shipments -----­Waterborne commerce (tons) ___ 4.8 842 89,340 -29 + 36 + 12 -11 +56 -11 E'nd-of-month depooita (OOO's) •-----$ Annual rate of depooit turnover_____ Placements in employment ---------­Nonagricultural civilian labor force____ Unemployment -------------------­Percent of labor force unemployed.____ Air expreas shipments ------­AUSTIN: (pop. 132,459) 118,540 13:8 1,790 45,000 1,700 8.8 '46 +14 -10 -7 + 8 + 70 + 65 + 2 + 2 + 8 + 18 + 1 + 17 + 65 + 1g BIG SPRING: (pop. 17,286) Retail sales ---------------­--­Postal receipto --------------·• Building permito ---------------$ Bank debits (OOO's) ------------• End-of-month dep06ito (OOO'sl•-----• Annual rate of deposit turnover_____ Placement. In employment______ Air e:xpreu shipment. ------­15,56g 109,805 22,1%7 15,lg6 10.5 187 64 x +!4 -48 -2g -1S -28 -18 + 88 +a -U -80 + -I 0 +45 -U Retail aale1 --------------­Automotive stores --------· 'x + ' + 16 Department and apparel store. ___ Eating and drinkina-places____ Filling stations ---------­Food stores ---------­Furniture and household appliance stores --------­Lumber, building material, and hardware stores -------­ 8 + 9 +H + ' + 7 8 + 14 + 6 -14 6 8 -10 BRENHAM: (pop. 6,941) Pootal receipta -----------$ Building permito ---------$ Bank debits (OOO's) ---------• End-of-month deposit. ( 000'1) • ----• Annual rate of deposit turnover______ Placements In employment --------­ 4,996 47,790 8,088 11,786 8.9 145 + 18 + 34 +10 + 7 + + 7 -13 -51 +31 + 17 +17 -sz Postal receipta ----------­------­----$ 188,H5 + 27 -11 Building permits -----------$ l,7g4,930 -33 g Bank debito (OOO's) --------------$ End-of-month deposito (OOO'sl*-----$ Annual rate of deposit turnover___ Placementa in employment ---­Nonagricultural civilian labor force___ Unemployment ---------------·--­Percent of labor force unemployed___ A-Ir expreos ahipmentl ------­ 1411,470 119,191 14.6 1,632 61,360 1,360 2.6 662 + 16 + 7 + 7 + 14 + 4 -12 -16 + 25 + 7 " + 10 + 13 x -20 -21 + 39 BROWNSVILLE: (pop. 36,066) Retail sales ----------­Department and apparel stores___ Postal receipts 9 Building permit. ---------$ Placementa in employment ----­Air expreas ahlpmenta ----------­Waterborne commerce (tona) ----­19,901 U,887 372 a9g 118,125 -18 -9 + 10 -56 -14 + 9 + 6 -t -zz -1 -58 -4 + R + 18 For uplanatlon of 1ymbola, ­ p. 23. J'or eplanation of l)'lllbola, - p. U. OCTOBER 1952 Conditions Percen cliange City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 BROWNWOOD: (pop. 20,181) CORSICANA: (pop. 19,211) Retail sales --­--------­ -22 + 5 Department and apparel store sales__ + 7 + 44 Department and apparel stores __ Postal receipts $ 15,947 -1 + 30 + 37 + 24 Postal receipts Bank debits (OOO'a) $ $ 13,292 17,311 + 17 + 13 + 18 + 38 Building permits ---------S Bank debits (OOO's) _______________$ 87,225 9,889 -72 -19 -73 + 1 End-of-month deposits (OOO's)O___$ Annual rate of deposit turnover__ 22,336 9.4 x + 13 + 2 + 34 End-of-month deposits (000'•) •-----$ 12,388 - 9 - 2 Placements in employment ----­ 198 - 5 + 30 Placements in employment ----­ 175 - 4 +u Annual rate of deposit turnover________ 9.5 - 13 + 2 Air express shipments --------­ 21 - 9 -22 DEL RIO: (pop. 14,211) Postal receipts _______ ____., 6,209 + 30 + 3 BRYAN: (pop. 18,102) Department and apparel store •ales_____ Postal receipts ______________$ Building permits -------------$ Placements in employment -------­Air express shipments ---­------­ 16,108 88,285 202 20 + 5 + 46 -70 -48 -5 + 68 + 7 -52 -31 + 33 Building permits --­------$ Bank debits (000'•) $ End-of-month deposits (OOO's)•---S' Annual rate of deposit turnover___ Air express shipments 76,637 7,994 11,029 8.7 31 + 3 + ++ 7 9 + 4 + 13 -1 + 10 + 55 CORPUS CHRISTI: (pop. 108,287) DENISON: (pop. 17,504) Retail ll&les -­-------­ - 8 + 15 Retail sales -------­---­­ + 8 + 3 Department and apparel stores___ + 12 + 23 Apparel stores --------­---­Automotive stores -----------­ + 26 -4 + 29 + 6 Postal receipts Building permits $ $ 11,148 87,142 + 6 + 61 -14 + 76 Country rieneral stores --­----­Department storest ----------­Food stores --------­--­Lumber, building material, and hardware stores -16 + 35 + 2 9 -16 '-3 -1' Bank debits (OOO's) $ End-of-month deposits (OOO's) •--­S Annual rate of deposit turnover___ Placements in employment 11,194 13,591 10.0 326 + 7 + 5 + 1 -22 + 14 + 2 + 14 +41 Postal receipts ------­----$ 107,611 + 84 + 8 Building permits --­--------$ Bank debits (OOO's) ------­-$ End-of-menth deposits (OOO's) •----$ Annual rate of deposit turnover____ Placements in employment -----­Nonagricultural civilian labor force__ _ Unemployment --­--------------­Percent of labor force unemployed___ 1,173,966 150,656 114,681 16.0 2,218 61,280 1,780 2.9 Air express shipments ----­-----­476 Waterborne commerce (ton•) -----­1,962,893 -12 + 28 + 16 + 10 + 23 + 6 + 19 + 12 + 38 -16 -24 3 + 2 -5 + 14 + 1 + 2 0 + 19 -18 DENTON: (pop. 21,372) Department and apparel store sales__ Postal receipts $ Building permits $ Bank debits (OOO's) $ End-of-month deposits (OOO's) •---S Annual rate of deposit turnover___ Placements in employment 17,287 59,200 10,186 13,913 9.0 92 -12 + 15 -40 3 + 4 -8 + 53 + 23 + 27 + 64 + 12 + 6 + 7 + H9 DALLAS: (pop. 434,462) EL PASO: (pop. 130,485) Retail sales -------­---­---­Apparel atores ----­----­Automotive storea _ Department storest ---­--­Drug stores ----­---­--­Eating and drinking places ---­­ + 8 + 6 5 + 10 + 1 + 12 + 20 + 38 + 2• + 26 + 2 -8 Retail oales -­--------­Apparel stores --------­Automotive stores -------­Department storest Drug •tores Furniture and houoehold -3 + 87 -19 + 11 + 3 + 11 + 4 +u + 14 + 1 Filling stations -­--­--­­Florists ---­---­-----­ + 8 + 21 + 6 -10 appliance •tores -------­General merchandise stores ---­ + 9 + 8 8 + 19 Food •tores + 19 + 18 Lumber, building material, Liquor stores --­---­-----­ + 4 + 1 and hardware stores -----­ -26 -2i Lumber, building material, and hardware stores ----­-­­ + 31 + 25 Office, store, and school supply dealers ___---­ + 51 + 1 Office, store, and school Postal receipts S 163,489 + 15 + 2 •upply dealeni ------------­Postal receipts ____________________$ 1,478,984 Building permits ------------$ 9,351,564 Bank debits (OOO's) __________$ 1,462,319 + 16 + 33 -6 + 8 + 12 + 7 + 16 + 4 Building permits $ Bank debits (OOO's) --------$ End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover___ 1,223,893 192,747 156,538 15.0 +103 + 29 + 22 + 7 + 95 + 16 + 2 + 15 End-of-month deposits (OOO's) •---$ 1,061,622 +11 x Placements in employment ____ 2,148 + 23 + 21 Annual rate of deposit turnover___ Placements in employment -----­ 16.6 7,663 + 2 + 5 + 6 + 18 Nonagricultural civilian labor force__ Unemployment 68,900 2,700 + 8 +41 + 1 2 Nonagricultural civilian labor force__ 292,100 + 5 + 1 Percent of labor force unemployed__ S.9 + 30 a Unemployment ---------------­Percent of labor force unemployed__ Air expreas shipments -------­ 5,500 1.9 9,170 + 18 + 12 + a 0 0 + 16 Air express shipments ------­Tourists entering Mexico -----­Touriat cars entering Mexico 1,198 S,033 1,322 -4 -18 -7 + 1 -38 -11 For explanation of •ymbols, oee p, 23. For uplanatlon of aymbols, - p, 23. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent chanl'e Percent cb&n111 City and Item !'lept 1952 l'lept 1952 from !'lept 1951 Sept 1952 from Aug 1951 City and item !'lept 19fi2 Sept 1952 from Sept 1951 Sept 195! from Aug lm FORT WORTH: (pop. 278,778) HOUSTON: (pop. 596,163) Retail 1aleal -----------­ x + 8 Retail sales -­---­ -----··­ + 9 + 8 Apparel 1toreot x + 1 Apparel storea ------------­ + 21 +u Automotive storea§ ------­ + 1 + 6 Automotive stores ---------­ + 7 +n Department storest ----------­Eating and drinking places§__________ + 6 + 5 + 7 ' Department 1torest ----­----­Drug stores -----------­ + 7 + 7 + 1' + Filling 1tation1t ----·-·····-------·­ + 6 + !I Eating and drinking places ---­ ' + Florist.I ----·--·····-·------­ + 18 + 9 Filling stations -------­ +u + Food storesl ------------·-···-·­Lumber, building material, + 3 7 Food stores ----­-----------­Furniture and household + ' I and hardware storea§ ------·-·---··--­-Poetal receipts -····-----------------• i15,U' Buildina: permits ---···----··---------$ 2,980,471 + '+ 95 +IS + 5 + 26 + 10 appliance stores -------­Liquor storeo -----­----­Lumber, building material, + 10 + 18 + + Bank debits (OOO's) ---------····-$ 502,310 + 8 1 and hardware storee ------------­ - 1 End-of-month deposits (000'•) •---··-···-$' H6,80i + 1' + 8 Postal receipts ·-----------··-···-·----$ 815,435 + 20 + I Annual rate of deposit turnover__________ Placements in employment -----····­ 14.6 5,328 6 -8 -2 + 17 Building permits ----­--------­-----$12,294,,71 Bank debits (OOO's) -----­--------$ 1,624,045 + 9 + 15 +u + 5 Nonagricultural civilian labor force______ Unemployment ---------···-----­Percent of labor force unemployed.____ Air express shipments 169,900 6,300 8.7 1,953 + '+ 26 + 42 + ' x -10 -10 + ' End-of-month deposits (OOO's) •----S 1,216,498 Annual rate of deposit turnover_____ 16.3 Placements in employment (area) ___ 7,660 Nonagricultural civilian labor force + 11 + ' + ' + ' + 4 + 27 (area) 157,500 + " GALVESTON: (pop. 66,568) Unemployment (area) -----­--­Percent of labor force unemployed 7,800 Retail ·sales - 3 2 (area) 2.2 ' Apparel storeo ···--­---­ x + Air express shipments ------­ ,,666 + 9 + Automotive stores ---­---­ -!l 9 Department and apparel stores_____ Food stores ----------------­Furniture and household appliance storee: ---------­Lumber, building material, and hardware stores --------­Postal receipts ------------------• Building permits ·------··------------$ 62,481 192,688 + 1 + 1 -12 + 18 + 22 +lss + 2 9 + 3 + 9 + 8 + 1' KILGORE: (pop. 9,638) Poet&! receipts -------------­--$ Building permits ---------------$ Bank debits (OOO's) --------··----$ End-of-month deposits (OOO's) •----·$ Annual rate of deposit turnover____ _ Air expre8s shipments --------­ 10,765 6,000 12,761 16,47' 10.2 28 + 80 -81 -8 +Z1 -40 + 7 + e + ' +!Z Bank debits (OOO's) -----------··• End-of-month depoeits (OOO's) •---------$ Annual rate of depoeit turnover_________ 81,035 102,029 9.5 + 7 + 5 + 1 + x x 1 LUBBOCK: (pop. 71,747) Retail sales ----­-------­ +13 Placements in employment (area) ____ 855 - 1, + Automotive stores + 12 Nonagricultural civilian labor force Department and apparel etor..___ + 10 (area) -------------­Unemployment (area) ---------­Percent of labor force unemployed 51,850 1,900 + '+ 12 x 0 Furniture and household appliance stores --------------­General merchandiae stores ----­---­ +62 +11 -!I +ae (area) -···------------·--···---­Air expreo1 shipment. -----­---·---·--­GONZALES: (pop. 5,659) Postal recelpta --------­-------·• 1.7 229 2,895 + ' + 8 -1 0• -ll7 Lumber, building material, and hardware stores -----·----­---Poetal receipts·--------------------• 81,563 Buildin11: permits ----------·--···----• 1,441,668 Bank debit. (OOO's) --------­----• 96,321 End-of-month deposit. (000'1) •--------$ 97,206 +15 + 16 +168 +12 + 8 +10 + f +148 + I Building permits -------------·-• i,000 -76 -8' Annual rate of depoeit turnover_______ 11.8 a Bank debit. (OOO'e) --------------·' End-of-month deposits (000'1)•______$ Annual rate of depooit turnonr____ 1,182 6,118 9.8 9 2 8 + 8 + 1 + ' Placements in employment -------·­Nonagricultural civilian labor force._ Unemployment -----­---···-­ 1,218 &l,350 850 + + ' + 11 -Ii GREENVILLE: (pop. 14,727) Percent of labor force unemployed________ Air express shipment. ­---------­ 2. 7 104 + 8 + 4 -U +11 Retail aalea ------------------­Department and apparel stor•-----­Postal receipt. ---­--------------------$ Bulldina: permit. -··-----­--·-------$ Placements in employment --------­ 18,534 96,700 Ul + i -'+ !9 + 63 +u + 17 + 58 + 1! + 9 +u LAMESA: (pop. 10,704) Poetal receipt. --­-----------------• Building permit. -----------­---• Bank debits (OOO's) ----------------• 7,819 46,800 8,276 + 6 -81 -I HENDERSON: (pop. 6,833) End-of-month deposits (OOO's) •-------·• Annual rate of depo1it turnover.----···--­Placementa in employment ----­ 12,792 8.7 128 -9 + 23 -25 Department and apparel 1tore sale1. ___ Postal receipt. ---------------$ Building permit. --------------$ Bank deblta (OOO'a) -----------­1 End-of-month deposita (000'•>°------.. $ Annual rate of deposit turnover_____ Placements in employment ­------­ 8,78, 18,800 6,22' 1',146 i.2 19li -i -2 + 108 + 11 + 6 + '+ 27 + '-1' + 1 + 11 x + 11 + 7 LAMPASAS: (pop. 4,869) Postal receipts -------------­------1 Building permits -·­· $ Bank debita (OOO'a) --------­----$ l:Rd-of-month deposlta (OOO'a) •-------S Annual rato of depoelt t11rnover_____ _ 2,886 28,600 ,,145 6,520 7.6 + 6 +1'73 -13 -2 -ta -!Z -31 I 2 I For explanation of 17Dlboa, ­ p. za. For explanation of aymbo!a, ­ p. 28. OCTOBER 1952 LOCAL BUSINESS CONDITIONS Percent change Percent change City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 LAREDO: (pop. 51,910) Postal receipts ----------------$ 20,004 + 13 - 4 MIDLAND: (pop. 21,713) Postal receipts -------­-------$ 39,883 + 33 + 20 Building permits ---······-·········----------$ Bank debits (OOO's) ··-·--········--------------$ End-of-month deposits (OOO's) • _________$ 17,825 20,430 25,139 -82 + 4 + 17 -94 x x Building permits ---------------------$ 2,067,104 Dank debits (OOO's ) -------------$ 49,630 End-of-month deposits (OOO's) • ____$ 53,955 -26 + 7 + 10 -12 + 2 + 2 Annual rate of deposit turnover___________ Placements in employment ··-··········-----­Air express shipments -------·-------------­ 9.7 397 221 -12 + 23 + 22 1 + 31 + 16 Annual rate of deposit turnover______ Placements in employment ----­Air express shipments -------­ 11.l 1,101 248 + 1 + 37 + 12 + + 6 + 58 Tourists entering Mexico -------------------­ 9,314 -17 -51 Tourist cars entering Mexico_______________ 3,151 -17 -49 MINERAL WELLS: (pop. 7,801) LOCKHART: (pop. 5,573) Postal receipts ----------····-·····------$ Building permits --------········--·--····----$ Bank debits (OOO's) -----------------------$ End-Of-month deposits (OOOO's) • -------$ Annual rate of deposit turnover_______ _ 2,817 32,350 4,362 4,821 11.3 7 + x 2 + 2 + 15 + 147 + 24 + 8 + 15 Building permits ·-------------­---$ Bank debits (OOO's) __________$ End-of-month deposits (OOO's) •---.$ Annual rate of deposit turnover________ Placements in employmenL____ Air express shipments ----------­ 32,734 7,262 10,370 8.3 14S 15 -52 + 44 + 17 + 22 + 55 + 50 -52 + 20 -2 + 34 -21 LUFKIN: (pop. 15,135) Postal receipts ------------­---------------····-·-····· $ Building permits ---------------------------·-·· ....... $ Bank debits (OOO's) ---·--·---­-----­---------$ End-of-month deposits (OOO's) •----------$ Annual rate of deposit turnover.________ Placements in employment --------­--­Air express shipments -----------------------­ 11,947 67,050 16,516 20,784 9.6 174 55 + 32 + 197 + 16 + 9 + 5 -10 + 34 + 3 -11 + 11 + 1 + 7 + 60 +150 NACOGDOCHES: (pop. 12,327) Postal receipts ----------------$ Building permits ___________$ Bank debits (OOO's) __________$ End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover____ Placements in employment -----­Air express shipments -------·---­7,667 15,600 9,591 15,643 7.4 99 18 + 2 x + 10 -10 -24 -14 -68 + 3 + 1 + 1 + 19 + 64 LONGVIEW: (pop. 24,502) Postal receipts ------------------------------$ Building permits -------------------.$ Placements in employment -------­Nonagricultural civilian labor force_______ Unemployment -------------------­Percent of labor force unemployed... _ .. Air express shipments ----------------­ 22,978 380,200 539 24,275 1,125 4.6 184 + 22 -29 -25 + 2 + 13 + 10 + 6 + 9 -1020 + 3 4 + 9 ODESSA: (pop. 29,495) Retail sales __ Department and ap:parel stores___ Postal receipts ---------------$ Building permits ----------$ Bank debits (OOO's) _________$ End-of-month deposits (OOO's) • ___$ 33,977 767,755 43,664 43,285 -22 + 2 + 15 -15 + 36 + 31 -4 + 11 + 10 -36 + 8 + 14 Annual rate of deposit turnover..____ _ 12.9 + 5 - 4 MARLIN: (pop. 7,099) Postal receipts ····--------------·····-------------$ Building permits -------------·····-----------$ Bank debits (OOO's) ----------------------$ End-of-month deposits (OOO's) •--------$ Annual rate of deposit turnover__________ Placements in employment -----------·· 4,818 11,535 4,304 5,499 9.6 73 + 5 -10 + 8 + + + -7 -57 + 57 + 5 + 48 -9 Placements in employment -----··­Air express shipments ---------­ORANGE: (pop. 21,174) Postal receipts ____________$ Building permits ---------------$ Bank debits (OOO's) --------$ 1,095 162 11,636 76,427 16,992 + 56 -1 + 10 + 69 + 43 -2 -10 -79 + 9 MARSHALL: (pop. 22,327) Retail sales -----------·--·······------·-··-----­ x - 1 End-of-month deposits (OOO'sl*----S Placements in employment____________ _ 23,089 258 + 11 + 2 + 12 Department and apparel stores_____ _ + 8 + 26 Postal receipts -------------------------$ Building permits ------------·····--------------$ Bank debits (OOO's) ----------------------$ End-of-month deposits (OOO's) • -------$ Annual rate of deposit turnover__________ Placements in employment___________ 17,918 240,167 13,581 19,773 8.3 541 + 50 +143 + 9 + 8 + 4 + 37 + 30 +223 + 8 + 2 + 6 + 27 PAMPA: (pop. 16,583) Postal receipts ------------$ Building permits ----------$ Bank debits (OOO's) -------$ End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover____ _ 13,426 219,710 16,173 21,314 9.0 + 20 + 9 + 5 -30 + 14 -2 + 15 McALLEN: (pop. 20,067) Placements in employment ----­Air express shipments ------­ 242 52 - 28 0 + 28 0 Retail sales -----­--------­ -13 8 Department and apparel stores________ + 6 2 Postal receipts --------------------------$ uilding permits --------------$ lacements in employment -------­'.Air express shipments ------------­MERCEDES: (pop. 10,081) Postal receipts -----------------------$ Building permits -------------­$ Bank debits (OOO's) ______________$ End-of-month deposits (OOO's) •------$ 14,433 89,509 289 45 4,669 9,152 6,873 7,159 + 16 -36 0 + 55 + 36 9 -13 + 15 + 21 -74 +lo5 + 31 PARIS: (pop. 21,643) Retail saleo _ Department and apparel stores___ Postal receipts -------------$ Building permits ----------$ Bank debits (OOO's) -----------$ End-of-month deposits (OOO's) • _____$ Annual rate of deposit turnover___ Placements in employment --------­Air express shipments ------­ 13,920 102,755 15,344 15,752 12.2 482 52 -3 -4 + 30 +204 + 5 + 11 0 + 38 + 86 + 26 + 56 + 8 +208 + 22 + 9 + 23 + 16 +186 For explanation of aymbola, oee p. U. For explanation of aymbo!a, .... p. 28. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Aug 1952 PLAINVIEW: (pop. 14,044) Retail sales --------------­ + 27 + 18 Department and apparel stores____ + 19 + 87 Postal receipts ------------S 11,732 + 25 + 16 Building permits -------------$ Bank debits (OOO's) --------­-S' End-of-month deposits (OOO's) •---$ 84,600 14,474 18,718 -46 + 18 + 21 -58 x -3 Annual rate of deposit turnover___ Placements in employment ----­Air express shipments -----------­ 9.1 118 80 6 9 + 7 + 2 + 20 + 88 PORT ARTHUR: (pop. 57,530) Retail sales§ ----------------­-24 + 6 Automotive stores§ ----------------66 + 24 Department and apparel stores________ + l + 17 Drug stores§ -------------­+ 3 + l Food stores§ -----------­-11 -12 Furniture and household appliance stores§ -------------­+ 37 + 2 Lumber, building material, and hardware stores§ -------·-­+ 16 8 Postal receipts -·---------$ 29,739 + 15 Building permits ·-----$ 273,473 -27 -30 Bank debits (OOO's) ----------$ 48,181 + 21 + 8 End-of-month deposits (OOO's) •____$ 44,291 + 7 + 2 Annual rate of deposit turnover____ 18.2 + 16 + 6 Placements in employment (area) __ 2,266 + 7 + 11 Nonagricultural civilian labor force 77,000 l x Unemployment (area) 8,700 -30 -11 Percent of labor force unemployed (area) ---------·-----4.8 -29 -11 Air express shipments 169 -2 + 24 (area) --------------------·­ RAYMONDVILLE: (pop. 9,136) Postal receipts $ 4,277 + 8 -6 Building permits $ 84,643 + 10 +302 Bank debits (OOO's) -----· --$ 9,917 -40 -68 Rnd-of-month deposits (OOO's) •------S 11,261 -16 -12 Annual rate of deposit turnover____ 9.9 -13 -48 Placements in employment.______ 97 -6 -14 SAN ANTONIO: (pop. 4-08,442) Retail sales --------····--··----­ 2 - 8 Apparel stores ____ + 6 + 15 Automotive stores -------­ + 2 + 20 Department stores Drug stores -------------­ ++ 6 l 5 Eating and drinking places 3 8 Filling stations + 9 + z Florists .. + 6 -21 Food stores -·­----­ + - 11 Furniture and household appliance stores ----­-­-­ - 10 Lumber, building material, and hardware stores -----­ -20 -15 Office, store, and school supply dealers ---··--··-­----­Postal receipts -----·---····----$ 467,662 + 28 + 23 + 19 + 9 Building permits -·--·-·-·····­----$ 2,879,164 4 5 Bank debits (OOO's) -···---·-­-·--­--$ 866,146 + 6 + 8 End-of-month deposits (OOO's) •----·­-·$ 395,090 + 6 x Annual rate of deposit turnover·-·--····-· 11.0 0 + 8 Placements in employment ---­---­---­--­ 4,444 + 8 + 11 Nonagricultural civilian labor force _____ 202,100 + 4 x Unemployment ----------·---···­Percent of labor force unemployed._.____ 6,600 3.2 + 18 + 14 -10 -11 Air express shipments ------­---­ 2,469 -29 + 18 For explanation of 1ymbols, 1ee p. 23. Percent change Sept 1952 Sept 1952 Sept from frornCity and item 1952 Sept 1951 Aug 1952 SAN ANGELO: (pop. 52,093) Retail sales ----------­Department and apparel stores______ Postal receipts ---------------$ Building permits ---·-----------·----$ 41,301 292,371 -16 -10 +10 -74 +18 +so -8 -82 Bank debits (OOO's) ---·-------$ End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover____ Placements in employment -------· Nonagricultural civilian labor force____ 38,316 62,723 8.9 863 21,350 9 + 2 -7 +16 + l + + + + Unemployment -----------­900 + 29 -10 Percent of labor force unemployed____ Air express shipments_______ 4.2 213 + 27 + 17 -11 +25 SEGUIN: (pop. 9,733) Postal receipta -----------$ Building permits $ Bank debits (OOO's) --------$ End-of-month deposits (OOO's>•---S Annual rate of deposit turnover____ 7,168 32,176 8,014 16,310 6.3 + 29 -74 + + +12 + g+12 + 1 + g SHERMAN: (pop. 20,150) Retail sales -----------­Department and apparel stores_____ Postal receipts ----------$ 22,210 Building permits --------.$ 53,933 Placements in employment 632 SULPHUR SPRINGS: (pop. 8,991) Postal receipts -$ 5,630 Bank debits (OOO's) __________$ 6,485 End-of-month deposits (OOO's) •---S 10,410 Annual rate of deposit turnover____ 7.6 TAYLOR: (pop. 9,071) Postal receipts ---------.$ 7,526 Building permits ------·-------$ 16,485 Bank debits (OOO's) ----------$ 16,997 End-of-month deposits (OOO's) •---S 14,207 Annual rate of deposit turnover____ 13.8 Placements in employment -----95 TEMPLE: (pop. 25,467) Retail aales -----------·­Department and apparel stores__ Postal receipta ---------$ 26,217 Building permits --------$ 265,933 Bank debits (OOO's) _________$ 20,790 End-of-month deposits (OOO's) •----S 23,801 Annual rate of deposit turnover___ 10.8 Placements in employment -------­287 Air expresa shipments ---·----44 TEXARKANA: (pop. 40,628) t Retail saleat -----------­Department and apparel storesf__ Postal receiptat -----------$ 40,169 Building permitst ------·----$ 64,445 Bank debits (OOO's)t _________$ 41,780 End-of-month deposits (OOO's) •--------$ 28,088 Annual rate of deposit turnover_______ 9.1 Placements In employment; -----­1,612 Nonagricultural civilian labor forcef__ 45,650 Unemployment; ----------­2,300 Percent of labor force unemployed__ 6.0 Air express shipments ---------84 l'or uplanaUon of a)'ll!.bola. -p. U. + l -l +21 -43 +131 +10 +28 +20 -75 +295 + 18 +20 l +10 + 7 + 3 8 + g + 25 +38 -42 -49 6 +25 + 2 -9 + 21 ' -23 -!& -6 + 5 +24 -23 + l + 9 -4 -13 + 10 + 6 +55 + 3 +10 +18 + 7 + 11 -12 +16 -10 +11 -2 +2S -4 -26 -77 +16 + + 19 -1 -13 + 2 +22 +24 +13 1 -8 -6 -19 -6 -18 -1' LOCAL BUSINESS CONDITIONS Percent change City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from Au&' 1952 TEXAS CITY: (pop. 16,620) Postal receipts ---­-­------­----$ Building permits ------------­--$ 11,892 837,141 + 23 +109 -+ 1 29 Bank debits (OOO's ) ____ _ ____$ 24,096 + 12 8 E nd-of-month deposits (OOO 's ) •----$ 23,768 + 9 s Annual rate of deposit turnover___ 12.0 + 8 5 Placements in employment (area) ____ 855 - 1' + 6 Nonagricultural civilian labor force (area) --------·-·····---­---­ 51,850 + 4 x Unemployment (area) --­ ---­ 1,900 + 12 0 Percent of labor force unemployed (area) 8.7 + 9 0 TYLER: (pop. 38,968) Department and apparel store sales.___ - 3 + 48 Postal receipts ----···----­ ---­ -$ 44,275 + 20 + 10 Building permits ----------­------$ Bank debits ( OOO's) --------­----$ 372,155 52,302 -+ 78 8 -11 x End-of-month deposits (OOO's) •---S Annual rate of deposit turnover_____ 56,254 11.3 + 9 + 8 + 4 Placements in employment --------­ 581 4 + 86 Air express shipments ------­ 210 + 7 -18 WICHITA FALI.S: (pop. 68,042) Retail sales --------------------___ 1 + 8 Department and apparel stores_ _ 8 + 84 Postal receipts ____________ ___ $ 77,235 1 + 13 Building permits __________$ 912,735 2 + 20 + Bank debits (OOO's) --------------$ 80,332 + 2 2 End-of-month deposits ( OOO's) • -------$ 107,914 + 5 + 2 Annual rate of deposit turnover______ 9.0 2 2 Placements in employment -------931 + 3 +a Nonagricultural civilian labor force____ 43,050 + 4 + 1 Unemployment -----------------­1,700 + 89 -8 Percent of labor force unemployed__ 8.9 +n -5 Air express shipments ----···------437 + 76 +141 (Continued from page 16) area population total is perhaps the most significant census figure for any large city. It represents the number of people in the immediate marketing and distribution area, the number of people who must be accommodated by the service activities, local transportation and com· munication facilities, and often the public utilities of the c~ntr~l city. The standard metropolitan area figures, or­dmanly larger than those for urbanized areas, may be more impressive but are less useful in that the enumera­tion is delimited by arbitrary, political bounds, the county lines, rather than bv the more realistic boundaries of th~ urbanize~ area, ~hich are set according to a funct10nal appraisal of the area and its inhabitants. Texas departed from the general average in the last census (1950) in that the number of children in its schools increased. The Texas labor force, including the armed forces stationed within the state increased from 2,454,924 in 1940 to 3,006,000 in 1950. Women con­stituted 26% of the 1950 total, but only a ninth of them were engaged in household work, as compared with a fourth in 1940. The total population of Texas was found to be 89% white, and perccntagewise the nonwhite population de­clined. Only two states, California and New York had a greater numerical increase in population betwee~ 1940 and 1950 than Texas had; however, 11 other states and P ercent change City and item Sept 1952 Sept 1952 from Sept 1951 Sept 1952 from A ug 1952 WAXAHACIIlE: (pop. 11,204) Postal receipts ----------$ Building permits _________$ 11,874 27,150 + - 67 47 + - 59 10 Bank debits (OOO's) ____ _____$ 6,035 + 80 E'nd-of-month deposits (OOO's) •----S 6,477 + 23 Placements in employment -----­ 127 + 10 + 38 WACO: (pop. 84,706) Retail sales ------------··---+ 3 + 23 Apparel stores ___ _ -3 + 44 Automotive stores -----·-­+ 13 + 35 Department storest ----------­+ 3 + 9 Furniture and household appliance stores ----------­-23 -10 Lamber, building material, and hardware stores --------· -11 + 30 Office, store, and school supply dealers ----·-·-····-··-+ 3 -3 Postal receipts ------------···---·········-· $ 95,614 + 21 + 1 Building permits ···-···-··-····-·--·---S 1,301,592 + 59 + 144 Bank debits (OOO's) --····--· .. ______$ 79,699 + 11 + 12 End-of-month deposits (OOO's >'---------S 91,828 + 12 3 + Annual rate of deposit turnover .. ·--··· 10.6 -2 + 10 Placements in employment -----···· ..... 1,254 + 10 + 17 Nonagricultural civilian labor force____ 45,110 3 1 + + Unemployment---------_____ . 1,710 + 43 -10 Percent of labor force unemployed __ 3.8 + 41 -12 Air express shipments -·------·-···--·-_ 189 -8 + 44 xCbange la less than one half of one percent. •Excludes deposits to credit of banks. tReported by the Federal Reserve Board of Dallas. tFi&'Urea include Texarkana, Arkansas (pop. 16,876) and Texarkana, Texas (pop. 2(,753). §Preliminary. the District of Columbia increased at a faster percentalle rate. Industrialization, certainly when it proceeds at such a rapid rate as it has in Texas. is not likelv to be o,·er­estimate?. as a. factor in the e~onomic, soda!, and prob­ably political hfe of a state. During the forties, a number ?f states showed much greater increase in allricultural mcorne than Texas, but only one (l\ew l\1exico) reported a greater rate of gain in nonagricultural income. Texas produces minerals in greater value than am· other state in the nation, and its vast income from o{I and gas is probably the state's most widely famed asset. But ahead ?f urban!zation has come a growth of manufacturing industry m the state, and income from Texas manufac­tur~ng pay rolls increased 364% between 19-10 and 1950. This dynamic activity not only dra1\·s newcomers from other states, particularly those where industn-is relatiYeh­static or deYeloped to a less impressi,·e le,·e( bnt also act.s as a powerful factor in attractin,z in-state re,:idents from r.ural to urban areas. Ho\r long this urbanization can con­tmue is problematical. but one leading authoritY on the !exas economy, Dr. F. A. Buechel. Director of Research !~ the Houston Chamber of Commerce. has stated that the excess rural population constitutes a Yast labor re•cr­voir," a:id "this flow of population from rural to urban centers 1s likely to continue for an indefinite period." ROBERT H. RY..\:'; BAROMETERS OF TEXAS BUSINESS Sept 1952 Aug 1952 July 1952 Year-to-date average 1952 - Average month 1951 GENERAL BUSINESS ACTIVITY tlndex of Texas Business Activity (I00.0) ---------­-----------­--­----------­lndex of bank debits in Texas cities .......................................................... . . 210• 674 258° 654 254 670 262 663 251 617 Income payments to individuals in the U. S. (billions-seasonally adjusted at annual rate) .................................. ............................................. . s 267.1 $ 263.9 ~ 261.2 s 253.6 Index of wholesale prices in the U.S. (1947-49=100, unadjusted) ....... . lll.7 112.l 111.8 11 2.0 114.8 Index of consumers' prices in Houston (unadjusted) ................. .............. . 195.6 196.0 195.1 194.9 193.0 Index of consumers' prices in the U.S. (unadjusted) ............................... . 190.8 191.1 190.8 189.4 185.6 Index of postal receipts in Texas cities ............... .......................................... . 406 377 406 377 331 tlndex of miscellaneous freight carloadings in the Southwestern Dis­ trict (17.6) .......... ........................................................................................... . 156 142 139 145 145 Business corporation charters issued (number) .. ......................................... . 236 223 311 284 224 Business failures (number) .. ...................................................... ................... . 6 12 12 8 fRADE tlndex of total retail sales (adjusted for price changes, 47.7) ................... . 224* 215 217 225 228 Index of total retail sales in Texas.. ............................................................... . 475 455 459 474 471 Durable-goods stores ............................... .................................................. . 637 556 595 644 670 Nondurable-goods stores ............................................... ........... ............... . 396 404 393 392 375 tlndex of total retail sales in the U.S .............................................................. . 415 418 418 409 Durable-goods stores ................................................................................. . 535 565 573 573 Nondurable-goods stores .. .... ........................................ .......................... ... . 376 370 368 356 Ratio of credit sales to net sales in department and apparel atores ....... . 63.2 65.4 63.5 63.8 64.2 Ratio of collections to outstandings in department and apparel stores ... . 41.9 44.1 43.9 45.5 46.3 Index of gasoline sales ..................................................................................... . 251 254 260 250 PRODUCTION tlndex of industrial electric power consumption (14.8) ............................. . 533 512 493 513 451 tlndex of crude runs to stills ( 4.5) .. ............................................................... . 226 214 203 206 199 Index of wheat grindings .................................................................. ............... . 92 98 96 102 Index of cottonseed crushed .............. ............................................................... . 124 87 115 146 114 Index of southern pine production (unadjusted) ....................................... . 118 124 123 119 Index of dairy product manufacturing .......................................................... . 47 51 49 57 59 tlndex of urban building permits (adjusted for price changes, 3.8) ....... . 178° 153* 170 189 196 Index of urban building permits ..................................................................... . 379• 325* 369 393 404 t Index of crude petroleum production (8.6) ................................................. . 238 224 216 228 223 tlndex of total electric power consumption (3.0) ......................................... . 646 635 608 578 498 Index of industrial production in the U.S .................................................... . 223 215 193 214 220 Index of cement production ................................................. .. .......................... . 317 311 308 323 294 Construction contracts awarded (thousands) ............................................... . AGRICULTURE $ 93,011 $104,559 $111,601 $102,651 Index of farm cash income (unadjusted) ...................................................... 753 528 339 365 516 Index of prices received by farmers (unadjusted) ..................................... . 328 333 333 342 371 Index of prices paid by farmers in the U.S. (parity index-unadjusted, (1910-14=100) ·············· ···················································· ············ ··· ············· Parity ratio for Texas .... ............:...................................................................... . 284 115 287 116 286 116 287 119 281 133 Index of prices received by farmers-livestock (unadjusted)......... .. ... .... 346 361 374 387 445 Index of prices received by farmers-all crops (unadjusted)................. . 314 312 302 308 316 FINANCE Loans, reporting member banks in Dallas district (millions) ................. . Loans and investments, reporting member banks in Dallas district $ 1,651 s 1,631 $ 1,574 $ 1,570 $ 1,468 (millions ) .............................. .............. ......................... ...... ............................ . Demand deposits adjusted, reporting member banks in Dallas district $ 3,048 $ 3,050 $ 3,018 s 2,937 s 2,713 (millions) ........................................................................................................ Ban k debits in 20 cities (millions) ............................................................... . Reven ue receipts of the State Comptroller (thousands) ........................... . Federal Internal Revenue collections (thousands) ..................................... . LABOR $ $ 2,388 5,314 $ 48,393 $182,924 s 2,402 $ 5,097 $ 51,371 $142,163 $ 2,406 s 5,388 $ 58,153 $124,957 $ 2,359 $ 5,257 $ 57,474 $204,935 $ 2,217 $ 4,989 $ 54,205 $155,170 Total nonagricultural employment (thousands) ......................................... . 2,199.0 2,194.3 2,177.3 2,147.7 2,082.9 Total manufacturing employment (thousands) ................................. . 423.6 420.7 416.1 415.8 397.9 Durable-goods employment (thousands) .. ................ ................... . 199.9 199.6 196.9 198.2 185.4 Nondurable-goods employment (thousands) ............................... . Nonagricultural civilian labor force in 17 labor market areas (thousands) Unemployment in 17 labor market areas ................................................ ....... . Pl acements in 17 labor market areas ............ ................................................. . Percent of labor force unemployed ............................................................... . 223.7 1,613 48,825 43,062 3.0 221.l 1,609 52,285 36,978 3.2 219.2 1,607 57,425 36,685 3.6 217.5 1,590 52,821 36,459 3.3 212.5 1,528 46,280 36,696 3.0 All figures are for Texas unless otherwise indicated. All indexes are based on tohe average months for 1985-39 except where indicated and art adjusted for ti:easonal variation (except annual indexes) . Manufacturing employment estimates have been adjusted to first quarter 1951 benchmarks. •Preliminary. tThe index of business activity le a weighted average of the lndex"9 Indicated by a da1nrer (t). The we!irht trfven each lndn: In computfnc tbl composite is given in parentheses. iNew series. Index computed from estimates of retail sales published by Bureau of the Ceruoua.