TEXAS BUSINESS REVIEW 

A. Monthly Summary of Business and Economic Conditions in Texas 
BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS 
VOL. XXVII, No. 8 TWENTY CENTS A COPY-TWO DOLLARS A YEAR SEPTEMBER 1953 
The first eight months 
of 1953 found Texas business flying high but declining slightly. How much higher business was than during January-August 1952 is shown in the chart below, with its plus side far outweighing the one negative change. 
Tota I e I e ctr i ci t y u s e ___________ _ Industrial power :use____________ _ Reta iI s a Ies________________________________ Crude o i I to s ti 11 s___________________ Misc eII an e o us fre ight.___ _ Crude oii production____________ _ Urban building permits _____ _ 

The shaded block at right represents the cumulative I 952-to-1953 increase (I I%) in the level of Texas business at large, as measured by the weighted composite of all seven index series charted above. For the first two-thirds of this year, crude oil output barely wavered from its comparable 1952 position, and the volume of urban building authorized in the state dipped slightly. But every other indicator rose. A table on the following page and charts throughout this issue detail the past and present status of each key barometer of Tex as business. 
TEXAS BUSINESS REVIEW 
•


The Business Situation Ill Texas 
Business activity in Texas registered a substantial de­cline between July and August, according to the composite index of business compiled by the Bureau of Business Re­search. August, the second successive month to show a pronounced drop in the index, gave strong confirmation of the signs that began, last spring, to suggest that the current boom in Texas business was reaching an end. The chart at the bottom of the page shows the leveling off of the index after it reached its all-time high in January. This plateau, established during the first half of the year, gave rather convincing warning that the strong rise was over. The past two months indicate that a decline is now under way. 
The table below shows that the drop in the composite index was not just the result of an unusually strong move­ment in one or two of the components; five of the seven components fell, while two registered increases. Crude runs to stills showed the only substantial increase. 
INDEX OF TEXAS BUSINESS ACTIVITY AND COMPONENT SERIES (adjw;ted for •easonal va riation, 1935-89=100) 
Aug  July  Percent  
Indexes Weight  1953  1953  change  
INDEX OF BUSINESS ACTIVITY  
(COMPOSITE) -------------­ 100.0  283*  291*  
Retail sales, adjusted for price ch anges ___  47.7  230*  242*  
Industrial electric power con sumption .. _  14.8  620  61 8  x  
Crude oil runs to stills ----------------··--·--­ 4.5  218  205  + 6  
E lectric power consun1ption ------­------­ 3.0  732  776  
Miscellaneous freight carloadings ·--­-------­ 17.6  140  145  3  
Urban building permits, adjusted for  
price cha nges ----­----------­------------­ 3.8  151 *  157*  4  
Crude petroleum production ---------·····--­ 8.6  231  232  x  
*Preliminary.  
xChange is less than one half of one percent.  

350 300 250 200 150 100 
In spite of the downturn in the level of Texas business in August, it appears that the year 1953 will register an all· time high. For practically all segments of the economy ex­cept agriculture and construction, the year to date has ex­ceeded any previous period by a substantial margin. The cover chart on this issue illustrates the status of each of the most significant components of Texas business during the first eight months of 1953 as compared to its cumulative record at the end of August 1952. It is evident from this chart that even if business for the remainder of the year should continue to decline, 1953 may reasonably be ex­pected to add up as the best year on record for many Texas business firms. 
Business volume that depends on consumer expenditures will probably fare better in the near future than other ac­tivities. The income of consumers remains at an all-time high, and savings continue large. Retail sales in Texas up to August showed only a slight decline since the first of the year, although between July and August the Bureau's sea· sonally adjusted index declined 5%. It is not expected, 
however, that retail trade for the remainder of the year will suffer greatly. Most analysts believe that at least through the Christmas season retail sales will hold up well. 
The level of inventories continues to rise, although re­ports in business periodicals indicate that merchants are not worried about the size of their stocks of goods. The De­partment of Commerce reports that retail inventories had a total value of $20.1 billion at the end of July 1952 and a value of $22.1 billion a year later. This rise of 10% was ac· companied by an increase of 6% in retail sales, so inven· tories at the end of July a year ago were 1.47 times sales 

TEXAS BUSINESS ACTIVITY 

Index • Adiusted for seasonal variation • 1935-1939 .. 100 

350 300 250 200 150 100 

1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 

for the month, while in 1953 they were 1.52 times the sales for the month of July. As long as sales remain strong, there appears to he no trouble in sight with respect to inventories, hut any slowing down of retail sales would result in an immediate reduction in buying from manufac. turers. Industrial production has been slipping a little since the first of the year, hut a widespread move on the part of retailers to reduce inventories would bring on a much sharper curtailment in manufacturing output. Some of the factory products have been going into manufacturers' in· ventories, and any reduction in sales of manufacturers would almost inevitably cause an immediate reduction in the level of production. 
IN DEXES OF CONSUMERS' PRICES IN THE UNITED ST ATES 
Source : Bureau of Labor Statistics, U. S. Department of Labor 

Percent cha nge  Index • 1947-1949 • 100  
12D  
Index ALL ITEMS .···········-···  Aug 1953 115.0  July 1953 114.7  Aug 1952 114.3  Aug 1953 f rom Aug 1952 + 1  Aug 1953 from July 1953 x  111 100  v  v-.... ~ I ....... ,...  - 
Food --­-----------------------------­Housing ---------------------------­Apparel -------------------­---­Transportation ------------­Medical care -------~-----­Personal care --------------­Reading and recreation .... _ Other ----------------­ 114.1 118.0 104.3 130.6 121.8 112.7 107.6 118.4  113.8 117.8 104.4 129.7 121.5 112.6 107.4 118.3  116.6 114.6 105.1 127.0 118.1 112.1 107.0 115.9  2 + 3 1 + 3 + 3 + 1 + 1 + 2  x x x + 1 x x x x  IO JD .CO  -JUI  IS40  v 1541  i..­l!M2  1943  1"4  IMS  .l J 194&  1947  1941  1549  1950  1151  1952  1953  
120 111 100 


for a smaller number of housing starts in 1954 than this year. There is no indication that easier credit will he avail­able in the near future. 
Wholesale prices declined slightly in August to end the month a little below the July level. Industrial prices re­mained practically unchanged during August, but food and farm prices declined. The decline during August, however, did not equal the sharp rise in July, so prices are still higher than for any month of 1953 except July. The Index of Con­sumers' Prices for all cities rose 0.3 points between July and August, with every type of goods except apparel show­ing an increase. This represents another all-time high for this index, which is used to measure changes in the cost of living of moderate-income families in urban centers. 
Wholesale Prices in the U.S. 
!I 
• 
JO 
lO 
.CO 
xChange is less than one half of one percent. 

The index of industrial power consumption in Texas, which serves as the measure of industrial production in the state, has declined 4% since the peak established early in 1953. The index of industrial production compiled for the United States by the Board of Governors of the Federal Reserve System has declined 3 % from the 1953 high. The movement of these two indexes leads to the conclusion that the decline in manufacturing in Texas has approximately paralleled the situation in the remainder of the country. 
The index of bank debits, compiled by the Bureau of Business Research from data collected by the Federal Re­serve Bank of Dallas from banks in 20 Texas cities, de­clined 3% between July and August. This was equal to the percentage decline registered by the composite index of business activity and tends to confirm the movement of that barometer. The level of bank debits in August was 
Bank Debits in Texas 

The outlook for petroleum refining in Texas is clouded by the size of gasoline stocks at the close of the period of peak consumption. Although gasoline consumption set a record during the past summer, stocks are higher than in previous years. Crude stocks are also increasing and have brought on a cut in crude production. In addition to this troubled state of the industry, increased imports of crude seem to he imminent. In several areas of large consumption, gasoline prices are showing weakness. There is an almost universal feeling that the course of the industry in the im­mediate future will he downward. The outlook for the building industry continues uncertain, although the volume of building permits issued during August declined 5% from July. For the first eight months of 1953, the volume of urban building authorized was 9% higher than the same period of 1952. For the United States new housing starts during the first seven months exceeded the same period of 1952 by 3%. For the United States new housing starts dur­ing the first seven months exceeded the same period of 1952, but the seasonally adjusted number of starts has been declining since February. The plans of builders are still be­ing hampered by tight money, and official predictions look 
Index • Adjusted for seasonal variation • 1935-1939. 100 

11111 

-
Ill 
DO
1 

IOO 
600 

500 
400 
IOO 

Ill 
300 

!ti 
20D 

111 
100 

6% higher than a year ago, although the composite index was 12% higher. One of the differences between the two is the fact that the index of bank debits reflects changes in prices as well as changes in the physical volume of business. The composite index of business activity does not reflect price changes and so was not depressed by the decline in the wholesale price level during the past 12 months. 
JoHN R. STOCKTON 

TEXAS BUSINESS REVIEW 

Robert H. Ryan__ _____________Managing Editor 
College of Business Administration, .The University of Texas 
__________ Dean
William R. Spriegel. 
Business Research Council 
William R. Spriegel (e., offecw), A. Hamilton Chute, F. L. Cox, Elizabeth Lanham, R. H. Montgomery, G. H. Newlove, and Charis 
E. Walker. 
STAFF OF THE BUREAU OF BUSINESS RESEARCH 
John R. Stockton Directcw  Stanley A. Arbingut Assistant Directcw Resources Specialist  Marjorie T. Cornwell Resea,rch Sup4r11isor  
Stella Traweek  A. Hamilton Chute  Richard C. Henshaw, Jr.  
Consulting Statisticia,n  Reta,iling Specialist  Sta,tisticia,n  
Raymond V. Lesikar Robert H. Ryan Research Associates  Harvey B. Smith Research Assistant  Jo Overstreet William S. Lowe Statistical A ssistants  
Calvin Jayroe Offset Press Operator  Eleanor A. O'Neal Publications Assistant  Alice R. Locklin Library Assistant  

Judy Vaughan Beverly Webb Emily J . Vavra Yvonne Hawn 
Secretaries Statistical Clerks 
Assistants 
Marilyn Biel, Carroll Boudreaux, Allen Brewster, Robert Clayton, Ben Cummins, Floyd Eiland, Maurice Friedman, Tom Greer, Olin Hardwick, Benny Hill, Vera Jeffrey, Henry Love, Sam Muller, Don Noble, Tina Piedrahita, Cecilia Pingenot, Ann Roche, Anne Schuler, and Newton Youngblood. 
Cooperating Faculty 
A. B. Cox E'lizabeth Lanham 
Professor of Associate Professor Cotton Marketing of Mana,gement 
TABLE OF CONTENTS 
The Business Situation in Texas_______________ ______________ __ 
2 
Construction ·---------------------------------------------------------------4 
Finance -------·------------------··------·--------------------·---·--------·-6 
Retail Trade ______ --·---------------·--------------------------------------8 
Industrial Production -------·----------------------------------------10 
Labor --------------------------------------------------------------------------13 
Agriculture ---------------------·-----------------------------------------·--14 
Mellorine: Challenge to Dairy Industry --------------------16 
Local Business Conditions ---------------------------·--·---------18 
Barometer of Texas Business ----------------------------·-------24 

Published monthly by the Bureau of Buslnesa Reaearch, College of Business Administration, The University of Texas, Austin 12. Entered as second clasa matter May 7, 1928 at the post office at Austin, Texas, under the act of August 24, 1912. Content of this publication Is not copyrighted and may be reproduced freely. Acknowledgement of source will be appreciated. Subscription, $2 .00 a year: individual copies, 20 cents. 
CONSTRUCTION 
Additions, alterations, and repairs show drop. The value of permits issued for major types of building in Texas during August diverged sharply from the July pat· tern. The most significant change was a 23% drop in the category of additions, alterations, and repairs, the result of declines of 29 and 16%, respectively, in the nonresi­dential and residential classifications. 
The value of nonresidential permits issued for new build­ings in August made a very weak comeback (+7%) over the July level, which was the lowest since December of last year. Important changes bringing about this modest in· crease were in the following types: factories and workshops +382%, institutional buildings +l,837%, and educa· tional buildings +82%. 
Cement Produ<tion in Texas 
Index • Adjusted for seosongl voriotion • 1935·1939 •100 

0 

lOO 

IOO 

200 
1939 IUO IUI 1142 19'3 1944 IMS 1S4' 1941 1941 IU9 1950 1951 1952 19SJ 
The value of residential permits issued for new buildings in August declined by 6% from July, the fifth consecutive monthly decrease. In value, residential permits issued for August were 44% below those of last March. Likewise, the number of dwelling units authorized has decreased con· sistently, from 5,493 in March to 3,005 in August. Thus, the 8% decline in residential housekeeping building was ofiset to only a limited extent by a 223% increase in the very inactive category of residential nonhousekeeping building, which contained only some construction of tourist courts. The 8% decline in residential housekeep· ing building was a result of the following changes since July: two-family houses, -62%; three-and four-family houses, +29%; and apartment buildings, -35%. 
By the latter part of September, most of the strikes in the building trades in South and Central Texas had either been settled or at least seemed to be very near to an agreement. There can be little doubt that the wave of strikes which plagued the industry for nearly three months has been at least partially responsible for the decrease in construction activity in some parts of the state. On the first of August, 4,012 construction workers were engaged in stoppages, and work had been halted on Gulf Coast projects valued at well over $200 million. When the seasonally adjusted figures on building activity become available for the last quarter of this year, it should be possible to determine roughly how much of the slump in the third quarter was due to the strikes rather than to decrease in demand. 
According to the Texas Employment Commission, con· 
struction employment is expected to increase by 5,000 from 
mid-July to reach a September level of 171,400 workers; yet, this would be a net loss from June (173,000) workers even if stoppages ended. These employment estimates in· dicate that the overall construction trend is slightly down· ward. The increasing number of building completions is offset in part by new projects of considerable size in scat· tered areas. 

Sales of Texas lumber, building material, and hard· ware dealers declined by 2% from July to August, bring· ing them to a level 13% below that of August, 1952. Total sales for the first eight months of 1953 were 8% below the comparable period last year. 
Building permits this year still exceed 1952. In spite of the 5% July-to-August drop in urban construction authorized in Texas, the total value of building permits is· sued during the first eight months of 1953 exceeded the value for the same period last year by 9%. Nonresidential building alone is responsible for the overall 9% increase, with a total value 42% above 1952. The more important category of residential building (in terms of building val· ue) is down 4% this year for the same periods, offsetting the gain in nonresidential building to a great extent. The pattern of permit values for additions, alterations, and re­pairs is quite similar to that of new building: The nonresi­dential classification registered a 21% increase, and the residential, a 1%decline. 
The changes in residential housekeeping building in order of importance during the first eight months of this year compared to the same period for 1952 were as follows: total residential housekeeping building, -6% ; one-family houses, -3% ; two-family houses, -64% ; three-and four-family houses, -18%; and apartment houses, -1%. 
Changes in important types of nonresidential building during the first eight months of this year compared to 1952 in order of significance were: total nonresidential building, 
+ 42%; office and hank buildings, +219%; educational buildings, +65% ; commercial garages, +670% ; amuse· ment buildings, +172%; stores and other mercantile buildings, +12% ; factories and workshops, -25% ; miscellaneous nonresidential buildings, + 127% ; and service stations, +48%. 
Permits issued by city-size groups. A somewhat dif­ferent picture of the trends in Texas construction activity can be obtained from the permit values by city-size groups. Although building in cities with populations over 100,000 declined by 19% from July to August, the total for the first eight months of this year is still 22% above 1952. Similar, though less significant, changes were experienced by those cities with populations between 50,000 and 100,000 with their average decline of 10% from July to August. Their total for the first eight months of 1953 was still 11 % above last year. 
ESTIMATED VALUE OF BUILDING P ERMITS ISSUED 

Source: Bureau of Business Research in cooperation with t he Bureau of La bor Statistics, U. S. Department of Labor 
J anuary-August 
Aug Percent Classification 1953* 1953 1952 change 

CONSTRUCTION  CL ASS  Value (thousands of dollars )  
ALL PERMITS -------------­ 46,957  465,033  427,135  + 9  
New construction ---·---------­---Residential ----------------------­--­Housekeeping ---------------­One family ---------------­-Multiple family -----­--Nonhousekeeping -------­Nonresidential ---­-------­ 39,830 23,107 22,310 21,418 892 797 16,723  406,115 254,526 247,794 236,308 11,486 6,732 151,589  372,540 265,481 263,977 243,095 22,386 1,504 107,059  + 9 4 6 3 -49 +348 + 42  
Additions, alterations, and repairs ---------
-------------­ 7,127  58,918  54,595  + 8  
CITY-SIZE GROUP (1940) ALL PERMITS ---------­-­-- 46,957  465,033  427,135  + 9  
Over 100,000 ------------------­------­50 ,000 to 100,000 ---------------­--­25,000 to 50,000 -------------­-------­Under 25,000 -------­------­-------­-- 21,467 7,734 4,157 13,599  224,472 86,068 38,042 116,451  184 ,720 77,416 43,411 121,588  + 22 + 11 -12 -4  

Federal contracts are excluded. 
•Preliminary. 

The construction picture for cities with populations be­low 50,000 is exactly the reverse of that described above. Although building in cities with populations between 25,000 and 50,000 increased by 28% from July to August, the total for the first eight months of this year was still 12% below 1952. Likewise, cities with populations under 25,000 experienced an average increase of 24% in building. ac· tivity from July to August, but the total for the first eight months of 1953 was 4% below the comparable period last 
year. 
I 
! 
I 
I 
I 

I 
I 
Bureau of Business Research Publications 

Personnel Practices in Industry 

by William R. Spriegel, Dean of the College of Business Administration and Distinguished Professor of Manage­ment, and Alfred G. Dale, Research Associate. 
A key development in American industry during recent years has been the evolution of scientifically planned personnel management. In this bulletin, eighth of the Personnel Studies published by the Bureau, Dr. Spriegel, eminent authority on the subject, and Mr. Dale, staff researcher in the B'ureau, present and ana­lyze the results of a survey of personnel practices in 628 industrial firms. Nineteen tables set forth statisti­cal summaries of the findings; simple interpretive comment and explanation illuminates their meaning. The study, to be published November 15, will be available postpaid for one dollar, fifty cents. 
VALUE OF CONSTRUCTION CONTRACTS AWARDED 
Source: Dodge Statistical Research Service 

J anuary-August 
Type of Aug Percent construction 1963 1963 1952 change 
Value (thousands of dollars) 
ALL CONSTRUCTION 84,960 732,074 892,804 -18 


ALL BUILDING ----­Residential -------­--­--­----­N onresidential --­-----------­ 66,611 26,976 39,635  586,064 329,476 256,578  685,213 374,480 310,733  --- 14 12 17  
PUBLIC WORKS AND UTILITIES ------­ 18,349  146,020  207,591  - 30  

Permit values for leading cities. Changes in value of building permits issued in the five largest cities in Texas from July to August were as follows: Houston, -16%; Dallas, -19%; San Antonio, -23%; Fort Worth, -24%; and Austin, +45%. 
Hereford had the biggest relative increase in build­ing permits issued during August compared to July (+3,704%) because of a large permit let for an educa­tional building. Raymondville was next (+ 1,487%), the result of an abnormally low total in July. Mercedes was in third place (+965%), with a permit let for a large com­mercial garage. Sherman followed next (+ 783% ), with a large permit issued for an educational building. Brown­wood was in fifth position (+ 701 % ) because of an insti­tutional building permit. Harlingen wasi n sixth position 
(+475%) because of permits issued for the construc­tion of three nonresidential buildings. 
The city leading the state in per capita value of building permits issued during August was Hereford with $149.41 per person. Other top cities: Irving 8138.50, Arlington $137.29, Garland 8111.53, and Terrell Hills $72.38. Aver­age municipal per capita building in August was 811.36, compared to $11.89 in July. 
RICHARD c. HENSHAW, JR. 
LOANS BY SAVINGS AND LOAN ASSOCIATIONS 
Source: Federal Home Loan Bank of Little Rock 
P ercent change  
Type  Aug 1953  J uly 1953  Aug 1952  Aug 1963 from Aug 1952  Aug 1953 from July 1953  

Number 
ALL LOANS ---------3,619 3,757 3,009 + 20 4 

Construction ---------------721 790 684 + 5 9 Purchase -----------------------1,1 52 1,252 1,020 + 13 8 Refinance ----------------·------290 284 254 + 14 + 2 Recondition --------------499 513 367 + 36 3 Other ------------------------957 918 684 + 40 + 4 
Value (thousands of dollars) 
ALL LOANS -----------19,400 20,761 14,792 + 31 -7 
Construction -------------------5,914 6,657 4,702 + 26 -11 Purchase --------------------7,016 7,949 5,792 + 21 -12 Refinance 1,506 1,499
---------------------1,397 + 8 x 
Recondition 
------------
1,251 1,478 885 + 41 -15 

Other --------------3,714 3,178 2,016 + 84 + 17 
FINANCE 

Overall bank condition unchanged. The early Sep­tember condition of southwestern banks, as indicated by reports from member banks of the Eleventh Federal Re­serve District, differed little from that for the preceding month. Compared with the year-ago reports, however, the data show general and significant increases. 
Slight gain in bank loans. The September 2 total of bank loans is slightly larger than the total a month earlier, but the $6 million gain (from 81,776 million to Sl,782 mil­lion) is too small to measure percentagewise. The loan total at the same time in 1952 was 9% smaller. 
CHANGES IN CONDITION OF WEEKLY-REPORTING MEMBER BANKS IN THE DALLAS DISTRICT 
Source: Board of Go-vernore of the Federal Reserve System 
Percent change• 
Aug 1953 from  Aug 1953 from  Aug 1952 from  
Item  Aug 1952  July 1953  July 1962  


ASSETS  
Loans and investments ------­-­----­Loans -------------­-­-­-------­ + 5 + 9  + 1 x  + 1 + 4  
Total U.S. Government securities  - 1  +  - 2  
Treasury bills ---­-------------­ -22  +  - 17  
Treasury certificates of  
indebtedness  -------------------------­ + 24  + 7  0  
Treasury n otes  ---------------------·---­ 3  1  + 1  
Bonds -------------------­----­-------------­Other securities ---------­---------------­ x + 9  x 0  + 1 + 1  
Reserve with Federal Reserve  
Banks  ---------------------­--------·------­ 3  1  
Cash in vaults -----------------------------­Balances with domestic banks....  + 7+ 10  -12 + 18  2 0  
LIABILITIES  
Total deposits (except interbank) Demand depooits (adjusted) ____  + 6 + 3  x x  2 x  
Time deposits ---------------------------­U.S. Government deposits ·----­ + 20 + 12  + 1 + 2  x -30  
Interbank deposits ------------------­Domestic banks ----------·--­------·-­Foreign banks -----------­-----------­CAPITAL ACCOUNTS -----­ -2 -2 + 11 + 11  + 8 + 8 + 11 + 1  + 9 + 10 -10 + 1  

•Percentage changes are based on the day neareet the end of th• month. 
xChange la lee1 than one half of one percent. 
The expansions in commercial, industrial, and agricul­tural loans account for the increase during August, even ex­ceeding the gain in total loans. Commodity dealers and certain commercial and industrial groups were particularly active in their borrowing. Construction interests and some food manufacturers also increased their outstanding in­debtedness. Wholesale and retail trade groups, however, liquidated more loan obligations than they assumed. 
Small increase in bank investments. Investments in 
U.S. Government securities were up 1% for the month of August, although the September I total was still 1%below the comparable 1952 figure. Practically all of the month's increase resulted from a $13 million gain (from $197 million to $210 million) in Treasury certificates. Treas­ury hills also contributed a gain (from $147 million to $148 million). The total of investments in Treasury notes dropped 1% (from SI78 million to $176 million). Sig­nificant decreases were recorded in bank reserves with 

FEDERAL INTERNAL REVENUE COLLECTIONS Sour ce : Internal Revenue Service, U.S. Treasury Department 
J uly 1-August 31 
P ercent Source 1953 1952 change 
TEXAS $282,267,555 $269,420,034 5
------------------------+ 

Income  -----­--------------------------­ 64,944,621  66,668,380  3  
Employment  -------------­-­-----­ 2,401,130  2,362,092  +  2  
Withholding  ----------------------­ 186,922,113  171,408,696  +  9  
Other  ---­----------­----··---­--------­ 27,999,691  28,980,866  3  
FIRST  DIST RICT  ---­ 141,141,839  145,577 ,501  3  
Income  ------------.--------------------­ 26,460,421  37,731,078  - 30  
Employment  ------····----------­ 105,679  123,524  - 14  
Withholding  ---------------------­ 99,866,015  91,381,565  +  9  
Other ----------------------------------···  14,709,724  '  16,341,334  - 10  
SECOND  DIST RICT ..  141,125,716  123,842,533  +  14  
Income  -----···-··········------­-------­ 38,484,200  28,937,302  +  33  
Employment  ········--------·····--­ 2,295,451  2,238,568  +  3  
Withholding  -------­-----------­---­ 86,056,098  80,027,131  +  9  
Other --­········-----·····---------------­ 13,289,967  12,639,532  +  5  

Federal Reserve banks down 3% (from $556 million to $537 million), and cash in vaults down 12% (from $51 million to $45 million) . Balances with domestic banks increased sharply from $382 million to $450 million, a gain of 18%. 
General stability of deposits. The total of deposits other than interbank on September 1 was practically un­changed from the comparable total a month earlier and was 6% greater than the 1952 figure. During the 31-day pe­riod a slight drop in demand deposits ($2,486 million to $2,477 million) occurred, largely as a result of changes in the accounts of individuals, partnerships, and corpora­tions. This decrease was ofiset by minor gains in time deposits, up 1 % (from $567 million to $573 million) and U.S. Government deposits, up 2% (from $122 mil­lion to $124 million). Interbank demand deposits in­creased 8% (from $698 million to $766 million) during the month. 
High level of state revenue collections. At the end of the 1952-53 state fiscal year, August 31, Texas revenue collections were 8% greater than the total for 1951-52. According to the State Comptroller of Public Accounts, al­most $736 million was collected during the year just end­ed, as compared with $683 million for the year before. Gains were recorded for nearly all categories of receipts, hut most significant dollarwise were mineral leases, rentals, and bonuses (up $6.4 million) ; sale of commodities (up $5.5 million) ; net motor fuel tax (up $5 million) ; occu­pation taxes (up $3.5 million); natural and casinghead gas (up $3.3 million) ; motor vehicle licenses, permits, and fees (up $3.2 million) ; and oil and gas royalties (up $3 million) . 
BUSINESS FAILUR ES 
Source : Dun & Bradstreet, Inc. 

Percent change  
A ug 1953  July 1963  Aug 1952  Aug 1953 from Aug 1952  Aug 1953 from J uly 1953  
Number  ·······­-·---------------·-·  17  17  12  + 42  0  
Liabilities  (thous of dols) __  1,369  1,121  786  + 74  + 22  
Average liabilities per  
failure  ( t hous of  dols) ____  81  66  66  + 23  + 23  

REVENUE RECEIPTS OF STATE COHPTllOLLER 
Source : State Comptroller of Public Accounts 

September 1-August 30 Percent 

Source  1952-53  1951-52  change  
TOTAL --·-···-··-···---·--------------$735,997,680  $682,835,693  + 8  
AD V ALOREM TAX --···---··-··-----­ 26,296,186  24,256,967  + 8  
INHERITANCE TAX --------·--··---·­ 6,394,389  6,131,308  + 4  
POLL TAX -------------­·-··---­-----------­ l ,559,849  2,651,899  -41  
GROSS RECEIPTS-UTILITIES  
AND TE'LEPHONE -----------­ 8,241,891  7,261,288  + 14  
GROSS PRODUCTION  
Natural and casinghead gas ----­-------­ 21,890,993  18,018,955  + 19  
Gas gathering tax -----­------------­·­-····-···­ 1,344,188  4,179,651  -68  
Crude oil --·--·----·--·--·······--------------­-----·-----·  125,412,641  119,667,153  + 5  
Other ····--·---------------------··--·----·-------­--------­ 10, 721,331  11,030,716  -3  
LICENSES AND FEES  
Occupation tax ···········--·-·-------···---·---·---­ 19,774,516  16,260,352  + 22  
Net motor fuel tax ·--··------····----­-··---·---­ 109,878,381  104,854, 775  + 4  
Cigarette tax and licenses ----------­--------­ 35,857,005  35,284,873  + 2  
Alcoholic beverage tax and licenses..  18,929,365  18,480,815  + 2  
Sales taxes ····---------------­---------------···---·-­ 19,845,333  18,394,764  + 8  
Other licenses and fees ------­---····--­--··-­ 17,666,311  16,982,852  + 3  
FRANCHISE TAXES -----------------­ 14,119,944  14,029,074  + 1  
UNCLASSIFIED RECEIPTS  
Mineral leases, rentals, and bonuses ....  29,192,732  22,801,526  + 28  
Oil and gas royalties ······------------·---··-···  20,843,729  17,834,342  + 17  
Interest on securities owned ---------· --·­ 13,783,434  11,898,217  + 16  
Motor vehicle licenses, permits,  
and fees ·-·------------­··-·-·----·-····-------­-·-­ 39,200,0 87  36,064,861  + 9  
Sale of commodities -----· -----··-----------­ 9,944,812  4,478,706  +122  
Other -----------·--------···---------------------------·-·--­ 10,658,442  15,553,888  -31  
FEDERAL AID  
Highwayg -·-----·-· ···----------------------------­-----­ 32,118,870  31,215,775  + 3  
Public health ------------­--------------·--·--·---·---­ 10,050,380  9,615,455  + 6  
Public welfare -·------------·-----·-­-----------····--­ 100,944,328  73,628,518  + 37  
Public education ·----·--·-­--------­---------­---­ 8,676,028  18,336,241  -53  
Other --------------·---·-­--­------------------------------­ 2,501,422  1,421,994  + 76  
DONATIONS ···--­---------­--·····--·-······­ 56,846  76,792  -26  
UNEMPLOYMENT COMPEN­ 
SATION TAXES -·-------­-------·-­ 20,794,247  22,423,936  -7  

Likewise, federal government collections in Texas are running ahead of the 1952 levels. At the end of the first two months of the federal fiscal year, which began July 1 col­l~ctions in the state were 5% greater than for the sam'e pe· nod a year before ($282 million as compared with $269 million). Practically all of the increase was in withhold­ing collections, up 9% (from $171 million to $187 mil­lion) . 
R AYMOND v. LESIKAR 
Bureau of Business Research Publications 
Economic Statistics of Texas: 1900-1952 
Business leaflet No. 6 
Alfred G. Dale and Frank T. Cadena, Research Associates in the Bureau of B'usiness Re­search have collaborated in the collection of sta­tistical data outlining the development of mineral and agricultural production, industry, commerce, and other phases of Texas business for the first half of the century. Price, twenty-five cents. 


RETAIL TRADE 

Business leveling off? The slight decline (-1%) in sales of nondurable goods this August should be viewed against the 9% increase that last August showed over Au­gust 1951. Likewise, the 11% increase over August 1952, in sales of durable or hard goods brought only partial re­covery from the decrease of 16% in August 1952, from August 1951. 
ESTIMATES OF TOTAL RETAIL SALES 
Sales  Percent cha nge  
Type of  (mils of dols) Aug Jan-Aug  Aug 1953 from  Aug 1953 Jan-Aug 1953 from from  
store  1953  1953  Aug 1952  July 1953 Jan-Aug 1952  

TOTAL .............. 644.1 5,336.7 + 4 -3 + 7 


Durable goods .......... 284.1 2,392.3 + 11 + 9 
Nondurable goods .... 360.0 2,944.4 -1 + 6 

Early in August, clearance sales and early fall promo­tions brought good response in many areas, especially for summer apparel in the Southwest. But in later August and early September, consumer buying fell off substantially in most parts of the country under the impact of unseasonably hot weather. The late Labor Day was credited with some of the delay in back-to-school preparatory buying. Despite high income and large savings, most consumers have been buying more cautiously in relation to actual and immediate needs, with less tendency to anticipate wants. Quality and value continue to receive strong emphasis. 
Retail Sales in Texas 
Index • Adjusted for seasonal variation • 1935-1939 •100 



Commitments shorter. Buying by retailers in the wholesale markets was up substantially from a year earlier. Yet, apprehension about large inventories was becoming apparent by mid-August. With orders heavier than a year earlier, retail buyers were nevertheless more selective and their commitments were generally for shorter periods, espe­cially in durable-goods lines. They were complacent or apathetic in the face of threatened shortages or delayed deliveries of popular, fast-moving apparel items. Many department stores reduced their orders more than nor­mally for the season. Demand strengthened in food lines and for furniture and household goods. But there was scant activity in most types of appliances. 

Retailing prospects good. The prosperous middle-in· come group that now dominates the American market has continued to enjoy record employment and peak prosperity during recent months. Consumers' disposable income (af­ter taxes) topped the 1952 level by 6 or 7%, even though farm incomes were reduced about 10%. For months, cus­tomers' discretionary buying power has been at a high level. But since the earlier months of 1953, food prices have risen seasonally and other elements of the cost of living-housing, transportation, personal services and medical care-have continued to advance over last year, thus offsetting the increases in income. Consumers have continued to save larger than "normal" percentages of their incomes, 7% in the second quarter of 1953 in com­parison with 8% in the third quarter of 1952 and a prewar "normal" of 4 or 5%. They have also continued to pledge future earnings under instalment contracts. The huge in­crease in instalment debt in July, however, was only 84% as large as a year earlier, and volume this July originated largely in sales of automobiles. Other types of instalment contract were reduced about $200 million across the na­tion. New instalment obligations built up their smallest monthly increase since February. Reluctance of banks to loan funds helped to slow the pace. 
CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES 
Credit  Collection  
Number  ratios•  ratiost  
of  
Classification  reporting stores  Aug 1953  Aug 1952  Aug 1963  Aug 1952  
ALL STORES --------------------------­ 70  63.1  65.1  35.1  39.0  
BY  CITIES  
Austin  ---------------------------------------­ 4  61.9  57.5  42.5  52.7  
Cleburne  ---------------------­---·-····--··--­ 3  38. 1  39.0  38.0  40.4  
Dallas  ·--·--------·--·------------­·---­----·-­ 8  69.2  77.0  36.8  42.0  
E l  P aso  ·--­--------·­-·-­-----------------­ 3  56.3  57.2  27.9  33.6  
Fort  Worth  ··---·--------------.--·­-·----­ 63.0  62.5  36.7  39.7  
Galveston  ·----­---------------·-----------­ 5  54.0  53.9  45.1  46.9  
Houston  -----·------···----------------·-----·­ 6  61.2  60.3  28.5  32.0  
San A ntonio -·---·····-­-----------··-----­ 6  61.4  63.3  42.6  42.0  
Waco -------
------···----­··--·-------­-·----­ 5  60.0  59.3  49.9  50.9  
Others  -···--·--·--·----·------­-···--------­-­-­ 25  58.3  65.1  40.5  44.0  
BY T YPE OF STORE  
Dep art men t stores  (over $1  
m illion)  ---------------------·---------­ 22  64.1  67.1  33.8  37.8  
Department stor es  (under $1  
million )  ---·-----·---------------·--··-­ 18  42.8  40.6  41.4  44.2  
Dry goods and apparel stores___  6  70.1  69.0  52.7  51.7  
W omen's specialty shops -----------­ 16  59.0  58.0  40.2  43.6  
Men's cloth in g stor es ·--·-------------­ 18  64.4  59.5  51.2  54.6  
BY VOLUME OF NET SALES  (1952)  
Over $3 ,000,000 --··---····-------·--·-·-··  21  64.5  67.2  34 .0  38.0  
$1,500,000 to $3,000,000 ···········-·  7  58.7  57.8  50.8  49.4  
$5 00 ,000 to $1,500,000 --·--·--------­ 18  55.3  50.9  44.1  47.6  
$250,000 to $500,000 ·····--------­----­ 10  36.5  33.2  42.0  44.8  
Less t ha n $250,000 -----­--------·------­ 14  43.1  41.7  42.9  46.2  

*Credit sales as a percent of net sales. 
t Collectiona during the month as a percent of accounts unpaid on the first of the month. 
Yet, record sales are expected for the remainder of 1953. Unit sales remain high, but weakening prices undermine volume; thus the average sale is down. Consumer incomes will probably taper off gradually and irregularly in 1954. 

SEPTEMBER 1953 
But even after the shrinkage expected by the forecasters, re· Seventy-one of 120 Texas cities bettered their postal re­tailers should still be able to make 1954 one of the three or ceipts of August 1952, with an average increase of 3%. four best years in mercantile history. 
Sales of gasoline subject to tax totaled 261,814,000 gal­
lons in July, 7% below June and 2% under July 1952. 
RETAIL SALES TRENDS Gasoline sold to the federal government amounted to 
Source: Bureau of Business Research in cooperation with the Bureau of 118,448,000 gallons, 8% over June and 105% higher than 

the Census, U. S. Department of Commerce in July 1952. 
A. HAMILTON CHUTE
Percent change 
Number of 
reporting Aug 1953 Aug 1953 Jan-Aug 1953 

establish-from from from 	POSTAL RECEIPTS 
Group ments Aug 1952 J uly 1953 Jan-Aug 1952 Per cent change 

KI ND OF BUSINESS DURABLE GOODS 
Aug 1953 Aug 1953 Automotive stores --------------250 + 27 -6 + 19 Aug J uly Aug from from Furniture and household­
City 1953 1953 1952 Aug 1952 J uly 1953 
applian ce stor es --------------137 -13 + 1 1 TOTAL* ---------$5,186,746 $5,434,092 $5,043,160 + 3 -5 

Jewelry stores -------------------30 -1 + 15 2 Lumber, building material, Alice ---------------------8,393 11,355 8,512 -1 -26 
and hardware stor es --------280 -13 -2 8 Bastrop -----------------­1,431 2,087 1,815 -21 -32 

NONDURABLE GOODS Bay City -----------------6,952 8,611 6,955 x -19 Apparel stores ----------------212 + 3 + 14 + 3 Belton ---------------------4,886 4,086 4,291 + 14 + 20 Drug stores ----------------------185 + 1 + 2 + 2 
Borger -------------·-­11,347 14,576 10,837 + 5 -22 
Eating and drinking p laces 101 6 2 2 Brownfield ------------­4,929 6,273 4,804 + 3 -21 3,638 3,779 4,392 -17 
Filling stations ----------------1,001 + 4 3 + 4 Cameron --·----······---­-4 Florists -------------------------36 
-10 1 Childress ------------------3,755 5,212 4,391 -14 -28 Food stores -----------------------184 4 7 + 4 Cisco ---------------------­
2,310 4,167 3,171 -27 -45 General merchandise stores 159 + 8 x Cleburne --------------­9,267 9,243 9,559 -3 x
+ 

Liquor stores -------------------------6 -14 + 10 Coleman ---------------­5,027 5,235 4,072 + 23 -4 Office, store, and school Crystal City ------------2,561 2,534 2,271 + 13 + 1 supply dealers -----------------36 -6 7 + 1 4,061 4,106 4,075 
Cuero ----------------------x E l Campo --------------­7,543 7,556 6,605 + 14 x
CITY-SIZE CLASS (1950) 
Gainesville -------------­8,631 9,886 7,747 + 11 -13 

Over 260,000 -------~-----------------1,320 + 3 + + 6 
100,000 to 250,000 ----------------214 + 6 + 6 + 9 Gatesville -------------­2,883 3,483 2,319 + 24 -17 2,576 
50,000 to 100,000 -----------------210 + 1 2 + 6 Giddings --------------­2,540 2,539 + 1 + 1 2,600 to 50,000 ---------------------864 + 9 x + 5 Gilmer -------------­3,333 4,372 3,107 + 7 -24 Under 2,600 ----------------------------120 + 3 + 6 8 Graham ---------------­4,684 4,235 4,395 + 7 + 11 Granbu ry --------------1,370 1,742 1,259 + 9 -25 xChange is less than one half of one percent. Grand Prairie ____ 10,914 10,670 7,484 + 46 + 2 
H illsboro -----------­4,447 4,823 4,486 -1 8 Hu ntsville ---------­6,641 7,295 6,490 + 21 9
Texas retailing in August. Reporting by cities, 294 

J ackson ville ---------­10,824 10,189 7,625 + 42 + 6
Texas department and apparel stores averaged a nominal 
Kenedy ------------­2,960 3,477 3,1 24 -5 -15 
increase of 1 %over last August and the same for the Jan· 
Ke rrville -------------­7,362 8,723 6,797 + 8 -16 
ary-August eight-months comparison but topped July by Kingsville -------------­8,215 10,048 7,258 + 13 -18 

10%. Among the 35 cities included, 29 bettered July, 14 	L a Grange ---------­3,109 3,128 3,532 -12 -1 
topped last August, and 15 were ahead in comparing 	Littlefield -----------3,822 5,024 4,143 -8 -24 
Llano -------------------1,518 2,319 1,750 -13 -35

January-August with those months of last year. In the 
L uling ----------------­2,631 3,306 2,466 + 3 -23
August-to-August comparison, the leaders were Brown­
McCamey -------------­2,246 3,333 2,590 -13 -33
wood (+24%), Abilene ( + 12%), Marshall, Sherman 	4,760
Mercedes ---------­4,175 3,874 + 23 + 14and Sweetwater (each +8%), Houston and Wichita Falls Mission -----------------­4,836 5,820 4,554 + 6 -17 
(each +7% ). Best showings for the eight months were in Monahans -----------­4,606 5,600 5,330 -14 -18 Brownwood, Houston, and Marshall (each +8%) and Navasota -------------­4,120 3,961 3,520 + 17 + 4 Sherman ( +7% ). Pampa ----------------­12,144 15,770 12,835 -5 -23 Pasadena ---------------12,665 13,314 10,776 + 18 -5
Of 41 cities reporting enough retailers of various types 

Pecos ----------------------6,382 7,873 7,253 -12 -19 to be listed individually, 21 bettered July, 19 topped Au­Pharr ---------------­3,226 3,830 3,555 -9 -16 
gust 1952, and 24 were ahead of January-August 1952. 	Pittsburg -----------­2,586 2,397 2,123 + 22 + 8 
Best showings in the August-to-August comparison were at 	Raymondville -------­3,600 4,826 4,552 -21 -25 Sulph ur Springs .... 5,903 5,816 4,618 + 28 + 2
Paris (+43%), Denison (+24%), Denton (+22%), 
T aylor ----------------­6,557 7,411 5,676 + 16 -12
Pittsburg ( + 19% ), Sherman and Texarkana (each 
Terrell -------------------­4,769 5,502 4,326 + llJ -13 
+ 18% ), Tyler ( + 16%), and Gainesville ( + 11 % ) . 	5,024 5,612
Uvalde ------------------	5,824 -14 -10 
Comparing the January-August periods, leading increases 	7,644 9,749 7,994 4 -22
Vernon ·------------·-···­were at Pittsburg (+25%), Tyler (+16%), Paris Victoria --------·------­17,985 21,530 17,209 + 5 -16 

(+15%), Denison (+14%), Austin (+13%), Denton Weatherford --------­6,896 6,489 6,591 + 5 + 6 10,340 9,085 10,206 
( + 12% ), Beaumont and Port Arthur (each + 10% ). 	Yoakum ------------------+ 1 + 14 
Advertising lineage in 28 Texas newspapers as a group 	•The total includes receipts for cities which are listed individually 
fell 3% from July and from August 1952, with 14 papers under "Local Business Conditions.'' topping last year. xChange is less than one half of one percent. 

INDUSTRIAL PRODUCTION 
How deep the downturn? After months of anxiety over the possible industrial repurcussions of Korean truce, the truce came as an anticlimax. While there was no shouting in the streets, neither was there mourning in the production offices. 
Texas industrial activity, gauged with considerable ac­curacy by industrial consumption of electricity, seemed to have revived from the midsummer vacation lull. In August, the seasonally adjusted index of industrial power use rose once more to reach a level 6.21 times the 1935­39 average, lower than the record 648% registered for January, but up slightly from the July low of 618%. This series, together with some other industrial barometers, suggests that war material production may have been exaggerated as a depressant of the national economic situation. 
Industrial Electric Power Use in Texas 
Index • Adjusted for seasonal variation • 1935-1939 •100 


1111 114• 1112 1151 
Defense output accounts for only 14% of the gross national product, and even that sector has not been cut back as heavily as some forecasters predicted. Durable­goods industries scored the greatest gains in the second quarter of this year compared with that part of 1952. Electrical goods, aircraft, and steel have registered higher profits in 1953 than they did last year, partly because of rising prices but largely because of the lower rate of con­sumer savings, down from 8.2% in the third quarter of 1952 to 6.9% in the second quarter of this year. 
Production of goods in Texas is dominated by indus­tries generally so far removed from the ultimate con· sumer market (except in the case of gasoline and certain petroleum products) that the movements of Texas indus­try are not necessarily synchronous with trends in na­tional output with its strong emphasis on automobiles and other consumer durables. Moreover, some of the fields of industry that are concentrated in Texas still show expan­sive inclinations. Oil-field machinery, for example, is still on the upgrade, and producers of such equipment look for a 5% rise in the current quarter followed by a gentle decline that may bring their business back to its present level by midyear 1954. 
Comprehensive figures on plant and equipment expan­sion in Texas alone are not available, but it is clear that there has been a slowing-down of such activity. In this sector of business, it may be expected that Texas will be rather closely geared to the nation as a whole, at least in direction. Economic analysts of the national scene foresee a cutback of 6% to as much as 12% in capital 
ELECTRIC POWER CONSUMPTION 
Use  Consumption (thous of kw-hrs) Aug July Aug 1953 1953 1952  Percent chan11• Aug 1953 Aug 1953 from from Aug 1952 July 1953  
TOTAL  -··········· 1,541,487  1,534,742  1,346,906  + 14  x  

Commercial --------------279,602 300,547 272,352 3 -7
+ 
Industrial ----------------652,852 627,327 538,609 + 21 4
+ 
Residential· ................ 294,218 287,325 238,688 + 23 2

+ 
Other -·----------------------314,815 319,543 297,284 + 6 
Prepared from reports of 10 electric power companies to the Bureau of Business Research. 
xChange is less than one half of one percent. 
outlays by mid-1954. Industrial production is conserva· lively expected to decline at least that much during the same period. 
Military expansion in Texas. Government contracts have supported much of the industrial activity in the state, not only through defense materiel contracts, but also through expenditures for military bases and facili­~ies. Spending for these projects during the coming year is expected to exceed $100 million. Some $20 million has already been earmarked by the Department of Defense for a classified project of undisclosed nature. Other foci of military expansion include Tye Air Force Base at Abilene, a new jet bomber operations center where $18.6 million is being spent this year; Fort Bliss at EI Paso, where the Army has begun large-scale expansion; Lack­land AFB and Kelly Field at San Antonio, Carswell AFB at Fort Worth, and Moore Field at Mission, at each of which more than $5 million of new construction is under way. Twenty-six other Air Force and Navy aviation bases in Texas are also listed for major improvements. 
In addition to these direct military expenditures, con­tracts for planes, gasoline and jet fuel, and other sup· plies and equipment have become a mainstay of Texas industry. Texas led all other states in certificates of neces­sity for industrial construction issued in the three years ending June 30. These accelerated tax write-off permits issued in Texas represent nearly $2 billion in new industrial facilities. 
Blending stock for high-octane gasoline will be the major product of a 16,000-barrel-capacity platforming unit to be built by Phillips Petroleum Company at its Sweeny refinery. The plant's present capacity, about 75,000 barrels of crude daily, has been greatly expanded 
Bureau of Bus·iness Research Publications 


Notes on the Industrialization of Texas Series I 
Twenty articles originally printed in the Texas Busi­ness Review are now available in this anthology of Texas industrial news covering the years since 1951. The collection includes information on tourism and transportation in Texas, the metals and chemical in­dustries of the state, population trends, and general reviews of industrialization. The price is fifty cents. 

SEPTEMBER 1953 
during a six-year expansion program. Products already include automobile and aviation gasoline, jet fuel, heavier fuel oils, and liquified petroleum gases. The platforming unit, a development of Universal Oil Products Company, is so-called because the installation changes the form of hydrocarbon molecules through the use of platinum catalysis. 
Crude Petrole1m Production 
Index • Adjusted for seasonal variation • 1935-1939 •100 



Stirring bread dough in one-ton batches will be a standard operation at the nation's largest bread bakery, soon to be opened in Dallas by Mrs. Baird's Bakeries, Inc. A 140,000-square-foot symbol of confidence in the Dallas area consumer market, the plant has facilities adequate to supply 1,340,000 persons with their daily bread, al­though the plant is not expected to run at more than 70% of capacity for the present. The completely air­conditioned, automatic plant will be the newest of five operated by the Baird company, largest independent U.S. bread maker. 
Industrial expansion footnotes: A $20-million electric power station will be built on the Houston Ship Channel by Houston Lighting and Power Company. Current will flow from the new plant, projected for 1956 completion, to industries throughout the Houston-Baytown area. Pan American Refining Corporation will boost its Texas City refining capacity from 114,000 barrels a day to 135,000 upon completion of a new catalytic reforming 
Bureau of Business Research Publications 


Industrial Expansion in Texas 
3rd Quarter 1953 

Stanley A. Arbingast, Assistant Director and Alice 
Locklin, Library Assistant. 
This supplement to the Directory of Texas Manufac­turers lists new industrial plants and expansions of existing plants announced during July-September 1953, together with data on their cost, number of employees, and products. Single copies of this re­lease are available without charge, and readers are invited to add their names to the mailing list for futu re copies. 

unit, scheduled to go into operation by the fall of 1954. 
Houston Oxygen Company has announced that by "a simple matter of squeezing and filtering the air," it will produce argon gas at its new $1-million plant. The gas produced is an inert, colorless, tasteless, odorless but far from valueless product. It is used in welding easily oxi­dized metals and in filling special-purpose light globes. 
WELL COMPLETIONS 
Source: The Oil Bnd GM Journal 

August 1953*  January-August  
Region  Oil  Gag  Dry  Total  1953  1952  
TEXAS  921  107  653  1,681  10,483  10,707  
N orth Central ---·-·······  395  6  800  701  3,875  3,877  
West  -------­ 230  6  85  321  2,350  8,347  
P anhandle  -------­ 82  80  7  69  477  403  
Eastern  ----------­ 19  12  39  70  497  570  
Gulf  Coast - - - --­ 120  33  108  261  1,591  1,560  
Southwest  --­--------­ 125  20  114  259  l,693  1,450  

*For fi ve weeks ending August 29, 1953. 

Alleged oversupply of crude and possibility of a general business slackening brought a significant cut in allowable production of Texas oil in October, although the month ordinarily registers a seasonal fall increase. The 2.9% cut for the month was also variously attributed to high pur­chases of foreign and out-of-state crude and to the threat­ened glut in petroleum products inventories. 
In both Texas and the entire nation, August gasoline stocks at refineries were up 22% from a year earlier. While the national supply of distillate was up only 14% from August to August, the Texas increase was 33%. By August 22, however, the American Petroleum Institute an­nounced, national refiners' stocks of gasoline were down some 1.3 million barrels from the first of the month. Mean­while oil men looked hopefully for cool weather in northern states, the prime stimulus to sales of domestic heating oil, commonly sold at a summer discount until September 30. 
PETROLEUM AND GAS ACTIVITY 
Source: State Comptroller of Public Accounts and Oil and Gas Division. Railroad Commission of Texas 
Percent change 
Aug 1953 Aug 1953 Aug July Aug from from Product 1953 1953 1952 Aug 1952 July 1953 
CARBON BLACK PRODUCED ( value in thous of dols) .. 2,334 3,142 3,625 -36 -26 

CRUDE OIL Value (thous of dols) .... 245,609 236,036 204,860 + 20 + 4 Production (thous 
of bbls) --------------------+ 9

86,534 87,371 79,436 -1 Runs to stills (thous of bbls) -------... 62,867 59,453 61,819 + 2 + 6 
NATURAL AND CASINGHEAD GAS P RODUCED (Value in thous of dols) .. 33,084 29,403 27,037 + 22 + 13 

At present, 48% of every barrel of crude oil processed east of the Rockies flows from the refinery as gasoline, an appreciably higher yield than that averaged as recently as last year. In spite of heavier demand for gasoline, the com­bination of larger crude runs to stills and higher gasoline yield per barrel refined has resulted in abnormally high stock levels. In the market such a situation may lead to a drop of as much as one-half cent a gallon at the refinery. Already, scattered brokers are selling to gasoline whole· salers at as much as one-half cent below the market price. 
Crude Oil Runs to Stills in Texas 
Index • Adjusted for seasonal variation • 1935-1939 •100 



In an attempt to forestall further oversupply and price cuts, refiners throughout the nation pinched their output to an average 90.7% of capacity in the third week of Sep­tember, as compared with 93.6% for the preceding week. 
Sulfur output approaches record. Current projec­tion indicate that 1953 will probably close as the all-time top year in Texas sulfur production. A slight drop is ex­pected in total output from the salt domes of the Gulf Coast. Last year they were the source of about 5,290,000 tons; this year's total may reach no higher than 5,250,000 tons. But with development of four new domes scheduled to begin in 1955, a stable supply of native sulfur will undoubtedly continue to flow from the Frasch wells for years to come. Yet, the increased costs of exploration and development of salt domes has turned much of the emphasis to another major source of elemental sulfur-natural gas. 
MANUFACTURE OF DAIRY PRODUCTS 

P ercent change  
Product  Aug 1953  July 1953  Aug 1952  Aug 1953 from Aug 1952  Aug 1953 from July 1953  
John R. Stockton, Stanley A. Arbingast and W. Bion Moore. 


TOTAL  PRODUCTION  IN  
MILK EQUIVALENT  
(thous  of lbs)  -------­-------­46,194  54,058  44,286  + 4  -15  
Creamery butter (thous of lbs) -------------­-----------­--­ 620  664  530  + 17  - 7  
Ice cream  (thous of gals) __
_  1,642  2,241  2,280  -28  -27  
American  cheese  (thous  
of lbs )  ------------------------­ 421  470  290  +  45  -10  
All  others  (thous  of lbs) ____  4,895  4,615  1,786  +174  + 6  

Milk equivalent of dairy products is calculated from production data. 
Much of the vast Texas supply of natural gas contains hydrogen sulfide, from which sulfur is readily recoverable. Not only does the sulfur extracted from the gas have signifi· cant value, but also the usefulness of the gas is greatly enhanced by the removal of the acid-forming sulfide. Simi­lar processes are used for removing sulfur from refinery gases, pyrites, and smelter gases. With sour-gas treating well established and rising as a large-scale mode of sulfur production, several firms now extracting sulfur from gas are debating the legality of the $1.40 state tax levied on every ton of sulfur produced. The companies contend that sulfur originating as a by-product of gas is not taxable on the same basis as sulfur mined for its own sake. The state argument: If it is marketed as sulfur, it must be just that -and taxable. 

REFINERY STOCKS 
Source: The Oil and Ga.a Jou.,...z 
Percent change Stocks (thousands of barrels) -----­----------Aug 1953 Aug 1953 Area and Aug July Aug from from product 1953 1953 1952 Aug 1952 July 1953 
UNITED  STATES  
Gasoline  -------------------­143,287  143,423  117,240  + 22  x  
Distillate  ----------------­116,568  102,651  101,948  + 14  + 14  
Residua l  ------------------­-­ 50,912  49,547  52,296  3  + 3  
Kerosene  ----------­-----­ 34,725  30,732  32,080  + 8  + 13  
TEXAS  
Gasoline  --------------­ 24,540  25,058  20,159  + 22  
Distillate  -------------­ 16,610  15,879  12,479  + 33  + 5  
Residual  ----­-----------­--­ 8,599  8,837  9,041  5  
Kerosene  ------------------­ 4,388  4,250  4,592  - 4  +  

Figures shown for week ending nearest last day of the month. 
xChange is less than one half of one percent. 

At the end of September, Phillips Chemical Company brought suit against the state in an attempt to recover tax payments already made on sour-gas sulfur. With output of sulfur from gas due to be quadrupled this year, the ruling of the court will receive widespread attention in both the oil and the sulfur industry. 
ROBERT H. RYAN 
Bureau of Business Research Publications 
Water Requirements Survey Red River Basin, Texas 
by 
A study of the regional economy of 25 counties in North Texas. Particular emphasis is given to the in­dustrial development potential of the area and its prospect of being realized. A major key to resource utilization and population growth is the supply of water ava·ilable in the area: this study projects the future development of the Red River Basi n provided ample water is to be had there. A total of 49 tables and I I charts and maps are included in this 180-page 
publication. The price is two dollars. 

SEPTEMBER 1953 
LABOR 

Labor picture quiet. Stability was the keynote of Texas employment and labor supply during August. Re· ports received from a majority of the 17 key labor-mar· kets were variations on a familiar theme-steady employ· ment and labor supply.Texarkana and the Galveston-Texas City area were the only markets reporting significant Au· gust employment decreases, with 1,150 (-3%) and 610 
(-4% ) fewer employed, respectively, than in July. A single area, the Dallas labor market, more than offset those two decreases with a reported 2,050 (1%) increase in em­ployment over the July total. Manufacturing employment continued static with only minor changes from the totals reported for July. Those labor-market areas reporting small increases were offset by areas with employment de­creases. Percentagewise, San Angelo showed the largest change, a 6% increase in manufacturing workers pri· marily in food processing, as harvesting commenced. Statewide unemployment, as measured by the monthly count of out-of-work registrants on file with the Texas Employment Commission, totaled 72,820, a bare 2% in· crease (1,720 workers) over the July total. This overall unemployment increase apparently did not augur a trend, for it appeared to be due primarily to seasonal layoffs, which are normally to be expected at this time of the year. 
Statewide labor forecast cheerful. The Texas Em­ployment Commission in its monthly analysis of the labor situation predicts a rising pattern through the end of Octo­ber for employment in agriculture and retail and service trade. Retail trade, along with associated service trades, will require additional personnel as schools reopen for the fall sessions. Already several thousand service workers have resumed their jobs. The TEC, which gives much weight to projected contract construction activity in fore· casting the economic future, sees a continued increment of construction workers to the employment total as present planned projects move into the actual building stage. 
U.S. hits employment peak. The U.S. Department of Commerce reports that employment for the country as a whole reached a total of 63,408,000 workers in August to mark an all-time high. At the same time, unemployment was down to a post-war low of 1,240,000, a level which Department of Commerce officials estimate to be close to the theoretical minimum. Employment in factories, stores, and other businesses climbed to 56,134,000 ; farm work· ers numbered 7,274,000, a decrease of 650,000 from the June peak reached by this group. 
Strikes abate. A 64-day-old strike of AF of L iron· workers in Houston ended September 16 with agreement on wage increases to total 28% cents an hour. Meanwhile, that city observed the tenth week of a strike of AF of L operating engineers with no settlement yet in sight. Strik­ing CIO communications workers ended their walkout against the Southwestern Bell Telephone Company and returned to their jobs on August 31. A two-month-old strike of operating engineers in San Antonio appeared close to settlement as both sides made conciliatory gestures. 
ESTIMATES OF NONAGRICULTURAL EMPLOYMENT 

Source : Texas Employment Commission in cooperation with the Bureau of Labor Statistics, U. S. Department of Labor 
Percent chan ge Employment (thousands)------­Aug 1953 Aug 1953 Aug July Aug from from Industry 1953* 1953 1952 Aug 1952 July 1953 
TOTAL ------------------------2,269.6 2,275.3 2,243.8 + 1 x 

HARVEY B. SMITH 

TOTAL  
MAN UFACTURING 438.1 438.6 429.0  + 2  x  
Durable goods ··------­--------------­208.5 209.6 204.1  + 2  
Ordnance -----------------------------­11.5 12.1 11.6  
Lumber and wood  
products -------------------­-----­27.4 27.5 29.3  -6  x  
Furniture and fixtures ________ 11.1 11.0 10.4  + 7  + 1  
Stone, clay, and glass ·--·-·-­15.9 16.0 15.4  + 3  
Primary metals -----­-----------­23.4 23.0 19.6  + 19  + 2  
Fabricated metal products 17.7 17.5 16.4  + 8  + 1  
Machinery-except  
electrical ------------·-----------­36.7 36.9 35.8  + 3  
Electrical equipment -----­4.2 4.1 3.2  + 31  + 2  
Tra ns portation equipment 54.4 55.3 56.4  4  2  
Other durable goods..._____ 6.2 6.2 6.0  + 3  0  
Nondurable goods -----­-----------­229.6 229.0 224.9  + 2  x  
Food ------------------------------------­60 .7 61.3 61.0  x  1  
Textile mill products__ 
_______ 9.7 9.4 9.2  + 5  + 3  
Apparel ---------------­------­------­33.1 32.7 31.3  + 6  +  
Paper and allied products 7.1 6.9 6.6 Printing and publishing _ 
24.8 24.8 24.3  + 8 + 2  + 0  
Chemicals and allied  
products ---------------­----------­39.8 39.3 39.0  + 2  + 1  
Petroleum products ·-·---·--·-­49.6 49.7 48.8  + 2  x  
Leather and leather  
products -----­--­----------------­2.4 2.5 2.6  8  4  
Other nondurable goods .... 2.4 2.4 2.1  + 14  0  
TOTAL NONMAN U­ 
FACTURING ·····-·· 1,831.5 1,836.7 1,814.8  + 1  x  
Mining ---------------­-----------------­132.0 130.8 127.4  + 4  + 1  
Petro1eum and natural gas 124.9 123.7 120.8  + 3  + 1  
Metal, coal, and  
other mining .--------------­-­7.1 7.1 6.6  + 8  0  
Contract construction ---­-----­161.2 166.6 181.6  -11  3  
Transportation and utilities 235.1 235.5 235.1  0  x  
Interstate railroads -----------­66.3 66.9 66.1  x  
Other tra nsp ortation -------­95.4 95.2 96.4  -1  x  
Telephone and telegraph __ _ 37.l 37.3 37.7  2  
Public utilities ·------------------­36.3 36.1 34.9  + 4  
Government ------------------------­----­319.5 320.7 320.6  x  x  
Trade ··--·····----------------------------­606.2 606.0 587.8  + 3  x  
Wholesale trade -·-·-··-·---··-·­148.5 149.7 150.5  1  -1  
Retail trade -----·--·· -----------­457.7 456.3 437.3  + 5  x  
General merchandise -------­78.8 77.7 76.7  + 3  + 1 '  
F ood and liquor stores ···--·­77.4 77.3 72.4  + 7  x  
Automotive ·-------------­----------­53.2 53.0 51.2  + 4  x  
Apparel ---------­---------­----­---­26.7 26.5 26.9  1  
Other r etail trade ---------­---· 221.6 221.8 210.1  + 6  x  
F inance, insu rance and  
rea l estate --­--------­-----------­97.5 97.3 91.8  + 6  x  
Banks an d trust  
companies ---­--­----------------­24 .9 25.0 22.4  + 11  x  
Insurance ------------------·-··--·­38.6 38.6 37.2  + 4  0  
Real estate and finance ___ 34.0 33.7 32.2  + 6  + 1  
Service and miscellaneous -···­280.0 279.8 270.5  + 4  x  
Hotels and lodging places__ 25.8 25.4 25.2  + 2  + 2  
Laundries and cleaners ___ _ 29.8 30.5 30.2  1  2  
Other business services ---­224.4 223.9 215.1  + 4  x  
xChan ire ia less than one half of on e p ercent.  
*Preliminary.  

AGRICULTURE 
Rains brighten agricultural outlook. The early fall condition of Texas agriculture contrasts mildly with the gloomy outlook that prevailed over much of the state a few weeks earlier. Credit for the general improvement must be given to long-overdue rains that covered most of the state in late August and the first days of September. But drouthy conditions are once again returning to portions of Texas, particularly to northwestern and western regions where the drouth toll was already most severe. Even in South Texas where recent rains fell with torrential force, surface mois­ture is again becoming scant. Moisture sufficient for plant­ing and for sustaining plant growth is to be found only in parts of East Texas and along the Gulf coast. 
Increase in cotton estimate. Cotton prospects bright­ened as the harvest season progressed. The U.S. Depart­ment of Agriculture September estimate of the 1953 Texas harvest was 3,850,000 bales, a full 325,000 bales over the August figure. Last year's total approached 3,750,000 bales, and the 10-year average (1942-51) stands at 3,020,000 bales. Most of the current production gain results from an increase in average yield, 306 pounds per acre for this year as compared with 283 pounds last year and the 10-year average of 271 pounds. 
Slight improvement in ranges. Following the late­summer rains, range conditions began to improve over the state. But in the drying northwestern and southern counties grass growth has slowed to a near standstill. Northwestern wheat fields, already up to a good stand in several areas, present fair prospects for winter grazing. In general, the range condition has improved to the extent that 104 of the 152 counties previously designated as drouth disaster areas 
FARM CASH INCOME 
January-August 
Value (thousands of dollars) Percent Commodity 1953 1952 change 

TEXAS  ------------------------------------­ 904,105  1,116,708  -19  
Cotton  ---------------------------­----------­---­ 194,375  260,495  -25  
Cottonseed  ------------------------------­-----­--­ 19,229  27,925  -31  
Wheat  -------------------------------------------­ 36,389  54,080  -33  
Oats ---------------------------------­------­ 8,968  6,091  + 47  
Corn  -----------­---------­--------­---------------­ 7,683  10,235  -25  
Grain sorghum -------·-­----­------------------­Flaxseed -------------------------------------------­ 21,356 3,911  88,194 3,155  -44 + 24  
Peanuts  -----------­------------------------­---­ 1,314  1,936  -82  
Rice  ---­--------­---------­----------------------­ 19  5,048  -99  
Cattle --------­-----------------------------­ 169,230  245,543  -81  
Calves  -------------------------------­ 61,115  74,383  -18  
Hogs ---------------------------­------­Sheep and lambs ------------------------------­ 50,666 16,847  55,087 13,628  -8 + 24  
Wool ------------­-------------------­--------------------­ 17,376  22,285  -22  
Mohair  ----­----­-------------------­------­-------­ 5,539  8,701  -86  
Poultry ------------------­--­-------------------­Eggs ------------------------------­ 42,013 56,737  41,700 48,300  + 1 + 17  
Milk and milk products ---------------­Fruit and vegetables -----­--------------­ 136,536 54,802  146,076 53,756  7 + 2  

Farm cash Income as computed by the Bureau understates actual farm cash income by from 6 to 10%. This situation results 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. 
CARLOAD SHIPMENTS OF LIVESTOCK* 
89urce: Bureau of Bnsiness Reseatth In cooperation with the Burean of Agricultural Economics, U. 8. Department of Agriculture 
Percent change 
Aug 1953 Aug 1953 Aug July Aug from from Classification 1953 1953 1952 Aug 1952 July 1958 
TOTAL SHIPMENTS 2,227 3,705 5,404 -59 -40 
Cattle  --------------------------­------­ 1,360  2,850  3,201  -58  -52  
Calves  --------··-----------------------­-­ 523  449  780  - 33  + 16  
Hogs  ---------------------­--­-----------­ 10  3  134  - 93  +233  
Sheep  -----------------------­----------­ 334  403  1,289  -74  -17  
INTERSTATE ----------­ 1,792  3,475  5,093  -65  -48  
Cattle  ------------­-------------------­ 1,098  2,667  3,083  -64  -59  
Calves  -------------------------------­ 422  422  757  - 44  0  
Hogs  -------­----------------­------­-­ 0  0  52  -100  
Sheep  ·----------------------------------­ 272  386  1,201  -77  -30  
INTRASTATE ---­------­ 435  230  311  +  6  + 89  
Cattle  -----------------­-----------­-----­ 262  183  118  + 122  + 43  
Calves  ----------------------­------­- 101  27  23  +339  +274  
Hogs  -----------­------------------------­ 10  82  -87  +233  
Sheep  --------------------------­----­ 62  17  88  -30  +265  

•Rail-car basis: cattle, 30 head per car; calves, 60 ; hogs, 80; and sheep, 250. 
have been removed from the list of those eligible for gov­ernment relief. Encouraged by the prospects of better graz­ing in the months ahead, stockmen appear to be holding on to their herds and waiting to see what the future holds. 
Revival of Valley vegetable prospects. Fears that the Texas fall and winter vegetable crops would fail were allayed by heavy downpours of rain that soaked the Rio Grande Valley and built up supplies of vital irrigation wa­ter. Now that moisture has been received, seed beds have made good growth, and planted acreage is expected to come 
CARLOAD SHIPMENTS OF FRUIT AND VEGETABLES 
Source: Compiled from reports of Bureau of Agricultural Economics, 
U.S. Department of Agriculture 
January-August 
Percent Item 1953 1952 change 
TOTAL -------------------------------------31,014  30,904  x  
FRUIT  ---------------------------­---­ 5,161  4,361  + 18  
Cantaloupe --------------------------------------------­ 1,154  356  +224  
Grapefruit  -----------------------------------------­--­ 43  
Honeydew  melons  ----------­----­------------­- 16  
Lemons  ---------­--------------------------------­----------­ 23  
Oranges -------------------------------­-----­------­ 83  
Peaches -----------------------­--------------­ 41  
Plums and prunes ------------­--­-----------­ 35  10  +250  
Nectarines  -----------­----------­----------­ 10  
Watermelons  --­----------------------------­ 3,737  3,995  -6  
Mixed  fruit  ------------------------­--------------­ 19  
VEGETABLES  ------------­-----------25,853  26,543  - 3  
Beets  --------­-------­----------­---------------------­ 139  208  - 33  
Cabbage  --------------­--------------------­ 1,390  2,196  -37  
Carrots  ---------------------­----------------­--­----------­ 4,542  3,714  + 22  
Cauliflower  -------­----------­-----------­-------------­ 115  162  - 29  
Corn  --------------------------------------------------­ 517  432  +  20  
Lettuce  --­---------­-----------­------­----------­------­ 1,311  1,156  + 13  
Onions ------­-----------------------------------------­ 6,668  6,630  + 1  
Potatoes  ---------------------------­-------------­ 880  1,074  -18  
Spinach  -------------------------­ 1,009  1,074  6  
Tomatoes  --------------------------­-­ 4,255  4,412  4  
Mixed vegetables ------------------­ 5,027  5,485  8  

xChange is less than one half of one percent. 

SEPTEMBER 1953 
close to that for 1952. Too, the improved moisture condi­tions have stimulated plans for rebuilding the citrus groves almost wiped out by the disastrous 1951 freeze. 
Continued depression of prices. Depressed crop and livestock prices continued to darken the agricultural out­look throughout August. The month's average dropped 1 % from that of July to reach a level 19% below the year-ago mark. The average price received for crops changed little from July, for the 5% increase in the price of cotton was just enough to offset slight decreases in all other crop groups. Compared with the 1952 level, the crop average was down 16%. Prices received for livestock and products during August were down 2% from the preceding month and 22% under the 1952 figures. Decreases in prices paid for meat animals ( -6%) and wool ( -2%) were more than enough to offset the gains recorded for dairy products 
(+2%) and poultry and eggs ( +5%). 
RAYMOND v. LESIKAR 


CO'ITON 

The nation's total cotton balance on September l , as shown on the cotton balance sheet below, amounted to about 19.7 million bales, the greatest indicated supply on this date since 1944-45. The indicated increase from Sep­tember 1 last year to September 1, 1953 is approximately 
3.8 million bales. An authoritative estimate of correspond­ing increase in total world supply (outside the iron curtain nations) is only about 600,000 bales. 
Evidently the major gain in world stocks of cotton is concentrated in the United States. Very probably if world cotton consumption should decrease substantially, the re­sult would tend to show up as an increased carryover in the United States. Major factors in this trend would be the above-market-price loan level and also the lack of dollar exchange available to some foreign buyers. Many foreign nations now plan increased cotton production, which will tend to progressively reduce the export market for U.S. cotton. 
All available evidence points inescapably to the need for a thorough re-evaluation of U.S. cotton policy. Especially, it should be adjusted in relation to international develop­ments as well as in relation to inter-fiber competition. 
INDEXES OF PRICES RECEIVED DY FARMERS 
(1909-14=100) 
Source: Bureau of Airricultural Economics, U. S. Department of 
Agriculture 

Percent change 
Aug 1953 Aug 1953 Aug July Aug from from Index 1953 1953 1952 Aug 1952 July 1953 

ALL FARM PRODUCTS ..........  270  272  332  - 19  
ALL CROPS ------·---------------­ 261  260  310  - 16  x  
Food grains ....................................  223  232  238  - 6  4  
Feed grains and hay -----------------­ 190  196  230  - 17  3  
Potatoes and sweet potatoes......  285  290  375  - 24  2  
Fruit --------------­------------­------------------­ 147  147  240  - 39  0  
Truck crops ------------------------------­- 329  384  438  - 25  -14  
Cotton ~-­---­----------------­-------­---­------­ 269  256  310  - 13  + 5  
Oil-bearing crops -----------------------­ 273  282  336  - 19  3  
LIVESTOCK AND  
PRODUCTS  --­-------------­ 281  288  361  - 22  2  
Meat animals ------------------------------­ 276  294  422  - 35  
Dairy products ----------------------------­ 259  253  280  7  +  
Poultry and eggs ..........................  275  261  269  +  2  +  
Wool ----------------­-------­-­---~-­-­--­----­-­- 379  385  360  +  5  

TEXAS COTTON ACTIVITY 
Source: Bureau of the Census, U. S. Department of Commerce 

Percent change 
July 1953 July 1953 July June July from from Item 1953 1953 1952 J uly 1952 June 1953 

COTTONSEED (thous of tons) Received at mills ............ 106,624 1,121  72,713  + 47  +9412  
Crushed  __ _______.___ ________ ____ __  66,593  60,330  41,124  + 62  + 10  
Stocks, end-of-month......  88,131  48,100  62,022  + 42  + 83  
CONSUMPTION  (running bales)  
Cotton ····---··········----··---­ 12,103  10,423  11,456  + 6  + 16  
Linters ---------­-------­-----­ 2,187  2,236  2,662  -18  2  
SPINDLES  (thousands)  
Spindles in place ---··-····· Spindles active ................ Total spindle hours ........  229 222 96,000t  229 218 84,000  226 207 81,000  + 1 + 7 + 19  0 + 2 + 14  
Average spindle hours____  419  367  358  + 17  + 14  

tFor five weeks ending August 1, 1953. 

Scientific and technological developments of recent years necessitate a reorientation of the entire United States pro­duction pattern. 
A. B. Cox 

COTTON BALANCE SHEET FOR THE UNITED STATES 
Year  Carryover Aug l  Imports to Sept 1*  Final ginnings•  Total  Conawnp­tlon to Sept 1  Exports to Sept 1  Total  Balance aaof Sept 1  
1944-45. ____________  10,727  2  11,483  22,212  842  33  875  21,337  
1946-46_ 11,1601946-47_______~-· 7,5221947-48 _________ --2,5211948-49. ______ -2,823  15 18 20 22  10,020 9,171 11,849 15,169  21,195 16,711 14,390 18,064  738 856 711 729  188 413 49 115  926 1,269 760 844  20,269 15,422 13,360 17,420  
1949-50 ..... _ _  5,283  t  14,943  20,226  664  178  842  19,384  
1950-51... 1951-52 .. _________________  6,700 2,179  20;  9,882 17,291  16,582 19,470  808 754  200 186t  1,008t 940  15,574 18,720  
1952-58 .... __  2,745  t  13,889  16,634  744  t  744  15,890  
1953-54 ................................... ·-····­---·  5,502  t  15,159  20,661  725  151  876  19,661  
•
In 478 pound bales. tNot available. ;Estimated. 



The cotton year beirins August 1, and lhrures are in thousands of runninir bales except u noted. 
MELLORINE: Challenge to the dairy industry 
It looks like ice cream; it tastes like ice cream; but, instead of cream it 
contains uegetable oil. After losing much of their market to oleomargar­
ine, butterfat producers now face a powerful new competitor. 
A revival of the ancient vegetable fat vs. butterfat con­troversy is now under way-this time in the frozen-dessert field. To veteran observers this new engagement appears to be a repeat performance of the oleomargarine-butter battle which, after sixty years of bitter bickering, is only now ending in clear-cut victory for the vegetable-fat group over the dairy industry. 
This latest challenge to the dairy industry is a product that looks and tastes like ice cream. Yet, it costs much less than ice cream. Its secret, as in the case of oleomargarine, lies in the substitution of vegetable fats for butterfats as the major ingredient. With vegetable fats currently selling at wholesale for less than 20 cents a pound, as compared with the approximately quadruple price of butter-fat, the savings are obvious. These savings, when passed on to the consumer, lead to a retail price of 15 cents to 23 cents a pint for the new product. Regular ice cream sells for from 30 cents to 45 cents a pint. 
A variety of names have been given this "synthetic ice cream." Generally it is referred to as a vegetable fat frozen dessert. In some areas it is known chiefly by the brand name its producers choose for it. In one state it must by law be clearly labeled as "imitation" ice cream. But the product is more and more commonly being called mello­rine, a name that now has legal status in some states in which the product is manufactured. 
Mellorine can be made in all flavors, and, as with ice cream, vanilla, chocolate, and strawberry are the popular favorites. Except for the fat content, its basic ingredients are practically the same as those of ice cream. Only in food value does the vegetable-fat dessert lag, but, as with oleo­margarine, it can be fortified at very little extra cost. The addition of 8,400 U.S.P. units of Vitamin A per gallon of mellorine makes the product comparable in vitamin con­tent to ice cream of equal fat content. The cost of this addi­tion is a negligible 12 cents to 15 cents per 100 gallons. 
Mellorine's fat content closely parallels that of the ice cream now being made, varying from 5% to 12%, and averaging around 10%. Its average solids content is 
36.1%, but the range is from 24 to 41 %· There is a con­siderable variation in the fats used, a combination of several oils comprising the formula of most manufac­turers. In Texas, cottonseed oil is the favorite; in Illinois and Missouri a coconut oil blended with cottonseed oil or peanut oil is most popular. But soybean processors, favored by their product's lower price, are working hard for a big share of the new market. 
The legal manufacture of mellorine is scarcely three years old, but on a "bootleg" basis its production dates back a few years earlier to the World War II period. Dur­ing this time butterfat was limited in supply and sold at a premium. The strong incentive to introduce low-priced sub­stitutes prompted development of an "ice cream" in which inexpensive vegetable fats were substituted for more costly butterfat. 
Unfortunately this first mellorine was made by unethical manufacturers who sold the product as ice cream, thereby pocketing the saving from the low production cost. Most of these early "bootleg" operations were carried on in states where regulation of ice cream production was lax or nonexistent. Quite understandably, the ethical ice cream manufacturers and milk producers were alarmed by these unfair competitive practices. This new infringement on their market domain posed a serious problem, particularly when the practice continued into the post-war years. 
The problem was solved in Texas in 1950 with the estab­lishment of a name (mellorine) and standards under which the new product could legally be manufactured and sold. Since this time, several other states (Oklahoma, Missouri, Illinois, California, Oregon, Montana, and Arkansas) have enacted similar measures legalizing vegetable-fat frozen desserts. In the remaining states opposing forces have been instrumental in securing the adoption of new laws or the strengthening and maintenance of existing laws prohibit­ing the product's manufacture and sale. Even in some of the states permitting the manufacture and sale of mellorine, expansion is heavily hindered by regulatory measures. In California, for example, vegetable-fat frozen desserts can· not be manufactured, handled, or sold in a place where ice cream is manufactured, handled, or sold. 
Although most of the current opposition to mellorine production may be traced to the friends and members of the dairy industry, actually this latter group are divided in their stand. Some members advocate strong resistance to the legalization of mellorine production. Others favor pro­duction under strict regulation in the belief that ice cream can hold its own under conditions of fair competition. 
The position of the first group is based on the important role ice cream plays in the overall dairy picture. Currently ice cream takes about 5% of the total milk production. But even more important, ice cream serves as a sort of seasonal balance by absorbing the peak flow of milk. Milk producers register their highest output in the hot summer months when the demand for ice cream is greatest. Should mellor­ine bite into total ice cream demand, they reason, the bal­ance in the dairy industry could be seriously upset. 
Those in the industry who favor permitting the manu­
facture of mellorine under strict regulation believe that ice 
cream is not in direct competition with the cheaper prod­
uct. Low-cost mellorine will reach a new market comprising SEPTEMBER 1953 

consumers who have felt that they could ill afford the price of ice cream, and, the pro-mellorine argument continues, so long as the two products are clearly regulated and la­beled, there is no cause for alarm. Also, they see in mello­rine a new market for the dairy industry's production, for although the new product contains no butterfat, it does make use of nonfat milk solids. The more optimistic of those favoring regulated production of mellorine believe that a public made more frozen-dessert-conscious will also increase its purchases of ice cream. They point persua­sively to statistics from certain areas where ice cream sales increased following the introduction of mellorine. 
There is general agreement in both groups that should mellorine production be allowed, rigid means of protective regulation must be established. But protective regulation cannot be effective until a ready means of detecting the presence of vegetable fats in frozen desserts has been per­fected. Although some such tests have been advanced, they are not yet simple enough for quick, easy use. Other tests are in the process of development. One such test, which would require that a tracer be added to the vegetable fats to facilitate detection, seems especially promising. 
The group favoring strict prohibition of mellorine con­sists, for the most part, of dairy product manufacturers. Yet, in sharp contrast to their stand in the oleomargarine­butter battle, many dairy manufacturers are not vigorously opposed to legalizing the product; indeed, some are among the most vigorous proponents of legalization. In fact, most of the current supply of mellorine is made and distributed by established manufacturers of ice cream. Perhaps they remember all too vividly the lucrative oleomargarine mar­ket that they allowed to slip through their fingers. 
Reports in the trade indicate that many of the old-line ice cream manufacturers are making mellorine only as a defensive measure, not because of any burning enthusiasm for the product. So far, the real money in mellorine has been made by outsiders and marginal operators (those only partially in the dairy business) who have backed their con­victions with high-powered advertising and promotion. 
This variation in the zeal of the manufacturers has led to sharp differences in mellorine success by area. Where the manufacturers show little enthusiasm for their product, mellorine has enjoyed only mild success. In areas where the manufacturers have supported spectacular advertising · and promotion, their efforts have been rewarded by con­sumer acceptance of the product. Probably the best ex­ample of this observation is in the case of the J. H. Costello Company, a St. Louis manufacturer. Costello entered the market with a loud splash of advertising, store demonstra­tions, and free samples. Response to the campaign was al­most unbelievable. Customers emptied retailers' cabinets in short order and actually stood in lines for fresh deliv­eries. At last count, vegetable-fat frozen desserts comprised 60% of the total of all frozen-dessert sales (including ice cream) in the St. Louis market. It is little wonder that mellorine proponents see this market as a glowing ex­ample of their product's potential. 
The curren~ status of mellorine production, according to currently available U.S. Bureau of Agricultural Economics production estimates, is a long way from such a potential. These early data cover only those four states (Oklahoma, Texas, Missouri, and Illinois) in which any significant mel­lorine production was registered in 1952. In these states, some 11,008,000 gallons of mellorine were produced dur­ing the year, as compared with 76,895,000 gallons of ice cream. A breakdown by states, however, shows that only in Texas was mellorine production large enough to constitute a significant threat to ice cream. In Texas 6,319,000 gallons (56% of the national total) of mellorine were made; ice cream manufactured totaled 22,705,000 gallons. Mellorine­to-ice-cream comparison in gallons for the three other states were: Illinois, 2,457,000 to 31,180,000; Missouri, 1, 780,000 to 15,805,000; and Oklahoma, 452,000 to 7,205,000. 
These figures, however, are far from the complete story. In Illinois the January 1952 production figure for mel­lorine was only 4,000 gallons; by December, monthly pro­duction totaled 235,000 gallons. During the same time pe­riod, monthly mellorine production jumped from 17,000 gallons to 107,000 gallons in Missouri. Production in Okla­homa was held back by the uncertainty of the product's legality, but even here production almost doubled from 14,000 gallons in January to 26,000 gallons in December. Only in Texas, where the new dessert has firmly established itself, was there anything approaching stability during the period. In this state, production was 267,000 gallons for January and 294,000 gallons for December. For the nation as a whole, the January total of 302,000 gallons was more than doubled by December's 662,000 gallons. 
The national increase during 1953 is expected to be even greater than that for 1952. Four more states (California, Oregon, Arkansas, and Montana) will have substantial production to add to the total. In Oklahoma there will be little to curb expansion now that the question of legaliza­tion in the state has been cleared up. In the veteran produc­ing states of Texas, Missouri, and Illinois, production is progressing at a rapid rate. In Texas, for example, a sur­very made recently by The University of Texas Bureau of Business Research shows mellorine production for the first seven months of 1953 to be 191 %greater than that for the comparable 1952 period. 
Also, the available data shed some light on the effects mellorine may have on ice cream consumption. Only in Texas is there sufficient mellorine production to support a reasonably valid conclusion on the question. In this state, ice cream production for the first seven months of 1953 dropped 2,375,000 gallons (from 14,805,000 to 12,130,­000) from the same period of 1952. Over the same time period, mellorine production gained 3,145,000 gallons (from 3,457,000 to 6,602,000). Apparently, mellorine sales are increasing at the expense of ice cream. 
Whether the trend in Texas will become typical for the industry will, of course, depend on the strength of the cur­rent resistance movement. But if conclusions may be gath­ered from the oleomargarine story, or from other historical examples of technological change, it will be only a matter of time until the initial resistance to the shift will be over­come. As in most similar situations of the past, resistance may likely continue for a long time. But chances are that consumer pressure will determine the final decision. 
RAYMOND v. LESIKAR 
TEXAS BUSINESS REVIEW 




Local Business 


Percent change  Percent change  
City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  
ABILENE: (pop. 45,570) Retail sales -------------­---------------­-------------------­Department and apparel stores____________ Postal receipts -------------------­----------------------$ Value of building permits ________________ ____ __$ 52,261 927,974  + 8 + 12 -5 + 173  + 3 + 17 -12 + 187  BAYTOWN: (pop. 22,983) Pos ta! receipts ------------------------­---------------­--$ Value of building permits ---­-------­-----------­$ Bank debits (thousands) --------------­---------­$ End-of-month deposits (thousands) t----­$ 14,894 159,300 17,745 19,646  + 27 -63 + 11 + 6  -5 + 16 5  
Bank debits (thousands ) -----------------------$ End-of-month deposits (thousands) t----­$ Annual rate of deposit turnover______________ 49,653 50,571 11.9  -1 -11 + 3  4 + 1 2  Annual rate of deposit turnover_____________  10.6  0  
E mployment -------------------­--------­-------------­Manufacturing employment ----------­---­P~rcent of labor force unemployed_________ Air express shipments ------------------­ 25 ,600 3,390 4.5 247  -9 + 3 + 10 + 57  x x 6 + 18  BEAUMONT: (pop. 94,014) Retail sales• ---------------------­-----­---------­---­---­Automotive stores• ------------------------­------­Department and apparel stores___ _______  + 8 + 24 2  x 5 + 13  
Eating and drinking places* --------------­ 1  
ALPINE: (pop. 5,261)  Food stor es• -----------­--­-----------------------­--Furniture and household  +  - 4  
Postal receipts ------------­-------------------------$ V alue of building permits ________ _____________ $  3,266 2,000  + 3 + 100  - 24 0  appliance stores* --­--­-------------­---------­General merchandise stores* ------------­ -30 -3  -22 + 20  
Bank debits (thousands) ---------------------$  2,179  4  +  Lumber, building material,  
End-of-month deposits (thousands) t......$ Annual rate of deposit turnover_________ _ 
_ Air express shipments -----------------­ 3,963 6.6 11  +  2 8  1 + 8 + 450  and hardware stores• __ __ ___ ______ __ _______:_ Postal r eceipts ---­-------------------------------------$ Value of building permits ------------------------$ Bank debits (thousands) --------------------$  66,609 371,085 126,034  -15 + 2 + + 4  + 16 -10 + 77 4  
AMARILLO:  (pop. 74,246)  End-of-month deposits (thousands) t......$ Annual rate of deposit turnover_____________ _  89,337 16.7  5 + 2  3  
Reta il sales* ----------------------------------­---------­Department and apparel stores ___ ______ _  -20 -20  + 15 + 34  Employment (area) ----------------------­----------Manufacturin g employme nt (area) ___ _  79,850 27,230  3 + 3  + +  
Drug stores* -------------------------------------­Office, store, a nd sch ool  -12  + 7  Percent of labor force unemployed (area) ---­-----------------------------------------­---­ 5.7  + 16  
supply dealers* -----------­----­-------------­P ostal receipts -------------­--­------------­---­---------$ Value of building permits _________ ___________$ 133,359 792,506  -19 -16 -70  8 + 8 -51  Air express shipments ------------­----­----------­Waterborne commerce (tons) ---------­-----­ 207 47,807  +  5 8  9 + 60  
Bank debits  (thousands)  -------------------------$  125,227  - 2  4  
End-of-month deposits (thousandsH......$ Annual rate of deposit turnover_____________ Employment• -----------------------------------­----­Manufacturing employment• --------------­Percent of labor force unemployed*........ Air express shipments -------------­----­--------­ 100,450 14.8 43,200 4,990 5.6 709  -14 + x x + 70 + 89  3 x x 5 + 2  BEEVILLE: (pop. 9,348) Department and apparel store sales_______ Postal r eceipts ---------------------------­-------------­$ Value of building permits -------­----------------­$ Bank debits (thousands) --------------------------$ End-of-month deposits (thousands ) t ......$ 4,214 6,735 6,353 12,144  -12 -41 -93 5 4  -32 -41 -92 6 x  
Annual rate of deposit turnover______________  6.3  2  + 5  
ARLINGTON: (pop. 7,692)  Air express shipments --­-----­-­---------­-­------­ 10  9  + 100  
Postal receipts ----------------------------­-------­--$  10,505  + 43  + 14  
Value of building permits ---------------------$ Bank debits (thousands ) --------­--­-----­$ E nd-of-month deposits (thousands) t......$ Annual rate of deposit turnover_________ 1,055,966 8,315 9,382 10.7  + 44 + 40 + 13  + 325 4 + 1  BIG SPRING: (pop. 17,286) Postal receipts ------------------------------­----------$ V alue of building permits ---­--------------------$ 16,534 86,475  -6 -84  -4 -59  
Bank debits  (thousands)  --------------------­-----$  18,875  -14  8  
End-of-month deposits  (thousands) t......$  21,390  -16  -1  
AUSTIN: (pop. 132,459) Retail sales -------­----------­------------­-------­-------­ + 9  2  Annual rate of deposit turnover____________ _ Air express shipments ---------­---------­---------­ 10.8 59  + 3 -21  -1 -24  
Automotive stores ------------­-----------­----­ + 37  13  
Department and apparel stores_________ Drug stores ------------­----------------­Eating and drinking p laces _______________ Filling stations ---------------------­--------­Food stores -----------------­--------------------­General merchandise stores --­--------­ -1 -1 -10 3 x  + 7 + + 4 5 1 + 12  BRADY: (pop. 5,944) Postal receipts ---------------------------­--­---­-------$ Value of building permits __________ __ ________ ____ $ Bank debits (thousa nds ) --­----­---------­----­---$ E'nd-of-month deposits (thousa nds) t......$  3,444 23,150 4,162 7,515  -7 -83 ++ 4  -24 -61  
Lumber, building material,  Annual rate of deposit turnover______________  6.5  7  
and hardware stores  ----------------------­- +  3  + 5  
Postal  receipts  -------------­--------------------------$  199,183  6  x  
Value of building permits -----------------------$ 2,865,774 Bank debits (thousands) ----------­-----------$ 101,787 End-of-month deposits (thousands) t ......$ 98,420 Annual rate of deposit turnover__________ 12.5 Employment -------------------------­-' 60,300 Manufacturing employment --------------­4,210 Percent of labor force unemployed____ __ ____ 3.4  + 45 + 6 -17 1 + 5 -1 + 17  + 45 8 + 1 6 x + 1 6  BRENHAM: (pop. 6,941) P ost a l receipts ---­------­---­----­------------------­-----$ Value of building permits __ ____________ ____ ____$ Bank debits (thousands) --------­--------------$ End-of-month deposits (thousands) L ....$ Annual rate of deposit turnover______ _______ _  6,575 10,500 6,364 10,998 7.3  + 16 -89 + 3 + 10 -4  + 13 -84 + 15 + 10 + 9  
Air express shipments  --------------­---------­ 594  +  47  3  
For explanation of eymbola, aee p. 23.  

SEPTEMBER 1953 

Conditions 

Percent change Percent change 
City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  
BROWNSVILLE:  (pop. 36,066)  DALLAS:  (pop. 434,462)  
Retail sales•  -­-------­ -------­------------­ - 9  + 1  Retail  sales•  -------­--­------­--------­------------­ + 7  + 3  
Department and apparel stores--­--­Postal receipts --­-----------­-------------------$ Value of building permits -
--­-------­-----­----$  18,918 41,787  -21 -6 -67  + 13 -8 -91  Apparel stores• --------------------------------­Automotive stores* --------------------------­---­Department storest --------------------­ + 7 + 49 + 5  + 22 + 4 + 8  
Air express shipments  ----­---­------------------­ 410  +  9  - 4  Drug  stores*  -----------------------------------­ + 2  
E ating and drinking places* ------­----­--­ 8  x  
BROWNWOOD: (pop. 20,181) Retail sales ----­--­---­-----------------------­Department and apparel stores__________ 
Postal receipts ---------­-----­----­---------­----­--­--
$ Value of building permits -----------­----­----­$ Bank debits (thousands) -­-----------­---------$ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover______________ Air express shipments ---­--­------------------­BRYAN: (pop. 18,102) Retail sales• 13,810 136,711 8,742 13,191 8.0 30  + 7 + 24 + 7 -2 -10 + 5 -14 + 11  -5 + 11 -9 + 701 1 x 1 + 100 + 2  Filling stations• --------------------------­Florists• --------­----­--------­--­--­--------------­Food stores• ---------------------­-----------------­Furniture and household appliance stores• ------­--­--------------­-­General merchandise stores* -------------­Lumber, building material, and hardware stores• -------------------­Office, store, and school supply dealers• ----­---------------­-----------­P ostal receipts --------------------­-----------------------$ 1,382,590 Value of building permits ----------------------­$ 7,089,877 Bank debits (thousands) ----------------------$ 1,511,250  + 5 -10 + 1 -72 + 3 + 11 -1 x -12 + 12  5 -14 5 2 + + 8 2 -19 9  
Department and apparel stores............  -5  -16  End-of-month deposits (thousands ) t ......$  863,391  -18  x  
Postal receipts --------------­-------------­-­-------$  13,465  -10  -12  Annual rate of deposit turnover______________  21.0  + 9  8  
Value of building permits ------------­-------$  101,595  -45  -36  Employment ---------------­-------------------------­ 306,700  +  
Air express  shipments  -­--­-­--------­-------------­ 25  + 67  + 47  Manufacturing employment ------------­---­ 75,790  + 2  
Percent of labor force unemployed__________  2.5  4  
CORPUS CHRISTI: (pop. 108,287) Retail sales ------­--­----­--­-----­----­--­--­------­---­--­+ · 4  + 7  Air express shipments  ----------------------------­ 8,124  + 3  + 3  
Apparel stores ----­------------­--­---­--­--­-------­Automotive stores -----­----­------------------­---­Country general stores --­--------------­-----­Department storesf ---­--------­-----­-------­Lumber, building material, and hardware stores -------­---------------­Postal receipts -------­---­-------­---­----------$ Value of building permits --­------­----------$ Bank debits (thousands) _____
_________$ 104,986 1,585,197 147,103  8 + 27 -13 -8 -18 + 6 + 2 4  6 + 2 + 6 + 14 -2 -9 -35 7  DENTON: (pop. 21,372) Retail sales -----------­-------------­----------------­Postal receipts ----­-------­----------------------$ Value of building permits __________________ $ Bank debits (thousands) ______________________$ End-of-month deposits (thousands ) t---­$ Annual rate of deposit turnover___________  13,738 113,500 10,103 13,289 9.2  + 22 + 2 + 215 + 11 + 1 + 10  -3 -26 + 20 + 1 3  
End-of-month deposits (thousands) t--­-$ 108,602  4  + 2  
Annual rate of deposit turnover_____________ 
 16.4  -11  6  
Employment ----­--­------------­-----­-----­-­--­---­Manufacturing employment --------------­Percent of labor force unemployed_______ Air express shipments -----­---­---­---­---­------­ 61,800 7,600 4.7 362  -22 + 8 +114 -9  +  x 0 9  EAGLE PASS: (pop. 7,276) Postal receipts --------------­----------­----------$ Value of building permits ----­-----­-------------$ Bank debits (thousands) _______________________$  4,093 12,725 3,833  x + 19  -20 + 1 + 12  
CORSICANA: (pop. 19,211) Department and apparel store sales________ -----------­ - 8  + 6  End-of-month deposits (thousands) t -----$ Annual rate of deposit turnover____________ Air express shipments -----­--------------­ 3,847 12.7 15  - 50  + 13 + 1 -12  
Postal receipts ----­--------­--­-----­--­----
----­--$' 12,310 Value of building permits ----------­----­---$ 27,230 Bank debits (thousands ) ________________
_$ 11,458 End-of-month deposits (thousands) t--­$ 19,788 Annual rate of deposit turnover______________ 7.0  + 9 8 9 5  -8 -64 9 x 9  EL PASO: (pop. 130,485) Retail sales* -------------------­-~­---------------­Apparel stores* -----------------------------­-­ x + 1  + 4 + 1  
DEL RIO: (pop. 14,211) Postal receipts ----------­--­------­---­------------$ Value of building permits -----------------------$  8,257 29,770  + 37 -59  -7 -29  Automotive stores• ---------­----------------­Department storest ------------------------­Drug stores• -----------------------------------­Furniture and household  -23 + 2 + 16  + 18 + 18 + 5  
Bank debits  (thousands)  -----------------------$  7,099  x  + 4  appliance stores• -------------------------------­- +  13  
End-of-month deposits (thousands) t -----$ Annual rate of deposit turnover_____________  10,065 8.5  -10 + 8  x + 5  General merchandise stores• ---------­-­Piano and musical instrument stores•  + +  3  + 20 -10  
Air express shipments  ----------------------------­ 17  -15  6  Postal receipts ----------------------------------------$ 181,101 Value of building permits ___________________$ 1,206,685  + 13 + 92  + 1 + 16  
DENISON: (pop. 17,504) Retail sales --­-----------------­--------------­-----­Department and apparel stores_______ Postal receipts --------------------­---­-------$ Value of building permits ---------------­-$ Bank debits (thousands) -----­--­----------$ End-of-month deposits (thousands) t-­--$ 12,735 79,430 9,415 19,460  + 24 -1 -1 +275 -4 + 46  + 9 + 23 -6 x -19 -2  Bank debits (thousands ) -----------­------$' End-of-month deposits (thousands ) t-----$ Annual rate of deposit turnover___________ Employment• -
------------------­---­-­Manufacturing employment• ---­-----­Percent of labor force unemployed•________ Air express shipments ------­-------------­ 190,874 117,037 19.7 67,300 10,800 4.1 1,440  + 12 -24 + 11 + 2 + 6 + 3 + 22  + +  4 1 3 0 1 7 x  
Annual rate of deposit turnover_ ________  5.7  - 35  -26  

For explanation of oymbols, see p. 23. 
TEXAS BUSINESS REVIEW 

LOCAL BUSINESS CONDITIONS 


Percent change 	Percent change 
Aug 1953 Aug 1953 Aug 1953 Aug 1953 Aug from from Aug from from City and item 1953 Aug 1952 July 1953 City and item 1953 Aug 1952 J uly 1953 
EDINBURG (pop. 12,383) 	GREENVILLE: (pop. 14,727) 
Postal receipts ------------------------------------------$ 5,312 -23 -19 Retail sales• --------------------------------------------+ 16Value of building permits _______________________ $ 
40,220 + 349 + 33 Department and apparel stores ----------­-13 -2 Ba nk debits (thousands) -----------------------_$ 8,474 -40 -13 Postal receipts -------------
----------------------$ 15,807 -4 + 10 
End-of-month deposits (thousands ) i _____ $ 9,084 -7 -5 
Value of building permits ------------------------$ 30,859 -65 -53 
Annual rate of deposit turnover_. ___________ _ 

10.9 + 40 -13 Bank debits (thousands) --------------------------$ 10,771 + 8 
Air 	express shipment.s -----------------------------14 +loo +367 End-of-month deposits (thousands) i ------$ 12,395 -11 +----------------Annual rate of deposit turnover____________ _ 10.5 + 24 
FORT WORTH: (pop. 278,778 ) 
Retail sales• -----·----------------------------x + 5 
GOLDTHWAITE: (pop. 1,566)

Apparel stores* --------------------------------­4 Automotive stores* -------------------------------­+ 18 1 Retail sales* -----·---------·----·-·-·-·--·-··---··---------17 Department storest -------------------------------­6 + 13 Postal receipts --------------
--·-------·---------------$ 1,551 + 28 -9 E a ting and drinking places* -------------­x Bank debits (thousands) -----------------·------$ 1,871 -9 -30 
Filling stations* ------------------------------------	2 End-of-month deposits (thousands) i------$ 2,727 + 4 -1 
7 Annual rate of deposit turnover______________ 8.2 -14 -22
Food stores• ---------------------------------------­Furniture and household 
appliance stores* ---------------------------­+ 7 + 24 
General merchandise stores* ----------­+ 2 + 19 

GONZALES: (pop. 5,659)
Lumber, building material, 
Postal receipts ---------------------·---------------·----$ 3,751 -5 -8
and hardware stores* ------------------------14 + 2 
Value of building permits ----------------·-------$ 11,500 -63 -74
Postal receipts ---------------------------------------------$ 454,537 + 11 + 3 
Bank debits (thousands) _________________________$

Value of building permits ________________________$ 2,904,010 	4,964 +
+ 7 -24 End-of-month deposits (thousands ) L ----$ 6,052 3

Bank debits (thousands) ---------------------·$ 473,595 -4 8 	+ 
Annual rate of deposit turnover.............. 9.9


End-of-month deposits (thousands)+------$ 328,042 -19 + Annual rate of deposit turnover_____________ 17.3 -5 
Employment ·---------------------------------------------172,900 x Manufacturing employment ------------------52,960 1 HARLINGEN: (pop. 23,229)Percent of labor force unemployed__________ 4.4 2 
Retail sales* ··-·---------····------------·-----------·····-	-12 
Air express shipments 	1,671 -10 8 
Postal receipts --------------------------------·---------$ 24,223 + 19 -2 
Value of building permits ________________________$ 
179,636 -27 +475 Bank debits (thousands) -----------------------$ 32,176 -53 -33
GALVESTON: (pop. 	66,568) 

End-of-month deposits (thousands) i ------$ 20,838 -13 -7 Retail sales -----------------------------------------------5 -1 Annual rate of deposit turnover______________ 
17.8 -48 -35 Automotive stores -------------·---·--·------------­
-11 -19 Air express shipments --·---·---------------------·· 75 -48 + 4 

Department and apparel stores -----------2 + 10 Food stores ------------------------------------·----------+ 1 + 5 Furniture and household appliance stores -----------···-------·---------­+ 26 9 HENDERSON: (pop. 6,833) Lumber, building material, Retail sales• ---------------------------------------------+ 15 
-

and ha rdware stores -------------·---·-----­-35 14 Postal receipts ---------------------------------------··--$ 6,84-1 -13 -16 Postal receipts ----------------------------------·--------·$ 58,110 + 1 -17 Value of building permits ----------------------.$ 64,200 + 66 + 69Value of building permits ________________________ $ 
119,092 -29 + 1 Bank debits (thousands) -------------------------$ 6,200 + 13 + 26 Bank debits (thousands) -·------·--·--------------$ 71,265 -7 7 End-of-month deposits (thousands) L ----$ 13,778 -4 + 1 End-of-month deposits (thousands) L ----$ 82,684 -19 x Annual rate of deposit turnover______________ 5.4 
+ 15 + 26 Annual rate of deposit turnover____________ _ 10.3 -28 8 
Employment (area) ---------------------------------46,650 4 4 Manufacturing employment (area) ____ 11,400 x 5 
HOUSTON: (pop. 596,163)

Percent of labor force unemployed (area) -----------·---------------------------------------3.9 + 3 0 Retail salesfi -------·--------------------------------------+ 5 -4 
Air express shipments --------·--------···-······--492 +108 + 3 	Apparel storesfl ------------------------------------­+ 11 + 15 Automotive storesfl --------------------------------­+ 21 -19 Department storest --·-··--·········-------------­+ 7 + 10
GARLAND: (pop. 10,571) 	Drug stores fl --------------------------------------------+ 3 1 
Eating and drinking placesfi__ _____________ 


Postal receipts -----------------------·--------·----·--$ 9,673 + 12 -6 	-4 8 
Value of building pe rmits ______________________ $ 

1,179,215 + 227 + 87 Filling stationsfi ----------------------------+ 20 + 2 
Ba nk debits (thousands) -------------·---------··$ 10,317 + 36 -5 Food storesfi -------------------------------------------~ 2 End-of-month deposits (thousands) t -----$ 10,296 + 42 x Furniture and household Annual rate of deposit turnover..----------·-12.0 -6 -14 appliance storesn -------------------------------­6 
General merchandise storesU ---------------­+ 8 + Lumber, building material,

GLADEWATER: (pop. 5,305) 	-12
and hardware storesU ----------------------­-23 Postal receipts ---------------------------------------·------$ 4,478 + 7 -16 Office, store, and school 
Value of building permits _____________________ $ 91,000 +149 	-16
supply dealersn ---------------------------------+ 11
Ba nk debits (thousands ) __________________________ $ 

4,268 + 14 + 2 Postal receipts --------------------------------------------$ 837,537 + 5 -3 End-of-month deposits (thousands) i------$ 5,137 + 1 + 25 Value of building permits ------------------------$ 8,143,649 -6 -16 Annual ra te of deposit turnover.___________ _ 11.1 
+ 12 4 Bank debits (thousands >------·--------------
---$ 1,588,771 + 6 5 
Employment 	(area ) ------------·--------------------24,100 + End-of-month deposits (thousands) i------$ 1,056,922 -10 + 1 Manufacturing employment (area) ___ 3,775 Annual rate of deposit turnover____________ 18.1 -5
+ 1 

Percent of labor force unemployed Air express shipments ----------------------4,516 + 2 + 10 (area) ------------------------------------------4.2 12
-Air express shipments ------·--·----------·---·--3 -25 0 
For explanation of symbols, see page 28. 

SEPTEMBER 1953 
LOCAL BUSINESS CONDITIONS 

Percent change 	Percent change 
Aug 1953 Aug 1953 Aug 1953 Aug 1953 Aug from from Aug from from City and item 1953 Aug 1952 July 1953 City and item 1953 Aug 1952 July 1953 
HEREFORD: (pop. 5,207) 	LEVELLAND: (pop. 8,264) 
Postal receipts -------------------------------------------$ 5,654 + 15 -1 Postal receipts --------------------------------------------$ 5,303 + 7 -19 777,841 Value of building permits ____________________$
Value of building permits -----------------------$ +9051 +3704 68,500 -1 +142 Bank debits (thousands) --------------------------$ 7,548 -12 -la Bank debits (thousands) -------------------$ 6,418 + 18 End-of-month deposits (thousands) L ----$ 8,161 15 -8 End-of-month deposits (thousands ) t -----$ 7,434 -4 Annual rate of deposit turnover______________ 10.6 + 2 -12 Annual rate of deposit turnover____________ 10.1 + 23 

JASPER: (pop. 4,403) 	LOCKHART: (pop. 5,573) 
Retail sales• ---------------·------------------------+ 3 Department and apparel store sales_______ + 6 + 28 Postal receipts -----------------------------·------------$ 4,108 9 -12 Postal receipts --------------
--------------------------$ 2,673 + 9 -5 Bank debits (thousands) -------------------------$ 3,982 8 -1 9,000 -31 -79
Value of building permits _____________________$ End-of-month deposits (thousands)+-
----$ 5,024 6 -3 Bank debits (thousands) -----------------------$ 3,274 -7 2 + +
Annual rate of deposit turnover --------___$ 9.3 4 	End-of-month deposits (thousands) L ----$ 4,869 9 7 Annual rate of deposit turnover____________ 8.4 -14 6 

KERMIT: (pop. 6,912) 
Postal receipts -----------
·-----------------------------$ 4,532 + 7 -18 LONGVIEW: (pop. 24,502) Value of building permits -----------------------$ 19,000 -31 -66 Postal receipts --------------------------------------$ 24,300 + 15 -11 Bank debits (thousands) --------------------------$ 3,018 -7 -14 Value of building permits _____________________$ 185,110 +445 -45 End-of-month deposits (thousands) t ------$ 2,965 -31 -11 Bank debits (thousands) ______________________$ 26,815 6 -21 Annual rate of deposit turnover____________ 
11.5 + 28 -12 End-of-month deposits (thousands) t ------$ 36,355 + 2 x 
Annual rate of deposit turnover____________ 8.8 -9 -21 
Employment (area) ---------------------------24,100 +KILGORE: (pop. 9,638 ) Manufacturing employment (area) ____ 3,775 0 Postal receipts --------------------------------------------$ 9,627 + 9 -li Percent of labor force unemployed 
Value of building permits -----------------------$ 23,000 +130 + 53 (area) -------------------------------------4.2 -12 Bank debits (thousands) -----------------------$ 12,754 + 7 6 Air express shipments ---·--------···--------------159 + 29 -19 
End-of-month deposits (thousands)+------$ 14,622 x x Annual rate of deposit turnover____________ 10.5 Employment (area) -----------------------------------24,100 + 7 + LUBBOCK: (pop. 71,747) 
Manufacturing employment (area) ____ 3,775 0 Retail sales ---------------------------------------------­x 9 Percent of labor force unemployed Automotive stores ------------------------­+ 15 8 (area) --------------------------------------------------4.2 -12 Department and apparel stores --------­-2 Air express shipments ------------------------------19 -24 0 Furniture and household appliance stores ---------------------------­-55 -51 General merchandise stores --------------­-4 -8
KILLEEN: (pop. 7,045) Lumber, building material, Postal receipts --------------------------
---------------$ 14,421 -25 + 2 and hardware stores -----------------·------··-­-47 -27 Value of building permits ------------------------$ 23,279 + 46 Postal receipts ------------------·-----------------$ 70,966 -7 -13 
Value of building permits _____________________ _$
Bank debits (thousands) ----------------------$ 4,373 -37 + 4 986,498 -29 + 4 End-of-month deposits (thousands) :j: ___ ___ $ 9,203 -10 5 Bank debits (thousands) -------------------------$ 85,030 -7 8 Annual rate of deposit turnover______________ 5.5 -32 + 8 End-of-month deposits (thousands) L----$ 75,122 -24 x 
Annual rate of deposit turnover________ __
__ 
13.6 2
+ 3 Employment• -----------------------------------------32,400 + 7 
LAMESA: (pop. 10,704) Manufacturing employment* -------------· 3,325 + 3 1 Percent of labor force unemployed•-------­6.4 +100 2
Postal receipts ---------------------------------------------$ 7,529 x + 2 + Value of building permits -----------------$ -­
-------600 99 40 Air express shipments ---------------------------629 +183 7 Bank debits (thousands) -------------------------$ 5,982 -6 -15 End-of-month deposits (thousands) +------$ 11,720 + 16 -1 

LUFKIN: (pop. 15,135)
Annual rate of deposit turnover___________ ___ 
6.1 -5 -13 Postal receipts _____________________________ _ 
$ 
11,231 -3 -21 Value of building permits -----------------------$ 63,850 -15 -59 Bank debits (thousands) -------------------$ 14,701 1 7LAMPASAS: (pop. 4,869) End-of-month deposits (thousands) :j: ______ $ 20,750 1 8
+ + Retail sales• ------------------------------------------------2 Annual rate of deposit turnover_____________ 8.8 -2 6 Postal rec~ipts -----------------------------------------$ 2,438 -25 -37 Air express shipments ----------·--------------35 + 59 + 6 
Value of building permits ---·-------------------$ 16,300 -52 -27 Bank debits (thousands) ------------------------$ 3,706 -13 + 5 End-of-month deposits (thousands)+------$ 6,451 -3 2 McALLEN: (pop. 20,067) 
Annual rate of deposit turnover______________ 6.8 -13 6 	Retail sales -------------------------------------------+ 1
+ 	Department and apparel stores____________ + 15 Postal receipts ---------------------------------$ 13,865 9 -1 
LAREDO: 	(pop. 51,910) Value of building permits ---------------------$ 52,475 -46 + 26 Air express shipments --------------------·--42 + 8 + 5
Department and apparel store sales_______ 
-10 + 4 Postal receipts -------------------------------------------$ 21,933 + 5 -15 
Value of building permits _______________________ $ 
14,855 -95 -87 MARLIN: (pop. 7,099) Bank debits (thousands) -------·-----------------$ 17,064 -15 10 Postal receipts --------------------------------$ 5,003 3 -14 End-of-month deposits (thousands)+______ $ 18,162 
-28 	-1 Value of building permits -------------------$ 27,311 + 2 -20 
Annual rate of deposit turnover______________ Bank debits (thousands) ______________$ Air express shipments --------·-----·-------------­163 -14 + 21 End-of-month deposits (thousands) t ---$ 4,169 -20 + 5 Tourists entering Mexico -------------------····-­16,087 16 1 Annual rate of deposit turnover_
___
_______ 8.4 + 29 6 
Tourist cars entering Mexico -----·------------5,009 -9 2 
11.3 -7 -7 	2,853 + 4 6 
+ 
For explanation of a;vmbola, see page 28. 
TEXAS BUSINESS REVIEW 




LOCAL BUSINESS CONDITIONS 


P ercent chan ge  Percent change  
City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  City a nd item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  
l\fARSHALL: (pop. 22,327) Department and apparel store sales_______ _ Postal receipts ----------­---------------­------­-------$ Value of building permits -----­------------------$. Bank debits (thousands ) ________________ _____ __ _$ End-of-month depos its (thousands)+­---­$ Annual rate of deposit turnover______________ 17,115 702,846 12,881 19,789 7.8  + 8 + 24 + 844 + 3 + 2 0  + 9 -4 + 447 5 4  PLAINVIEW: (pop. 14,044) Retail sales ------------­------------------------------­Department and apparel stores_________ Postal receipts ----­----­----------------­------$ Value of building permits ______________________ $ Bank debits (thousands) ---------------------$ E'nd-of-month deposits (thousands)+­----$ Annual rate of deposit turnover_________ _  11,360 74,300 12,544 18,860 7.9  -4 -6 + 12 -63 -13 -2 -11  + 3 + -55 9 -3 -5  
Air express shipments -------.----­---.------­ 22  + 38  -59  
MIDLAND: (pop. 21,713) Postal receipts -------­---------------------------------$ Value of building permits -----­---------------­-­$ Bank debits (thousands) -----------------------$ End-of-month deposits (thousands)+______ $ Annual rate of deposit turnover______________ Air express shipments ----------­-----------------­35,001 522,645 46,065 62,420 9.0 201  + 5 -78 -5 + 17 -18 + 28  -21 7 2 + 3 2 + 13  ROCKDALE: (pop. 2,321) Postal receipts ------­----------------­----------$ Value of building permits ---------------------$ Bank debits (thousands) ________________________$ End-of-month deposits (thousands)+------$ Annual rate of deposit turnover__________ 3,059 39,220 3,592 3,575 12.1  + 10 -71 + 8 5 + 3  -30 -91 + 5 + +  
PORT ARTHUR:  (pop. 57,530)  
NACOGDOCHES:  (pop. 12,327)  Retail sales* -------------------------------------­--­Automotive stores* ----------------------------­ + 9 + 36  + 4 + 2  
P ostal receipts ---------------------------­---­----------$ Value of building permits -----------------------$ Bank debits (thousands) ---------­--­-----------$ End-of-month deposits (thousands)+-----­$ Annual rate of deposit turnover______________ 7,656 8,000 9,001 15,338 7.1  -14 -84  -6 -59 3 + 1 7  Department a nd apparel stores ---------­Drug stores* ---------­-----­------­-----­---------­Filling stations• ------­--------------­--------­--­Food stores* --­----------------------------------­Furniture and household  -7 + 5 -22 x  + 14 + 2 + 11 6  
appliance stores* --------------------------­ -15  +  
Lumber, building material,  
NEW BRAUNFELS: (pop. 12,210) Postal receipts --------­---­---------------------------$ Value of building permits -----­--------------$ Bank debits (th ousands ) ---------------------$ End-of-month deposits (thousands ) +------$ Annual rate of deposit turnover-----------­9,458 57,800 7,069 10,310 9.5  + 5 -37  -4 -22 -24 + 38 -25  and hardware stores• -------------------­Postal receipts ---­-----------------------------$ Value of building permits ------------­--------­$ Bank debits (thousands ) ------------------------$ End-of-month deposits (thousands) L---­$ Annual rate of deposit turnover__________ ____ Employment (area) ---------------------------­------­31,814 180,739 43,435 37,070 14.0 78,300  -31 + 6 -54 -1 -14 + 1 5  + 25 + 10 + 14 8 x 8 1  
Manufacturing emp loyment  (area) ____  27,230  +  +  
ODESSA: (pop. 29.495) Department and apparel store sales.______  -20  -24  Percent of labor force unemployed (area) -----------------------------------------­-------­Air express shipments  5.7 123  + - 16 4  0 + 7  
Postal receipts ---------------------------­---­-------------$ Value of building permits -----------------­--------$ Bank debits (thousands) _____________________ ____ $  30,639 941,060 31,443  x -21 -22  -:­23 + 74 5  SAN ANGELO: (pop. 52,093) Retail sales ------------------------­-----­ - 4  - 4  
End-of-month deposits  (thousands);______ $  30,980  -19  + 2  Department and apparel stores__________ _  + 2  - 8  
Annual rate of deposit turnover_____________ _ Air express shipments -------------------------­ 12.3 136  -- 9 18  -2 + 15  Postal receipts -----------------------------------------$ Value of building permits -----------­----------­$ 38,130 393,227  -15 -9  -18 -28  
Bank debits  (thousands)  -----­------------------$  34,492  - 4  8  
End-of-month deposits (thousands>+-----$  44.311  -14  
ORANGE: (pop. 21,174) Postal r eceipts --------------------------------------------­$' Value of building permits -----------------------­$ Bank debits (thousands) ____ ___ __________________ _$ End-of-month deposits (thousands)+------$ 12,945 142,261 16,906 24 ,519  x -61 + 9 + 8  -11 -39 5 x  Annual rate of deposit turnover__ ___________ _ Employment ---------­-------------­--------------­Manufacturing employment --------------­Percent of labor force unemployed__________ Air express shipments ---------­-------------­ 9.2 21 ,650 2,375 4.6 290  -2 -5 + 13 + 10 + 70  + +  
Annual rate of deposit turnover______ ___ ____ _  8.3  +  8  6  SAN ANTONIO:  (pop. 408,442)  
Retail  sales*  ----­---------­------------------------­-­- 8  - 6  
PALESTINE: (pop. 12,503) Postal receipts ----------------­-------­-----------------­$ Value of building permits ------------------------$ 8,595 50,832  + 6 -77  -15 -3  Apparel stores* -------­-------------­------------­---­Automotive stores• ------------------------------­--­Depai-tment storest --------------------­----------­Drug stores• ----------------------------------­--------­ 4 8 5 2  + 8 -31 + 10 + 1  
Bank debits (thousands ) ------------------------$ End-of-month deposits (thousands)+-----­$ 4,816 12,178  -12 3  -18 + 5  E ating and drinking places* -----------­­Filling stations• -------------------------------------­ - 12 9  +  
Annual rate of deposit turnover______________  4.9  - 8  -17  Food  stores*  -----------------------------­---------­ - 6  
Furniture and household  
PARIS: (pop. 21,643) Retail sales ----­--­-----------­---------­--­-----------­---­Department and apparel stores__________ _ Postal receipts -------­-----------------------­-------$ Value of building permits ---------------------$ Bank debits (thousands) -----------­---$ End-of-month deposits (thousands) t_____$ Annual r ate of deposit turnover_____________ Air express shipments --------­-----­---------­-­14,638 20,455 11,467 13,534 10.0 46  + 43 + 2 + 14 -39 9 -7 -3 +109  + 13 + 13 + 10 -29 4 3 2 + 7  appliance stores• ------------------------------­General merchandise stores* -------­------­Lumber, building mater ial, and hardware stores• ---------------------­-­-Postal receipts ------------------------------------------.$ 429,873 Value of building permits -----------------------$ 3,329,986 Bank debits (thousands) --------------------­--­$ 379,937 End-of-month deposits (thousands)+ -
­-­$ 313,627 Annual rate of deposit turnover ______ ______ _ 14.6 Air express shipments ----­-----------­---­2,018  -32 -6 -11 + 2 + 10 + 10 -21 + 7 -8  -26 + 9 -24 -5 -23 + 2 + 2  
For explanation of symbols, see page 28.  

SEPTEMBER 1953 

LOCAL BUSINESS CONDITIONS 

Percent change  P ercent change  
City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  City and item  Aug 1953  Aug 1953 from Aug 1952  Aug 1953 from July 1953  
SAN MARCOS: (pop. 9,980) Postal receipts ________________________________ $ Value of building permits --------------­-------$ Bank debits (thousands) ----------------------$ End-of-month deposits (thousands) t -----­$ Annual rate of deposit turnover·---·------· 9,119 54,775 5,171 8,137 7.7  + 6 + 30 2 + 8 9  -5 +172 + 11 + 2 + 8  WAXAHACHIE: (pop. ll,204) Postal receipts --------------------------------------­-$ Value of building permits -------­--------­----$ Bank debits (thousands) ------------------------$ End-of-month deposits (thousands ) t---. $ Annual rate of deposit turnover___________ 7,224 39,036 3,416 3,707 11.7  -3 + 30 + 2 -30 + 23  -17 -9 + 2 + 13 + 2  
SEGUIN:  (pop. 9,733)  TEXAS CITY:  (pop. 16,620)  
Postal receipts -·-·-­----------­--------------··----­$ Value of building permits --­-----------------­---$ 6,863 52,075  + 7 + 76  -17 -26  Postal receipts ----------------­------------­--­--------$ Value of building permits ____________________$ 12,131 227,450  + 1 -13  -22 -24  
Bank debits  (thousands)  ---------·--------------·-$  7,302  + 2  + 8  Bank debits  (thousands)  ---­--------·-·-·-----­--$  24,422  7  7  
End-of-month deposits (thousands) L ... $  15,747  +  +  End-of-month deposits (thousands) L ----$  24,250  1  7  
Annual rate of deposit turnover_____________  5.6  3  +  Annual rate of deposit turnover______________  11.7  7  1  
Employment (area)  --------------------------­ 46,650  4  4  
SHERMAN: (pop. 20,150)  Manufacturing employment (area) ____ Percent of labor force unemployed  11,400  x  5  
Retail sales -------------­------­----------­---------­ + 18  + 2  (area)  --------------­-------------­---------­ 3_9  + 3  0  
Department and apparel stores___________  + 8  + 14  
Postal receipts ---------------­--------------$ 19,616 Value of building permits ----­---------------­$ 1,096,008  + 6 + 408  -8 + 783  TYLER:  (pop. 38,968)  
Retail sales -----------­--­---------------­ + 16  - 7  
SNYDER: (pop. 12,010) Postal receipts ----­-----­-------------------------·$  7,775  + 4  -20  Postal receipts ---------------------$ Value of building permits -----------------------$ Bank debits (thousands) ______________________$ 43,058 922,070 55,310  + 7 + 120 + 8  -2 + 99 5  
Value of building permits ----------------------­$ 99,050  -48  End-of-month deposits  (thousands) t -----$  52,641  - 4  x  
Bank debits  (thousands)  ----------------------· $ 10,664  6  Annual rate of deposit turnover______________  12.6  + 3  5  
E'nd-of-month deposits (thousands) t -----­$ Annual rate of deposit turnover______________ 10,550 12.0  2 5  Air express shipments  -----­--------------------­ 268  + 44  + 17  
SWEETWATER: (pop. 13,619) Department and apparel store sales_______ _ Postal receipts -------------------------------------$ Value of building permits _______________________$ Bank debits (thousands) _____________________$ End-of-month deposits (thousands) L ....$ Annual rate of deposit turnover_____________ 
Air express shipments ------­------------------­9,960 24,375 7,527 9,789 9.2 21  + 8 + 11 -54 + 91  + 23 + 1 -61 3 -1 -1 + 91  WACO: (pop. 84,706) Retail sales -----------------------------------­Apparel stores ----------------------------------­Automotive stores -------------------------­Department storest --­------------­----------­Florists ------------------------------­--------­Furniture and household appliance stores ------------­-----------­General merchandise stores ---­-------­---­ + 9 + 3 + 26 5 -8 -19 + 3  + 8 + 21 -9 + 16 + 4 2 + 27  
TAYLOR: (pop. 9,071) Postal receipts --------­---------------------------------$ Value of building permits ---·-------------------$ Bank debits (thousands) ---------------­--·-----$ End-of-month deposits (thousands) t -----­$ Annual rate of deposit turnover_____________ 6,557 26,484 13,542 15,821 8.2  + 16 -18 + 5 + 15 -28  -12 -21 + 25 + 16 -15  Postal receipts ----------------------------$ Value of building permits ----­-----­----------$ Bank debits (thousands) ----------------­----$ End-of-month deposits (thousands) L ....$ Annual rate of deposit turnover_____________ Employment -----­-------------------------­--------­-Manufacturing employment ---------------­Percent of labor force unemployed_______  88,522 794,193 68,452 63,032 13.1 44,350 8,880 5.1  -8 + 49 x -30 -2 -14 + 4 + 42  -19 -33 -9 + 1 -10 x + 2 + 4  
Air express shipments ------------------------­ 108  - 18  -22  
TEMPLE:  (pop. 25,467)  
Retail sales --------------------------------------------­Department and apparel stores____________  -11 -19  + 3 + 6  WICHITA FALLS:  (pop. 68,042)  
Postal receipts -------·-·-------------------------------$ Value of building permits __________________ $ Bank debits (thousands) ________________________.$ End-of-month deposits (thousands) L ----$ Annual rate of deposit turnover_____________ 
 25,485 120,100 17,071 22,020 9.3  x -50 3 -1 -4  + 2 + 42 + 6 -1 + 8  Retail sales --------------------­---------------------­Department and apparel stores____________ Postal receipts -------------------------------­---·$ Value of building permits ----------------------­$ Bank debits (thousands) ------·----­-----------·$ 71,338 731,730 77,804  -11 + 7 + 4 -18 4  -23 + 7 -17 + 6 5  
Air express shipments  ----------------------------­ 59  + 55  + 51  End-of-month deposits (thousands)t_____ $ 97,119  - 8  x  
Annual rate of deposit turnover_____________  9.6  - 7  
TEXARKANA: (pop. 40, 628)§  Employment ---·-------·------------------------------------­Manufacturing employment ---·----------­ 35,950 3,790  x 1  
Retail sales§ ----------------------­-------------------­Department and apparel stores§__________  + 18 -2  + 5 + 15  Percent of labor force unemployed ._________ Air express shipments ----------------------------­ 5.0 493  + 172  + 2 + 10  
Postal receipts§ ----------------------­----------------$  53,072  -17  + 14  
Value of building permits§ ·--·-·-----·---­··--­$ Bank debits (thousands) § ---·--··­--·-·-­-------­$ End-of-month deposits (thousands) t ---­$ 79,265 39,746 18,392  -35 + 5 -35  -40 11  xChange is less than one half of one percent. *Preliminary.  
Annual rate of deposit turnover_____________  11.9  0  2  tReported by the Federal Reserve Bank of Dallas.  
Employment§ --·----------------------------------·--·---­ 41,850  -12  3  tExcludes deposits to credit of banks.  
+ 	
32 + 57 Texas (pop. 24,753) . 



Manufacturing employment§ --------·-----11,010 + 20 1 UReported by the Bureau of Business and Economic Research, Uni­
+

Percent of labor force unemployed§._______ 	versity of Houston.
6.7 + 37 + 10 Air express shipments§ ---·-·--------------------129 §Figures include Texarkana, Arkansas (pop. 15,875) and Texarkana,
BAROMETERS OF TEXAS BUSINESS 

Year-to-date Average
Aug July June average month 1963 1963 1963 1953 1952 

GENERAL BUSINESS ACTIVITY  
tlndex of Texas Business Activity (I00.0) -------­-­--· ----------------­-----­lndex of bank debits__________________________  283* 666  291* 690  298* 708  294 692  269 659  
Income payments to individuals in the U.S. (billions-seasonallyadjusted at annual rate) ______________ 
______________ ____________________ _ 
_  $ 288.1  $ 286.3  $ 283.8  $ 269.7  
Index of wholesale prices in the U.S. (1947-49=100, unadjusted)_______ _  110.6  110.9  109.4  108.6  111.6  
Index of consumers' prices in the U.S. (1947-49=100, unadjusted) ...... .. Index of postal receipts______________  115.0 394  114.7 420  114.5 415  114.1 400  113.5 382  
tlndex of miscellaneous freight carloadings in the Southwestern Dis­ 
trict (17.6) --------------·------······ ···········----­-----------------·--· ··············-···--·-······-----··-·. Business corporation charters issued (number)······· ···-···----··-----··· -------­·-·--·-­Business failures (number) ----------------------------····­-·-·---­-------·--···-······  140 253* 17  145 301 17  145 317 13  144 322 14  144 278 8  
fRADE  
tlndex of total retail sales (adjusted for price changes, 47.? )...... ·----···-­.. Index of total retail sales_____ _________________  230* 480  242* 504  252 525  247 514  231 486  
Durable-goods stores ····---------·-------------------------­---·· ··-··-· ··­·· ····­·· ···-·· ·--···--···· Nondurable-goods stores -··-·-···-----­-----------······ ·· -· ······--·· ---­-------­----·-··· -·· ·­··  640 401  683 417  734 424  720 415  672 397  
Hndex of total retail sales in the U.S·-··········-· ····--·­·· ··· --·-·--­-·······-·----·····­-----· ··  451  449  447  424  
Durable-goods stores ···· ········-······ -------­-----­--···----· ···--·----··········--···---··-­-----·  647  644  649  582  
Nondurable-goods stores ------·--·--­--·-----------------·-····­·· ·· ·------·--·--· ·---· ··­····· ·· · Ratio of credit sales to net sales in department and apparel stores.... ....  63.1  388 59.9  385 63.9  381 63.4  372 63.6  
Ratio of collections to outstandings in department and apparel stores....  35.1  40.2  38.1  40.4  43.7  
Index of gasoline sales·-----·-----------···--------······------------·-···-···-·····-·--···-···--·-····-···­ 250  275  272  260  
PRODUCTION  
tlndex of industrial electric power consumption (14.8) ____________________________ __  620  618  625  630  536  
tlndex of crude runs to stills (4.5) ----------------­------------------·-­-----­-·-···· ·-···--····-·-­Index of wheat grindings...·------------------------------------------------------···· -----····----· ··--·­lndex of cottonseed crushed......------------------------------·-------------------------····--·--·-­·--·  218  205 87 186  220 92 327  221 98 191  209 99 126  
Index of southern pine production (unadjusted)··-··­------------------­--···--···-·--­Index of dairy product manufacturinl!>--------­tlndex of urban building permits (adjusted for price changes, 3.8) _____ __ _  48 151*  128 49 157*  129 63 208*  128 66 189  123 49 190  
Index of urban building permits.--------­---------------­----------­------­---·-----·--­----·-·-·­·-· tlndex of crude petroleum production (8.6 >---·-----·-----·---·---···-··-·------­·----·--·-··  336* 231  350* 232  463* 222  414 227  399 232  
tlndex of total electric power consumption (3.0) ......-------------· ··-----·--··-··--···-· Index of industrial production in the U.S...---········-···-·-·····-··· ·-·---·--------------· ·  732 238*  776 233•  749 240  698 239  594 219  
Index of cement production·-----------------­---------------------------·······-·-··----··--·----·····-· Construction contracts awarded (thousands)----------·-------·· ··-----·-­·--------·----·· ··  $ 84,960  313 $ 84,000  317 $ 89,957  325 $ 96,437  325 $lll,344  
AGRICULTURE  
Index of farm cash income (unadjusted>--------------­·····------······---------------·--··-· Index of prices received by farmers (unadjusted) ······-·····--· ····--·-··· -·-· ···-·· . Index of prices paid by farmers in the U.S. (parity index-unadjusted,  388 270  337 272  291 264  323 279  506 332  
1909-14=100) ········-·----····· --­··--··········--·····-···· .... ·--····--···--···­·· Parity ratio __ -­--------------­Index of prices received by farmers-livestock (unadjusted, 1909-14=100) _________ __ _______________________ _____ _____________ ___ _____ _____ ______ __ ___________________ ______________________ _  278 97 281  278 98 288  276 96 269  279 100 305  286 116 371  
Index of prices received by farmers-all crops (unadjusted, 1909-14= 100) ______ __________ __ _______ _________ ________ ___________ ___ _____ _______________________________________________________  261  260  260  259  303  
FINANCE  
Loans, reporting member banks in Dallas district (millions)-­-----­---------­ $ 1,782  $ 1,776  $ 1,759  $ 1,767  $ 1,609  
Loans and investments, reporting member banks in Dallll.!I district (millions) ····----­-----------··-­-----------------­---·-------· -----------­----· ········-····-------------------­Demand deposits adjusted, reporting member banks in Dallas district (millions) ___ ......----------------------------------------------------------------------­-------·-----------·-. ­-Bank debits in 20 cities (millions> ---·-----· ······-----------------------------·-----------------­Revenue receipts of the State Comptroller (thousands) ___________ __ ___ __________ __  $ 3,209 $ 2,477 $ 5,198 $ 56,669  $ 3,188 $ 2,486 $ 5,551 $ 62,935  $ 3,103 $ 2,410 $ 5,718 $ 69,068  $ 3,121 $ 2,456 $ 5,497 $ 63,494  $ 2,999 $ 2,385 $ 5,382 $ 58,076  
Federal Internal Revenue collections (thousands>-------------· ------------­·---------­ $157,446  $124,821  $249,509  $209,391  $188,187  
LABOR  
Total nonagricultural employment (thousands> -----------------------------------------­Total manufacturing employment (thousands)--·­---------------­----­----····· Durable-goods employment (thousands) __________________________ ___________ _  2,269.6* 438.1* 208.5*  2,275.3 438.6 209.6  2,280.8 437.6 208.5  2,262.3 437.5 207.4  2,215.2 425.9 203.3  
Nondurable-goods employment  (thousands> -----------------­-------------­ 229.6*  229.0  229.1  230.0  222.6  

All figures are for Texas unless otherwise Indicated. All indexes are based on the average months for 1935-89 except where Indicated and are adjusted for seasonal variation (except annual Indexes).
Manufacturing employment estimates have been adjusted to first quarter 1952 benchmarks. 
*Preliminary. 

tThe index of business activity is a weighted average of the Indexes indicated by a dagger (t) . The weight given each lndu In computing th• composite is given in parentheses. fNew series. Index computed from e8timates of retail sales published by Bureau of the Cen&ua.