TEXAS BUSINESS REVIEW A Monthly Summary of Business and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS VOL. XXVII, No. 5 JUNE 1953 Texas polyethylene Industry now squeezes gas into a solid plastic, useful for wrapping everything from tomatoes to telephone calls. In 1953, turkeys and television programs alike are shuttled about the nation sheathed in polyethylene, the little-known and most prodigiously booming of Texas' industrial products. This new and versatile plastic is so flexible and tough it can be bent to almost any use that demands a light, waterproof plastic, resistant to chemi­cal corrosion and endowed with excellent electric insula­tion properties. Polyethylene, actually a solidified gas, is made by ad­vanced technological methods that were still in the pilot plant stage until shortly before World War II. The white, waxlike plastic was first commercially made around 1939 by Imperial Chemical Industries, Ltd. in England. Fourteen years later, ICI still holds the high hand in polyethylene production through its control of the basic process patents; and so far, all American producers are using essentially the same processes under license from ICI. Scientists have known for years that certain substances -rubber is an ideal example-owe their special charac­teristics to the linked structure of their giant molecules, polymers. Molecules are the smallest particles of any substance that have all the properties of the substance in larger quantity. It is not surprising that these tiny particles of a gas are commonly lighter and farther apart than molecules of a solid. The crucial discovery was that the very light molecules of certain gases, ethylene for instance, could be heated and subjected to such intense pressure that they would literally stick to­gether to form long chains or lattice structures. Each (Please tum to page 15) pressure -1000 atm. pol1etbylene beat -.200°C. The sketch above outlines the essential process by which fne translucent, white plastic, polyethylene, is made. Each ethylene molecule (left) is composed of a single carbon atom, represented by a black dot, double-bonded to each of two atoms of hydrogen by the electronic attraction that holds all matter together. These infinitesimal units of ethylene gas, mixed with other substances, are subjected to a pressure of some 1,000 atmospheres, the equivalent of 14,700 pounds per square inch and one of the highest pressures used in any industrial process. This pressure, together with a heat of around 200° centigrade and the action of various catalysts and promoters, forces some of the ethylene molecules to shift two of their bonds outward to join them with other molecules. The product (right) is polyethylene, a mass of chains and crystalline structures, each containing hundreds of the original ethylene molecules. TWENTY CENTS A COPY TWO DOLLARS A YEAR The Business Situation 1n Texas The level of business act1v1ty in Texas during May continued at an extremely high rate, but more signs are appearing to suggest that the peak is past and that a downturn is now definitely a possibility. The composite index of business activity compiled by the Bureau of Business Research dropped from 294 in April to 291 in May, and all of the component series declined. The table below gives the values of the seven components of the index of business activity, as well as the com­posite, and the chart at the bottom of the page shows the composite index graphically. The index of bank debits on page 3 shows essentially the same picture, with May registering a 2% decline. INDEX OF TEXAS BUSINESS ACTIVITY AND COMPONENT SERIES (adjusted for seasonal variation, 1935-39=100) May Apr Percent Indexes Weight 1953 1953 change INDEX OF BUSINESS ACTIVITY (COMPOSITE) ---------------------­ 100.0 291* 294 -1 Retail sales , adjusted for price changes_ _ 47.7 246* 248 Industria l power consumption --­------­ 14.8 625 627 x Crude oil runs to stills ---­-----------·--­------­- 4.5 222 229 3 Elect ric power consumption ------------­--­- 3.0 678 686 -1 Miscellaneous freight carloadings ----------­ 17.6 143 145 Urba n building p ermit!, adj usted for price changes ----------------------------­ 3.8 200* 211 5 Crude petroleum p roduction -------­-----­ 8.6 211 216 2 xChange is less tha n one half of one percent. •Preliminary. The fluctuations in business activity in Texas during the first five months of 1953 have been relatively slight. The index for January reached 300% of the 1935-39 base, a level that has not been reached since. The aver­age of the index for the first five months of 1953 was 295, higher than any individual month in 1952. The low for 1953, the 291 registered for May, was 3% be­low the postwar high of 300 reached in January. The chart below emphasizes the high degree of stability shown by the index; it will be noted that the line has been practically straight during 1953. The history of the fluctuations in business activity supports the generalization that business rarely remains at the same level for long. Periods of increasing activity are followed by declining volume; and when the de­cline is arrested, the level of business normally turns up rather than remaining at the low level. On the basis of the past record there is reason to believe that the present stability of the index will not continue, and that it may be expected either to resume its climb or turn down. Most of the evidence indicates that when a change in Texas business comes it will be a decline rather than a further rise. This conclusion makes no forecast of any new development in the foreign situation but assumes a continuation of the present state of affairs. In the absence of any new outside force operating to change the level of activity, the self-generating forces of the business cycle that carry the level of business up seem to be losing most of their strength, while the forces that tend to slow down the expansion are becoming stronger. The strong consumer demand that has held rather consistently since the end of World War II has en· couraged businessmen to expand the capacity of busi­ness to produce goods. When the increased demands of the Korean War were added, business responded with an even greater rise in capacity. Texas industry received TEXAS BUSINESS ACTIVITY Index • Adjusted for seasonal variation e 1935~1939 s 100 350 350 300 300 250 200 200 150 150 100 100 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 an unusually large share of this expansion in capacity for the production of munitions and also consumer goods, with the result that income to consumers in this area increased strongly. The rise in consumer demand result­ing from this increased income has maintained business activity at the highest level ever reached. The level of the index of Texas business activity during 1953 has been nearly three times the prewar level, and a con­siderable part of this increase has been since 1949. The average for the first five months of 1953 is nearly 50% above the average for 1949. There are an increasing number of signs that indi­cate that the expansion of Texas industry is slowing down. This slowing down is not present in all phases of business, which suggests that any downturn may be limited, but it is definitely present in a number of lines. Construction is one of the most dynamic elements of the economic system and has contributed a very important portion of the stimulus to expansion in Texas business since the war. The data on building activity in the state give a strong indication that further contraction is com­ing. This is particularly true in residential building, which represents one of the major components of this industry. There is, however, still a large backlog of needed construction in roads and certain types of public building. The gas industry plans a continuation of its post-war expansion program, although the estimates of construc­tion expenditures for the next four years, made by the American Gas Association, show some decline from the record of the past four years. From 1949 through 1952, construction expenditures totalled $4.7 billion, and from 1953 through 1956 it is expected that the industry will spend an additional $4 billion. This expansion is par­ticularly important to Texas, with the major portion of the nation's gas reserves. It is predicted that expendi­tures during 1953 will amount to nearly $1.4 billion, making it the second largest year. In 1951 slightly more than $1.4 billion was spent. The estimate for 1953 was approximately $.25 billion less than previous estimates, due to the delay in approval for construction of pipe­line facilities to the Pacific Northwest. Capital expansion in Texas outside the natural-gas industry appears to be slowing down, in spite of the fact that business plans for expenditures on new plant and equipment for the United States continue to show increases. A survey made in May by the Department of Commerce and the Securities and Exchange Commission shows that business plans to spend at an annual rate of nearly $29 billion for new plant and equipment in the third quarter of 1953. This is an all-time high, and is nearly 13% above the rate for the third quarter of 1952. The compilation made by the Bureau of Business Research of new and expanded industrial plants in Texas indicates that the rate of expansion in the state is not being maintained at the pace set during the past three years. The data available for Texas are not nearly so complete as those for the United States, but they are enough to suggest that the peak of industrial expansion may already have been passed in the state. One series of data available promptly on the rate of capital expansion by business is sale of trucks. The major­ity of passenger cars sold are consumer goods, hut trucks are capital goods and their purchase by business represents capital expansion. Truck production for 1953 has been ahead of 1952, but the present rate of produc­tion is approximately 45% below the level of the peak reached last spring. If it is correct that construction and industrial expan­sion have both passed their peaks, there is strong rea· son for believing that a further gain in Texas business is not to be expected. These two phases of business have contributed substantially to the post-war boom, and a decline in either will almost inevitably be felt imme­diately in business activity. Total business inventories rose approximately 1 % in April to register the highest level on record. However, the rate of increase in inventories has slowed down con­siderably. More and more businessmen are beginning to worry about the size of their stocks, and there is rea­son to believe that a further rise in inventories may not be forthcoming. If the building up of inventories comes to an end, still another stimulus to business activity will be removed. This fact gives another reason for believing that the peak has been passed. Bonk Debits in Texas lndex • Adjusted for seasonal variation • 1935-1939 •100 193$ 1940 1941 1942 1$43 1944 1945 1946 1947 1948 1949 1950 1!51 11$2 1953 The largest segment of the economy of Texas is the expenditure of consumers; this element is represented in the composite index of sales by retail stores and is given 47.7% of the total weight in the index. Changes in consumer buying are brought about primarily by changes in consumer income or in the expectation of income. Liquid savings and consumer credit are on occasion used to supplement income. Factors, affecting the level of income, the volume of savings, and con­sumers' willingness to spend these savings, and the amount of consumer credit outstanding have an im­portant effect on consumer buying. The fact that the rate of industrial expansion in Texas and the rate of building activity are both slowing down would lead one to expect a slowing down in consumer spending. Farm income is also an important factor in the incomes of Texas consumers. The substantial reduction in farm in­come &till further weakens the position of Texas con­sumers. The volume of retail sales has failed to advance dur­ing the first five months of 1953. The peak was reached in January and sales in May were 4% below this level. Both durable-and nondurable-goods stores have de­clined during the period, although nondurable-goods stores reversed the decline with a rise of 3% in May. Sales of durable-goods stores fell 6% in May, with the INDEXES OF CONSUMERS' PRICES IN HOUSTON (1947-49=100) May Inda 1953 F eb 1953 Percent change May 1963 May 1953 May from from 1962 May 1962 Feb 1953 ------123.2 rransportation ---­126.7 care -----­-118.4 care ·---­·­119.5 Rea ding and recreation _ 114.6 goods and services 119.4 116.1 111.6 107.4 122.0 126.7 117.2 119.4 112.0 116.9 114.8 111.9 109.4 119.1 123.8 112.7 118.8 107.7 117.8 + 2 + 1 x 2 x + + 1 + 2 0 + 6 + 1 + 1 x + 6 + 2 + 1 2 ALL ITEMS 116.8 Food ·----­ -·-­ 111.9 Apparel -----­ ·---­ 107.0 Houaing Medical Personal Other + xChange is less than one half of one percent. total of retail declining 1 %. It is significant that sales of stores in towns under 2,500 population for the first five months of 1953 were 11 % below the same period last year, while for all other city size groups sales for 1953 are up from 1952. The fact that the income of farmers has suffered more severely than any other group suggests the reason for the decline in sales in small towns. Consumer credit outstanding at the end of April to· talled $26 billion and represented another all-time high. Most of the increase in April was in automobile installment paper. The sales of automobile dealers in Texas for the first five months of 1953 were 21 % greater than for the first five months of 1952. The volume of automobile paper outstanding in the United States on April 30, 1953 was 47% greater than a year earlier. Evidently a considerable portion of the increas€d sales of automobiles have been on installment. Department stores in Texas report that the ratio of credit sales to total sales has been increasing, and at the same time the ratio of collections to outstanding accounts is declining. Wholesale Prices in the U.S. lndex • 1947-1949 •100 The level of wholesale prices was, on the average, stable during May. Prices of farm products declined throughout the month while processed foods increased at the end of the month. Industrial prices remained prac· tically unchanged during May. The index of consumers' prices for all cities rose from 113.7 in April to 114.0 in May. Every group increased except transportation costs, which remained unchanged. The consumers' price index for Houston is available only quarterly; between Feb­ruary and May it registered an increase of . 7 points. JoHN R. STOCKTON TEXAS BUSINESS REVIEW Robert H . Ryan_____________.Managing Editor College of Business Administration, .The University William R. Sprieg J. Anderson Fitzgerald.. of Texas _Dean Consulting Dean Business Research Council William R. Spriegel (eo: officio), A. Hamilton Chute, F. L. Cox, Elizabeth Lanham, R. H. Montgomery, and C. Aubrey Smith. STAFF OF THE BUREAU OF BUSINESS RESEARCH John R. Stockton Director Stella Traweek Consulting Statistician Raymond V. Lesikar Research Associate Gus F. White Field RepresentllorSo~ IOI ~, 310 ..,., ,/ Pr~ 0 rl\~~N~ lll .. - - ,,_;,.. .J" . k - ~ ,.. 201 100 J 1111 1141 1l4f llU 1MI 11# IMS 1941 1'41 INI 1'41 1951 1151 1152 1951 Durable goods. Production and sales continue high in most lines of durables. New cars have moved steadily in most areas of the nation despite limitations recently placed on financing. The used-car market, although weakened, is better than has recently been expected. Demand has weakened for tractors and motor trucks. An overstocked condition is being reached for electric refrigerators and some other household appliances, so production of these is being adjusted. Sales have slowed ESTIMATES OF TOT AL RETAIL SAY.ES Sa les (mils of dols) Percent cha nge 'fype of May Jan-May May 1953 from May 1953 Jan-May 1953 from from store 1953 1953 May 1952 Apr 1953 Jan-May 1952 TOTAL ------------691.9 3,328.9 x + 1 + 8 Durable goods ________ 301.2 1,474.5 2 + 10 Nondurable goods ____ 390.7 1,854.4 + 5 + 4 + 7 xChange is less than one half of one percent. for television sets, home freezers, floor coverings and heavy furniture. Demand for other consumer durables will probably remain high for some months ahead until the market may become saturated. Many dealers are buying more cautiously in anticipation of this turn of events. Soft lines. Inventories of nondurables appear adequate but not excessive in ratio to present sales levels. Stock sales ratios are lower than a year ago, in general. In RETAIL SALES TREN DS Source : Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce Percent cha n ge Number of reporti ng establish- May 1953 from May 1953 from J a n-May 1953 from Gr oup ments May 1952 Apr 1953 J a n-May 1952 KIND OF BUSINESS DUR ABL E GO ODS Automotive stores --­··­·······-­ 244 + 2 -1 Furniture and household­ applia nce stores -----------­-- 138 9 + 10 + 6 Jewelry stores ------­--­---------­-­ 30 3 + 34 - 2 Lumber, building materia l, and hardware stores _______ 306 - 12 -12 - 8 N ONDURABL E GOODS Apparel stores - -----------­----­- 233 + 2 + 3 Country genera l stores __ ______ 46 4 + 5 2 Department stores ------------­ 87 3 + 5 x Drug stores -------­--­------------­ 161 + 2 + 3 + Eating and drinking p laces 101 Filling stations -----------------­1,021 F lorists -------­-----------------------­30 Food stores -------------------­--251 General merchandise stores 65 Liquor stores --­-------------­-6 + 2 + 2 + 8 + 4 + 5 x + + + --4 1 15 6 1 14 -2 + 3 + 1 + 5 + 8 + 12 Office, stores, and school supply dea lers ----------------­ 76 -15 - 4 CITY-SI ZE CLASS ( 1952 ) Over 250,000 ---------------------­1,324 100,000 to 250,000 - --­-----­--­-303 + 1 x + -4 2 + 6 + 10 50,000 to 100,000 ---------­-----­ 222 6 2 + 7 2,500 to 50,000 _______..____________ 870 4 + 6 Under 2,500 ------------­----­ 119 - 20 2 -11 xChange is less than one half of one percent. the wholesale markets, early orders in apparel lines have been more numerous than last year, especially £or men's suits and children's wear. Long-term orders have been more freely placed. Buyers expect heavy sales in the fall season. However, price resistance is evident in men's clothing. Food wholesaling continues at high levels, somewhat above the volume of a year ago. Early May showed a decline of about 1% from a year ago in retail prices of soft-goods lines included in the Fairchild Publications Retail Trade Index. Prices in general were 2.5% below the high point for 1951. All major groups of apparel, piece goods, and house fur· nishings had slipped from last year, especially women's apparel and infants' wear. Only hosiery and floor cover­ings reported price increases in April. Over-all prices in these lines are likely to be stable for some months ahead. Fluctuations can be expected in individual product lines. Meanwhile, the Bureau of Labor Statistics food price index showed foods to be at their lowest levels since January 1951. Credit and collections. Collections are slower in most areas and credit delinquencies growing. Many consumers continue to save an abnormally large proportion (8.5%) of their incomes after taxes. Yet, it is claimed that families in the annual income group of $3,000-$7,500 are heavily encumbered by obligations as large as 20% of their incomes before taxes. Mortgage obligations at the close of 1952 equalled 25% of consumers' incomes. In early 1953, consumer debt totalled 230% over pre· war obligations. Yet the installment burden is not cur· JUNE 1953 rently considered serious unless some developments POSTAL RECEIPTS should sharply reduce current incomes. Percent change Despite some adverse economic trends, business is ex· pected to continue good into the latter half of 1953 May 1953 May 1953 May Apr May from from and perhaps into next year. No serious recession is ex­City 1953 1953 1952 May 1952 Apr 1953 pected but rather downward readjustments of not too TOTAL• --··-· $5,547,450 $5,613,628 $5,152,118 + 8 -1 serious character, industry by industry. Sellers will need to build up unit sales volume to offset price shrinkage. Arlington ---·········· 9,618 10.356 7.598 + 27 7 The struggle for margins and profits will continue. The Bastrop -------······ 1,792 1.665 1.384 + 29 + 8 Bay City ---------­6,932 8,055 7,273 -5 -14 National Retail Dry Goods Association report for 1952 Belton ----·-·······-· 3.818 5,222 4,249 -10 -27 showed net profits of the nation's department stores­Borger ---------­11 ,130 12,710 12,767 -13 -12 those with over $1,000,000 in volume-as the lowest in Brownfield --·-····--· 4.711 6,088 6,386 -26 -23 Cameron --------­6,682 8,360 5,904 + 13 -20 19 years, excepting only 1938. Childress -----·­4,498 4,687 5,023 -10 4 Other noteworthy developments in retailing includ~ Cisco -----------­3,856 3,953 3,326 + 16 2 the current struggle between frozen food locker plants Cleburne -----·· 9,861 10,161 9,613 + 3 3 and retail grocers and also the proposed marketing of Coleman -----····-·· 4,745 5.218 4,978 -5 9 Crystal City ·--------2,169 2,795 2,518 -14 -22 frozen bread to reduce losses through stale returns. Cuero ----------···-···· 3.607 4,445 4,591 -21 -19 Meanwhile, retailing facilities continue to expand: $5.5 El Campo -------­6,738 6,540 6,158 + 9 + 3 billion is earmarked for new shopping centers and re· Gainesville ---··-··-­8,999 10,017 8,324 + 8 -10 tail store modernization in 1953. Gatesville ----·-··­2,828 3.426 3.436 -18 -17 Giddings ----·-··-··· 2,756 2,509 1,856 + 48 + 10 Reporting by cities, 320 Texas department and apparel Goldthwaite ·-·-··-·­1,228 1,818 1,317 -7 -32 stores averaged a 4% rise from April but a 3% drop Graham -------­4,283 4.943 4,731 -9 -13 from last May and only 1% ahead of January-May 1952. Granbury ------· 1,451 1,261 1,095 + 33 + 15 Grand Prairie _ __ 12.181 10,466 9,287 + 31 + 16 Among the 37 cities included, 21 topped April but only Hillsboro -----· 4.387 4,819 4,547 4 -9 four were above May 1952: Denton (+ 1% ) , Dallas Huntsville ------7,309 6,474 7,514 3 + 13 (+4%), McAllen (+5%) and Brownwood (+ 7% ). .Jacksonville _ __ 10,507 9.717 11,463 8 + 8 Fourteen stood above January-May of last year. The Kenedy -------­2,983 3.252 3.072 3 -8 Kerrville -------­7,000 8,218 7,469 6 -15 leaders among these were Corpus Christi (+13%), Kingsville --------­9,524 10.392 7,409 -29 -8 Brownwood (+11%), McAllen and Texas City (each La Grange --------­4,638 4.193 3.951 + 17 + 11 +9%), and Bryan, Houston and Marshall (each + 8% ). Luling --------··· 2,431 3,164 2,344 + 4 -23 McCamey --------­2,588 3.~03 2,681 -3 -22 Of 36 cities reporting enough retailers of various Marlin -------­5,051 5,818 5,675 -11 -13 types to be listed individually, 17 bettered April, 15 Mercedes -----·-· 4,412 5,222 3,852 + 15 -16 topped last May, and 29 were ahead of January-May Mission ------­4,844 6.434 4,816 + 1 -25 1952. Best showings in the May-to-May comparison were Navasota ----·-· 4,078 4,327 3,389 + 20 6 Pampa ---------­13,340 13,512 13.415 -1 -1 CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Pasadena ------------13.565 12,463 11,002 + 23 + 9 Pecos ----------7.159 8,030 7.312 -2 -11 Credit Collection Pharr -----------3.502 4.249 4,430 -21 -18 Number ratios• ratiost of Pittsburg ___ 2,688 2,726 2,051 + 31 1 reporting May May May May Raymondville --···· 4,537 4,227 4,709 4 + 7 Classification stores 1953 1952 1953 1952 Sherman ------­20.697 21,659 21.899 -5 -4 43 _3__ ALL STOR.ES 75 65.6 65.6 39.0 4.664 4,711 4,819 -------·------------Terrell ----------···· -3 -1 BY CITIES Uvalde ----------­5,077 6,948 6,012 -16 -27 Austin ------------------------------·-----3 59.0 68.5 54.5 67.3 Vernon ---------­8,182 11,243 8,967 -9 -27 Cleburne ------------------------36.5 40.0 44.2 46.8 Victoria ---------­19,338 20,710 15,807 + 22 -7 Corpus Christi --- ------ -------------3 59.8 61.2 37.7 44.5 Weatherford ----· 6,724 6,379 6,874 + 14 + 5 Dallas -----------------------------------10 74.5 73.4 40.3 46.8 Yoakum --------8,500 9,796 7,514 + 13 -13 Denison -----------------------------3 59.l 67.2 35.2 38.5 •The total includes receipts for cities which are listed individuallyEl Paso ----····-·····--·-----------58.9 59.8 34.1 39.5 under "'Local Business Conditions.'' Fort Worth 4 63.6 64.5 39.4 43.5 Galveston --------------------5 59.l 57.6 49.0 54.8 Houston --------------------· 7 63.1 63.0 34.5 36.l at Big Spring (+28% ), Orange (+27%), Port Arthur San Antonio ···----------------6 62.4 66.3 44.7 44.1 (+11%), Austin (+8%) and Plainview (+7%). Com­Waco -----------------5 59.4 58.1 44.8 57.1 paring the January-May periods, leading increases were BY TYPE OF STORE at Orange (+2~%), Texas City (+21% ), Corpus Department sto"'9 (over $1 -million) 25 67.2 67.4 37.6 41.8 Christi and Tyler (each +18%), Mineral Wells Department stores (under SI (+16%), and Austin and Denison (each +15%). million) ---------------20 43.4 44.7 45.8 52.7 Survey of Texas trade. In Texas, with 2,838 stores Dry goods and apparel stores.... 6 70.3 70.0 54.3 65.0 reporting, total retail sales this May topped April by Women's specialty shops --------15 59.7 57.0 43.7 47.7 Men's clothing stores ----------9 64.2 64.6 54.4 58.8 1% but merely equalled May 1952. Because of the BY VOLUME OF N ET SALES (1952) stronger gains in earlier months, the five months, Janu­,)ver $3,000,000 -------------23 67.2 67.4 37.9 42.1 ary-May, were still ahead of those months of last year $1,500,000 to $3,000,000 _________ 7 60.6 61.0 48.4 55.9 by 8%. Motor vehicle dealers (+ 4%) offered the only $500,000 to $1,500.000 -------21 57.6 54.1 50.3 54.8 $250,000 to $500,000 ---------10 36.5 35.7 44.3 46.1 exception to the downturn of durables in May. For soft Less than $250,000 -----·-14 46.5 45.7 45.0 53.7 goods other than florists (+8%), gains over May 1952 •Credit sales as a percent of net sales. ranged only from +1 to +5%. tCollections during the month aa a percent of accounts unpaid on the ftrat of the m onth. A. HAMILTON CHUTE CONSTRUCTION Nonresidential building permits down sharply. Value of permits issued for urban nonresidential build­ing in Texas dropped by a significant 21 % from April to May. Residential permits issued exhibited stability from April to May, the 7% decrease being only slightly more than the normal seasonal decline for this time of year. The total value of building permits issued in Texas from April to May declined by 11 %, somewhat more than the expected seasonal decline of 6%. A 2% decrease occurred in additions, alterations, and repairs. A total of 4,285 new permanent nonfarm dwelling units w~re authorized by building permits in May, compared with 4,737 in April and 5,021 in May 1952. Value of Urban Building Authorized in Texas Index • Adjustedfor seasonal variation • 1935·1939 • 100 During the first five months of 1953, building permits issued in Texas totaled 10% more in value than for the comparable 1952 period. Total value of nonresidential building permits issued during the first five months was 46% above January-May 1952, in spite of the sharp drop this May. Residential showed a negligible 1 % decline in the January-May year-to-year comparison. Sales of lumber, building material, and hardware dealers decreased by 12% from April to May, a par­ticularly significant drop in light of the fact that a 4% seasonal rise was to be anticipated. Sales in May this year were at a level 12% below the same month in 1952. Production of finished portland cement in Texas in­creased by a negligible 0.4% from March to April. Pro­duction during April was 1,748,000 bbls., which was 4% above the same month last year. Shipments of finished portland cement from mills in Texas decreased from 1,966,000 bbls. in March to 1,788,000 bbls. in April, a drop of 9%. Shipments in April this year were at a level 6% above April 1952. Employment on contract construction in Texas in­creased by 3% from March to April. The total, 172,100 workers, was 4% above the April 1952 level. National construction up IOo/o in May. New con­struction expenditures in May totaled $2.9 billion, 10% above April and 6% above May 1952. Although most of the April-May increase occurred in private residential building and highways, the May rise in these types of work was not as great as usual at this time, largely because of high activity during the mild winter, and rainy weather this spring. Total private outlays (almost $2 billion) were 9% above May 1952; public expendi­tures were about the same in both periods. Expenditures during the first five months of 1953 totaled a record $12.5 billion, almost 6% above the 1952 figure for the same months. Production of finished portland cement in the U.S. increased by 9% from March to April. Production dur­ing April was 21,802,000 bbls., which was 10% above the same month last year. Shipments of finished portland cement from U.S. mills increased by a negligible 0.4% from March to April, from 20,813,000 bbls. to 20,891,000 bbls. Shipments in April this year were at a level 4% below April of 1952. After eight months of relative stability, the longest such period since 1949, construction costs began to move slowly upward in May. General wage increases, which more than offset declines in lumber prices, were the cause of the increases. The wholesale price index (1947-49 = 100) for build­ing materials increased 0.6% to 119.8 for April, largely because of advances of 14% for lighting fixtures, 5% for cement, and 3 % for oak flooring and for gypsum products. These price rises were partially offset by de­creases for soil pipe and copper water tubing (6 and 2%, respectively). Slight declines also developed for South­ern pine and Douglas fir lumber. The U.S. index of residential rents rose on the aver­age 0.3% from March to April to 122.1 (1947-49 = 100). This was 4.4% above April a year ago and 33.6% above the average for 1946, before wartime rent con­trols were first relaxed. Contracts awarded in Texas. The value of construc­tion contracts awarded in Texas decreased by 19% from April to May. This decline was a result of decreases of 24 and 6% in privately and publicly financed construc­tion, respectively. VALUE OF CONSTRUCTION CONTRACTS AWARDED Source: Dodge Statistical Research Service J anuary-May Type of May Percent cons truetion 1953 1953 1952 change Value (thousands of dollars) ALL CONSTRUCTION 90,920 473,157 587,413 -19 NEW BUILDING -----­ 73,180 380,157 444,212 - 14 Residenetial ------------------------­ . 40,305 230,157 247,127 - 7 N onresidentiol --------------------­ 32,875 150,000 197,085 - 24 PUBLIC WORKS AND UTILITIES ----------------­ 17,740 93,000 143,201 - 35 The over-all 19% decline from April to May can also be explained by decreases of 20% and 10% in residen­tial and nonresidential awards respectively and by a 29% decline in awards for public works and utilities. Apartment buildings were the only type of residential construction showing an increase (+21% ) . The only nonresidential buildings showing an increase were manu­facturing plants (+155%), educational and science buildings ( +15%), and hospital and institutional build­ings ( +350%). The value of construction contracts awarded in Texas during the first five months of 1953 was 19% below the same period last year. All major types of con­struction showed declines: public works and utilities (-35%), nonresidential building (-24% ), and resi­dential (-7%). Total publicly financed building is down 29% for the first five months of this year com­pared to the same period of 1952 while private building is down 15% in the same comparison. Total number of dwelling units for which contracts were awarded in Texas during the first five months of 1953 was 21,372, down 19% below the comparable 1952 period. Changes by types bringing about the over-all de­cline cited above were as follows: apartments (-76% ) , two-family (-19%), one-family (sale or rent) (+1% ), combination (+4%), and one-family (owner occupy) (+8%). Building permits in Texas. The 7% decline in value of residential building permits issued in Texas from April to May was a result of changes in the following types of construction: one-family houses (-8%), two­family houses (-8% ), three-_or four-family houses (-64%), and apartment buildings (-32%). Permits issued for hotels, tourist cabins, and other nonhousekeep­ing residential construction partially offset the above decreases with a substantial 89% rise. The 21 % drop in value of nonresidential building permits issued in Texas from April to May was pri­marily a result of changes in the following important types of construction: amusement buildings (-91 % ) , churches (-36%), factories and workshops (-17% ), institutional buildings (+229%), office and bank build­ings (-17%), public buildings (-74% ), education buildings (-19%), stores and other mercantile build­ings (-40%) . Additions, alterations, and repairs declined 2%. This can be explained by a 9% increase in nonresidential which was more than offset by a 9% decrease in the larger residential category. Value of building permits issued for residential con­struction in Texas during the first five month~ of 1953 was a negligible 1% below the same period last year,_ a result of a 3% decline in the very large category of housekeeping construction which was not completely off­set by a very large increase (+346% ) in the relatively small component part of nonhousekeeping construction (hotels, tourist cabins, etc.) . The 46% increase in value of building permits issued for nonresidential building in the first five months of 1953 compared to a like period in 1952 is primarily a result of changes in the following important categories of construction: amusement buildings (+ 152% ), churches (+36%), factories and workshops (-33% ) , institu­ tional buildings (+48%), office and bank buildings (+269%), public buildings (+248%), public works and utilities (+58%), educational buildings (+39%), stores and other mercantile buildings (+ 15% ). The 2% decrease in the five month year-to-year com­parison for additions, alterations, and repairs can be explained by the 5% drop in the residential category and a 3% rise in nonresidential. Value of permits issued in cities over 100,000 popu­lation dropped by 7% from April to May, slightly more than seasonal. Changes in the other city-size groups were as follows: 50,000 to 100,000 (-12% ) , 25,000 to 50,000 (-1% ),and under25,000 (-23% ). ESTIMATED VAL UE 01' BUILDING PERMITS ISSUED Source: Bureau of Business Research in cooperation with the Bureau of Labor Statistics, U. S. Department of Labor January-May May Percent Classification 1953* 1953 1952 change KIND OF CON STRUCTION Value (thousands of dollars) ALL BUILDING PERMITS -------------------57,512 301,759 273,997 10 + New construction 50,422 267, 861 ----------------239,550 + 12 Residential 32,366 -------------------------175,406 176,435 -1 H ousekeeping ----------------30,622 169,954 175,212 -3 One family 29,387 161,935 156,086 4 Multiple family _______ ------------------+ 1,235 8,019 19,126 -58 Nonhousekeeping --------1,744 5,452 1,223 + 846 Nonresident ial ------------- ---18,056 92,455 63,11 5 + 46 Additions, alterations, and repairs 7,090 33,898 34,447 --------------------------2 CITY-SIZE GROUP (1940) ALL BUILDING PERMITS ------------------57,512 301,759 273,997 + 10 Over 100,000 -----------------------28,259 136,512 119,108 + 15 50,000 to 100,000 ------------------10,620 61,361 49,640 + 24 25,000 to 50,000 -----------------5,394 25,645 29,466 -13 Under 25,000 13,239 78,241 75,783 -- ----------------+ 3 Only building for which permits were issued within the incor porated area of selected cities is included. Federal contracts are excluded. *Preliminary. Permits have been issued in cities over 100,000 at a rate 15% above last year during the first five months of this year. Only cities in the population class 25,000 to 50,000 have experienced a decline (-13% ) during the first five months of 1953 compared to a like period last year. Changes in the other two groups were as follows: 50,000 to 100,000 (+24%), and under 25,000 (+3%). Taylor had the biggest relative increase from April to May in value of building permits issued (+531 % ) , followed by Eagle Pass (+402% ), Laredo (+337% ), Raymondville (+233%), and San Marcos (+207%). Changes in value of building permits issued in the five largest cities in the state from April to May: Houston (-6% ), Dallas (-11% ), San Antonio (+21%), Fort Worth (-26% ), and Austin (+29%). The city leading the state in per capita value of build­ing permits issued during May was Irving with $173.60 per person. Other top cities: Arlington ($130.14), Pasa­dena ($52.71), Garland ($50.70), and Mission ($49.70). Average per capita municipal building in the state for May was $13.52. RICHARD c. HENSHAW, JR. AGRICULTURE Drouth returns to Texas. Throughout June a blazing sun, cloudless skies, and withering winds teamed to re­duce vital moisture reserves in most parts of Texas. Even in the eastern counties where spring rains had broken 1952's record drouth, the effects of a moisture deficiency were felt by the end of the month. Hardest hit of the state's agricultural groups, the cattle industry was already staggering from the effects of four years of drouth and recent price declines. On western, northwestern, and southern ranges, continued heat and drouth ended all hope for summer grass. Lush grazing conditions on eastern ranges ended abruptly dur­ing the month as grass growth stopped from lack of moisture. In most areas, cattle movements to central mar­kets and auctions were stepped up in an attempt to avoid the shrinkage in weight that drouth always brings. Some movement of stock out of dry areas occurred and supplemental feeding increased. Government aid sought. As drouth strengthened its grip on southwestern ranges, many desperate livestock owners rapidly exhausted supplies of local credit in their efforts to maintain their herds. Movements to secure government relief gained in momentum as high govern­ment officials were flooded with petitions. Yet, the area's leading livestock associations maintained their stand against government aid. By late June it appeared that relief from Washington might be forthcoming, although plans remained indefinite. Immediate tapping of the President's Disaster Relief Fund, CCC distribution of feed (as was done with hay in 1952), and loans by the Farmers Home Administra­tion appeared to be likely relief sources. FHA credit, FARM CASH INCOME J anuary-May Value (thousands of dollars) Percent Commodity 1953 1952 change TEXAS ---·--··-·---·-·-···­··­-·--··-··-·--··-· 546,355 666,736 -18 Cotton .. ·--·-·····--·--···­·-·-----·--· ··-···--···-····--· 114,823 173,323 -34 Cottonseed _ -····----·­-···-·-··· -·· ·-·---··----­ 1,934 6,267 -69 Wheat --··-­····--·····-· --·---··-·--··­-­·-­·--­__ __ _ 13,319 5,251 +154 Oats -------------------·---··-----····-­--·-·-··-------·-­ 1,237 630 + 96 Corn ____·------·-------·-----··--------_____ --­-------·· 3,801 5,520 -31 Grain sorghum -----------------------------· 9,262 16,513 -44 F laxseed ----­-·----­ ·--···­···----···-·---.......... 3,748 Pea nuts -------------------··-----------­-·-------------­ 1,294 1,469 -12 Cattle -·····---·-·---····--·----·-·----···­-­··-----·--­ 110,979 162,576 -32 Calves -----··­-·--· -··------·-­· .... -·--··---------­ 35,741 40,824 -12 Hogs ·-------·-------·---···-----·· ···­·····-----·-·····­ 35,388 39,143 -10 Sheep and lambs --·­--­-· ·---··---··--·-··----· 10,789 6,329 + 70 Wool ··-­ ·-·--·---·--·--·-----·--·--··--··--·---··· 7,005 13,383 -48 Mohair --·--.. __ ·--·­--·-·-·--·--·· ··-·-···---­___ _ 5,315 7,302 -27 Poultry ·-··---·-·-··-------·---·-··-··---··---··-· -·---­ 24,677 24,553 + 1 Eggs ---· --·-·--····-· --· .. ­·-···---·--··-----­-·-····--··· 38,383 32,561 + 18 Milk and milk products ---·--·­--­---·-----­­ 88,876 91,900 - 3 Fruits and vegetables ---------­----­-----­.. 39,784 36,194 + 10 Farm cash income as computed by the Bureau understates actual farm cash income by from 6 to 10% -This situation result.a from the fact that means of securing complete local marketings, especially by truck, have not yet been fully developed. In addition, means have not yet been developed for computing cash income from all agricultural specialties of local importance in scattered areas. This situation does not impair the accuracy of the index shown on page 24. INDEXES OF PRICES R E CEIVED BY FARMERS (1909-14=100) Source: Bureau of Agricultural Economics, U. S. Department of Agriculture Percent cha nge May 1953 May 1953 May Apr May from from Product 1953 1953 1952 Apr 1953 May 1952 ALL FARM PRODUCTS__ _ 280 279 340 x - 18 ALL CROPS ---·------­ 257 255 296 + 1 - 13 Food grains ····-·--·-·-­·-···­Feed grains and hay_________ __ 266 206 267 211 246 233 - x 2 + - 8 12 Potatoes and sweet potatoes ._ _ 356 359 341 1 + 4 f'ruit -----·---­----­ --­---­---­ 147 147 240 0 - 39 '£ruck crops --·----·­··-·-··-·-­ 295 266 403 + 11 - 27 Cotton --··-··-·--·-·­-·------­ 252 248 294 + 2 - 14 ) ii-bearing crops -­------­------­ 307 324 320 - 5 - 4 LIVESTOCK AND PRODUCTS ---~-­ 309 811 398 1 - 22 Meat a nimals -------------·-·­--­ 334 340 512 2 - 35 Dairy products ·----·····-­ 254 262 275 3 - 8 Poultry and eggs ----------------­--­ 258 250 207 + 3 + 25 Wool ··-······-------··---·-····-· 391 378 366 + 5 + 7 xChange is less than one half of one percent. however, would be difficult to extend in many cases. Such loans are made against marketable production, and many livestock men hold herds on which current loans and dropping prices have eaten up all of the equity. Crop conditions deteriorate. With the advancing drouth, crop prospects faded over most of the Southwest. Wheat production for Texas was the first to suffer as the hot dry weather of late May and early June further re­duced yields. Only in North Texas counties was the out­put favorable. The year's harvest, largely completed in June, was estimated to be about 19.2 million bushels, 4 million below the forecast made a month earlier. Pro­duction in a good year exceeds 60 million bushels. Early cotton made fair progress in central, northern, and eastern counties during June, although rain was needed badly. Nonirrigated fields in the Northwest Texas region deteriorated rapidly. There plants remained small; some died. Considerable dry-planted acreage failed to come up. Some fields were not planted because of drouthy conditions. Throughout the state late cotton remained small, suffering severely from the moisture deficiency. Cotton fields in irrigated portions of the Rio Grande Val­ley were in fruit, and picking was well under way. A crop of from 300,000 to 350,000 bales was expected from the area. Insect infestation was generally mild in most cotton areas. Although the first U. S. Department of Agriculture crop estimate for Texas cotton produc· tion has not been made, talk in the trade points to a harvest somewhere near the 3,808,000 bales produced last year. This compares with the 6 million bales the state is capable of producing in a good year. Dry land feed crops barely held on in the West and Northwest as crop prospects faded daily. Some farmers, waiting for the return of ground moisture sufficient to germinate seeds, ended the month with unseeded acreage as planting time ran out. In Central, North, and East Texas, early corn withered in the intense heat, while some fields were cut for fodder or silage in an attempt to salvage as much feed as possible. Late corn suffered even more from lack of moisture. Vegetable production increased. Texas' vegetable­producing acres supply the brightest news in the June agricultural report, although the favorable picture here is a result of past months' happenings rather than cur­rent or future production. The USDA estimate of 1953 spring and summer vegetable production is 47% above the 1952 level and 30% higher than the 1949-52 aver­age. The gain was due largely to increases in acreages, principally for cantaloupes, early spring onions, sum­mer potatoes, and watermelons. Yields, too, have been increased, particularly in the irrigated fields of the Lower Rio Grande Valley. Authenticated gross returns run as high as $1,000 an acre from tomatoes and $1,500 an acre for cantaloupes. In the Panhandle, the summer potato crop more than doubled last year's production and was 50% above aver­age. Yields would have been even larger but for late frosts, strong winds, and the intense heat. In the irrigated lands of the Panhandle late spring onions made good gains early in June. Estimates of tomato production in East Texas counties dropped somewhat from the preced­ing month, a result of heavy rains in early May. By June, however, prospects for the summer crop had become unfavorable. Most producing areas were badly in need of moisture as the land was swept by scorching winds. Developments in Valley citrus groves have been un­favorable for the coming winter crop. Shedding of fruit has been heavy where irrigation water was scarce. Areas using water from private wells fared better, but even here the supply was limited because of the demands of field crops. Peach prospects are good in most areas, particularly in East Texas where a record crop is being picked. In Upshur County alone, a yield of 100,000 bushels is expected. USDA estimates for Texas place the 1953 crop FRUIT AND VEGETABLES Source: Compiled from reports of Bureau of Agricultural Economic•, U. S. Department of Agriculture January-May Rail shipments (carloads) Percent Item 1953 1952 change TOTAL ........................................ 23,536 22,115 6 + FRUIT ....................................._.......... 1,114 24 3 + 358 Cantaloupe ......................._.......................... 916 235 +290 Grapefruit -----------------------------------..--43 Lemons _ .......-........._..____________________,,_ 23 Oranges .........................................-............ 83 Plums and prunes .............................. ...... 33 8 + 313 Tangerines -----·---·---------------------··---­ Watermelons ................................................ 4 Mixed citrus .................................................. 5 Mixed melons .. _........................ .......... ..... 6 VEGETABLES ............................___ 22,422 21,872 3 + Beets ....--..----............................................. 139 205 -32 Broccoli ......................................................... 22 58 -62 Cabbage ........................................................ 1,390 2,195 -37 Carrots ...................................-............. ...... 4,307 3,640 + 18 Cauliflower .................................................... 115 162 -29 Corn .............................................._____________ 395 193 + 105 Lettuce __________..___________......................... l,311 1,156 + 13 Onions ..............................................._.......... 5,966 5,916 1 + Potatoes ................................................. ...... 43 27 + 59 Spinach ........................................................ l ,009 1,074 -6 Tomatoes ................-................................... 2,725 1,922 + 42 Greens -...................................................... .. 13 8 + 63 Mixed vegetables -------------------------_ 4,987 5,316 -7 CARI.OAD SHIPMENTS OF LIVESTOCK* Ssurce : Bureau of Business Research in cooperation with the Bureau of Agricultural Economica, U. S. Department of Agriculture Percent ch ange Classification May 1953 Apr 1953 May 1952 May 1953 from May 1952 May 1953 from Apr 1953 TOTAL SHIPMENTS 4,418 6,378 4,107 + 8 -81 Cattle ----­-------------------­ 3,092 5,691 3,143 2 -46 Calves ------­-··-···-·--­--------­ 433 365 397 + 9 + 19 H ogs ----------------------···--·--­ 2 48 - 90 +150 Sheep -----------------------------­ 888 320 519 + 71 + 178 INTERSTATE -­-------­ 4,230 6,003 3,619 + 17 -30 Cattle ---­------------­-----­-------­ 2,948 5,385 2,770 + 6 -45 Calves ----------------­-----­--------­- 408 308 355 + 15 + 32 Hogs - ---------------------­- 2 0 2 0 Sheep --------------------------­ 872 310 492 + 77 +181 INTRASTATE -----­--­ 188 375 488 - 61 -5l) Cattle -·-----···-------------------­ 144 306 373 - 61 -53 Calves -----­---------------------··-·--­ 25 57 42 - 40 -56 Hogs ----------­--------------------·-­-­ 2 46 - 93 + 50 Sheep ---------------------------­ 16 10 27 - 41 + 60 •Rail-car basis: cattle, 30 head per car; calves, 60; hugs, 80; and oheep, 250. at 1,102,000 bushels as compared with 1952 production of 346,000 bushels. Fewer farms, older farmers. The number of Texas farms declined from 418,002 to 331,416 during the 1940-50 decade, according to a report released by the Census Bureau. Apparently, this 20% drop is a result of the failure of young men to choose agriculture as a career. Farm operators 25 years of age or under fell from 4.3% of the state total to 2.6% in 1950. The percentage was much lower (1.7%) in 1945, but most young men were in the armed services then. An even greater de­crease was reported for the 25-34 age group. In 1940 this age bracket made up 17.9% of the farm operator total; in 1950 it comprised only 13.l % of the total. Percentagewise the 35-44 and 45-54 age groups changed little during the decade, having around 23% and 24%, respectively. The older groups, 55-64 and 65 and over, registered sizeable percentage increases. In 1940 the 55-64 bracket made up 18.5% of the total; in 1950 the figure was up to 21.2%. The biggest jump was in farm operators 65 and over-from 12.4% to 15.7% during the ten-year period. Product prices change little. The over·all average of prices received by Texas farmers during May changed little from those prevailing a month earlier. May's aver­age, however, was down 18% from the comparable value of a year ago. As a whole, crops advanced about 1% during the month, with gains by truck crops (+11%) and cotton (+5%) being partially offset by minor declines in the values of feed grains and hay (-2%), oil-bearing crops (-5%), and potatoes (-1% ) . The over-all crop value stood about 13% below the comparable 1952 value. Livestock and products dropped 1% to a level 22% be­low May, 1952. Meat animals (-2%) and dairy products (-3%) accounted for the loss, although off-setting gains were made in prices paid for poultry and eggs (+3%) and wool (+5%). RAYMOND v. LESIKAR LABOR Texas nonagricultural employment held relatively steady in the 17 key labor markets during May, with 11 showing slight increases in employment, five recording offsetting decreases, and one, Abilene, reporting no change. A significant monthly employment increase of 4% (950 additional workers) was experienced in the Longview labor market area, where the upward climb has been continuous, except for a minor March decline, since J anuarv. However, ·Texas unemployment increased by 1,405 (+2%) over April owing to a rise in the nonfarm civilian labor force, which has been countered by a slight drop in over-all employment. In Texarkana, a rise of 510 in the labor force was split between increases in employment (310) and unemployment (200). Dallas unemployment swells. Meanwhile, unemploy­ment rose to 6,500 in Dallas, contrary to the optimistic view held by most observers in late spring. Unemploy­ment, increase by 550, but the drop in employment was slight, for new job-seekers swelled the labor force by 515. The Dallas office of the Texas Employment Commission predicts that the downward pattern in employment will continue into July. Dallas manufacturing eemployment, which stood at 73,275 in December 1952 and showed steady gains through April, fell by 425 to 75,625 during May. With an estimated 3,500 high school and college graduates from Dallas and surrounding towns entering the labor force in June, it is expected that the unemploy- H OURS AND ment total will continue to climb. Nevertheless, employ­ment continues at a high level as shown in the relatively low percentage of the labor force unemployed (2.2% ). Highlighting the June wage picture were union agree­ments affecting hourly workers at plants in Dallas and Houston. Dallas' Temco Aircraft Corporation signed a 15 25 Consumers' Prices in the U.S. Index • 1947-1949 •100 · 110 Il l I00 15 51 25 1s39 mo m1 m2 1so 1944 1s4s tu& 1sn 1941 · m g m o 1ss1 1ss2 1953 union agreement gearing wages to the new Consumer Price Index, thus saving 6,500 workers from a 2 cent-an­hour cut threatened under the old index. The Sheffield Steel Corporation in Houston signed a union agreement raising hourly employees' wages 8.5 cents an hour and adding $1,000,000 yearly to the pay envelopes of 3,500 Houston workers. FRANK T. CADENA EARN IN GS Source: Texas Employment Com mission in cooperation with the Bureau of Labor Statistics. U.S. Department of L abor Average weekly earnings Average weekly hours Average hourly earnings May Apr May May Apr May May Apr May Classification 1953• 1953 1952 1953• 1953 1952 1953• 1953 1952 ALL MANUFACTURING.... ·-·······-· $68.39 $69.39 $62.73 41.2 41.8 41.0 $1.66 $1.66 $1.53 Durable goods ................................ ·-··-·-··-····· 69.37 69 .60 64.95 42.3 42.7 43.3 1.64 1.63 l.50 Primary meta ls _______ -----------·-------------------­75.92 75.92 64.01 40.6 40.6 38.1 1.87 1.87 l.68 Machinery-except electrical.______________ 73 .78 73.68 74.00 43.4 43.6 45.4 1.70 1.69 1.63 Oil field machinery.... ·-·······-··-·---.... -·-· 79.97 76.86 79.69 43 .7 42.7 45.8 1.83 1.80 1.74 Transportation equipment.... --------------­-80.56 80.54 75.25 41.1 41.3 43.0 1.96 1.95 1.75 F abricated m etal products.... --·-·-··-··-­72.13 70.47 63.66 44.8 44.6 43.6 1.61 1.58 1.46 Lumber and wood products..·-·---···-····..­47.91 50.06 48.62 42.4 44 .3 43.8 1.13 1.13 1. 11 Furniture a nd fi xtures........................ ---­49.62 51.41 56.33 41.7 41.8 45.8 1.19 1.23 1.23 Stone, clay, and glass _........................... _ . 61.34 63 .66 56.72 42.6 43 .9 43.3 1.44 1.45 1.31 Nondurable goods·-·---.. ·-·---·· ..···­-·--··-... 67.54 68.54 60.22 40.2 40.8 38.6 1.68 1.68 1.56 Textile m ill products .......·--·--··-..-·-··----­44.33 47.16 44.97 40.3 42.0 39.8 1.10 1.13 1.13 Broad wovon goods..... --··-·-··---·-·-·--··­47. 04 47 .71 43 .71 42.0 42.6 40 .1 1.12 1.12 1.09 Apparel and fabric products .... ---···-·-·· 33 .56 37.72 38.51 34 .6 38.1 38.9 0.97 0.99 0.99 Food .... ·--·-.. -·-..···----···---...·---·--····.. 60.48 60.59 56.17 42.0 41.5 41.3 1.44 1.46 1.36 Meat packing -·-······---·---···---­·-·····-· 71.68 69.30 61.66 40.5 39.6 38.3 1.77 1.75 1.61 Paper and allied products............... _____ 77.52 76.04 73.10 44.3 43.7 44.3 1.75 1.74 1.65 Pdnting ·--·-·--·--·-·----..··-·--·---·----·--­85 .28 86 .32 81.80 41.6 41.5 40.1 1 .05 2.08 2.04 Chemicals and allied products......... --·-­82.22 81.02 79.29 42.6 42.2 42.4 l.93 1.92 l.87 V egetable oil mills .-·---·-··-··............... 50.49 48.70 47.60 49.5 48.7 47.6 1.02 1.00 1.00 Petroleum and coal products.... -----­····-·­90.57 90.52 61.34 39.9 39.7 28.8 2.27 2.28 2.18 Leather p roducts.·----·-·--··-·---· ..······-·....... 39 .68 39.50 37.34 38.9 39.9 39.3 1.02 0.99 0.95 NONMANUFACTURI NG Mining -­---------------------------­-------------------­--· 92.59 9-1.29 86.19 44 .3 44 .9 44.2 2.09 2.10 l.95 Crude petroleum products ··---··-··--......... 94.36 96.09 87.96 44.3 44.9 44.2 2.13 2.14 1.99 Sulfur...... -·------·-·-·-·--··--·--····-·-·-­···-··--.. 79.00 77.38 72.07 39.9 40.3 39 .6 1.98 1.92 1.82 P ublic utilitiea .... -.... _ ........ ­...----·---···-... 63.83 62 .17 59.02 40.4 39.6 40.7 1.58 1.57 1.45 Retail trade...·---·------·······-·---···---· -·-·­-· 54.38 54.88 52.03 43.5 43.9 43.0 1.25 1.25 1.21 Wholesale trade.·-----·--·----··--..-­_ 67.55 67.61 64.82 43.3 43.9 43.8 1.56 1.64 1.48 F igures do not cover proprietors, firm members, or other prin cipal executives. '* Preliminary-subject to revision upon receipt of additional reports. INDUSTRIAL PRODUCTION Long-term boom in Texas power. Although the in· dexes that meter Texas consumption of electric power barely held their own in May, as compared with their April levels, both total and industrial power were up im­pressively from the May before (27 and 29%, respec· tively). And the long-term trend line of Texas electric power use still crackles upward with chain-lightning vigor. Industrial Electric Power Use in Texas Index • Adjusted for seasonal variation • 1935-1939 •100 WELL COMPLETIONS Source: The Oil and Ga.a Journal May 1953* January-May Re!lion Oil Gas Dry Total 1953 1952 TEXAS 795 83 548 1,426 7,452 7,608 North Central 288 3 225 516 2,646 2,377 West 247 0 81 328 1,755 2,357 Panhandle --.... -... -...... 21 22 6 49 350 290 Eastern 28 5 35 68 358 401 Gulf Coast ...........-.... -...... 92 25 99 216 1,142 1,140 Southwest 28 102 249 1,201 1,043 -------------119 *For four weeks ending May 30, 1953. Continuing electrification of the American home and farm have given enormous impetus to utility development. Since the end of World War II, Americans have bought 89 million radios, 30 million washing machines, 26 million television sets, and 23 million vacuum cleaners; and sales of air-conditioners, the latest electric appliance boom, were up 180% from April 1952 to this April in the Dallas Federal Reserve District. Furthermore, 90% of all U.S. farms are now electrified, as against just 50% in 1945. Higher interest rates on borrowed money are not visibly ELECTRIC POWER CONSUMPTION discouraging electric utility expansion. But power com­panies are faced with other, baffling problems. In many Percent chan!le cases, higher rates are needed to finance the extension of Consumption (thous of kw-hrs) May 1953 May 195a power facilities; yet, last year's continued increase in pow­ May Apr May from from er consumption was accompanied by further decline in Use 1953 1953 1952 May 1952 Apr 1953 rates. Some companies are giving more thought to their TOTAL -·········· 1,191,490 1,167,788 950,283 + 25 + 2 sales effort, for by selling more power they will be able to Commercial --------------207,285 199,899 189,360 + 9 + 4 Industrial 577,189 563,342 447,993 + 29 + 2 Crude Oil Runs .to Stills in Texas Residential 173,520 165,315 149,387 + 16 5 0th.er 233,496 241,232 163,543 + 43 3 -------------+ -----------------------Index • Adjusted for seasonal variation • 1935-1939 •100 250 Prepared from reports of 10 electric power companies to the Bureau of Business Research. lOG Fastest growing electric power network in the nation is 200 Texas Utilities, Inc., which has projected a 330,000-kilo­watt expansion of its capacity from 1952 levels. The $70 million program will mean 30% more TU power for Texas 150 consumers, more than their immediate needs require, but enough to give the utility company a reasonable cushion of extra capacity ( 15 % is considered desirable) to meet 100 emergency loads. At the end of last year, the nation as a 1913 whole had only 11.7% of extra capacity, far from enough REPORTED PETROLEUM PRODUCTION to discourage further construction of new electric power Source: Oil and Gas Division, Railroad Commission of Texas generating facilities and transmission lines. Percent change Production (barrels) MANUFACTURE OF DAIRY PRODUCTS Feb 1953 Feb 1953 Oil and gas Feb Jan Feb from from January-May district 1953 1953 1952 Feb 1952 Jan 1953 TE'XAS ......80,632,803 88,734,073 82,698,738 2 9 May Percent Product 1953 1953 1952 change District 1 .......... 1,025,624 1,128,756 981,540 4 + TOTAL PRODUCTION OF District 2 .......... 4,472,628 4,936,140 4,793,581 7 9 MILK EQUIVALENT District 3 .... _ .... 13,068,789 14,414,540 13,721,465 5 9 (thous of lbs ) ----------------75,142 270,796 212,875 + 27 District 4 ....... _ 7,428,339 8,144,985 7,610,466 2 9 Creamery butter (thous of lbs) .... 992 4,263 2,580 + 65 District 5 .......... 1,438, 705 1,562,792 1, 764,151 -18 8 Ice cream (thous of gals) .... -....... 2,175 8,373 9,755 -14 District 6 .......... 10,714,491 11,886,486 11,420,852 -6 -10 American cheese (thous of lbs) .. 790 2,402 1,815 + 32 District 7b ........ 2,161,381 3,415,758 2,619,738 -17 -37 Cottage cheese (thous of lbs) .._. 827 2,540 2,591 -2 District 7c ........ 4,769,802 5,259,030 3,692,263 + 29 9 Concentrated milk products District 8 .......... 27,173,980 29,909,368 29,020,207 -6 9 (thous of lbs ) -·-----.......... 9,247 26,406 10,482 +152 District 9 .... _ .... 5,236,037 5,732,336 4,681,087 + 12 9 District 10 ........ 2,143,027 2,343,882 2,393,388 -10 9 Milk equivalent of dairy products is calculated from production data. PETROLEUM AND GAS ACTIVITYREFINERY STOCKS Source: The Oil and Gae Journal Source: State Comptroller of Public Accounts and Oil and Gas Division, Railroad Commission of Texas Percent change Stocks (thousands of barrels) ------­ May 1953 May 1953 Area and May Apr May from from Percent change product 1953 1953 1952 May 1952 Apr 1953 May 1953 May 1953 UNITED STATES May Apr May from from Product 1953 1953 1952 May 1952 Apr 1953 Gasoline 152,435 157,599 121,894 + 25 -3 Distillate -----------------70,842 61,814 50,966 + 39 + 16 CARBON BLACK Residual ----------·------41,425 38,989 38,523 + 8 + 6 PRODUCED (value Kerosene --------·-------· 23,527 20,040 19,050 + 24 + 17 in thous of dols) .. 2,920 2,000 4,935 -41 + 46 ----------·---------­ TEXAS CRUDE OIL -----------·····-· Gasoline 27,304 27,243 21,803 + 25 x Value (thous of dols ) .... 213,907 210,879 224,884 + 1 Distillate 11,020 10,092 7,017 + 57 + 9 Production (thous Residual --------------7,252 7,490 6,409 + 13 3 82,745 81,886 86,998 5 of bhls) ------------------+ Kerosene ------------·-··-··· 3,752 3,535 2,976 + 26 + 6 Runs to stills (thous of bbls) ----------62,291 60,500 40,201 -55 + Figures shown for week ending nearest last day of the month. xChange is less than one half of one percent. NATURAL AND CASINGHEAD GAS install larger, more economical equipment. On an average, PRODUCED (value utility companies must spend $160 to increase their capa­in thous of dols) .. 32,923 29,452 30,415 + 8 + 12 SULFUR PRODUCTION city by one kilowatt; new larger-size units cost only $130 (long tons ) ....... . 2 937 194 -99 -99 per kilowatt of capacity. But to justify the purchase of such equipment, more power must he sold. So industries across other import-reducing policies. These two conditions are the nation will he encouraged to power more of their op­too fundamental to he overcome by loans, lend-lease, or erations with electricity and commercial users will be other temporary forms of relief. urged to use a 300-watt bulb where they have burned the 100-watt size. A. B. Cox ROBERT H. RYAN TEXAS COTTON ACTIVITY Source: Bureau of the Census, U. S. Department of Commerce COTTON Percent change Apr 1953 Apr 1953 Apr Mar Apr from fromuncertainties. In contrast, one certainty stands out: Cotton Item 1953 1953 1952 Apr 1952 Mar 1953 acreage has been reduced, and much land that has been The current U. S. cotton situation is characterized by COTTONSEED (thous of tons) planted is off to a very late start, a fact that indicates ex­ Received at mills ·-·-····-· 3,347 4,763 5,484 -37 -28 ceptionally large abandonment this summer and fall. Acre­Crushed ·-·----·---··--84,804 116,103 85,385 -1 -27 Stocks, end-of-month___ 135,312 age planted to cotton outside the United States also seems 216,679 114,259 + 18 -38 to have turned down; most important reductions are in CONSUMPTION (running hales) 13,517 11,402 14,375 6 + 19 Egypt, Pakistan, India, and Brazil. Cotton ··········--·---·---··----·-- Linters -------------··---2,203 2,941 2,025 + 9 -25 Prospects for cotton consumption are about normal, SPINDLES (thousands) both here and abroad. The forecast for U. S. exports sup­ Spindles in place -·-·--··-----229 226 223 1 + + ports the hope for a better year than the current one. But Spindles active --·--·-····-222 208 209 + + 7 only some extraordinary action by the federal government Total spindle hours ........ 102,000t 88,000 98,000 4 + 16 + Average spindle hours____ 445 389 439 1 can bring the export market up to its normal level. The + + 14 basic trouble: U. S. cotton is priced out of the market. In t For five weeks ending May 2, 1953. addition, exports continue to he blocked by tariffs and COTTON BALANCE SHEET FOR THE UNITED STATES AS OF JUNE 1, 1953 Year Carryover Aug 1 Imports to June l• Final ginnings• Total Consump­tion to June 1 Exports to June 1 Total Balance as of June 1 1943-44.... ·--·-·---·-----·­ 10,687 131 11,129 21,947 8,412 1,002 9,414 12,533 1944-45.._____. 10,727 170 11,839 22,736 8,109 1,319 9,428 13,308 1945-46.... ­---···-----··--­ 11,164 305 8,813 20,282 7,641 2,776 10,417 9,865 1946-47---·-··--··---·-·-----·-· 7,522 214 8,513 16,249 8,630 3,155 11 ,785 4,504 1947-48------------··--·-·-·· 2,521 233 11,552 14,306 7,914 1,681 9,595 4,711 1948-49.­ -·----------­ 2,823 1541 14,540 17,517 6,742 3,550t 10,292 7,225 1949-50---·-------·------· 5,283 249t 15,908 21,440 7,418 4,226t 11,644 9,796 1950-51-­ --­ ---­--­ 6,846 164t 9,899 16,909 9,065 3,412t 12,477 4,432 1951-52----·--·-·--·----·--·---· 2,179 68t 15,050 17,297 7,747 4,890t 12,637 4,660 1952-53­--·--·-----­ 2,745 165t 14,951 17,861 7,939 2,452t 10,391 7,470 The cotton year begins August 1, and fii;rures are in thousands of runnlnir bales exc.,pt as noted. •In 478 pound bales. tTo May 1 only. (Continued from front cover} of these chains is, in effect, a giant molecule, so much heavier than the original gas molecule that it condenses into a solid, a polymer, which may have no apparent resemblance to its constituent gas, or monomer. In Europe, ethylene, the essential raw material for polyethylene production, is made by hydrogenating acetylene, that is, by combining each acetylene molecule (HC:CH) with enough additional hydrogen to break it into two ethylene molecules (H:C:H and H:C:H). The process is relatively expensive, but in Europe so are petroleum and natural gas. And therein lies the enor­mous advantage enjoyed by the United States, especially by Texas. Ethylene can be obtained readily as a by· product of petroleum and natural gas processing. The cracking of ethane-propane gas mixtures, followed by special purification procedures, yields ethylene of 99.9% purity, ready to be converted into several important chemical products, one of which is polyethylene. Ethylene may also be obtained from fermented vege­table matter. But if the total yearly production, 1.5 bil­lion pounds, were all from that source, at least 2 million acres of rich farmland would be needed. Some 3.5 bil­lion pounds of petroleum is used annually by the syn­thetic chemicals industry; but half that much oil is produced daily in the nation. Du Pont and the Carbide and Carbon Chemicals Cor­poration made the first American polyethylene during World War II, but at that time the plastic held such a high priority in defense materiel and was made in such small quantities that it was all but unknown to the civilian population. Since the wartime years, when scarce polyethylene was used in vitally important radar components for the air defense of Britain, production has increased about fifty times; but it is still far short of demand. Texas' output of polyethylene promises to play a dominant part in supplying the growing civilian and military markets for the waxy petrochemical. After World War II, con­sumption of polyethylene increased more than ten times. But although production doubled in 1952, to reach 125 million pounds a year, present market demand is esti­mated at three times that figure. The Texas Polyethylene Belt stretches along the Gulf Coast and up into East Texas, where other petrochemical industries are already well established. There, both of the two present producers of polyethylene are expanding their capacities. Carbide and Carbon, world's largest maker of the plastic, is adding a $17 million unit to its Texas City plant, capable of turning out 50 million additional pounds a year; and the new Carbide plant at Seadrift is also to include a polyethylene unit. This company is now blueprinting further plans for aug­mented capacity at Charlestown, West Virginia, and is building a new 50-to 60-million-pound plant that will be the first on the Pacific Coast. The other established polyethylene producer, Du Pont, is doubling the capacity of its Orange plant at a cost of more than $10 million, in order to hold its place in the market for this synthetic which is rapidly becoming the world's most important plastic in volume produced. Carbide and Du Pont, however, are no longer alone in the business, for four other large chemical companies are currently climbing aboard the Texas polyethylene bandwagon. Spencer Chemical Company, second largest U.S. maker of synthetic nitrogen products, is moving into the petrochemical field for the first time. On a 400­acre site near Orange, Spencer is constructing a $25 million plant that will convert ethylene, made at the Port Arthur refinery of Gulf Oil, into 45 million pounds of polyethylene a year, beginning probably in 1955. The Gulf ethylene will be piped direct to the Spencer installa­tion, where it will be converted by the ICI process. Spencer's contract with ICI also provides that the British company will give technical advice on the design and operation of the unit. The venture is being financed by present holders of long-term notes who are increasing outstanding indebtedness of the Spencer firm from $15 million to $25 million. Another !CI-licensed polyethylene unit is projected by Dow Chemical at Freeport. A squad of Dow engineers are now in England being briefed on the ICI techniques. By January 1955 Dow hopes to have its 25-million-pound Freeport plant in operation; meanwhile the company will have invested $10 million to $12 million in the unit i!self and an additional $15 million in power, raw material supplies, and other service facilities. Folding cameras of the future may be equipped with polyethylene bellows; and if such a product appears on the market, it will likely be made by the Eastman Kodak Company, the photographic equipment firm that has long since branched out into chemical and plastics manu­facturing. The subsidiary Texas Eastman Company is expanding its petrochemical plant near Longview to include a polyethylene unit with expected 20-million­pound capacity. The plant is already making ethylene by cracking natural-gas propane from the Humble natural-gasoline plant at London in the East Texas Field. Until the polyethylene unit goes on stream, Eastman is converting its ethylene into ethanol, an industrial alcohol used by the subsidiary Tennessee Eastman Com­pany in making acetic acid, esters, and other chemicals. The shift in products will serve as palpable evidence of the technological flexibility that enables chemical manu­facturers to switch their raw and intermediate products f~om one process to another as the economics of produc­tion and marketing may dictate. And this flexibility sometimes means the difference between profitable opera­tion and red ink, for no major industry is as vulnerable as chemical production to obsolescence of equipment and processes. The Eastman plant might not have been planned at present but for the gap left in the potential polyethylene market by withdrawal of American Petrochemical, a jointly-owned property of Firestone and Cities Service. This firm planned construction of a polyethylene plant at Lake Charles, Louisiana, near a large Cities Service refinery there. It was inferred that Firestone would mar­ket certain polyethylene products, while Cities Service would handle ethylene glycol antifreeze, a coproduct. But with the entry of other major producers into the field, with a possible national polyethylene capacity of 350--600 million pounds by 1955, and in view of the slipping price level of ethylene glycol, American Petro­chemical announced indefinite postponement of its project. Eastman officials said late in May that the company had already received certification for rapid tax amortiza­tion covering the proposed $7 million facilities and that construction would probably begin early this summer. Since the first accelerated tax write-off permit was dis­closed, a new $3.8 million certificate has been issued to cover the cost of a proposed synthetic hard wax plant to be operated in connection with the polyethylene unit. Still another nationally important chemical manufac­turer, Monsanto, is entering the polyethylene race with a plant that may likely be located in Texas, although the location is still unannounced. Wherever it may be, the Monsanto project cannot be far in the future, for the company has declared its intention of turning out 66 million pounds a year by 1955 and 50% more than that by 1957. Choice of a site for the Monsanto plant will depend upon location of ethylene sources as well as an analysis of future markets for polyethylene. But where Monsanto goes, others may follow, for the com­pany has pioneered in plastics and will be the first to make all six of the most important industrial plastics: styrene, phenolics, cellulosics, vinyls, aminoplasts, and polyethylenes. At its Dayton, Ohio, laboratories, Mon­santo has been engaged in process research on high­pressure polymerization for 14 years, and techniques developed there have already been put to use in Mon­santo operations in Canada, Japan, and Italy, as well as at Texas City and elsewhere in the United States. Now, Monsanto is opening a special polyethylene process laboratory, a step that leads some observers to believe that the firm may plan to turn its back on ICI, at least in certain phases of production. A significant barometer of growth in polyethylene output is the expansion of capacity for intermediates and coproducts of the polymer. In spite of the recent weak­ness in the market for ethylene glycol, the common "per­manent" antifreeze, ethylene oxide, . most of which is used in antifreeze production, is slated for enormous increase. Ethylene, however, may be consumed in the making of other products also. The new $8 million ethylene unit built by Gulf Oil at Port Arthur will divide its 180-million-pound yearly output between the nearby Koppers ethyl benzene plant and other installations op· erated by Du Pont, Monsanto, and the Ethyl Corpora­tion, for use in a wide range of products. Engineering details of ethylene polymerization have for the most part been closely guarded information; but Du Pont patent examples have given a glimpse of what goes on inside a polyethylene plant. At least two types of unit have been referred to: tubular reactors and high­pressure chambers or towers. One Du Pont process re­portedly uses a stainless steel tube 3/ 16 inch in diameter and 40 feet long. At one end, ethylene mixed with a small amount of oxygen is shot into the tube at 1,000 atmospheres pressure together with a solution of sodium hydroxide. The mixture is heated to 160°-225° C., and gas and liquid are continuously withdrawn, from which the polymer is separated. Other, variant methods use hydrogen peroxide, benzene, and other chemicals as pro­moters and catalysts, and one example describes the use of a silver-lined reaction chamber. By no means all of the ethylene introduced into the reactor is polymerized; from 18 to 25% is considered a successful proportion. The remaining three-fourths of unconverted ethylene may be piped off for use in other products or recycled to make another quarter of it into more polyethylene. Nor is the polyethylene itself a standard product with definite characteristics. The number of ethylene mole­cules linked together in each chain is the index to the physical qualities of the product. Gas molecules them­selves are far too small to be seen under the keenest microscope (one cubic centimeter of gas contains about 27 million million million molecules), but special X-ray diffraction instruments show that the chains, like those pictured on the front cover, are about one 60-millionth of an inch apart and that the molecules within the chain are hardly more than half that distance apart. Relatively short chains yield viscous, waxy fluids. The chains must be long to give the fairly rigid solids required for most commercial purposes; and ethylene of very high purity is needed for polymerization into these solid plastics. Considering the complexity of the processes and the rigid specifications for the raw materials, the wonder is that polyethylenes are not prohibitively expensive labora­tory curiosities. On the contrary, the price of poly­ethylene has dropped from about one dollar a pound in 1943 to 44 cents this year. With further expansion, prices as low as 30 or even 20 cents are predicted. The substance for sale at this nominal price is not, like many chemicals, to be seen only in roaring indus· trial plants. It has already entered most homes in some form or other and promises to become a common house­hold material, on a par with cellophane and far more versatile. Films of tough, pliable polyethylene are al­ready in widespread use in shower curtains and fresh or frozen food wrappings; in both cases, its high water­proof factor gives it the edge over competitive materials. Millions have already enjoyed the convenience of un­breakable polyethylene bottles and jars for medicines and cosmetics, or disposable squeeze-bottles with the atomizer built in. Cooks are already becoming accus· tomed to the morning ritual of mixing frozen orange juice concentrate in polyethylene shakers, now for sale in most groceries. And they also mix their cakes in polyethylene bowls that may be bent to form a pouring spout, flip their ice cubes from flexible polyethylene trays, wrap food for refrigeration or freezing in poly­ethylene bags and cartons. Stratosphere balloons up to 70 feet in diameter have been constructed of polyethylene. At the other extreme, it has been used to replace sections of arteries and of delicate brain membranes in a new approach to plastic surgery. In one case, two-thirds of a femur bone was replaced with a polyethylene shaft, and polyethylene splints are also being developed. Unlike many plastics, polyethylene possesses most of the properties required of a packaging material-light­ ness, flexibility and resilience, resistance to moisture and chemicals, and high tear strength with little tendency for cuts or nicks to run-and possesses these qualities in the pure state without the addition of plasticizers. Its light weight (one pound of standard 2-mil film will cover about 15,000 inches) together with its toughness and other characteristics reduce shipping costs and also breakage and contamination losses. Such films are sold as liners for metal or fiber drums used in the shipment of liquid, moist, dusty, corrosive, or adhesive products. Some shipping containers are flame-sprayed with melted polyethylene, and similar methods are used in coating paper and fiber materials with an impermeable coat of polymers. For years, electrical engineers have sought an insulat­ing material that would approach the loss characteristics of air. Polyethylene is not the perfect answer, but is so much better than anything else that has come along that it is rapidly becoming a standard electrical insulation. Almost all coaxial cable is now shielded with ethylene polymers, and their use has allowed development of a two-cable system capable of transmitting 1,800 two-way long distance telephone calls or 600 telephone circuits and two 4-million-<:ycle band television channels. Poly­ethylene may be applied as cable insulation in the form of tape, cord, or disks, or as a continuous extruded sheath. The Bell Telephone System, which controls most of these communication lines, has also developed a cable known as "alpeth," which is sheathed with corrugated aluminum with an outer, corrosion-proof coating of poly­ethylene. For outdoor use, polyethylene is mixed with fine carbon black, primarily to protect it from the oxida­tive breakdown caused by long exposure to intense light. Polyethylene bottles are as inert as glass to most chemicals, much more so to some. Hydrofluoric acid, the archcorrosive industrial chemical used to etch glass, has presented storage and transportation problems since the beginning of the chemical age. This powerful reagent eats its way right out of glass bottles but is entirely safe in containers of polyethylene, which weigh only a third as much as their glass equivalents. In other applications, polyethylene has replaced lead, tin, copper, and stain­less steel. And its special characteristics have suggested some totally new uses, such as soundproofing bands of the plastic between automobile springs, and boxes molded with flexible hinge sections built in. Metal-plating and textile industries have welcomed polyethylene as a corrosion-proof lining for use in acid and bleaching processes. In breweries and food manu­factures, the tasteless and odorless surface of poly- Bureau of Business Research Publications Industrial Expansion in Texas 2nd Quarter, 1953 Stanley A. Arbingast, Assistant Director and Jo Anne Horne, Library Assistant A n_ew listi~g of industrial plant projects announced during April-June 1953 , together with cost figures, products, and number of employees. Single copies available without charge. ethylene, easily cleaned and maintained, recommends it for ductwork and vessel lining. Plumbers are getting used to the sight of polyethylene house-building pipe. An extruded product, this pipe is available in sizes ranging from one-half inch to six inches in diameter and weighs so little that a man can carry 100 feet of two-inch pipe in one hand. The maxi­mum lengths of polyethylene pipe are shipped in easily unrolled coils, greatly simplifying transportation pro­cedures. The limitations of polyethylene are not necessarily handicaps, with the single exception of its ready flam­mability. The plastic is not transparent and does not easily take a high surface gloss, but few uses require an absolutely clear, glossy material. In the past, the low melting point of polyethylene, only a few notches above the boiling point of water, has prohibited its use for products that must be sterilized or exposed to high tem­peratures. But General Electric researchers have found that exposure to the electron beam of a million-volt X-ray machine changes the molecular structure in such a manner that the irradiated polyethylene can withstand steam sterilization without melting. Thus the field of sterile packaging of pharmaceuticals, blood plasma, and so forth is now apparently open to polyethylene. Further progress along these lines may also result in the making of polyethylene filaments and yarns; they are now too low in softening temperature to be used in most textiles. Probably every reader of this article can think of some other, untried use for the wonder-child of plastics that science has compounded of research, imagination, and Texas gas. By 1955, your potential share-and that of every man, woman, and child in the nation-will he about three pounds. For later years, no rational fore­cast can be made. But with a lion's share of the bulk polyethylene to be made in Texas and with an increas­ingly large and prosperous market growing up in the South and Southwest, the integrated manufacture of poly­ethylene, from wellhead to consumer product, may find its most favorable location in Texas. ROBERT H. RYAN Bureau of Business Research Publications Job Evaluation in Automobile a.nd Automotive Parts Industries William R. Spriegel, Dean and Distinguished Pro­fessor of Management, and E. Lanham, Assistant Professor of Management, College of Business Ad­ministration, have written this fifth in their series of "Personnel Studies" from information gathered from throughout the automotive field . Price, one dollar. TEXAS BUSINESS REVIEW Local Business Percent change Percent change City and item May I953 May 1953 from May I952 May I953 from Apr I953 City and item May I953 May I953 from May I 952 May I953 from Apr 1953 ABILENE: (pop. 45,570) BAYTOWN: (pop. 22,983) Retail sales ----------------------------------­Department and apparel stores ________ -10 -7 + + Postal receipts ----------------------­-----­----$ Value of building permits -----------------------$ 13,943 I 86,570 + 4 -44 -7 -39 Postal receipts ---------------------------­--$ Value of building permits ________________$ 56,307 603,4I8 + 8 -63 9 + 8I Bank debits (thousands ) -----------­------------$ E nd-of-month deposits (thousands) :j: ___ __$ I7,I42 19,165 + + 8 Bank debits (thousands) ----------------$ End-of-month deposits (thousands) L --$ Annual rate of deposit turnover____________ 50,200 49, I93 I2.I -5 -IO -2 5 2 3 Annual rate of deposit turnover___________ Employment (area) ------------­--------­---­Manufacturing employment (area) _ _ I0.7 356,600 85,050 ++ 5 + 10 x x Employment ------­-­---------------------­ 25,500 0 Manufacturing employment ----­---­ 3,295 x Air express shipments -----------­-­ 283 + 39 + 10 BEAUMONT: (pop. 94,014) Retail sales* ----­-----------·-----------·----­-­ + 2 ALICE: (pop. 16,449) Postal receipts _______________________$ Value of building permits _____________$ Bank debits (thousands) ______________$ 9,324 I 33,I25 I0,890 + 9 +138 -22 +I88 -7 Automotive stores* ------------------­---­Department and apparel stores..._______ Eating and drinking places*-------­--­--­Furniture a nd household appliance stores* -----­---------------­ 2 3 + + 44 + I 3 + I2 + 46 End-of-month deposits (thousands) t--$ I4,204 + I8 General merchandise stores* -----------· 5 + 5 Annual rate of deposit turnover_______ IO.O -5 Lumber, building material, Air express shipments -----------­ I4 + I7 -33 and hardware stores* --------------­ + 19 + Postal receipts ----------------------­-----$ 78,440 + IO x Value of building permits -----------------$ 547,I64 + 47 -20 ALPINE : (pop. 5,261) P ostal receipts ------------------­--------$ Value of building permits ---------­----­$ Bank debits (thousands) ________________$ End-of-month deposits (thousands ) t­----$ Annual rate of deposit turnover_____ Air express shipments ------------------­3,257 I 2,000 2,110 3,987 6.3 13 -5 -42 -I5 -7 -9 +IGO -10 + 41 8 -2 -5 + 225 Bank debits (thousands) ------­-----­-------$ End-of-month deposits (thousands) t---$ Annual rate of deposit turnover__________ Employment (area) ------­------­------­-------­Manufacturing employment (area) __ Air express shipments ------------------· Waterborne commerce (tons ) -------------­ I25,I 76 95,850 I 5.8 73,375 27,I75 275 32,619 + 3 -1 -2 + 28 + 109 -2 -I8 4 + 2 + + 5 x AMARILLO: (pop. 74,246) Retail sales* -----­----­--­---­---­Department and apparel stores_____ Drug stores* -------­---­--­-------­Lumber, building material, and hardware stores* -------·--------­·­­Postal receipts --------------­-------$ 117,549 -9 -26 -7 -I2 + 1 -4 -10 + 5 2 BEEVILLE: (pop. 9,348) P ostal receipts -----------------------------$ Value of building permits ------------------­--$ Bank debits (thousands) ---­--­------------­$ End-of-month deposits (thousands ) t-----$ Annual rate of deposit turno-ver_____________ Air express shipments --­--------­---­-------­5,031 9,000 6,039 11,5I8 6.2 8 -7 + 40 + 1 -2 + 2 + 60 -24 -75 -IO -4 -9 -58 Value of building permits _____________$ I,433,287 -22 -48 Bank debits (thousands ) _______________$ End-of-month deposits (thousands)+­---$ I27,362 lOI,543 -5 -11 6 4 BIG SPRING: (pop. 17,286) Annual rate of deposit turnover_____ I 4.8 6 4 Retail sales ---------------­----------­----·-­--­ + 28 + 3 Employment ------------------------­Manufacturing employment ---­----­Air express shipments -----------­--­-------­ 43,750 5,IOO 730 + 6 + 9 + 73 x x + I 5 Department and apparel stores............ Postal receipts -----------------------------------­$ Value of building permits ---------------------­$ Bank debits (thousands) ________________________$ 13,956 329,3I5 19,561 -8 -I8 -I 3 -11 + 8 -26 +I47 -IO End-of-month deposits (thousands ) :j: ____ $ 23,146 -I2 x AUSTIN: (pop. 132,459) Retail sales -----------­-----------------­-­ + 8 + 5 Annual rate of deposit turnover___________ Air express shipments ------------­------------­ IO.I 52 0 0 -7 -IO Automotive stores ---------------------­ + 20 + I 2 Department and apparel stores________ Eating and drinking places____________ -3 + I2 + I4 + 4 BRADY: (pop. 5,944) Filling stations -----------------------­-­Food stores ----------------­---­------·-----·----· -IO + 3 + 5 + I6 Postal receipts -----­--­-----·---------------$ Value of building permits -------­---------------$ 3,973 56,900 + 12 + 79 -10 -30 Furniture and heusehold appliance stores ------------­··--------­General merchandise stores --------­ + 35 x + 30 + 4 Bank debits (thousands ) -----­------$ E nd-of-month deposita (thousands) t---$ Annual rate of deposit t urnover________ _ 5,485 7,183 9.3 + 22 + 4 + I8 + 20 + 2 + 18 L umber, building material, and hardware stores ---------------­ + 3 -10 Postal receipts --------------------------$ 198,295 V alue of building permits -----------------$ 3,45I,046 Bank debits (thousands) ------------­---$ I04,536 End-of-month deposits (thousands ) t­-----$ lOI,482 Annual rate of deposit turnover______ 12.1 Employment ------------------------------­60,100 Manufacturing employment --------­4,085 Air express shipments --­--------·-----­630 + 5 + I05 + 1 -17 -I4 + 20 -5 + 29 7 4 7 x + 0 BRENHAM: (pop. 6,941) P ostal receipts ------------­----­--------­------$ Value of building permita ------------------$ Bank debits (thousands) ---­-------­----------$ End-of-month deposits (thousands ) t--­---$ Annual rate of deposit turnover__________ 5,000 85,500 5,45I 9,922 6.5 + 3 + 80 6 + 3 8 -30 -71 4 For explanation of oymbola, see p. 23. JUNE 1953 Conditions Percent change Percent change May 1953 May 1953 May 1953 May 1953 May from from May from from City and item 195;! May 1952 Apr 1953 City and item 1953 May 1952 Apr 1953 BROWNSVILLE: (pop. 36,066) DALLAS: (pop. 434,462) Retail sales• -------------------------------------+ 1 + 4 Retail sales• ------------------------------------------· + 3 + 11 Postal receipts ----------------·-··-·····-··-··-·-··-···$ 18,992 -9 -5 Apparel stores* --------------------------------­+ 5 + 9 Value of building permits......._________________$ 531,110 -41 +607 Automotive stores* ------------------------------.­+ 9 + 14 Air express shipments -----------------------------352 18 -14 Department storest ----·-----------------------­+ + 16 -Waterborne commerce (tons) ____________ 76,970 -9 -7 Drug stores* --------------------------------------x + 1 Eating and drinking places•________________ x 5 + BROWNWOOD: (pop. 20,181) Filling stations* -------------------------------­+ 5 + Retail sales ------------------·---·-·-------------··-··· 5 Food stores* -------------------------------------­+ 2 + Department and apparel stores -------­+ 7 4 Lumber, building material, Postal receipts --------··------------------------$ 14,697 + 4 + 5 and hardware stores* ----------·--------­8 Value of building permits_______________________ $ 26,000 -64 -21 Office, store, and school Bank debits (thousands) -----·----··-··-···-·---$ 8,687 -12 3 supply dealers* ····-·---·······--------·-·-·--·-·­+ 45 x End-of-month deposits (thousands) +------$ 12,779 + 2 -1 Postal receipts --····-----------···--·········--·-·-·----$ 1,446,886 + 10 2 Annual rate of deposit turnover______________ 8.1 -13 -2 Value of building permits ---------------------$ 8,666,555 + 39 -11 Air express shipments 19 -34 -27 Bank debits (thousands ) ----···----··----··-----$ 1,662,883 + 15 + End-of-month deposits (thousands) L ----$ 866,029 -13 + 2 Annual rate of deposit turnover_____________ 22.7 + 11 + 2 BRYAN: (pop. 18,102) Employment ----·······--·----··-·----··----------··--·---292,265 + 4 x Manufacturing employment -------------~ 75,625 + 10 Department and apparel store sales_______ -8 + 24 Postal receipts -------------·------··-···-····-----$ 14,782 + 1 -18 Air express shipments -------------------------8,905 2 + 5 Value of building permits --·-·------------------$ 51,010 -82 -80 + Air express shipments ----------------------------20 -13 -20 DENTON: (pop. 21,372)CORPUS CHRISTI: (pop. 108,287) Retail sales -···-------------------··-·--···---·-------­2 -10 Retail sales -----·-···-------·--·-·-----·-·-·---·····-·-+ 3 + 6 Apparel stores ------------------------····-·······-­7 -20 Department and apparel stores ---------­+ 1 + 25 Automotive stores --------·----------------------­+ 7 + 10 Postal receipts -------·······--·-····--··------------------$ 19,052 + 3 + 3 Country general stores ----------------------­15 + 2 Value of building permits -----···--·-----------$ 121,550 + 35 -22 Department storest -------------------------­+ 4 + Bank debits (thousands) ----------·-------···· $ 9,964 + 1 3 Lamber, building material, End-of-month deposits (thousands)+------$ 13,031 + 3 2 5 7 Annual rate of deposit turnover____________ 9.1 4 0 + and hardware stores ---------------------­Postal receipts --·----·---·---·-··------·--·-··-··---$ 109,463 + 6 4 Value of building permits ····------------------$ 1,711,261 + 32 -35 Bank debits (thousands) ______________________$ 141,311 + 4 4 EL PASO: (pop. 130,485) End-of-month deposits (thousands) +-----$ 108,990 + 3 Retail sales* ·----------------------·----------------------­-5 -1 Annual rate of deposit turnover______________ 15.4 9 2 Apparel stores* -------------------------·-··-·-··-·· -6 + 11 Employment ---------------······--------··------···--· 60,800 x x Automotive stores* ---------------------------------­-27 2 Manufacturing employment -----------------· 7,405 2 + Department storest ------------------------··--· + 2 + 3 Air express shipments ----------------------------­473 + 17 + 1 Drug stores* ---------------------------------------------+ 9 + 8 Waterborne commerce (tons) ----------·-·--2,291,069 + 12 + 14 Furniture and household appliance stores* ------------------------------­+ 15 + 20 General merchandise stores* 4 -5 CORSICANA: (pop. 19,211) Department and apparel store sales______ _ -4 + 8 Lumber, building material, and hardware stores* ----------------------­­ Postal receipts ··-·--····------------------------·-···----$ 11,800 + 5 -9 + 14 10 Value of building permits -·····-··--····-------$ + 183 64,275 Piano stores* ---------------------------------------­+ 46 + 53 Office, store, and school Bank debits (thousands) -·--·-·-·······-----·····-$ 10,771 -9 9 End-of-month deposits (thousands)+ _____ $ 19,358 -16 1 supply dealers* ----------···--------------------+ 33 -14 Annual rate of deposit turnover______________ 6.6 -6 8 Postal receipts ·--·--··-·-····------··----------------$ 169,417 + 3 -6 Value of building permits --·-··-···-··------·----$ 2,396,502 + 177 + 78 Bank debits (thousands) ---------------------·--··$ 180,374 + 13 -13DEL RIO: (pop. 14,211) End-of-month deposits (thousands)+-----$ 115,360 21 4 Postal receipts -------------------------------------------$ 8,787 + 39 -11 Annual rate of deposit turnover......___ ___ 18.4 + 6 -10 Value of building permits ----·····--·----------$ 35,425 + 1 + 4 Employment ------·-····----------·-·-·----·-----·····--·· 66,700 + 5 x Bank debits (thousands ) -···---------·--·-·---$ 8,504 + 17 -11 Manufacturing employment ----------------10,340 + 7 +End-of-month deposits (thousands) i------$ 10,313 + 2 + 24 Air express shipments ····-·····-···--··-···-·-____ 1,434 + 15 8 Annual rate of deposit turnover_____________ 10.9 + 24 -11 Tourists entering 1'.iexico -----------------------· 3,070 -16 + 3 Air express shipments ----·-·--------------------­15 -40 -53 Tourists cars entering Mexico ----------------1,080 -11 6 Tourists entering Mexico --·--·------·--------·--­26,134 + 84 Tourist cars entering Mexico.·--··---·--·----7,312 + 63 EAGLE PASS: (pop. 7,276) DEMSON: (pop. 17,504) Postal receipts ·-·····---------------------------------···-$ 4,520 + 6 -7 Retail sales ·-·-·····---·-----------------------······--------1 Value of building permits -----·---------------$ 209,000 + 8310 +402 Department and apparel stores..________ 4 5 Bank debits (thousands ) -·-----·----···-------·-$ 3,601 -9 Postal receipts --········-····-·----·--·----------$ 11,679 + 2 6 End-of-month deposits (thousands) +_____ $ 3,257 -18 Value of building permits ···------··-····-··-----$ 89,871 +124 + 85 Annual rate of deposit turnover_____________. 12.0 6 - Bank debits (thousands) ·-··-·····-·-----------$ 13,110 + 26 + 10 Air express shipments ------------------------------17 + 21 + 42 End-of-month deposits (thousands)+-----$ 15,119 + 18 1 + Annual rate of deposit turnover__________ 10.4 6 + 13 + For explanation of symbols, see p. 23. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change P ercent change City and item May 1953 May 1953 from May 1952 May 1953 from Apr 1953 City a,nd item May 1953 May 1958 from May 1952 May 1953 from Apr 1953 EDINBURG: (pop. 12,383) P ostal receipts ______________________________________$ Value of building permits __________________ $ Bank debits (thousands) _____________________ $ End-of-month deposits (thousands);______$ Annual rate of deposit turnover__ _______ 6,993 56,518 8,511 9,263 10.6 -11 + 137 -7 + 3 -12 -3 + 29 x -8 + 6 GILMER: (pop. 4,096) Retail sales• -------·------·­-----­-----­-----­--·-·­--­-P ostal receipts ----------­----­-------------------------$ Valua of building,permits ------­---------------$ End-of-month deposits (thousands)+-----­$ 3,512 10,200 6,395 -10 + 14 + 8 + 70 + 3 -2 Air express shipments -----------------------­ 12 + 20 + 33 GONZALES: (pop. 5,659) Postal receipts -----------------------------·$ 4,773 + 44 + 20 FORT WORTH: (pop. 278,778) Retail sales• ------------·­---------------­--------­Apparel stores• ---------------------------­ 4 + 8 + 5 + 4 Value of building permits --­------------­--­$ Bank debits (thousands) ___________________$ End-of-month deposits (thousands)+ ­--$ Annual r ate of deposit turnover___________ 15,213 4,352 6,183 8.4 + 238 -9 + 4 -12 5 2 x Automotive stores* -----------------­--------­ 3 -13 Department stores! ------------------------­Drug stores* ----­------­----­-----------------­--­Eating and drinking places*------------­ 7 + 12 x + 7 + + 4 GREENVILLE: (pop. 14,727) Department and apparel store sales______ + 31 F illing stations* --­-----------------------------­ -10 3 Postal receipts ___________________________________ $ 15,030 12 -15 Food stores• ---------------------­--------­Furniture and household appliance stores* ------­----------------­Lumber, building material, + 4 -10 + 18 + 28 V alue of building permits ------­---·-­-·­----$ Bank debits (thousands) ______________________$ End-of-month deposits (thousands ) J:____$ Annual rate of deposit turnover_ ____________ 75,050 10,598 12,585 10.2 x 1 3 + + 34 3 and hardware stores* ----­--------------­ -15 -17 Postal receipts ---·---------------------------­--$ 463,180 Value of building permits ________________$ 2,967,950 Bank debits (thousands) ___________________ $ 492,568 End-of-mon th deposits (thousands) J:____$ 324,689 Annual rate of deposit t urnover_____________ 18.l Employment -----------------------------------­162,300 Manufacturing employment __________ 52,500 + 3 -47 -3 -21 6 x -1 -26 3 2 x HARLINGEN: (pop. 23,229) Postal receipts ------------------------$ Value of building permits ________________ $ Bank debits (thousands) ---------------------·$ End-of-month deposits (thousands );_____$ Annual rate of deposit turnover___________ _ 21,826 150,400 22,116 18,145 14.5 + + 9 80 3 2 -5 + 63 8 -1 -6 Air express shipments -------------------­ 2,047 + 9 Air express shipments -----­------------------------­ 56 + -13 GALVESTON: (pop. 66,568) Retail sales --------------------------·-------­Automotive stores -----­----------­Department and apparel stores_________ -22 7 9 + 3 x x HENDERSON: (pop. 6,833) P ostal receipts ______________________________$ V alue of building permits _________________$ Bank debits (thousands) __________________$ 7,134 33,000 6,078 + 7 4 9 -- 6 82 2 E a ting and drinking places__________ Food stores -------------------------­____ 8 3 + + End-of-month deposits (thousands)+----­$ Annual rate of deposit turnover__________ 18,582 6.3 - 1 10 1 0 Furniture and household appliance stores -----------­------------­Lumber, building material, 5 + 32 HEREFORD: (pop. 5,207) and hardware stores -------------------­Postal receipts _____________________________$ 66,477 -39 + 4 -27 + 4 P ostal receipts --------------------­-----------------$ Value of building permits --­-------------------$ 4,395 61,600 x -17 -24 +120 V alue of building permits ----­-------------$ 206,615 + 40 -72 Bank debits (thousands ) -----·----------------­$ 6,722 - 6 -16 Bank debits (thousands) ------------$ 73,743 - 6 6 End-of-month deposits (thousands) +-----$ 9,111 + 13 - 6 End-of-month deposits (thousands ) +---­$ 77,987 -23 x Annual rate of deposit turnover__________ 8.6 - 17 -15 Annual rate of deposit turnover______________ 11.4 -21 7 Employment (area) -----------­----------­Mo.nufacturing employment (area) ____ 50,600 11,665 + 4 + 10 x x HOUSTON: (pop. 596,163) Air express shipments --------------------­ 488 + 49 -18 Retail sales• --------------­----------------­ + 1 + 3 Apparel stores• --­------------------­ - 7 -12 Automotive stores* ----------­--------­ + 10 + 18 GARLAND: (pop. 10,571) P ostal receipts ---------­---­-----------$ Value of building permits ----­---------------$ Bank debits (thousands) ____________________$ End-of-month deposits (thousands)+------$ Annual rate of deposit turnover______________ 9,427 535,825 8,306 8,566 11.5 -14 + 78 + 5 + 21 -17 -9 -46 -9 -3 -12 Department storest ---­----­------------­Drug stores* -------------------------­Eating and drinking places• ________ F illing stations• --------------------------­Food stores* ------------------------------­Furniture and household appliance stores* -------------­---­-------­ -1 x + 15 + 14 + 7 + 5 + 3 + 1 + 10 + 19 Lumber, building m aterial, a nd hardware stores* -----------------­ -25 -24 GLADEWATER: (pop. 5,305) Postal receipts -----­-----------------------------------$ V alue of building permits ____________________$ Bank debits (thousands) ____________________ $ End-of-month deposits (thousands)+-----·$ Annual rate of deposit turnover____________ Employment (area) -----------­Manufacturing employment (area) __ 4,730 50,000 4,519 4,721 11.8 23,900 3,820 + 2 + 178 + 13 + 20 2 + 3 -8 -8 + 108 + 9 + 5 ++ 4 + 6 P ostal receipts -------------------­------·----·-----$ 921,557 Value of building permits ___________________$11,149,325 Bank debits (thousands ) --------­----------$ 1,619,426 End-of-mon th deposits (thousands) t­----­$ 1,040,627 Annual r ate of deposit turnover __________ 18.7 Employment (area) -------------------­-------­356,600 Manufacturing employment (area) ____ 85,050 Air express shipments ------­--------­------­4,580 + 11 + 23 + 4 9 3 + 5 + 10 -5 + x 7 x x 3 Air express shipments -----­------------­ 8 -27 +167 For explanation of symbols, see page 23. JUNE 1953 LOCAL BUSINESS CONDITIONS Percent change Percent change City and item May 1953 May 1953 from May 1952 May 1953 from Apr 1953 City and item May 1953 May 1953 from May 1952 May 1953 from Apr 1953 KERMIT: (pop. 6,912) LLANO: (pop. 2,954) Postal receipts -------------------------­--------­--$ Value of building permits -------------- -- -----­$ 4,298 9,300 -5 -23 -18 Postal receipts --------------­-------­-----------­-----$ Value of building permits ---------------------$ 1,566 13,000 -14 -6 -46 Bank debits (thousands) -----------­--------­$ End-of-month deposits (thousands) i ____ $ 3,060 2,530 -18 -45 -5 -10 Bank debits (thousands) ------­------------­-$ End-of-month deposits (thousands ) t -----$ 2,341 3,492 -23 -5 + 10 + 5 Annual rate of deposit turnover________ ___ 13.8 +41 + 14 Annual rate of deposit turnover_____________ 8.3 - 21 + 9 KILGORE : (pop. 9,638) Postal receipts -------------­--------­----­-----------$ Value of building permits ____ ________________$ Bank debits (thousands) ----- ---­-----------$ End-of-month deposits (thousands) i------$ Annual rate of deposit turnover_____________ Employment (area) -------------------­-----­--­Manufacturing employment (area) ___ 9,318 12,000 12,259 14,073 10.3 23,900 3,820 -6 -74 + 2 -3 + 3 -8 -20 -52 5 2 3 + 4 + 6 LOCKHART: (pop. 5,573) Department and apparel store sales_____ Postal receipts -----------------­-----­---------­--$ Value of building permits --------------­------$ Bank debits (thousands ) ___________________$ End-of-month deposits (thousands) t ----­-$ Annual rate of deposit turnover___________ 2,519 8,400 3,038 4,496 7.9 -7 -3 -76 -10 + 2 -13 + 10 -18 -74 17 4 9 Air express shipments ------------­------­ 19 -17 + 19 LONGVIEW: (pop. 24,502) KILLEEN: (pop. 7,045) Postal receipts --------­-------­--------------------$ 14,265 -28 -13 Postal receipts --------­-----­---­---­---------­-$ Value of building permits --------- --- ­---------$ Bank debits (thousands) __________________$ E nd-of-month deposits (thousands) t ------$ 23,945 347,800 32,515 35,650 + 4 2 4 + l 16 9 1 3 Value of building permits --------------------$ Bank debits (thousands) __________________ $ End-of-month deposits (thousands) i ----$ Annual rate of deposit turnover_________ 14,650 4,110 9,952 4.9 -42 -3 -40 -91 l 2 Annual rate of deposit turnover_____________ Employment (area) ----------------­---­Manufacturing employment (area) __ _ Air express shipments ------------­--­--­ 10.8 23,900 3,820 184 + 1 + 3 8 + 27 ++ 4 + 6 + LAMESA: (pop. 10,704) Postal receipts ------­-------------------------­$ Value of building permits ---------------------$ Bank debits (thousands) ________________ __ $ End-of-month deposits (thousands) i----$ Annual rate of deposit turnover__________ 5,725 2,000 6,606 12,555 6.3 -27 -98 -36 -15 -24 -24 -99 -13 x -11 LUBBOCK: (pop. 71,747) Retail sales --------------------------­Automotive stores --­----------------------­Department and apparel stores._ _______ Furniture a nd household appliance stores ------------------------­General merchandise stores_______ _ + 4 + l l +104 x 7 4 7 + 14 -l Lumber, building material, LAMPASAS: (pop. 4,869) Postal receipts _____________________________$ 2,786 x -27 and hardware stores ----­-------------­Postal receipts ___________________________$ Value of building permits __________$ 74,110 1,187,313 + 50 -2 -24 -21 -13 -29 Value of building permits ----------­-----­$ Bank debits (thousands) _________________$ End-of-month deposits (thousands) i---$ Annual rate of deposit turnover________ 600 4,180 6,729 7.6 -98 -6 + 6 -11 -98 6 + 3 6 Bank debits (thousands) -------------$ End-of-month deposits (thousands) t -----$ Annual rate of deposit turnover____ Employment -------------------------­Manufacturing employment ------­ 95,215 80,687 13.9 32,950 3,450 -5 -19 2 + 9 + 5 -11 4 6 x 0 LAREDO: (pop. 51,910) Air express shipments -----------~------­ 763 +176 6 Department and apparel store sales____ Postal receipts -------------------------­------------$ Value of building permits -----------------------$ 25,486 105,900 -18 + 7 +126 -7 + 2 +337 LUFKIN: (pop. 15,135) Postal receipts ------­---------------------­-$ 14,003 + 7 + 1 Bank debits (thousands) --­--------­-----------$ End-of-month deposits (thousands ) t -----­$ Annual rate of deposit turnover______________ 20,302 18,859 12.7 -26 -28 -27 7 3 5 Value of building permits ------­------------­$ Bank debits (thousands) --------------------$ End-of-month deposits (thousands) t----$ 64,600 16,376 20,855 -66 -4 + 8 -69 4 + l Air express shipments -----­------­-------­Tourists entering Mexico ----­------------Teiurist cars entering Mexico__________ 167 9,037 2,900 -24 -19 -19 + 8 + 22 + 12 Annual rate of deposit turnover ________ Air express shipments ----------------­ 9.5 39 -10 -19 + 1 -28 McALLEN: (pop. 20,067) LEVELLAND: (pop. 8,264) Postal receipts ----­-----­-----------------------$ Value of building permits -----------------­$ Bank debits (thousands) ----------­-----------$ End-of-month deposits (thousands) I -----$ 5,191 51,110 5,970 8,538 + 9 +284 -27 -5 -19 + 11 Retail sales -----------------------------­Department and apparel stores__________ Postal receipts ---------------------$ Value of building permits ---­-------------$ Air express shipments --­------------­ 15,099 63,195 35 + 3 + 5 + 8 + 2 0 -1 + 12 -2 + 13 -48 Annual rate of deposit turnover________ 8.8 - 21 McKINNEY: (pop. 10,560) LITTLEFIELD: (pop. 6,540) Postal receipts ----­-----------------------------$ Value of building permits ------------$ Be.nk debits (thousands) --------------­$ End-of-month deposits (thousands) t---$ 3,792 21,950 5,206 4,283 - 6 x 2 -26 -49 -14 -20 Postal receipts --­----------­----­---$ Value of building permits ____________$ Bank debits (thousands) -------·--------$ End-of-month deposits (thousands) t--$ Annual rate of deposit turnover_________ 6,622 36,500 4,768 10,366 5.5 -7 -61 + 3 -53 -13 l -6 Annual rate of deposit turnover______ _ 13.0 + 4 + 1 For explanation of symbols, see paiie 23. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percent change City and item May 1953 May 1953 from May 1952 May 1953 from Apr 1953 City and item May 1953 May 1953 from May 1952 May 1953 from Apr 1953 MARSHALL: (pop. 22,327) PARIS: (pop. 21,643) Retail sales --­--------------------·-----------­---------­--­ - 2 Retail sales --------------------------------------­--­----­ + 1 + 3 Department and apparel stores_________ - 3 Dep a rtment a nd appa rel stores__________ -5 + 14 P ostal receipts --­--------­---­------­-----­-------$ 18,276 + 16 + 10 P ostal receipts --­------------------------------------­$ 13,465 + 12 x Value of building p ermits --------------------$ 103,675 -56 -57 Value of building permits --­--­------------------$ 27,650 -35 -71 Bank debits (thousands ) ---­------------------$ 13,549 + 9 -12 Bank debits (t housands ) ---­------­--------------$ 10,718 -11 7 End-of-month deposits (thousands ) :J: ____$ 20,116 + - 1 End-of-month deposits (thousands) :j: ____$ 13,812 -11 - 1 Annua l r ate of deposit tur nover___________ 8.0 + - 11 Annual rate of deposit turnover__ ____________ 9.2 - 1 -6 Air express shipments --------­--------------­ 69 +109 +so MIDLAND: (pop. 21,713) P ost al receipts -----­------------------­-----------$ Value of building permits -------------------$ Bank debits (thousands ) --------------­---$ 38,331 351,675 51,246 -- 2 7 -10 -72 3 PLAINVIEW: (pop. 14,044) Retail sales -----­-----------------­-----­-----Depa r tment and apparel stores_________ + 7 5 -+ 8 21 End-of-month deposits (thousands) +------$ Annual rate of deposit turnover.___________ _ Air express shipments ----­---­------­---­-----­ 60,812 10.0 188 + 4 -13 -8 + Postal receipts -----­----------------------------------··--$ V a lue of building permits __ ____________ ___ ______ $ lla nk debits (thousands ) ----· ­------________ ____ $ 11,459 165,200 13,884 + 9 + 17 -6 -2 -42 -13 E nd-of-month deposits (t housands ) +------$ 20,947 + 5 - 5 MONAHANS: (pop. 6,311) Annual r ate of depos it turnover_________ __ __ _ A ir ex press shipments ----------­---­--------­----­ 7.7 36 -11 + 80 -8 + 16 P osta! receipts --------------------------------­-­----$ 4,193 -20 -13 Va lue of building per m its ·-------­--­---------­$ 41,670 -68 Bank debits (thousands ) -------------­-------$ End-of-month depos its (thousands ) +------$ Annual rat e of deposit turnover________ 5,961 5,751 11.8 + + 7 3 8 9 0 PORT ARTHUR: (pop. 57,530) R etail sales• --­-·-----­--­-------------­--------­-­Department a nd apparel stores___________ + 11 -9 + 6 + 8 NACOGDOCHES: (pop. 12,327) P ostal receipts ____________________________ _____ $ 8,002 V alue of building permits ____________________$ 3,850 Bank debits (thousands ) _________________$ 8,917 End-of-month deposits (thousa nds ) +----$ 14,941 Annual rate of deposit turnover_______ ______ 7.1 Air express shipments ---------------­-----------­10 + 12 -89 -15 -7 -12 -23 -21 -99 -14 x -13 -55 Filling stations* ------------------­-----­----------­F'ood stores• --------------­---­---------­---------­Furniture and household applian ce stores• ------------------­-------­P ostal receipts -----------------------­-----------$ Value of building permits --------­----­-------$ Bank debits (thousands ) -----------­-----­-­-$ End-of-month deposits (thousands)+--­--$ Annual rate of deposit turnover__________ 34,446 214,680 45,935 37,574 14.5 -13 + 11 -11 + 24 -29 + 28 -13 + 27 + 10 + 7 3 -12 + 2 + 4 NEW BRAUNFELS: (pop. 12,210) Employment (area) ---­--------­------------­---Manufa cturing employment (area) ___ A ir express shipments ---­--------­--­-­-­ 73,375 27,175 110 + 28 +109 + 38 + + 1 -23 Department and apparel store sales____ -15 - 4 Postal receipts ---------------------------------------$ 9,927 V alue of building permits ____________________ __ $ 79,871 Bank debits (thousands ) ----------------------­$ 8,215 End-of-month deposits (t housands ) +----$ 8,218 Annual rate of dep osit t urnover___ _________ 10.8 + 6 -53 + 2 + -10 -15 + 23 -18 + 42 ROCKDALE: (pop. 2,321) Retail sales ·------­-------------­--------­-------------­Post al receipts ---------------·------------------------· $ V alue of building permits _______ ________________ $ Ba nk debits (thousands ) ____________ _____ ______$ 2,957 87,235 3,096 -13 -7 + 19 -10 -26 -21 ODESSA: (pop. 29,495) Retail sales ----------------------------------­---­ -22 -19 E nd-of-m onth deposits (thousa nds ) :j: ______ $ A nnual rate of depos it turnover____________ 3,260 11.8 + 16 + 4 + 6 P ostal receipts ---------­---­------------------------$ 32,419 - 7 - 15 Value of building permits --------------------$ Bank debits (thousands) ___ ___ __ _________________$ 886,385 35,372 -29 -18 -29 3 SEGUIN: (pop. 9,733) End-of-month deposits (thousands) +----­$ 33,025 Annual rate of deposit turnover __________ 12.4 Air express shipments ---------------------­134 -20 -1 -41 -7 -1 -11 P ost al receipts ----------------­--­-----------·--------$ V alue of building permits ____ __ __________________ $ Bank debits (thousands ) ________ __ _ _____________ $ 7,540 16,045 6,144 + 2 -71 -13 + 4 -74 + 4 End-of-month depos its (thousands ) +--­---$ 15,118 + 2 2 Annua l rat e of deposit tur nover.____________ 4.8 - 19 + 4 ORANGE: (pop. 21,174) Retail sales• -------------------­-------------------­ + 27 - 4 Postal receipts --­-----------------­-­--------­-V alue of building permits _________ __ _________ $ Bank debits (thousands ) _____________________ $ End-of-month deposits (thousands ) +-----$ Annual rate of deposit turnover_____ __ ______ 12,471 179,801 16,791 23,739 8.6 7 + 8 + 5 -14 + 72 -10 + 3 -9 SAN ANGELO: (pop. 52,093) R eta il sales --­----­------­----­---------­-­--------------Depa rtment and apparel stores_ ________ _ Postal receipts ----------­---------------------------­---$ Value of building permits --­-­--­-------------$ 48,299 614,772 -15 -12 + 1 + 79 + 4 x + 2 + 76 Bank debits (thousands ) --­-­----------­-----$ 36,579 - 7 3 PALESTINE: (pop. 12,503) Postal receipts -------------­---------------­----$ Value of building permits _________________ $ Bank debits (thousands ) _____________________ $ E'nd-of-month deposits (theusands ) +-----­ 10,023 51,570 4,977 12,686 + 19 -19 -15 + 3 + 9 + 5 -13 + 1 End-of-month deposits (thousands) t -----­$ Annual rate of deposit turnover·-­---------­Employment -------­--------------­-­------­-------­Manufacturing employment ----­---­----­A.ir express shipments --------­-----------­----45,403 9.7 21,300 2,165 247 -10 -6 -7 + 2 + + + + Annual r ate of deposit turnover _____________ 4.7 - 18 -13 For explanation of symbols, eee page 23. JUNE 1953 LOCAL BUSINESS CONDITIONS Percent change Percent change May 1953 l\Iay 1953 May 1953 May 1953 May from from May from from City and item _1953 May 1952 Apr 1953 City and item 1953 May 1952 Apr 1953 SAN ANTONIO: (pop. 408,442) TEMPLE: (pop. 25,467) Retail sales• ······················-··················-······· + 5 -1 Reta il sales -··--····-·-----------·····------·-·----·· -16 + 4 Apparel stores• ------------------------------------­+ 31 -10 Department and apparel stores........... . -27 7 Automotive stores• -------------------------------­7 + 35 P ostal receipts ·-·-···---·····-·-----·-··----·····-····---$ 23,899 + 3 7 Department storest ··········-··········---···· -10 + 5 Value of building permits -·---·-··--·-··-·$ 56,615 -66 -68 Drug stores• --------------------------------------+ 6 x Bank debits (thousands) ··---··-·-···---···-···$ 15,379 11 -11 Eating and drinking places*.·-····-··--· 9 + End-of-month deposits (thousands) t .... $ 21,319 -2 -4 Filling stations• --------------------------------­Annual rate of deposit turnover _ --------·­8.5 -9 -8 Food stores• ·--·-···-·--···-·····-·-··--···----·--· x + Air express shipments --------------------------43 -26 -26 Furniture and household appliance stores* ---------------------­11 -16 Lumber, building material, TEXAS CITY: (pop. 16,620) and hardware stores* ----------------------8 -1 Retail sales ---····--··----------··---··--·----+ 13 Department and apparel stores.. ________ -6 Postal receipts ·-··-········--·----·-·-·-···-·······-·-·$ 460,386 + 1 -10 Value of building permits ··--····-·-·----------·$ 5,475,387 + 59 + 21 Postal receipts ·-·--·--·--···--·-·--··--··--·-·--···-·$ 13,416 + -8 Bank debits (thousands) ------···---·-·------···$ 391,929 + 6 + 2 Value of building permits ···---····-···--·-·····$ 271,570 -67 + 26 End-of-month deposits (thousands) t ......$ 314,321 -18 2 Bank debits (thousa nds) ····-··--···-···-····· $ 27,124 + 22 + 6 Annual rate of deposit turnover____________ 14.8 2 + 3 End-of-month deposits (thousands) t----$ 26,948 + 24 3 x Annual rate of deposit turnover_____________ 12.2 0 Employment ·-·--·--··-·-·----------------·---·---194,330 + + Manufacturing employment -··--·-·---·-21,885 x x Employment (area) -·-·-----·--·--···-50,600 + 4 x Manufacturing employment (area) ___ 11,665 + 10 x Air express shipments -···---·--·------·----2,342 8 + 10 SNYDER: (pop. 12,010) TYLER: {pop. 38,968) Postal receipt.' -----····--·------·--·---··--··----$ 7,980 -11 -7 Retail sales ---------·----·---·----·---9 6 Department and apparel stores________ Value of building permits --··--··-------··-·· $ 69,700 -63 -66 x + 7 Bank debits (thousands) ·--···----·-·-··-··--·-·$ 9,848 -18 Postal receipts ·--·--···--···--·-·--···-·---···--···-·-·$ 61,322 + 20 End-of-month deposits (thousands) t ...... $ 9,061 -20 Value of building permits --····-······-·---·· $ 1,838,899 + 277 -22 Annual rate of deposit turnover______________ 11.6 -3 Bank debits (thousands) ·-··-·--··-----··----·-·$ 54,429 -2 8 E nd-of-month deposits (thousands ) t--...$ 63,202 -3 -2 Annual rate of deposit turnover___________ 12.1 -11 -6 SULPHUR SPRINGS: {pop. 8,991) Air express shipments ----------------------------230 + 48 -14 Postal receipts ·----·-··---·-····-·······-····-·---····$ 5,234 + 2 -11 Value of building permits ·-··-------·-··-··--·-$ 27,330 -57 -21 Bank debits (thousands ) --·----····-·----··--···$ 5,448 -18 -14 WACO: {pop. 84,706) End-of-month deposits (thousands)t...... $ 9,760 -3 -5 Retail sales -12 3 Annual rate of deposit turnover___________ 6.5 -18 -12 Apparel stores ---------------····-------­-14 + 4 Automotive stores -------------------------­-5 3 Department storest -·--·-----··------·-·-··---31 -11SWEETWATER: {pop. 13,619) Flor ists -··----···-·-----····-·---··--··-·----·---· + 29 + 24 P ostal receipts -------·-------·--------------·$ 14,371 + 8 + 26 Furniture and household Value of building permits ------·---···--·$ 47,725 -78 + 95 appliance stores ----------------------------­-55 -34 Bank debits (thousands ) ·----------·------$ 7,528 + 6 -2 Lumber, building material, End-of-month deposits (thousands) t...... $ 10,021 + 6 -2 and hardware stores -----------------------­ -+ 34 + 5 Air express shipments ·----·----····---··-·-· 18 -33 -28 Office, store, and school supply dealers ·-··--·---·-··-···-·-·-·---·--···­-17 -12 Postal receipts ---·-··----·-·-·-·-··-···-----·-----$ 99,601 3 -10 TAYLOR: {pop. 9,071) Value of building permits ·-··-·--·-··----·-----$ 874,089 -6 -31 Postal receipts ···-·--------·------·-·-·--··-··-····$ 6,227 -12 -23 Bank debits (thousands) -------···-····--·-···$ 65,402 -5 -13 Value of building permits -·-···-----·-·----$' 215,765 +411 +531 End-of-month deposits (thousands) i ...-.$ 59,249 -30 -1Bank debits (thousands) --------·--·--·-···$ 9,400 -10 4 Annual rate of deposit turnover____________ 13.2 -1 -13 End-of-month deposits (thousands) t . ____$ 13,834 x + 6 Employment -·-·-··-·-----··---··--··-··-··--··-···---41,600 -18 -6Annual rate of deposit turnover·--·-··-··--8.1 -16 Manufacturing employment -------------­6,380 -16 Air express shipments -----------------------------165 -11 -10 TEXARKANA: (pop. 40, 628) § Retail sales§ ··-·--··--···-----------------·-·-· -·-·---··--5 + 6 Department and apparel stores§________ -4 + 7 WICHITA FALLS: (pop. 68,042) Retail sales -··--·--------·----···--·-··---·· ---·-·-· x Postal receipts§ ----·-··-----·--·--···-·-·-···-···$ 47,003 + 15 + 20 Department and apparel stores........ ___ Value of building permits§ ·--·---·-·-·-·--·$ 107,131 + 19 + 10 8 + 7 Postal receipts ----------··-··------·--·---·$ 77,219 4 6 Bank debits (thousands) § ·-··-···-·-···----$ 39,287 + 2 7 End-of-month deposits (thousands) L ....$ 19,192 -25 3 Value of building permits -·····-···---·--·····--$ 828,480 + 43 + 85 Annual rate of deposit turnover____ __ ________ 10.8 16 Bank debits (thousands) ·-···-·-··-·--·--····---$ 79,313 -3 8 -End-of-month deposits (thousands) L ... $ 94,661 -10Employment§ ·--··-·-··--····--·-·-·--·--······-··-··-47,810 + 13 + 7 Annual rate of deposit turnover _____________ _ 10.0 -7 7 Manufacturing employment§ ·······--··-· 13,075 + 17 2+ Employment ·-·-·--··-··---···--······---···-··-·-·····-·---· 39,650 -22 xAir express shipments§ -···-·----···-·-·--·····--82 -18 -20 Manufacturing employment ---------------­3,960 + 14 x A ir express shipments ------------------------------392 + 125 WAXAHACHIE: (pop. ll,204) Postal receipts -··-·--------·-···--------··--·$ 9,467 -6 -35 xChange is less than one half of one percent. Value of building permits ·-·--··----·-------$ 57,060 + 32 + 40 *Preliminary. Bank debits (thousands) ------·----·-----$ 3,213 -10 -6 tReported by the Federal Reserve Ba nk of Dallas. E'nd-of-month deposits (thoasands) t--.$ 3,008 -15 -13 tExcludes deposits to credit of banks. Annual rate of deposit turnover........ _.__ 11.9 4 §Figures include Texarkana, Arkansas (pop. 15,875) and Texarkana, -+ 4 Texao (pop. 24,763). BAROMETERS OF TEXAS BUSINESS May 1953 Apr 1953 Mar 1953 Year-to-date average 1953 Average month 1952 GENERAL BUSINESS ACTIVITY tlndex of Texas Business Activity (100.0) ........-­--­--------------­-------­lnrlex of bank debits__________________________________________ 291* 695 294 706 295 688 295 694 268 666 Income payments to individuals in the U. S. (billions-seasonally adjusted at annual rate ) .. ......... .............. ................ ......... .............................. · Index of wholesale prices in the U.S. (1947-49 = 100, unadjusted) ...... .. 109.8 $ 283.1 * 109.4 $ 2-82.8 110.l $ 281.9 109.8 $ 268.4 111.6 Ulndex of consumers' prices in Houston (1947-49==100, unadjusted)__ _ Index of consumers' prices in the U.S. (1947-49=100, unadjusted) .. ... .. . Index of postal receipts___________________________ _____ _ 116.8 114.0 404 ·-·· 113.7 401 113.6 400 116.5 113.7 394 115.4 113.5 382 tlndex of miscellaneous freight carloadings in the Southwestern Dis­trict (17.6) ······ ··-·········-··········-······························-·················-··--············-······ Business corporation charters issued (number) ·····-········ ·············· ········--······ Business failures (number) ................................................... ...................... .. . 143 304* 12 145 357 13 143 311 19 144 332 13 144 278 8 I'RADE tlndex of total retail sales (adjusted for price changes, 47.7) .... ................ Index of total retail sales____________________________ 246* 510 248 514 246 513 248 516 229 481 Durable-goods stores ················-·················-··-·····--·---···········-····-··-··········-·· Nondurable-goo ds stores ······························-···-·······-···············----------·-···· tlndex of total retail sales in the U.S............................................................... 696 419 739 406 445 721 412 448 723 416 446 653 398 424 Durable-goods stores.. Nondurable-goods stores__ ____________________ 648 379 658 380 652 379 582 372 Ratio of credit sales to net sales in department and apparel stores........ 65.6 63.6 66.0 64.1 63.6 Ratio of collections to outstandings in department and apparel stores.... 39.0 40.0 43.7 42.0 44.8 Index of gasoline sales....... .. ................................................................ ............ 276 272 280 260 PRODUCTION tlndex of industrial electric power consumption (14.8) .............................. 625 627 634 635 536 tlndex of crude runs to stills (4.5) ·-················ ························-··········-·····--····· Index of wheat grindings.................................................................................. 222 229 110 229 99 225 102 209 99 Index of cottonseed crushed...... ........................................................................ 183 129 142 126 Index of southern pine production (unadjusted) ........................................ Index of dairy product manufacturing________________ 70 139 77 129 79 129 73 123 49 tlndex of urban building permits (adjusted for price changes, 3.8) .. ...... 200• 211 209 201 188 Index of urban building permits............................. ......................................... 433• 458* 451• 443 397 tlndex of crude petroleum production (8.6) .................................................. 211 216 234 225 232 tlndex of total electric power consumption (3.0) .......................................... 678 686 680 666 594 Index of industrial production in the U.S..................................................... 242* 242• 243 241 219 Index of cement production.............................................................................. 332 330 329 325 Construction contracts awarded (thousands) .. .... .. ........................................ $130,338 $112,277 $ 80,977 $102,515 $lll,344 AGRICULTURE Index of farm cash income (unadjusted) .................................................... .. 312 298 269 312 506 Index of prices received by farmers (unadjusted) ...................................... 280 279 286 285 332 Index of prices paid by farmers in the U.S. (parity index-unadjusted, 1910-14=100) ............ .. .. ............ .................. ........................... .. . 279 279 281 280 288 Parity ratio -·--··---··--··-------·-··----··---­--------------------­------------­Index of prices received by farmers-livestock (unadjusted, 1910-14= 100 100 102 102 116 100) .................................................................................................................... 309 311 314 320 371 Index of prices received by farmers-all crops (unadjusted, 1910-14= 100) .............................. ............................ ... ...................................................... 257 255 265 258 303 FINANCE Loans, reporting member banks in Dallas district (millions) .. ............... . s 1,761 $ 1,781 $ 1,764 $ 1,763 $ 1,609 Loans and investments, reporting member banks in Dallas district (millions) .. ................ ... ... .............. ............ ..... ............................. ....... ............. $ 3,039 $ 3,071 $ 3,108 $ 3,093 $ 2,999 Demand deposits adjusted, reporting member banks in Dallas district (millions) ........................................................................ ................................ Bank debits in 20 cities (millions) ............................................................... Revenue receipts of the State Comptroller (thousands) ............................ $ 2,442 $ 5,377 $ 68,027 $ 2,448 $ 5,511 $ 84,614 $ 2,400 $ 5,636 $ 57,713 $ 2,454 $ 5,502 $ 63,855 s 2,385 $ 5,425 $ 58,076 Federal Internal Revenue collections (thousands) ............... ....... ................ $153,695 $292,178 $242,939 $188,187 LABOR Total nonagricultural employment (thousands) ................... ....................... Total manufacturing employment (thousands) .. ................................ Durable-goods employment (thousands) .................. .................... Nondurable-goods employment (thousands) ......................... ....... 2,267.4 437.9 207.5 230.4 2,268.2 437.1 207.9 229.2 2,250.9 437.9 207.6 230.3 2,254.4 437.3 206.8 230.5 2,215.2 425.9 203.3 222.6 All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1985-39 except where indicated and are adjusted for seasonal va riation (except annual indexe•).Manufacturing employment estimates have been adjusted to first quarter 1952 benchmarks. •Preliminary. tThe index of business activity ill a weighted average of the lndexea Indicated by a dagger (t). The weight gl• en each Index In computing tbe composite is given in parentheses. tNew aeries. Index computed from eatimates of retail salea published by Bureau o'.f the Census. fflndex computed for February, May, August, and November only.