TEXAS BUSINESS REVIEW A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDmONS IN TEXAS BUREAU OF BUSINESS RESEARCH COILEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS VOL. XXVI, NO. 10 NOVEMBER 1952 f lU1 u~oouft' Ofl~A§ JUL --1953 ~UBMI<~ ~'Y;i:~T,exas' blackest gold mine is outlined on page 16 Iba. Iba. 1000 1000 750 ~o •j; (~ t500 500 ' 250 Stars on the map above show county locations of Texas' 37 carbon black plants. TWENTY CENTS A COPY TWO DOLLARS A YEAR The Business Situation in Texas The level of Texas business activity in October reached an all-time high, according to the index compiled by the Bureau of Business Research. This index stood at 284% of the 1935-39 base, a gain of 5% from the prevfous month and 11 % above the October 1951 value. The average of the composite index for the first 10 months of 1952 was 265, compared with an average of 251 for the year 1951. None of the first 10 months of 1952 has been below the corresponding month of 1951. The component series entering into the index of busi­ness activity in Texas are given in the table below. These series measure the changes in the most important segments of Texas business, weighted according to the contribution of each phase of business to the total of economic activity in the state. The rise in business ac­tivity during October was distributed over a rather broad base, representing most of the major phases of business in the state. INDEX OF TEXAS BUSINESS ACTIVITY AND COMPONENT SERIES (Adjusted for seasonal variation, 1935-39==100) Oct Sept Percent Component indexes Weight 1952 1952 change Index of Texas Business Activity (Composite) 100.0 284* 210• + 6 Retail sales, adjusted for price changes_ 47.7 243* 224* 8 + Industrial power consumption ____ 14.8 664 633 6 + Crude oil runs to stillo ----·--------4.6 219 226 3 Electric power consumption ------------3.0 628 646 3 Miscellaneous freight carloadings ----· 17.6 167 156 + 1 Urban building permits, adjusted for price changes ---------3.8 208• 177 + 18 Crude petroleum production ---------8.6 236 238 -1 *Preliminary. Retail sales increased 8% in October from the pre· ceding month, which brought the index to a point 10% above a year earlier. This series has been adjusted to take into account changes in retail prices, so in reality it measures changes in the physical volume of goods sold at retail rather than changes in the dollar volume. The October index of 243 was below the 266 registered in July 1950, the month after the Korean war started, and below the January 1951 level of 257, at the peak of the second surge of scare buying. But these two months were the only ones higher than this October, and both of those peaks were the results of scare buying waves, which was not the case in October. The preliminary estimates of retail sales for the na­tion indicate that October sales in current dollars were at a new high for the year, after adjustment for seasonal variation, and were 3% above the peak of January 1951. Retail sales in Texas for October were the highest of any month of 1952, but were still slightly below the January 1951 level. January 1951 was the all-time high for the index of Texas retail sales in current dollars, while July 1950 was the peak after allowance was made for the changes in prices. Retail prices rose sharply in the second half of 1950, pushing the total of retail sales for January 1951, expressed in current dollars, above the July 1950 level, although it appears that the physical volume of goods sold was greater in July 1950 than in January 1951, or in any subsequent month. Sales of nondurable-goods stores in Texas established an all-time high in October at 422% of the 1935-39 level, while at the same time nondurable-goods stores in the United States also reached a peak. Durable-goods stores in both Texas and the United States have failed to surpass the level of January 1951. October sales in Texas durable-goods stores were 10% below January 1951, while for the United States sales of durable goods were down 5%. October showed a rise of 11 % over September in sales of Texas durable-goods stores, and October sales volume was surpassed by only one month (June) during 1952. The average monthly sales of durable goods for the first ten months of 1952 were 3% below the average month of 1951, but sales of nondurable-goods stores INDEX OF TEXAS BUSINESS ACTIVITY 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 were 5% higher. The comparison for total retail sales ~or the same period shows only a small rise (1 % ) , but it must be remembered that the 1952 increase was brought about without any help from scare buying such as that prevalent in the first part of 1951. ' The strong demand for consumer goods is one of the most favorable factors in the current business situation in Texas. Savings of individuals have remained high all through 1952 (over 7% of disposable income), but the v.olume ~f consumer credit outstanding has continued to nse dunng most of 1952. The $21,720 million out­standing at the end of September was an all-time high for the United States. The total amount of consumer credit outstanding on September 30 was an increase of a~most $300 million from August 31, with most of the n se accounted for by installment credit. . Personal incon;ie ~n the United States increased again ~n ?eptember, bnngmg the total payments of income to md1v1dua~s to an all-time high. The strongest rise in personal mcome occurred in wages and salaries in dur­able-goods industries. . The industrial component of Texas business rose 6% m October, as measured by the index of industrial power consumption. This index in October stood at 564% o.f the 1935-39 base period, restoring all of the loss .dunn? the summer months and establishing another all-time high for business activity in the state. In spite of the dip in the index during the past few months, every month of 1952 to date has been ahead of the corre­sponding month of 1951. The average for the first 10 months of 1952 was 13% greater than the average for the year 1951. The petroleum industry, one of the major elements in the industrial economy of the state, showed small de­ clines in October, after adjustment for seasonal varia­ tion. Crude r~ns to stills dropped 3% from September, although the mdex remained 10% above October 1951. Crude production was down 1 % from September and was 4% higher than a year ago. The reduction in allow­ ables foretells a still further decrease in this industry, although there is no indication that it will be great enough to offset the rising trend in the other manufac­ turing enterprises in the state. The Council of Economic Advisers has estimated that gross private domestic investment in the United States increased from $49.3 billion in the second quarter to $50.0 billion in the third quarter, entirely as a result of increased inventory accumulation of business con­cerns. Inventories dropped during the last two quarters of 1951 and the first quarter of 1952. The second quarter showed no change and was followed by a rise in the third. Investment in the form of increased inventories is a regular concomitant of increased business activity, since the larger volume of business necessitates larger stocks of goods at all levels. Expenditures for new plant and equipment in the United States during the third quarter remained at ap­proximately the all-time high that has prevailed for nearly a year. According to the survey of businessmen's intentions made by the Department of Commerce and the Securities and Exchange Commission in August, the fourth quarter of 1952 will show an increase in this form of investment. Businessmen reported that they were planning increases in manufacturing, mining, and pub­lic utilities. All the available information indicates that plans for expansion of capital assets by Texas businessmen are continuing at the high level that has characterized busi­ness in the state ever since the end of the war. The greatly increased output of the factories of the state has been possible only because of the expansion of indus­trial capacity. . ADJ USTED FOR SEASONAL VARIATION., 1935 39 100 f t Ul\I Ptrc.. eoo 800 100100 " .. w ' 600600 ~ ,/' >OO•OO I.. ~ ,., 400 400 -~ •oo ·­ ~ 200 I ~r--.1 200 100 100 0 1939 1940 1941 1942 t943 1944 194$ 1946 1947 1941 1949 19$0 19$1 ISSZ INDEX OF BANK DEBITS IN TEXAS The index of bank debits in Texas cities, constructed by the Bureau of Business Research from data compiled ?Y the Federal Reserve Bank of Dallas, registered an mcrease of 10% in business activity, after allowance for seasonal variation. This increase brought the index !o another all-time high, as indicated by the accompany­mg chart. The building industry during October showed a sub­stantial increase, both in Texas and in the rest of the nation. The Bureau's index of building permits issued in Texas cities rose 17% between September and October, and the October level was 37% ahead of a year ago. For the 10 months of 1952, building permits were down only slightly more than 1 % from the average for 1951. Construction expenditures for the country as a whole increased in October for the second consecutive month, following a five-month decline. New housing starts to­talled 98,000 in the United States during September, the seventh consecutive month this year in which starts were near the 100,000-unit level. There is now no question that 1952 will be another very good year for housing in Texas as well as in the rest of the country. This phase of business activity continues to be a major supporting element in the current business situation. Estimates for 1953 are now taking on an optimistic tone. A study by the Departments of Commerce and Labor forecasts a rise of 4% in dollar value of construction in 1953. An expected drop of 28% in industrial construction will be offset by a rise of 20% in the value of warehomes and offices, and a rise of 33 % in buildings for retail and service establishments. Public construction, particu­larly by cities and state governments, is expected to increase in 1953. Businessmen in general appear to view the results of the election with optimism, and if this feelin o-is translated into a continuation of plans for expan:ion, there should be no significant change from the present level of activity. As long as the present world tension continues, government expenditures will necessarih· re· m~nhl~. · JoHN R. STOCKTO'.'; TEXAS BUSINESS REVIEW Robert H. Ryan... ----····················--···········-·························Managing Editor College of Business Administration, ,The University of Texas William R. SpriegeL. . .Dean J. Anderson Fltzgerald.------------·-Consulting Dean Business Research Council William R. $priegel (e:z: offi,cio), 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 Stanley A. Arbingast Marjorie T. Cornwell Director Assistant Director Research SupervisOT Resources Specialist Stella Traw eek A. Hamilton Chute Richard C. Henshaw, Jr. Consulting Statistician R•tailing Specialist Statistician Raymond V. Lesikar Robert H. Ryan Frank T. Cadena Research Associate Research Associate Research Associate J o Overstreet Elizabeth Bodenstein William Lowe Statistical Assista..t Informational Writer Statistical Assistant Alfred G. Dale Ma ry Ann Nobles Fletcher H. Etheridge Research Assistant Publicatians Assistant Research Assistant Charlotte Bella h Grace Eulenfeld Beverly Webb Statistical Clerk Judy Vaughan Statistical Clerk Secretaries ...-· ....~~~:i..·.:.--:.m· · ··~· .•,..._......._....:.. ..:~~..,,.~~~~~ Gus F . White J oanne Barry Fi•ld Representative Library Assistant Assistants Bob Arburn, Howard Brady, Ben Cummins, Tom Greer, Olin Hardwick , Della Henry, Benny Hill, Calvin J ayroe, Vera J effrey, Paul Johnson, 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 Aosistant Professor Cotton Marketing of Finance TABLE OF CONTENTS The Business Situation in Texas............................. 2 Construction .............................................................. 4 Retail Trade .............................................................. 6 [ndustrial Production ................................................ 8 Finance ..................................................................... 10 Agriculture . ·······-·············-···················· 12 Cotton 13 Labor 14 Prices ...... . 15 Notes on the Industrialization of Texas Carbon Black in Texas .................. . .......... ...... .. 16 Local and Business Conditions .. ______ ...·····-·------····------18 Barometers of Texas Business .................................. 24 Publiohed monthly by the Bureau of Business Research College of Business Administration, The University of Texas. A~etin 12. Entered as second class matter May 7, 1928 at the post office at Austin, Texas, under the act of August 24, 1912. Content of this publication is not copyrighted and may be reproduced freely. Acknowledgement of source will be appreciated. Subscription $2.QO a year; individual copies, 20 cents. • CONSTRUCTION Contraseasonal rise. The value of urban building in Texas increased 6% from September to October, a very strong showing since a seasonal decline of about 10% is to be expected at this time of the year. As a result of this contraseasonal rise, the Bureau's seasonally adjusted in· dex of building permit values marked up a 17% increase during October, the second such consecutive rise. INDEX OF VALUE OF BUILDING PERMITS IN TEXAS '~Q6"'';--~-~-'-·'-'DJrU-'-ST-"E-i-D_F~D•_•..,•_•s_o_•.--•LTIO_N~•• •._,.,_·•_oo-.--~-'i o': _rv•_•_••... , ..,_,_ ... 7001---+--t--t--t-----t---t--t--t--t--t--t--t--t--!?OO 1 •oo f----+-+--+--l--t--t--1---t--t---t--t--Hl--t---j•oo 1A ~01---+--+--t---+----t--t--1---r--t--t--1-J.~ftL1 -1tt1)-t-~--i•oo 000 t---+--+--t---+----t--t--t--+--->r--t--...lf-0--1-llt-rtR.+i••• I IA , &J ' ~ V 300 l----t--1----t---i--+---t--t~ fl ...r' 300 200 1-l.._--l-},~-f\., ~v""v ---+---t--t--Jl"-t"'r,._t--t"--t--t---lt-"1200 --:-joj 100 100 " • IN' 1944 194~ 1946 1947 'Ul48 1949 19~0 IHI tHZ 19)9, 1940 1941 ···~ The consensus of opinion seems to be that priva~ building projects will be less hampered by federal re­strictions under a Republican administration but that fewer federal construction projects will be built. The national picture. Expenditures for new construc­tion in October declined slightly (from $3.1 billion to $3.0 billion) according to preliminary estimates of the Bureau of Labor Statistics, U. S. Department of Labor and the Building Materials Division of the U. S. Depart· ment of Commerce. The September-October decline was somewhat less than expected for this time of year, largely because private construction held about even with the September dollar volume. October marked the fifth suc­cessive month in which total dollar outlay for new con· struction was 5% or more above the year-ago monthly total. Both private and public construction expenditures de­clined less than seasonally this October to totals of $1,982 million and $1,025 million, respectively. In the private sector, residential building remained steady at just above the billion-dollar level, and, among the various types of nonresidential building construction, school, church, commercial and industrial building rose. Public· utility construction was down 5% from September, mainly because of declines in new work in the electric light, power, and gas-utility group. For the first 10 months of this year, new construction expenditures totaled $27,025 million, about 4% above the amount for the same 1951 period. When adjusted for price changes, however, construction activity was at about the same level for both years. Private expenditures for new construction have been exceeding the year-ago monthly level since July and by the end of October totaled $18,066 million, almost equal to last year's January-October estimate. For the first 10 months of 1952, the dollar volume of private residential construction alone was slightly in excess of the entire public total. Public expenditures, totaling $8,959 million, were 16% higher this year than last, the rise being ef­fected largely by increased spending in 1952 for public industrial construction and for military and naval fa. cilities. Expenditures for public industrial construction were 80% higher this year, and for military and naval projects 60% higher, although dollar outlays on the lat­ter are running at significantly lower levels than pub­lished earlier because of extensive downward revisions received from the Corps of Engineers. Stability in Texas building. The 6% increase in building permit values during October may be attributed to an 11 % rise in residential building and additions, alter­ations, and repairs which more than offset a 6% decrease in nonresidential building. The total value of building per­mits issued during the first 10 months of 1952 now stands only 2% below the total for the like period of last year, and the prospects for a dollar volume of urban building slightly above that of 1951 are good. However, physical volume of urban building installed will likely be the same or a little less during 1952, a discrepancy explained by the increase in construction costs since last year. Residential housekeeping building increased by 12% during October. Two-family houses and apartment build­ings showed the only decreases, -28% and -37% re­spectively. Residential nonhousekeeping building declined 45% during October partly due to seasonal factors. A few tourist cabins and a small hotel were built, but no per­mits were issued for other nonhousekeeping residential classes, such as dormitories. The value of nonhousekeep­ing residential building this year has been at a rate 39% below 1951. Additions, alterations, and repairs increased by 11 % during October and by 6% during 10 months of 1952 compared to the same period last year. Both residential and nonresidential have increased, the most substantial rises being the 22% one for nonresidential in October over September, and the 9% increase in residential for 10 months of 1952 compared to 10 months of last year. Contracts awarded. The value of construction con­tracts awarded in Texas during September ·was 4% less than in August, and awards during the first nine months of this year remained 5% below the value for the same period of 1951. However, in terms of physical volume of construction installed, there has been a slightly greater decrease (approximately 7% ), since construction costs have continued to rise during 1952. VALUE OF CONSTRUCTION CONTRACTS AWARDED Source : Dodge Statistical Research Service J anuary-September T ype of construction Sept 1952 1952 1951 Percent ch ange Thousands of dollar• ALL CONSTRUCTION 89,308 982,112 1,030,193 -5 New building .......-...... 67,145 689,207 745,422 8 Residential building ···­·····­ 48,587 418,286 443,201 6 Nonres idential building ---­ 18,558 270,921 302,221 -10 Additions, alterations and repairs ----------· 3,754 66,905 112,773 -41 Res idential ------­----­-------­ 163 4,944 4.71~ + 5 Nonresidential ---------­--­ 3,591 61,961 108,054 -4• Public work s and utilities _______ ___ 18,409 226,000 171 ,998 + 31 The 4% decrease during September is accounted for by declines in nonresidential building and, in particular, by a large drop in additions, alterations, and repairs to nonresidential buildings. This same statement may be applied in describing the 5% decrease in the year-to-year nine-month total comparisons. The total number of dwelling units provided in all resi­dential projects in Texas for which contracts were awarded during the first nine months of this year was 43,740 compared to 41,989 during a like period last year. ESTIMATED VALUE OF BUILDING PERMITS ISSUED Source: Bureau of Business Research in cooperation with tbe Bureau of Labor Statistics, U. S. Department of Labor January-October Classific&tion Sept 1952• 1952 1951 Percent change Kind of construction Thousands of dollars ALL BUILDING PERMITS___ 57,901 543,111 553,109 New construction _____ 50,598 474,646 488,442 Residential 35,260 335,917 320,646 + 5 H ousekeeping --­ 34,933 333,488 316,680 + i One family _ __ 33,428 305,774 290,091 + 5 Multiple family -- 1,505 27,714 26,589 + 4 N onhousekeeping - - 327 2,429 3,966 -39 N onresidential _ ___ 15,338 138,729 167,796 -17 Addit ions, alterations, and repairs ----­ 7,303 68,465 64,667 + 6 City-size group (1 94-0) ALL BUILDING PERMITS_____ 57,901 543,111 553,109 - 2 Over 100,000 27,122 241,305 274,210 -12 50,000 to 100,000 ----9,582 97,317 91,748 + 6 25,000 to 50,000 ----3,784 52,865 45,453 + 16 Under 25,000 -----17,413 151,624 141,698 7 + Only building for which permits were issued within the incorporated area of the city is included. Federal con tracts are excluded. •Preliminary. However, the average cost per dwelling unit constructed in 1952 decreased from $10,600 in 1951 to 89,600, re­flecting an increase in cheaper buildings constructed for sale or rent and a decline in the construction of owner­occupied homes. Urban construction by city-size groups. The most significant increases in urban building during October took place in cities under 25,000 population ( + 38% ). Construction in cities of the 50,000-to-100,000-class was next with a 9% increase. The larger cities, over 100,000, had about the same degree of construction activity as in September, showing a negligible 1 % decline. Cities in the 25,000-to-50,000 group experienced a drop of 33 7c , but this offset the other increases only enough to bring the total increase for all cities to 6% from September to October. Permits reported by Texas cities. Building in the two largest cities in Texas decreased during October, partly due to seasonal fa ctors. Dallas trailed Houston in total volume of building for the fifth consecutive month, and Dallas was slightly above Houston again on a per capita basis ($19.76 compared to $17.78 ) . Taft had the highest per capita building ( $108.13) level in the state during October. Other leading cities in order of construction intensity were Edinburg ( Sl05.4 7) , Bellaire ($101.35), Midland ($82.58), Pasadena ($74.50), and Terrell Hills ($67.95). Average municipal per capita building during October was 813.76. RICHARD c. HE:'\SHAW, JR. RETAIL TRADE Buying rises. After a summer of strong reb~ilding of manufacturers' inventories, wholesalers and retailers have been buying somewhat more freely and making longer commitments, although industrial purchasers report. the opposite trend. Some retailers have. encount.ered senous delays in deliveries because of the ~1gh ca~tlon and. ~ar· row commitments that governed earlier buymg. Teley1s10.n sets are reportedly in short supply. Much purchasing is for replacements in apparel and house furnishing~ lines and in additional holiday goods for the huge Chnstmas trade anticipated. However, spring showings are reported as dynamic and well attended. More attention is being paid to higher-priced merchandise. Manufacturers in nu­merous lines have built up several months' backlog of new orders. ESTIMATES OF TOTAL RETAIL SALES Sales Percent change (mils of dols) Oct 1952 Oct 1952 Jan-Oct 1952 Type of Oct Jan-Oct from from from store 1952 1952 Oct 1951 Sept 1952 Jan-Oct 1951 Total____ 712.3 6,265.3 + 11 +11 + 1 Durable goods -······ 306.0 2,712.2 + 10 +14 4 Nondurable goods .. 406.3 3,553.1 + 12 + 9 + 6 Little price change. Following two periods of "post· Korean" decline in wholesale prices and an intervening plateau, some commodity prices appear to be firming or stabilizing while others continue their slow downward drift. Some of this softness has not yet been reflected at the retail level. Furthermore, retail prices showed no change in October from levels of September or August, according to the Fairchild Publications Retail Price In­dex. At 104.9 of the 1947-49 base, quotations stood 1.9% below November 1, 1951 and 2.3% under the 1951 high point. Various merchandise groups displayed irregular movement. Piece goods and home furnishings contributed some of the larger decreases from prices a year ago. It appears unlikely that retail prices on the whole will change appreciably for some months ahead. Supplies seem to be plentiful in soft lines. It is reported that more steel is to become available for producers of appliances and other consumer durables, minimizing the likelihood of expected shortages in such lines for early 1953. Return of buyers' market. Cash registers are re­ported to be chiming merrily across the nation, although with lighter store traffic thus far than many merchants had hoped. Consistently since April, retail sales in the Gulf-Southwest have remained noticeably ahead of the national average. The Christmas note has been getting good response, even in the unusually early promotions, although apparel sales were still sluggish. Despite the peak record of installment debt attained this summer, as a potential slowing influence, customers are apparently becoming more free-spending and less budget-minded. However, they are still highly value-conscious and no less insistent on quality and competent service. They ig· nore talk of shortages or of price increases. The buyers' market has returned and will probably continue in an even more obvious form throughout next year. appliance stores ·----156 + 4 + 6 + 8 Jewelry stores ------·--30 + 13 + 15 + 4 Lumber, building material, and hardware stores -----··· 283 -1 + 8 Nondurable cooda Apparel stores -------222 + 12 + 12 + 5 Country general stores __ 45 + 3 + 5 Department stores --------81 + 10 + 18 + Drug stores -----·--·-·-·-----·-150 + 4 + 4 + Eating and drinking places__ 83 + 4 + 5 + Filling stations -------714 + 3 + 2 + 7 Florists ·-------------34 + 6 + 1 + 6 Food stores ------·-·-···--· 292 + 6 + 7 + 10 General merchandise stores_ . 146 + 13 + 21 + 6 Liquor stores ---·-····· 18 6 + 20 + 2 Office, store, and school supply dealers ------·-·--39 + 6 -2 CITY-SIZE CLASS (1950) Over 250,000 ------··---·----1,036 + 12 + 14 + 100,000 to 250,000 ----·-· 370 + 9 + 12 50,000 to 100,000 ----·-··-·· 239 + 10 + 15 2,500 to 50,000 ·-·-----·----810 + 5 + 11 Under 2,500 --·-···--------·--···· 108 + 3 + 2 + 4 xCbange is less than one half of one percent. Business prospects. Almost universally, merchants expect to ring up holiday sales at an all-time record rate. Personal incomes have reached a new high point and un· doubtedly will remain high in 1953. Savings, including Christmas savings accounts, stand at an exceptionally high level. D~mand continues strong for the products of our greatly increased productive capacity. This, together with planned governmental spendings and private outl~ys for continuing expansion of productive plant and eqmp· ment, should guarantee high incomes throughout much of 1953, except for the farmers. However, demand for ex· ports is substantially reduced. Problems and profits. Meanwhile, there are numer· ous reports of difficulty in obtaining extra seasonal sales persons. Merchants' costs and taxes have been increasing, so that profits continue to be anemic. During the next few weeks, seasonal relief from clearance sales and pro­motional markdowns should support profit ratios. Busi· ness volume will still accrue chiefly to those who plan carefully and promote vigorously with a keen eye on customers' reactions. Conditions will probably be spotty POSTAL RECEIPTS throughout Texas, in relation to local sources of income. Percent change Survey of Texas trade. With 2,563 stores reporting, Oct 1952 Oct 1952 19 types of retailer topped sales of September by as much Oct Sept Oct from from at 23%. Most retail lines bettered their sales of a year City 1952 1952 1951 Oct 1951 Sept 1952 ago, ranging up to 15%, both for October and for the Total•___ $6,043,145 $5,369,124 $5,312,823 + 14 + 13 first ten months of the year, and the few decreases were Arlington ___ 8,499 8,197 6,505 + 31 + 4 small. Nondurables still led durable goods. Bastrop ___ 2,570 1,489 1,730 + 49 + 73 Belton ---­5,322 5,645 4,348 + 22 6 - CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Borger ----14,319 13,199 14,423 -1 + 8 Brownfield ___ 8,579 5,827 7,692 + 12 + 47 Credit Collection Childress __ 8,647 7,965 5,921 + 46 + 9 Number ratios* ratiost of Cisco ----4,180 3,587 3,819 + 9 + 17 reporting Oct Oct Oct Oct Cleburne ___ 9,656 9,413 8,788 + 10 + 3 Classification stores 1952 1951 1952 1951 Coleman -----­4,763 4,480 4,507 + 6 + 6 ALL STORES______________ 65 63.5 63.7 45.3 46.0 College Station _ 19,175 11,119 + 72 By cities Crystal City __ 2,569 2,103 2,645 -3 + 22 Cuero ______ 4,935 3,577 4,326 + 14 + 38 Austin 6 59.6 53.6 53.9 --------------------58.6 El Campo ___ 6,837 7,166 6,471 + 6 -53 41.0 41.7 40.0 40.0 Cleburne ----------··-·--·-----­ Gainesville ___ 9,209 8,161 8,966 + 3 + 13 Dallas -------------------·--7 66.6 68.0 42.8 43.9 Gatesville ___ 3,502 3,507 2,978 + 18 x El Paso ---------------------------3 57.0 57.5 36.0 39.4 Giddings ___ 2,645 2,164 2,305 + 15 + 224 63.4 Fort Worth -----------------------64.4 46.0 50.4 Gladewater __ 5,173 5,028 4,485 + 15 + 3 Galveston -----------------------60.2 64.6 48.5 45.9 Goldthwaite __ 1,705 1,193 1,571 + 9 + 43 Houston -----------------------6 70.8 70.4 46.6 44.0 Graham ___ 5,395 4,436 5,194 + 4 + 22San Antonio -------------4 64.7 64.2 47.8 45.9 Granbury ___ 1,497 1,287 1,317 + 14 + 16 Waco -------------------------------4 59.5 58.2 57.4 56.9 Hillsboro ·--­5,673 5,031 5,510 + 3 + 13 By type of store Huntsville __ 6,699 6,408 6,506 + 3 + 5 J acksonville __ 9,664 10,073 8,744 -4 Department stores (over $1 + 11 Kenedy _____ 3,537 2,771 3,329 + 6 + 28 million) -----------------------21 65.1 64.4 43.7 44.7 Kerrville ___ 8,977 7,063 8,513 + 5 + 27 Department stores (under $1 Kingsville ____ 9,914 12,073 -18 million) ----------------------18 46.0 45.4 40.0 47.7 La Grange ___ 5,006 4,286 3,412 + 47 + 17 Dry goods and apparel stores_ 5 70.1 89.2 54.7 55.3 Littlefield ___ 6,392 5,131 Women's specialty shops ____ 14 59.0 60.7 52.3 49.4 6,050 + 18 -5 Luling _____ 2,245 2,619 2,964 -18 -7 Men's clothing stores ------7 61.7 67.0 55.4 57.6 McCamey ___ 3,533 2,683 3,232 + 9 + 32 By volume of net sales (1950') Mercedes ___ 4,481 4,669 4,429 + 1 -4 Mission ____ 6,722 5,271 6,652 Over $3,000,000 -------------19 64.8 65.1 44.4 45.0 + 1 + 28 $1,500,000 to $3,000,000 _______ 5 63.8 66.9 57.1 58.0 Navasota ___ 3,329 3,647 4,092 -19 -9 $500,000 to $1,500,000 _______ 16 56.4 55.7 52.4 51.3 New Braunfels __ 11,759 10,295 10,817 + 9 + 14 Palestine ___ 11,147 8,940 9,587 + 16 + 25 $250,000 to $500,000 ·--------17 43.2 42.7 43.8 43.6 Less than $250,000 ________ 8 47.1 48.6 46.3 45.4 Pampa ___ 14,662 13,426 13,630 + 8 + 9 Pasadena ___ 14,482 12,554 10,609 + 37 + 15 •Credit sales as a percent of net sales. Pecos ____ 15,518 8,611 11,794 + 32 + 80 Pharr ____ 4,241 2,994 + 42 tCollections during the month .as a percent of accounts unpaid on the Raymondville _ 5,233 4,277 5,17i first of the month. + 1 + 22 Snyder ----­10,104 8,573 9,226 + 10 + 18 Sulphur Springs_ 5,777 5,530 5,481 + + 4 Reporting by cities, 303 Texas department and apparel Sweetwater __ 15,283 13,848 16,331 -6 + 10 stores averaged an increase of 15% from September, 11 % Terrell ---­5,582 4,664 5,571 -3 + 20 over October 1951, and 5% for January-October over Uvalde -----5,792 6,473 6,581 -12 -11 Vernon ____ 11,470 9,038 10,168 + 13 + 27 the first ten months of 1951. Among the 38 cities included, Victoria 17,920 16,671 15,333 + 17 + 7 28 topped September, 30 bettered October 1951, and 30 Yoakum 12,613 9,699 13,203 -4 + 30 were ahead of January-October 1951. The best showings over October 1951 included Victoria (+39%), Corpus •The total includes receipts for cities whicb are listed individually under "Local Business Conditions," but excludes those cities for which Christi (+37%) , Lubbock (+28%), and Beaumont data are incomplete. (+22%). Leaders for the ten months of 1952 were xChange is less than one half of one percent. Laredo ( +22%), Corpus Christi ( + 19%), and Browns­ville (+15%). September and 21 % over October 1951. Of these papers, Of 30 cities reporting enough retailers of various types 27 bettered September individually and the same numberto be listed individually, 27 topped their sales of Septem­were ahead of a year ago. ber and 23 bettered October 1951. Eleven were ahead of January-October 1951. The largest increases over Sep­Sales of gasoline subject to tax totalled 247,870,000 tember were recorded in Denison (+33%), Browns­gallons m September, about equal to August sales but ville (+27%), Plainview (+23%), Corpus Christi 10% higher than a year earlier. Gasoline sold to the (+22%), Sherman ( +21% ) , and Beaumont ( +20%). federal government amounted to 99,940,000 gallons, 58~ Leaders over the same months of 1951 were Plainview above August and 96% over September 1951. (+30%), Corpus Christi and Galveston (each +21% ) , Postal reciepts for October m 113 Texas cities rose Sherman (+19%), and Beaumont, Dallas, and EI Paso 13% from September and 14% over October 1951. (each +15%). Ninety-nine cities bettered September and 88 topped Secondary trade indicators. Advertising linage in October 1951. 29 Texas newspapers as a group increased 17% from this A. H . .\'.\IILTO~ CHL.TE INDUSTRIAL PRODUCTION Electric power at peak level. The use of electric power in Texas industries, the most accurate over-all measure of industrial activity, reached 564% of its aver­age pre-war October level last month, the highest point ever marked by the industrial electric power index com­puted by the Bureau of Business Research. In actual kilo­watt-hours, industries used 2% less power in October INDEX OF INDUSTRIAL ELECTRIC POWER CONSUMPTION IN TEXAS AOJUST[O l'OA SEASONAL VARIATION, 193~·39 • 100 Ptrc tnt Ptreo 600 600"' ' 00 600 00 . 000 400 300 30 0 200200 •OO•OO 1939 1940 1941 1942 1943 1944 194~ 1946 1947 1948 1949 19~0 19~1 19~2 ELECTRIC POWER CONSUMPTION Percent change Consumption (thous of /cw-hrs) Oct 1952 Oct 1952 Oct Sept Oct from from Use 1952 1952 1951 Oct 1951 Sept 1952 Total_____ J,184,461 1,346,350 1,025,868 + 15 -12 Commercial ------226,044 271,004 214,210 6 -17 + Industrial ---------543,022 555,458 479,834 + 13 -2 Residential -----------181,411 241,976 168,606 8 -25 + Other 233,984 277,912 163,218 + 43 -16 Prepared from reports of 10 electric power companies to the Bureau of Business Research. than in the preceding month, but October is characteris­tically a lower-consumption period, and the index, which is adjusted to compensate for average seasonal changes, rose 6% from September to October. National production index. The Federal Reserve Board, which computes a monthly index of industrial production in the United States, announced that Septem­ber was the top production month since 1945 and pre­liminary figures indicate that the index rose futrher, from a level of 225 in September (1935-39=100) to 226 in October. Continued expansion in metal production and fabrication was the expected cause of further gains, and only the cutback in strike-bound coal production seemed likely to inhibit an even greater rise in the production in­dex. October output of bituminous coal was expected to be down 30% from September. Steel production graphs curved sharply upward in Sep­tember, and for October, steel was scheduled to pour forth at a record annual rate of some 116 million ingot­tons. Automobile assembly, also up during October, set a pace of roughly 100,000 units a week during the month. And manufacture of household durable goods rose about 10% in October, owing to accelerated output of television receivers. The television boom brought September output of sets to a level 50% over August, after seasonal adjust­ment; September unit-production amounted to 750,000 sets. Official reports showed gains in paper and textile manu­factures that brought the total nondurable-goods produc­tion level to a point slightly higher this September than WELL COMPLETIONS Source: The Oil and Gas Journal October 1952* Jan-Oct Region Oil Gas Dry Total 1952 1951 Texas_______________ 733 55 620 1,408 14,508 14,035 North Central Texas____ 235 0 229 464 4,586 4,275 West Texas ---------··--258 2 108 368 4,390 4,274 Panhandle ----------------19 11 13 43 558 608 Eastern Texas -----------29 8 40 77 769 1,014 Texas Gulf Coast _______ 82 19 114 215 2,174 1,943 Southwest Texas --------110 15 116 241 2,031 1,921 *For five weeks ending November 1, 1952. last. Chemical plants also set a post-war record in Sep­tember, and rubber fabrication was appreciably higher. Aluminum pours from Rockdale. After 13 months of construction work the first ingots of aluminum were poured from the Rockdale Smelting Works of the Alumi­num Company of America, late in November. The light metal, once so valuable it was worn in jewelry by Queen Victoria, will come from the Rockdale plant at the rate of 170 million pounds a year. A unique feature of the plant will be its use of dried and carbonized lignite as fuel for generation of electricity, needed in enormous amounts for the smelting of aluminum. The Texas Power and Light Company cooperated with the U. S. Bureau of Mines in development of these lignite power generators. Crude production cutback. Texas oil producers still expect that 1952 may be a record year in state petroleum output, even higher than the 1951 peak of 1,010 million barrels. If their predictions are true, however, it will be in spite of a slight cutback in the December allowable for all areas except the East Texas Field, where a nominal in­crease in flow was granted by the Railroad Commission. The highest allowable in Texas history was reached at 3,372,814 barrels daily, November 1, and the December figure was set at 66,975 barrels below that record. During the first six months of the year, the 73 Texas refineries processed 314,210,000 barrels of crude oil, 63% of the state's entire production during that period. Rising costs cut drilling. The decline in drilling ac­tivity throughout the United States and Canada during the past year was first attributed to a shortage of tubular supplies. Now, industry leaders are becoming convinced that neither pipe shortages nor the steel strike has been REPORTED PETROLEUM PRODUCTION Source: Oil and Gas Division, Railroad Commission of Texas Percent change Prodnction (barrels) July 1952 July 1952 Oil and gas July June July from from district 1952 1952 1951 July 1951 June 1952 Texas______ 78,633, 772 79,121,916 84,889,438 -7 District 1 ________ 998,190 964,312 1,040,781 -4 + 2 District 2 _______ 4,181,157 4,234,591 5,044,381 -17 District 3 _________ 12,689,583 12,728,106 14,763,374 -14 x District 4 _________ 6,980,674 7,100,183 7,836,325 -11 2 District 5 _________ 1,317 ,899 1,616,376 1,715,363 -23 -18 District 6 -------11,608,103 11,615,739 11,954,334 -3 x District 7b ______ 2,836,768 2,777,511 2,513,769 + 13 + District 7c ________ 4,283,900 4,161,996 3,098,156 + 38 + District 8 ________26,110,530 26,653,243 29,459,174 -11 District 9 _____ 5,162,825 4,895,038 4,871,891 6 + 5 + District 10 _ ___ 2,464,143 2,374,821 2,592,390 -5 4 + xChange is less than one half of one percent. as great a factor in the drilling recession as has the in­flation of drilling costs on one hand and the price control ceilings on the other. The cost of finding, developing, and producing a barrel of oil has risen more than 60 cents since the three-year period 1947-49, an increase of 38% in cost to domestic producers. Moreover, the boost is ex­pected to amount to 75 to 80 cents by the end of this year. INDEX .OF CRUDE OIL RUNS TO. STILLS IN TEXAS 19•U 1942 1943 1944 1945 194e 1947 1948 t949 1950 19 51 1952 Experts predict an even chance that production will ease up within the next three to six months. The accumu­lated demand for extra inventory is expected to relax, al­though it is impossible to say just when this may happen. Among other commodities, inventories of aluminum, cot­ton and rayon textiles, petroleum products, and tires seem to be growing. Nevertheless, a survey of the oil industry showed that companies expect an average 1 % increase in their capital expansion outlays for 1953 over 1952. One indication of the extent to which manufacturing has increased is the comparison of employment in 1939 with the present time. According to the estimates of the Texas Employment Commission, manufacturing employ­ment in October 1952 totalled 425.9 thousand, compared with 188.2 thousand in 1939. Employment in durable· goods industries rose 210% during this period, while nondurable-goods industries rose 82%. REFINERY STOCKS Source: T h e Oil and Gaa J ournal Percent change Nov 1, Novl, Stoclcs (thousands of barrels) 1952 1952 from from Area and Nov 1, Sept 27, Nov3, Nov3, Sept 27, product 1952 1952 1951 1951 1952 United States Gasoline -----------120,563 122,468 109,513 + 10 -2 Distillate ----------120,077 104,170 102,926 + 17 + 15 Residual --------53,292 49,014 48,570 + 10 + 9 Kerosene 33,760 36,171 33,522 + 1 -7 Texas Gasoline ----------22,526 30,936 21,457 + 5 -27 Distillate ---16,632 14,612 16,076 + 3 + 14 Residual -----------8,976 9,479 8,225 + 9 5 Kerosene 4,132 4,470 6,164 -33 -8 Drouth in industry: I Not only farmers, but manu­facturers have suffered from the prolonged drouth in Texas. Four major Houston industries faced shutdowns late in October, when the flow of the San Jacinto River, source of industrial water, ebbed to less than two thirds its normal volume. The thirsty industries were the Cham­pion Paper and Fibre Company, the Sinclair Refining Company, and the Sinclair and Goodyear rubber com­panies. Plant managers said they could not operate if their water supply were cut further. Although recent rains have relieved many spot short­ages, a conference on water law held at The University ~f Texas late in November focused attention on the chrome threat of industrial drouth in many parts of the stale. Since 1900, the conference was told, Texas population has doubled, but water use by industry and cities has ex­panded 30-fold, and for agricultural irrigation, 55-fold. TEXAS INDUSTRIAL ACTIVITY Source: Bureau of the Census, U.S. Department of Commerce and State Comptroller of Public Accounts Percent chanire Oct 1952 Oct 1952 Oct Sept Oct from from Item 1952 1952 1951 Oct 1951 Sept 1952 Carbon black produced (Value in thous of dols) _ 1,945 2,546 4,323 -55 -24 Cotton (runnino bales) Cotton consumed __ 14,735 11,779 15,254 -3 + 25 L inters consumed _ _ 2,908 3,223 2,416 + 20 -10 Cotton spindles Spindles in place (thous) 226 226 215 + 5 0 Spindles active (thous)_ 216 209 207 + 4 + 3 Total spindle hours (thous) ----1,110,000t 87,000 107,000 +937 +1176 Average spindle hours (thous) 491 385 498 -1 28 ----+ Cottonseed (tons) Received at mills __ 373,088 243,122 272,146 + 37 + 53 Crushed 194,973 128,228 199,852 -2 + 52 Stocks, end-of-month _ 502,588 324,598 401,275 + 25 + 55 Crude oil Value (thous of dols)__ 225,055 215,083 202,026 +11 + 5 Production (thous of bbls) 87,209 83,529 77,068 + 13 + 4 Runs to stills (thous of bbls) --63,367 64,517 57,728 + 10 2 Nat ural & casin g ­head gas produced (Value in thous of dols) ---------23,782 27,906 27,074 -12 -15 Sulfur production (long tons) 964 965 x xChange is less than one half of one percent. tFor five weeks ending November 1, 1952. Sulfur from the swamps. The national flow of in­dustrial sulfur, critically straitened during recent months, has been increased so successfuly that the l\ational Production Authority has withdrawn all restrictions on end use and inventory backlogs of the yellow element. The Freeport Sulphur Co. has expanded its mining op­erations into the marshes of southern Louisiana. and in spite of higher production costs than for their dr):·ground activities in Texas. The new technique makes use of float­ing drilling rigs and barge-floated equipment; the sulfur is shipped to Port Sulphur on barges. This method, which is now greatly expanding Louisiana's sulfur output may ultimately be used in Texas areas where sulfur is not now produced. Boom at Rockwall. Partly because of the nearby $11.6 million reservoir at Lavon, to be completed in mid­1953, industry is gravitating to Rockwall, 14 miles from Dallas. The Texas Aluminum Corporation has announced plans for an aluminum fabricating plant there, first in the Southwest. A thousand men will ewntually be employed in the plant, and other, satellite plants are expected to be MANUFACTURE OF DAIRY PRODUCTS Percent change Product Oct 1952 Sept 1952 Oct 1951 Oct 1952 Oct 1952 from from Oct 1951 Sept 1952 Total production in milk equivalent (thOUB of lbs) 38,580 38,145 42,518 - 9 + 1 Creamery butter (thous of lbs) ------534 405 568 6 +32 Ice cream (thous of oals) _ 1,999 2,114 1,999 x - 5 American cheese (thous of lbs) 185 208 240 - 23 -11 All others (thous of lbs) _ 1,116 1,366 2,371 - 53 -18 Milk equivalent of dairy products is calculated from production data. xCbange is less than one half of one percent. drawn into the area. A 2,000-acre industrial area includ­ing an airport is planned, and the Folsom Company of Dallas has already announced Rockwall as the site of a new 300-man heating equipment plant. The Rocb,·all area came into the Dallas industrial complex two years ago upon completion of a superhighway, U. S. Route 67, which cut the driving time between Rockwall and down­town Dallas to about 25 minutes. ROBERT H. RYA'.'< Bureau of Business Research Publications Industrial Expansion in Texas 3rd Quarter, 1952 by Stanley A. Arbingast, Joanne Barry, and Della Henry. New and expanded industrial plants throughout Texas are outlined in the latest issue of this quarterly bulletin. Single copies will be sent without charge, and readers are invited to add their names to the 1953 mailing list for future issues. Bureau of Business Research Publications The Use of Independent Accountants' Reports in Texas Banks ("Business Guides" No. 6) by C. AUBREY SMITH, Professor of Accounting, College of Business Administration, and ROBERT G. STAND LEE. This study analyzes the results of a survey of 364 Texas banks in regard to their use of accountants' reports. Single copies will be mailed without charge upon request. FINANCE l\Iarket forces in interest rates. During the last two years, interest rates on all maturities of United States government securities and on high-grade corporate bonds and notes have gradually risen to the highest general levels since the early 1930's. In regard to the trend of interest rates, businessmen in the Southwest and through­out the nation primarily question whether the upward movement will continue or will level off at the higher yields prevalent in the recent past. Market forces that combine to regulate the interest-rate level and structure are many and complex, but several important factors may be listed and evaluated. The demand for loanable funds comes from three major groups: (a) business men, who borrow for opera­tional purposes; (b) consumers, who desire funds for the purpose of purchasing a variety of consumer goods; and ( c) the U.S. Treasury, which sometimes enters the market for the purpose of financing a budgetary deficit. So long as business activity remains at a high !ere!, business demand for credit will also probably remain high; and there are not yet any significant indications of a business recession in the near future. lndi\•iduals, in spite of high levels of income and saving, have been increasing their indebtedness for consumption purposes at a rapid rate during the latter part of 1952. In Sep­tember, the Board of Governors of the Federal Reserve System estimated that total consumer credit outstanding amounted to $21.7 billion (compared with $19.4 billion in September 1951), of which more than $15 billion was in the form of installment credit. There is con­siderable possibility that the upward trend in consumer CHANGES IN CONDITIO:'< OF WEEKLY-REPORTING MEMBER BANKS IN THE DALLAS DISTRICT Source: Board of Governors of the Federal Reserve System Percent change Oct 1952 Oct 1952 Oct 1951 from from from Item Oct 1951 Sept 1952 Sept 1951 Aaseta Loans and investments _____ +12 + 4 + 6 Loans +15 + 3 + 3 Total U.S. Government securities + 8 + 5 +10 Treasury bills -24 +28 +51 Treasury certificates of indebtedness 1 -5 +15 Treasury notes + 8 +10 3 Bonds ----------+26 + 1 + 1 Other securities -------+ 6 + 6 + 1 Reserve with Federal Reserve banks + 6 + 3 Cash in vaults +23 +17 + Balances with domestic banks_ 2 5 Liabilities Total deposits (except interbank) + 9 + 2 + 2 Demand deposits (adjusted) __ + 9 + 3 + 8 Time deposits +11 Government deposits ---+ 1 + 4 + 9 Interbank deposits + 2 + 4 + 5 Domestic banks -----+ 2 + 4 + 5 Foreign banks _ 0 +11 +25 Capital accounts +15 + 2 x Percentage comparisons are based on week ending nearest the clOIyed______ 3.7 -12 3 TEXARKANA: (pop. 40, 628) § Air express shipments ---------------223 -21 + 5 Retail sales§ -------------+ 15 + 13 Department and apparel stores§____ _ + 5 + 9 SEGUIN: (pop. 9,733) Postal receipts§ ___ $ 56,436 + l + 40 Postal receipts ---------------------$ 9,226 + 23 + 29 Building permits§ -----------$ 75,233 +121 + 17 Bank debits (OOO's) § __________$ 41,830 1 x -Bank debits (OOO's) -----------$ 7,448 7 End-of-month deposits (OOO's) t---$ 27,626 + 16 2 Building permits -----------$ 30,565 -68 5 + 7 Annual rate of deposit turnover_____ _ 9.5 -20 + 4 End-of-month deposits (OOO's) t -------$ 15,578 + 5 + 2 Annual rate of deposit turnover______ 5.8 + 2 8 Placements in employment§ 1,501 + 5 7 Nonagricultural civilian labor force§ _ 45,950 + 12 + Unemployment§ ----------­2,300 -8 0 SHERMAN: (pop. 20,150) Percent of labor force unemployed§_ 5.0 -18 0 126 Retail sales ---------------------·-------+ 19 + 21 Air express shipments§ --------+ 4 + 50 Department and apparel stores______ + 3 + 7 Postal receipts ---------------------------$ 23,270 -24 + 5 TEXAS CITY: (pop. 16,620) Building permits ------------------$ 155,506 +139 +188 Bank debits (OOO's) _____________________$ 27,977 + 13 Postal receipts -----------------$ 14,691 + 17 + 24 End of-month deposits (OOO's) t --------$ 15,949 -2 Building permits ----------------$ 347,675 -25 + 3 882 -40 Bank debits (OOO's) __________$ 27,730 + 27 + 15Placements in employment ---------------+175 End-of-month deposits (OOO's) t ___$ 28,399 + 21 + 20 Annual rate of deposit turnover___ 12.8 + 11 + 7TAYLOR: (pop. 9,071) Placements in employment (area) __ 837 9 2 Postal receipts ------------------$ 8,031 + 4 + 7 Nonagricultural civilian labor force Building permits ___________$ 46,26B + 35 +181 (area) -------------­51,750 + 3 x Bank debits (OOO's) ----------S 17,078 + 31 + 7 Unemployment (area) ---------­1,900 + 12 0 End-of-month deposits (OOO's) t ------$ 15,324 + 3 + 8 Percent of labor force unemployed Annual rate of deposit turnover___ 13.9 + 28 + 1 (area) -------------3.7 + 9 0 Placements in employment -----121 -10 + 27 TYLER: (pop. 38,968)WACO: (pop. 84,706) Retail sales ----------------------+ 6 -4 Retail sales + 13 + 13 Department and apparel stores____ -8 -14 Apparel stores -------------------------­+ 11 + 9 Postal receipts --------------$ 56,234 + 15 + 27 Automotive stores ----------------------­+ 24 + 13 Building permits -------------$ 880,208 + 89 + 2 Department storest ----------------­+ 13 + 9 Bank debits (OOO's) ----------$ 56,970 + 8 + 9 Furniture and household End-of-month deposits (OOO's)t_____$ 55,702 1 + 6 appliance stores ------------­-33 + Annual rate of deposit turnover____ 12.2 + + 8 Lumber, building material, Placements in employment ____ 608 + 5 + and hardware stores --------­-21 + 24 Air express shipments --------236 + 3 + 12 Office, store, and school supply dealers ----------+ 6 + 1 Postal receipts __________$ 113,606 + 15 + 18 WICIDTA FALLS: (pop. 68,042) Retail sales + 5 + 12 Building permits ------------$ 873,087 -39 -33 Department and apparel stores____ -10 -2 Bank debits (OOO's) ---------$ 86,868 + 17 + 9 End-of-month deposits (OOO's) L----$ 94,963 + 6 + 3 Postal receipts ----------------$ 82,026 -8 + 6 Annual rate of deposit turnover____ 1L2 + 9 + 6 Building permits ----------$ 423,225 -26 -53 Bank debits (OOO's) _________$ 84,456 6 5 Nonagricultural civilian labor force__ _ 45,350 + 3 + 1 End-of-month deposits (OOO's) t---$ 108,802 + 4 + 1 Annual rate of deposit turnover____ Placements in emplayment ---------1,341 -11 + 7 + Unemployment ------------------------1,600 + 23 6 9.4 -9 + 4 Percent of labor force unemployed___ 3.5 + 21 8 Placemen ts in employment ------1,054 + 25 + 13 Nonagricultural civilian labor force___ 42,925 x Air express shipments -------·----221 + 12 + 17 + 3 Unemployment --------­1,775 +109 + 4 Percent of labor force unemployed__ 4.1 +105 + 5WAXAHACIDE: (pop. 11,204) Air express shipments 336 + 37 -23 Postal receipts _________________$ 10,154 -14 -14 xChange is less than one half of one percent. Building permits -----------$ 79,315 +154 +rn2 *Preliminary. Bank debits (OOO's) ----------$ 6,599 + 9 Rnd of-month deposits (OOO's) t -----$ 7,004 + 8 tReported by the Federal Reserve Board of Dallas. Annual rate of deposit turnover________ 11.7 tExcludes deposits to credit of banks. §Figures include Texarkana, Arkansas (pop. 15,875) and Texarkana, Placements in employment ----------131 + 18 + 3 T exas (pop. 24,753). BAROMETERS OF TEXAS BUSINESS Year-to=