R.EvlEW The University of Texas VOLUME V, NUMBER 6 July 25, 1931 TnE Central European financial situation has for sev­~ral weeks completely overshadowed domestic develop­ments. lt is now apparent that the Hoover debt mora­torium proposal for the rehabilitation of the financia[ system of Germany was but a palliative and not a cure for the deeper economic ills of the world. However, the moratorium will have warranted the enthusiasm with which it was received throughout the world if future events show that it was the prelude to the regenera­tion o/ European economics and politics and the fore­runner of more thoughtful participation on the part of the United States in international economic affairs. The buoyanl response of the stock and commodity markets to Mr. Hoover's announcement indicates the close inter­relationship among modern nations and suggests the impetus which will be given American business once the international situation gives definite promise of sus­tained improvement. In spite of the complicated international situation it is probable that business in this counlry is making a bet­ter showing than is indicated by the business barometers generally used. Business barometers are usually devel­oped from such series of data as freight car-loadings, percentage of steel mili capacity operated, volume of bank debits, and amount of electric power produced. Although all o/ these commonly-used indicators o/ busi­ness have shown quite un.favorable comparisons with a year ago, during most of 1931 to date a number of im­portant industries have actually been more active than in 1930. For example, the ]ournal of Commerce says wool consumption and silk deliveries to mills have in­creased 13 per cent and 40 per cent respectively, and dur­ing the past three months, shoe production has been substantially larger than in the corresponding months a year ago. Tire shipments and gasoline consumption have shown similar upward trends in recent months. Cigarette sales have been somewhat larger this year, while sales of electric refrigrators have shown enormous increases. In Texas the huge current production o/ such basic commodities as petroleum, wheat, and livestock is largely neutralized by the abnormaüy low prices f or these produces, thus greatly reducing the buying power o/ these commodities. This situation in turn is refiected in a relatively low rate of business activity. Retail department store sales in Texas during June declined 16 per cent from May levels, whereas the three­year-average decline is only 13 per cent. Total dollar value of sales during the first six months of the year was 11 per cent less than for the corresponding period of 1930, but this fact should be considered in relation to an estimated decline in retail prices of 18 to 20 per cent. Most of the monthly indices of wholesale prices showed further declines during June, the United States Bureau of Labor Statistics index dropping 1.3 points to 70, which was 19 per cent below the figure for the corresponding month last year. Compared with June, 1930, Texas registered substan­tial declines in bank debits to individual accounts, em­ployment, building permits, cement production, cotton manufacturing, registrations of new automobiles, and carloadings. The number of charters granted to new Texas cor­porations during the first half of 1931 was approx­imately the same as during the corresponding period in 1930, but the capitalization of the 1931 charters repre­sented an increase in capital of 83 per cent over that of a year ago. Daily average production of petroleum in Texas dur­ing the first half of 1931 represented a decrease of 3 per cent from that of 1930, while in-the United States the decrease was 12 per cent. Each of the seven sec­tions of Texas showed a decline as compared with 1930 except East Central Texas, where production during the first half of the present year was approximately seven times that of the corresponding period last year. A substantial decline in Texas cotton acreage and a corresponding increase in acreage devoted to food and feed crops is indicated by recent reports of the United States Department of Agriculture. Forwardings of livestock from Texas were somewhat less during the first six months of 1931 than in the cor­responding period last year, shipments of sheep being the notable exception to the general decline. Total ship­ments of ali classes of livestock during June were 34 per cent greater than in June of last year. Shipments of fruits and vegetables during the first half of the year also exceeded those of the corresponding period last year by 27 per cent, but June movements were less than those of May. Cotton manufacturing in June was at a lower rate than in May. However, sales during June amounted to 137 per cent of production. Spinners margin reached 178 in June, the highest for any month since February, 1927. Commercial failures in Texas during the first half of 1931 totaled 447, an increase of 43 per cent over the number recorded during the corresponding period in 1930. lndebtedness of defaulting companies of $8,855,­000 was an increase of 25 per cent over the $7,061,000 reported during the first half of 1930. FINANCIAL Although bank debits in Texas during June were 2.8 per cent less than in May, the amount of money on de­posit to individual accounts declined less than 1 per cent. Compared to June of last year, debits were off 22 per cent and deposits only 3 per cent. Debits in­creased during June as compared to May last year. Significant items in the statement of reporting mem­ber banks to the Federal Reserve Board were as follows: (In Millions of Dollars) Ju ne, May, June, 1931 1931 1930 Debits -----------------------------$ 576 593 $ 734 Deposits (Total) ------------------412 416 425 Time ---------------------------148 147 151 Demand ---------------------------264 269 274 Borrowings from Federal Reserve_____ · 1 1 2 Loans (Total) ---····------------------------299 301 330 On ecurities ------------------------94 92 102 Al! Other ----------------------205 209 228 Government Securities Owned --------79 71 69 DEPARTMENT STORE SALES Sales of retail department stores in Texas during June declined 16 per cent from May levels, leaving total dol­lar value of sales during the first six months of the year 11 per cent less than during the corresponding period of 1930. If estimates frequently made in trade circles that retail prices have declined 18 to 20 per cent are correct, the actual volume of goods handled by the stores included in this list was greater during the first half of the current year than during the correspond­ing period of 1930. The decline from May to June of 16 per cent com­pares with a three-year-average decline of 13 per cent during this period in Texas. Preliminary figures on dollar value of department store sales in the entire United States released by the Federal Reserve Board show a decline of 6 per cent from May to June. While this national decline was smaller than the decrease in Texas, it was greater than the usual seasonal shrinkage. Percentage changes in department store sales in Texas cities as reported to the Bureau of Business Research were as follows: TEXAS DEPARTMENT STORE SALES Percentage Change in Sales Number June, June, Year-to-date of 1931 1931 1931 Stores from from from Report- June, May, Year-to-date ing 1930 1931 1930 Abilene ----------------------------­ 3 -26.1 -19.6 -18.6 Austin --------------­-------------­ 6 -17.4 -20.4 -10.9 Beaumont ---------------------­ 5 -27.5 -19.6 -23.2 Corpus Christi ----------------­3 Dallas ---------------------­6 -0.7 -11.7 -29.6 -12.4 + 7.5 -14.5 El Paso --------------------­ 4 -33.2 -30.1 -16.6 Fort Worth -----------------­ 7 - 1.1 -is.o - 5.0 Galveston · ----------­-------­4 + 6.4 + 4.8 - 5.4 Houston ---------------­8 - 9.1 -13.9 -n.o Port Arthur -------------­ 3 -13.8 -22.9 -12.3 San Angelo ---------­--3 San Antonio ----------------­-7 Tyler ---------------------­-------­3 Waco ---------------------­3 -15.4 + 0.1 + 12.6 -1.8 -23.4 -n.o -21.2 -26.8 -20.9 -0.6 -9.7 -8.4 Yoakum ----------------­---­ 3 - 4.9 - 19.5 -16.0 STATE _____________________84 -11.3 -16.3 -11.2 Sales of 84 Comparable Stores: 1931 1930 June --------------------------------------$ 4,289,000 s 4,836,000 l\1ay ---------------------------5,127,000 Y ear-to-date _________________________ 27,n0,000 30,528,000 COMMODITY PRICES Commodity prices declined during June by 1.8 per cent as indicated by the Bureau of Labor Statistics lndex, falling from 71.3 in May to 70.0 in June. At this level they were 19 per cent below the corresponding date of 1930. Farm prices dropped even more sharply, with a de­cline from 86 to 80, or 7 per cent. The index of farm prices is calculated by the Bureau of Agricultura} Eco­nomics on the basis of the average from 1910 to 1914 as equal to 100. Prices which farmers pay, calculated on the same basis, declined less than 1 per cent from 131 to 130. Prices which farmers receive were 35 per cent less and prices which they pay only 13 per cent less than in June of last year. Monthly price indexes were as follows: June, May, Ju ne, 1931 1931 1930 Bureau of Labor Statistics_________ 70.0 71.3 86.8 Dun's ____________________ $146.60 145.90 171.60 Bradstreet's --------------------8.78 8.64 10.56 Farm Price lndex, Bureau of Agricultural Economics ---------80 86 123 Index of Prices Farmers Pay, Bureau of Agricultura! Economics ---------130 131 149 CHARTERS Though the number of 1,229 charters granted to Texas corporations during the first half of 1931 was approx­imately the same as the 1,231 granted during the cor­responding period of 1930, capital represented by these charters amounted to $58,669,000 this year, as against $32,138,000 in 1930, an increase of 83 per cent. Per­mits to out-of-state corporations totaled 244 the first six months of 1931 compared to 207 during the correspond­ing period of 1930. June records fell below the previous month in both number and total capitalization with 179 charters grant­ed compared to 226 in May and a total capitalization of $9,867,000 compared to $17,417,000 in May. The June list included 18 corporations of $100,000 or more capi­tal stock and 36 of $5,000 or less. The total number for June was the smallest monthly figure in the current year and the smallest June figure in 10 years. lncreased activity in Texas oil fields was reflected in the number of charters granted to new oil companies. Of the total of 1,229 charters granted in the first half of the current year, 258 or 21 per cent were to com­panies directly engaged in sorne phase of the petroleum industry, while the total of 1,231 during the first half of 1930, 127 or 10 per cent were to companies engaged in the oil business. Charters granted during June and comparable periods were as follows: Junc, May. Ju ne, Y car-to-date 1931 1931 1930 1931 1930 Capita!izalion In Thousands of Dollars ____ 9,867 14,417 $ 5,124 58,669 32,138 Number --------­ 179 226 176 1,229 1,231 Classi fication of ew Corporations: Oil ---------­ 37 64 19 258 127 Public Service 4 9 1 23 20 Manufactur­ ing ---­ 14 23 21 125 132 Banking- Finance - 10 4 7 73 50 Real Estate and Building 13 14 18 93 94 General ---­ 101 112 116 657 811 Foreign Permits ---­ 33 41 37 244 207 COMMERCIAL FAILURES June failures fell off sharply to 32 from 58 in May. This decline of 45 per cent in number compares with a usual seasonal decrease of 4.3 per cent. This sharp de­cline brought June failures 32 per cent below last year in number and 76 per cent lower in liabilities. June is the first month during the present year in which the number of defaults has fallen below those in the cor­responding month of 1930, though total Iiabilities in April were slightly less than in April of the preceding year. Commercial failures in Texas during June as reported by R. G. Dun &: Co. were as follows: Ju ne. May. Ju11 e, Year-to-date 1931 1931 1930 1931 193ü umber _______ 32 58 47 447 31Z. Liabilities Assets ____ _ ____ ___ 364,000 $1,610,000 232,000 896,000 1,509,000 362,000 8,855,000 7,061,000 4,436,000 $3,363,000 Defaults in the entire United States during the first half of the year were the highest for any six months period on record. National . totals as reported by Dun were 15,107 failures with liabilities of $370,497,369 this year and 13,771 failures with liabilities of $337,089,083 in 1930. EMPLOYMENT The number of employed workers in Texas during June declined 1.8 per cent as compared to May, and fell 17.4 per cent below the correspondir·1g month of 1930. Average weekly wage per worker was $26.32 compared to $26.81 during May. Increases in the number of workers from May to June were reported in auto and body works, pure food products, flour mills, ice factories, meat packing and slaughtering, men's clothing manufacturing, structural iron works, railroad car shops, electric railway car shops, saw mills, furniture manufacturing, paper box manufacturing, and quarrying. Cotton oil milis, women's clothing manufacturing and men's clothing manufactur­ing were the only lines which reported a greater num­ber of workers on the payroll than in the corresponding month last year. Employment by cities was as follows: N um ­ Per Cent ChanGe her ,-----Workers from from of Ju ne, Mny, Junc. May. Jun~.. Firm! 1931 1931 1930 1931 1930 Austin ----------------31 757 789 819 4.1 -7.6 Beaurnont ---------38 5,489 5,496 6,376 0.1 -13.9· Dallas -------------128 14,217 14,715 16,365 3.4 -13.1 El Paso ------------53 2,771 2,986 3,794 4.0 -27.0> Fort Worth _______ 51 6,315 6,276 6,886 + 0.6 -8.3 GalveEton ------22 806 765 833 + 5.4 -3.3­Houston ----------84 23,553 23,666 29,107 0.5 -19.l an Antonio -----79 8,172 8,264 9,184 -1.1 -11.0 Waco -------27 967 947 l,Oll + 2.1 -4.4 Wichita Falls ____ 39 1,089 1,260 1,456 -13.6 -25.2 Miscellaneous _______117 Towns 13,973 14,364 18,743 2.7 -25.4 State ________ __ ________669 78,109 79,528 94,574 1.8 -17.4 STOCKS of 29 per cent was less than the decrease of 31 per cent reported by the F. W. Dodge Corporation in the value Although the June rally in the stock market carried of new construction in the United States. prices of stocks included in the Bureau of Business Re­ The decline from May to June m Texas of 27 per search list of industrials to an average for the month of cent from $5,386,000 to $3,956,000 was slightly greater 176, which was 1 point above May, rails continued to than the three-year average decreases during this period decline, falling from 111 in May to 106 in June. On of 23 per cent. Compared to ]une, 1930, building was this basis rails were at the lowest point since Novem­ off 25 per cent in Texas and almost 45 per cent in the ber, 1924, and industrials were at the lowest point since United States. National figures for June of last year February, 1927. were unusually high, however, pipeline and power plant INDEX OF INDUSTRIAL STOCKS construction contributing to a total which was well in Average High 1923-24-25 = 100 excess of that for the corresponding month of 1929. 1931 1930 1929 1928 192 7 Permits granted in Texas by cities were as follows: January -----------------------195 225 264 245 167 (In Thousands of Dollars) February -----------------____ 211 236 265 233 174 March ------------------------211 252 255 239 184 June, May, June, Year-to -date 1931 1931 1930 1931 1930 April -------------------------191 264 256 255 194 May --------------------------175 254 245 260 199 9 $ 42 $ 147 $ 306 Abilene ________________$ 9 $ J une --------------------------176 239 242 243 203 Amarillo ----------------148 293 179 1,598 1,287 July ------------------------_____ 237 253 246 208 Austin ------------------146 153 241 1,321 2,309August ------------------------___ 236 256 247 210 ­Beaumont --------------4.5 347 145 793 1,263September ------------------______ 242 255 259 224 Brownsville ____________ 117 19 101 174 281October ------------------__ _ __ 220 247 257 225 November ---------------_:___ 206 213 262 226 Brownwood ------------285 38 10 526 685 December --------------_____ 192 217 255 238 Cleburne -------------------1 9 9 54 317 Corpus Christi ________ 93 78 78 321 822 INDEX OF RAILROAD STOCKS Corsicana ----------------4 12 7 67 207 Average High 1923-24-25 =100 Dallas --------------------339 349 665 4,608 3,426 Del Rio ---------------29 57 188 118 312 1931 1930 1929 1928 1927 Denison -------------------1 4 7 22 45 January -----------------134 195 216 183 145 Eastland ----------------1 2 8 16 4.5 February 143 199 218 178 157 -----·--------­ El Paso -----------------74 97 179 692 1,838March 137 201 216 183 164 Fort Worth -------------310 942 718 2,699 4,624April ------------------------117 206 209 191 175 May 111 199 217 199 179 Galveston -------------879 186 109 1,658 760 Houston ___________________ l,055 777 1,281 6,710 . 8,859 June ---------------------------106 185 218 193 190 July -------------------------------180 238 197 192 J acksonville --------------1 43 13 56 143 August ----------------------------178 239 203 190 Laredo ------------------1 11 7 40 108 September ----------------------184 238 215 189 Lubbock ----------------4 7 105 232 1,241 October 157 230 215 186 -------------------------- 2 21 56 109 McAllen ----------------2 November 144 197 221 182 Marshall ----------------13 14 17 98 103 December 131 197 212 183 Paris --------------------6 6 12 167 86 Plainview ----------------20 27 E8 264 Port Arthur -----------31 51 240 565 1,689 S0U STUlM STOCJ\. ,_. ICC INOCJI M AV[ IV.G( MOf,!Tl"l,.Y HIGHS Ranger -------------------7 1 16 12 AV(R.AG(. ""°"'TM Kl2:.J·"2"4~!) • 100 San Angelo -------------15 6 70 115 331 San Antonio ----------131 116 442 1,434 4,998 Sherman -----------------5 3 6 133 162 Snyder ------------------1 4 8 14 17 Sweetwater ------------84 2 12 119 216 Temple ----------------28 33 85 297 344 Tyler ------------------30 429 81 1,351 592 Waco ------------------------59 1,253 72 1,497 692 Wichita Falls -------9 7 67 57 816 Total ________________$3,956 $5,254 $27,809 $39,307 $5,386 CARLOAD"INGS Railroad carloadings in the southwestern district of the American Railway Association during the first 26 BUILDING weeks of 1931 totaled 1,595,394 cars compared to Building in Texas during the first half of 1931, as 1,884,702 cars during the first half of 1930. This de· indicated by permits granted in 35 cities, represented a cline of 15 per cent was less than the 18 per cent decline value of $27,809,000 compared to $39,307,000 during from 23,200,576 to 18,979,984 cars which occurred in the first six months of the previous year. This decline the United States as a whole. AUTOMOBILES Registrations of new automobiles in nine Texas coun­ties during the first half of 1931 amounted to 18,721 compared to 25,244 during the corresponding period of the preceding year. Most of this total decrease of 26 per cent was in the low priced group, of which 12,995 cars were registered this year as compared to 17,642 in 1930. The highest percentage loss was in the price range just above the lowest, which showed a decrease of 44 per cent, but this group represented only 1,817 cars out of the total of 25,244 registered during the first half of last year. June registrations for ali makes of 3,269 cars repre­sented a decrease of 20 per cent from the J une, 1930, total of 4,061 cars. Registrations by price groups were as follows: June, May, June, Year-to-date 1931 1931 1930 1931 1930 ______________________ 2,272 Group 11 223 163 205 1,017 1,817 Group 111 691 725 756 4,196 5,068 Group IV 83 85 138 513 717 ______________________ 3,269 Group 1 2,549 2,962 12,995 17,642 Total 3,522 4,061 18,721 25,244 Registrations of 47 makes of cars in Be:rar, Dallas, El Paso, Galveston, Harris, McClennan, ·ueces, Tarrant, and Travis Counties are included in this summary. These makes have been grouped in to four clnsses on a price and horse powet basis: Group 1 includes cars in the lowest price range; Group II, light sixes; Group 111, the rnedium priced cars; and Group IV, the high priced cars. CEMENT Both production and shipments of cement declined 15 per cent during the first half of 1931 as compared to the corresponding period of 1930, leaving stocks at the close of June 1.9 per cent smaller than on the cor­responding date last year. Shipments of 3,018,000 barreis during the first six months of the year were slightly in excess of production, which totaled 2,916,000 barreis. In spite of the reduction in stocks indicated by this difference, total supplies on hand at the end of June were second only to the record stocks in June, 1930. Both production and shipments increased during June contrary to a seasonal tendency to fall off. Production of 634,000 barreis as compared to 600,000 in May was an increase of 5.6 per cent, while the usual tendency is for a decline of 5 per cent. Shipments increased even more sharply from 620,000 barreis to 693,000. This increase of 12 per cent is in contrast to a usual decrease of 5.4 per cent. Though the June increase in shipments was greater than the increase in production, total shipments during the month fell 18 per cent below the corresponding month of last year, while production was 14 per cent greater than in June, 1930. Production in the entire United States up to July 1 represented 55 per cent of the total mili capacity com­ pared to 66 per cent during the corresponding period last year. Cement statistics for Texas as reported by the Bureau of Mines were as follows: (In Thousands of Barreis) Ju ne, May, Ju ne, Year-to-date 1931 1931 1930 1931 1930 Production ----------634 600 558 2,916 3,442 Shipments --------------693 620 706 3,018 3.566 Stocks -----------------------675 734 688 675 688 LUMBER Average production of 232,052 feet of lumber per unit in the southern pine area during June was off less than 1 per cent from May, but 29 per cent below June of last year. Shipments foil off 11 per cent from 284,575 feet per unit in May to 252,214 in June, but remained 20,000 feet above production. Shipments during June of last year were more than 35,000 feet below produc­tion. The decrease of 30 per cent in unfilled orders, as compared to June, 1930, however, more than offsets the comparatively favorable ratio of shipments to pro­duction, since combined shipments and unfilled orders of June of this year do not equal unfilled orders alone of }une, 1930. Lumber mili statistics per unit as reported by the Southern Pine Association are as follows: (In Board Feet) Ju ne, May, June, 1931 1931 1930 Production ---------------------------232,052 233,058 324,953 Shipments -----------------------------252,214 284,575 288,698 Unfilled Orders -----------------------658,580 689,593 939,130 PETROLEUM Daily average production of 808,879 barreis of petro­leum in Texas during the first half of 1931 represented a decrease of 3 per cent from the 834,210 average for the first six months of 1930. Daily average produc· tion in the entire United States declined 12 per cent dur­ing the same period. Imports were 15 per cent less than during the first half of 1930, amounting to 10.l per cent of daily average production this year and 10.4 per cent last year. Each of the seven sections of Texas showed a decline as compared to 1930 except East Central Texas, where production during the first half of the present year was ·approximately seven times that of the corresponding period last year. These figures include the East Texas area recently designated by the American Petroleum ln­stitute as a separate section. Production increased in ali sections of the State ex­cept the Panhandle and Coastal divisions during June, but the increase in East Central Texas was the greatest both in percentage and in actual amount. East Central Texas was the only section which did not show a de­crease as compared to June of last year, but the increase of more than 900 per cent in what at that time was the least productive area was sufficient to make total output for the State during June of this year 14 per cent greater than during the corresponding month of 1930. Trade reports during recent weeks have shown a sub­stantial increase in consumption of gasoline. The Bu­reau of Mines report for May, the latest available, indi­cates that stocks on hand at the end of May represented a 37 days' supply as compared with a 39 days' supply the previous month and a 40 days' supply on the cor­responding date of 1930. Retail sales of gasoline m Texas in May were 73,090,148 gallons compared to 66,549,579 in May and 67,857,122 in M,'ly, 1930. Daily average production by sections as reported by the American Petroleum Institute was as follows: (Barrels) Ju ne, May, Ju ne, Year-to-date 1931 1931 1930 1931 1930 Panhandle __ 59,062 59,500 107,975 56,817 96,604 No1th Te·xas 57,462 56,700 81,838 58,399 81,553 West Central Texas _____ 27,962 25,875 61,000 26,041 55,977 West Texas .. 211,875 210,438 300,775 228,417 323,018 · East Central Texas _____ 412,237 350,162 40,275 216,174 30,318 So uthwest Texas 59,012 60,050 75,575 68,337 68,962 Coas tal Texas ______ 145,437 155,387 185,100 154,694 177,778 State ______ ____ 973,047 918,112 852,538 808,879 834,210 United States ___ 2,465,587 2,448,700 2,592,337 2,288,974 2,604,516 l mports ·-----199,919 204,250 280,964 232,791 272,685 A sharp curtailment of drilling is indicated by a de­cline in permits for new wells from 737 in May to 421 in June. The number of new production oil wells brought in and their initial production was greater in June than in the preceding month, however. New de­velopment activities in Texas, as compiled from the Oil W eekly, are as follows: Ju ne, May, Ju ne. Year-to-date 1931 1931 1930 1931 1930 Pennits fo r N ew Wells ----------421 737 748 2,954 4,163 Wells Completed .. 541 509 596 2,437 3,052 Producers 428 374 320 1,540 1,964 lnitial Production (Barre! ) ---------734,239 618,597 COTTON TEXTILE SlTUATION Cotton manufacturing in June was at a lower rate than in May. The yardage production figures of the Association of Cotton Textile Merchants of New York showed a weekly production of 52,033,000 yards, or a total of 260,163,000 yards for five weeks, compared with an average of 55,160,000 yards per week in May, or a total of 275,801,000 yards. According to the same authority, sales during June amounted to 355,902,000 yards, or 137 per cent of production. Stocks on hand decreased 4.5 per cent from 301,943,000 yards, and un­filled orders increased 33 per cent from 248,544,000 yards. These figures are in line with the better spinners margin which prevailed during a considerable part of June. SPINNERS MARGIN Spinners margin for June at 178 averaged the highest for any month since February, 1927. The price of cot­ton advanced from the low of 4.56 d on June 8 to a high of 5.53 d on June 27. On June 3, the spinners margin was 165, and advanced to 180 on June 22, even though cotton also advanced from 4.56 d to 5.22 d. Yarn was not able to follow the advance made by cotton as a re­sult of President Hoover's intergovernmental debt mora­torium proposal on June 27. Accordingly, cotton has declined to 4.79 d on July 18. Reactions of the spinners seem to indicate that with cotton prices around 5 d, it is necessary to have a margin of 165 or better. Spinners Margin refers to the ratio between the price of American 32-twist cotton yam in Manche.ter and tho Li•erpool price of middlin1 American cettoa. Nonnally, the price of 32-twist should be 60 per cent obove the 1pot price of American middlinc cotton. lf price1 chance 10 tbat tbe ratio lncreuee. dat 1pinner1 marein of profit is increaaed and thereby tbe demand for cottoa 11 strengthened. On tbe other hand, wben the ratio decreasea, the spinnera mar¡in i• al10 rela tively decreased, and then the demand for cotton fal11. - 1931 1930 1929 1928 1927 January --------­ -------­ 166 148 152 149 174 February ---­-------­-------­--------­ 162 154 151 151 179 Mar ch --------­----------­----­-------­-161 154 148 150 173 April -----------------------­-----­------­170 148 150 ·149 168 May --------­-------------­----------­ 173 148 152 149 165 J une ------­-------------­----­-----­ 178 152 151 148 172 July ----------------­-------­--­ 154 148 147 167 August ---------­-­----------­ ----­--­-­ 160 151 154 164 September -­---------------­ --­ 156 148 152 156 October --------­------------­---­ 158 149 148 156 November ------------­--------­____,__ 156 151 152 148 December -----­---------­-------­--------­-----­ 158 150 151 147 Normal =157. 1 1 oeol-o------+-----1: Sl"lNN(Jl::S MAA(;IN :f-----+-/­ 170 \ ~ V\ J ~l----\---t-----+----+---~-++-----1 "'f-----'1\=c--+---,.....--+-_--_-_-+-l/"\--/-f->o-'+-----1 "-..J ... ..... ""' -­ - 1 1 1 COTTON MANUFACTURING Sales during June exceeded production for the first month this year, and were above the corresponding Production of cotton goods in Texas during the first month of 1930 for the second successive month. Pro­half of 1931 totaled 22,169,000 yards, a decrease of 29 duction was the smallest for any June since Bureau of per cent from the 31,153,000 yards produced during the Business Research records began in 1926, falling 14 per <:orresponding period of 1930. Sales fell off only 23 cent below June of last year. Sales exceeded those of per cent from 25,340,000 yards in 1930 to 19,587,000 June, 1930, by 26 per cent, reaching the highest figure yards in 1931, with unfilled orders at the close of the since October, 1930. :first six months 28 per cent greater this year than last. . Cotton mili activity during June was as follows: June, May, ]une, )'ear-10-datc 1931 1931 1930 1931 1930 Bales of Cotton Used__________ ____ ___________ __ --------------------------------------3,834 4,174 4,854 26,279 35,811 y ards of Cloth: Produced__________________ ------------------------------------------------------------------3,513,000 3,573,000 4,089,000 22,169,000 31,153,000 Sold.._____________________________ __ ___________________ ----------------------------------4,020,000 3,045,000 3,186,000 19,587,000 25,340,000 Uhfilled Orders_________________________ _ _______ ·-----------------------------------5,328,000 5,791,000 4,164,000 Active Spindles________ __ ________________________ --------------------------------------150,000 146,000 164,000 Spindle Hours_________________ __________________ _ __________________________________ 29,763,600 28,574,000 35,475,000 COTTON BALANCE SHEET On June 1, the supply of cotton in the United States was 2,063,000 bales more than on June 1, 1930. Changes According to balance sheet calculations, the supply of in supply during the previous seven years on this date oeotton in the United States on July 1 was 7,061,000 bales, the greatest on record at this date except July 1, amounted to 6,258,000 bales, and the corresponding 1921, when the supply was 7,431,000 bales. The average changes in the index price amounted to 2,614 points, or supply on this date during the period 1923-30 was about 41 points to each change of 100,000 bales in 3,429,000 bales. Reduction in the cotton supply in the supply. If this rate of change should apply now, the United States in June amounted to 707,000 bales, com­index price should be about 6.55 cents. As already pared with 786,000 bales in May, and 590,000 bales in pointed out, the supply-price curve for cotton is curvi­]une of last year. linear, and supplies above the average cause less than As was expected, consumption in June exceeded con­ average change in price, and supplies less than average sumption in June, 1930. This is the first month during cause more than average change in the price. Duringthe eleven months of this cotton year that consumption the past seven years, supplies more than average caused -exceeded consumption in the corresponding month of last an average change in price of 18.7 points for each year. Total American consumption for the previous 11 100,000 bales. When this rate is applied to the very:months was 4,820,000 bales, compared with 5,727,000 large supply this year, it indicates an index price of .bales for the same period last year, and a seven-year 11.15 cents. When this price is adjusted by the Bureau .average of 6,046,000 bales. Exports to date have been of Labor Statistics wholesale price index, it indicates '6,493,000 bales, or only 21,000 bales less than for the same period last year, and compare with an average for an actual New Orleans spot price of 7.82 cents based lhe corresponding period in the previous seven years of on changes in supply and price level in this country. 7,577,000 bales. Calculations based on the relationship between percent- COTTON BALANCE SHEET AS OF JULY 1 IN THE UNITED STATES (In Thousands of Running Bales) Carry· Importa Coneumption Export1 over since Final sinee sinee Year Aug. l Aug. I• Ginninc!I• Total Au¡. l Aug. 1 Total Balance 1923--1924 ------------------------------------------­ 2,325 286 10,171 12,782 5,334 5,452 10,786 1,996 1924-1925 ---------------------­------­-------------­ 1,556 303 13,639 15,498 5,709 7,8ll 13,520 1,978 1925-1926 ----------­-­---------------------­ 1,610 313 16,123 18,046 5,994 7,696 13,690 4,356 1926-1927 ---------­----------------------------­-­ 3,543 370 17,755 21,668 6,620 10,555 17,175 4,493 1927-1928 -----·------­-------­-----­---­--­ 3,762 320 12,783 16,865 6,394 7,208 13,602 3,263 1928-1929 -------------------------------------­ 2,536 436 14,297 17,269 6,544 7,806 14,350 2,919 1929-1930 -----·-------­---------------­ 2,313 374 14,548 17,239 5,727 6,514 12,241 4,99& 1930-1931 -----------------­ 4,530 88 13,756 18,374 4,820 6,493 ll,313 7,061 *In 500-pound balea. The cotton rear be¡in1 on Au¡u1t l. age changes in supply and price in the balance sheet indicate a New Orleans spot price of 8.45 cents. When this price is adjusted for demand through the favorable spinners margin of 178, the New Orleans cal­culated spot price based on the supply in the United States, the declining price leve!, and the spinners mar­gin ranges between 8.86 cents and 9.57 cents. European port stocks of American cotton and sup­plies afloat to Europe were 902,000 hales on June 26. compared with 660,000 hales on the same date last year. When the price is adjusted for this increase of 242,000 hales on the percentage change basis, it indi­cates a price of 9.20 cents, and if based on points change of supplies above the average, a price of 8.50 cents. COTTON Acreage in cotton on June 25 in the United States was 41,491,000, as estimated by the United States Depart­ment of Agriculture, or a reduction of 10 per cent. lf we may judge by the market reaction, the acreage was slightly larger than was expected. The price of New York, December, declined from 9.95 cents to 9.55 cents on July 8, the time the report was issued. The first official estímate of the crop is not due until August 8. In the meantime, prívate reports indicate the crop is still a few days late, tlil'!t the plants are small but well rooted, and are fruiting satisfactorily. V?eather, on the whole, is favorable, crops are clean, and insect damage to date less than average. Vety few reliable reports are yet available concerning foreign cotton crops. In India, the monsoon rains are less than normal, though to July moisture was ample in most sections. Russia, according to the lnternational lnstitute of Agriculture, has increased her acreage this year 61 per cent, or to 6,178,000 acres-8.7 per cent ahead of the five-year plan. AGRICULTURE A substantial decline in Texas cotton acreage and a corresponding increase in acreage devoted to food and feed crops are among the significant facts as of July 1 included in recent reports of the United States Bureau of Agricultura! Economics. Although the average reduc­tion in cotton acreage for the State was 8 per cent, the reduction varied considerably in the different districts. In West Central, Northwest, and Northern Texas, the es­timated reduction is 11, 12, and 13 per cent respectively, and in Southeast and Central Texas, O and 2 per cent respectively. In the remaining districts estimated reduc­tions are about equal to the State average. Estimated acreages and condition of important crops as of July 1 are given by the United States Bureau of Agricultura! Economics as follows: JULY 1 CROP REPORT TEXAS Acreage Condition, July 1 ( In Thousands) Per Cent Revised 10-Yr. Av. 1930 1931 1920-29 1931 Cotton ________________l 7,528 16,126 Corn ---------------------4,687 5,343 76. 72. Wheat ------------------3,058 3,670 12.2* 16.0* Oats -----------------1,455 1,819 25.8* 42.0* Barley -------------------193 232 21.9* 29.5* Sweet Sorghum, sirup ____ 11 13 79. 71. Ali Tame Hay --------------------507 553 81.t 75. Wild Hay ----------------·---204 204 80.t 69. Cowpeas, alone ----------------148 192 80.:f: 80. Irish Potatoes -----------·------57 67 72. 76. Sweet Potatoes ------------------51 69 81. 68. Rice -------------------·----186 197 89.§ •82. Peanuts --------------------158 161 80. 76. Apples, total ---------------------­53. 42. Peaches, total --------·----48. 43. Pears, total --------------------55. 40. UNITED STATES Acrea¡:e Condition, July l (In Thousnnds) Per Cent Revised 10-Yr. Av. 1930 1931 1920-29 1931 Cotton ------------------------46,078 41,491 Corn ------------------------· _______ 101,413 105,557 80.8 83.7 Winter Wheat -----------·------39,514 40,692 14.9* 17.5* Durum Wheat ------·-----4,763 3,543 12.4* 9.1 * Other Spring Wheat ---------16,243 13,434 12.81 I 9.21 I Oats ------------------------40,125 41,248 31.1* 31.7* Barley ---------------------12,901 12,771 25.2* 20.9* Sweet Sorghum, sirup ______ 201 273 79.1§ 75.3 Ali Tame Hay -----------------54-,080 54,591 79.9§ 73.6 Wild Hay ------------------13,810 13,283 78.5§ 61.0 Cowpeas, alone -------------1,450 1,883 76.1§ 75.3 lrish Potatoes ---------------3,167 3,506 85.1 83.5 $weet Potatoes -----------------722 871 81.5 68.1 RiceU ---------------------------959 958 87.9 84.1 Peanuts ------------------------1,391 1,683 80.9 70.8 Apples, total -----------·-----­59.6 69.5 Peaches, total ------------61.3 76.3 Pears, total -----------60.9 602. Total production is in bushels excepting Tame and Wild Hay, which are in tons, Grain Sorglrnm in gallons and Cotton in bales. •Yield; t7-Year Average ; '.l:6-Year Average; §Short Time Average; JI Yield Ali Spring; and TIS States. FRUITS AND VEGETABLES Shipments of fruits and vegetables from Texas during the first half of the year amounted to 46,620 cars, an . increase of 27 per cent from the total for the correspond­ing half of 1930. Heavier movement of cabbage, toma­toes, and mixed vegetables accounted for most of the increase, as grapefruit, onions, and potatoes fell well under the 1930 records. Watermelons, also, had failed to reach last year's levels at the <;lose of June, with only 1,307 cars shipped compared to 2,142 up to the cor­responding date of 1_930. June movement fell off to 9,509 cars from the May total of 10,126. This decline of 6.1 per cent was con­ trary to the three-year average increase of 13 per cent during this period. Shipments by commodities, as reported by the United States Department of Agriculture, were: (ln Carloads) June, May, Ju ne, Year-to-date 1931 1931 1930 1931 1930 1ixed Vegetables --·· 33 567 58 7,378 6,349 pinach --------------5,471 5,049 Cabbage -------------12 328 27 8,326 5,000 Grapefruit -----------870 1,181 Sweet Potatoes _______ 386 326 Caulitlower --------------­8 36 Strawberries ---------­61 101 Onions --------------------896 3,184 538 5,454 6,248 Lettuce -----------------­42 61 Tornatoes --------------5,316 2,673 3,823 8,037 6,659 Orange ---------­46 73 Potaloes ----------------1,856 2,015 786 4,869 5,267 Green Peas -----------·--1 8 1 String Beans -------·­198 5 521 567 Mixed Citrus ------­21 190 Cucumbers ------------43 563 56 614 842 Watermelons -----·--1,305 2 2,130 1,307 2,142 Cantaloupes ---------7 24 7 40 Peaches -----------------13 3 13 3 Peppers -------------··­2 Apples -----------------··­1 Deciduous Fruits ---·--6 Carrols ----------------·-27 195 43 1,161 2,074 Beels ------------­ 37 1,130 Turnips ------------·-· 185 Greens ----------·--·­ 2 340 Green Corn ----------360 360 PILLms and Prunes__ _ 2 2 Total -----------··· __ 9,509 10,126 7,493 46,620 42,215 Watermelon shipments promised to be unusually heavy in July this year, with the South Texas crop delayed and total production estimated at 4 per cent greater than last year. Total plantings of watermelons in Texas are estimated at 34,100 acres compared to 34,800 acres last year, but because of heavier yields per acre total produc­tion is expected to be 8,525,000 melons compared to 8,178,000 in 1930. The North Texas Bermuda onion crop, which goes to market in July, is expected to be 356,000 bushels, ac­cording to Government estimates, compared to 279,000 hushels in 1930. POULTRY AND EGGS Total rail shipments of Texas poultry and eggs during June amounted to only 166 cars compared with 330 cars in May, or a decline of 65 per cent. The decline was much more drastic in eggs than in poultry. For the first six months of the year shipments of poultry and eggs combined aggregated 2,157 cars, of which 396 cars were intrastate and 1,761 inter:it:ate shipments. Egg shipments alone during the first half of the current year amounted to 1,230 cars, intrastate shipments accounting for 384 cars and interstate shipments 846 cars. Total rail receipts of eggs declined from 139 cars in May to 44 in June. Receipts from points outside of Texas were 21 in June compared with 34 in May, while receipts at Texas markets from points within the State decreased from 105 cars in May to 23 cars in June. Cold storage holdings of shell eggs in the United States as of July 1 were nearly 12 per cent below those of the corresponding date last year, while holdings of frozen eggs also showed a decline of about 1.5 per cent, according to the July 13 release of the United States Bureau of Agricultura! Economics. Compared with the five-year average storage holdings on July 1, the decline for the current year is 3 per cent. JUNE CARLOAD MOVEMENT OF POULTRY AND EGGS* Shiprnents frorn Texas Stations Cars of Poultry Live Dressed Chickens Turkeys Chickens Turkeys TOTAL -------------·-­16 76 5 Cars of Eggs 70 lntrastate --------------------­Interstate -----­-----------­ 2 14 75 5 33 37 INTERSTATE SHIPMENTS CLASSIFIED State Shipped to State Shown in Margin 1 ew York -------------10 · 29 4 1 New Jerseyt -------------__ 12 Massachusetts ---------___ 10 Louisiana -----------4 13 Illinois -------------·--_____ 8 8 Georgia ------------------_____ 1 Michigan ------------·-----___ 1 Mississippi -----------···---____ _ 1 Maryland ---------------____ _ 1 Tennessee -----------------···--------1 Indiana -----------------------_____ 1 Pennsylvania -------------·--___ 1 2 Virginia -------------------------_____ 1 California -------------------____ 1 3 Connecticut --------------____ 10 Missouri ------------------···· ---­3 1 3 Oklahoma --------··----_ 1 *These data are furnisbed the U. S. Department of Agriculture, Divísion of Crop and Livestock Estimates, by railway ofiicials through agents at all statione which orii;inate and receive carload shipments of poultry and eggs. tThe ew York terminals of the Erie. Pennsylvania, and Lackawanna Railroads are in ew Jersey. LIVESTOCK CONDITIONS AND MOVEMENTS Deterioration in Texas ranges from 90 per cent on June 1 to 82 per cent on July 1 was announced by the United States Bureau of Agricultura! Economics in a report released July 14. Moreover, condition on July 1 w'as reported as 4 points below a year ago, and 7.2 points below the five-year average. Precipitation during June was much below normal over the entire State, but beneficia! rains fell over a large part of the range coun­try during the latter part of June and the first few days of July. Heavy general rains during the middle of July Total forwardings of ali classes of livestock during suggest a marked improvement in range condition since J une were 34 per cent greater than in the same month issuance of the report. lar:t year. Larger shipments occurred among most classes In the 17 western states, range conditions continued of livestock with sheep increasing 92 per cent, cattle 37 to decline, showing the lowest condition on July 1 for per cent, calves 13 per cent, while hogs decreased 13 that date in the nine years that range reports have been per cent. For the first six months of the year, however, issued. total forwardings were 8.5 per cent less than for the· The United States Bureau of Agricultura! Economics like period in 1930. Hog shipments declined 48 per reported condition of range animals and ranges as of cent, cattle 16 per cent, and calves 1.4 per cent. On the­J ul y 1 as follows: other hand, shipments of sheep were 197 per cent greater Range Condition Livestock Condition during the period than during the. corresponding six: Per Cent of Normal P~r Cent of Normal months last year. Cattle Sheep-Goats Cattle Shcep Goat11 Ju]y 1, 1930 ------------·-·-82.0 87.0 87.0 88.0 88.0 Compared with the preceding month, June shipments One Month Ago -----------90.0 90.0 91.0 91.0 90.0 of sheep declined 66 per cent, cattle 37 per cent, calves One Year Ago -------·-··-86.0 88.0 86.0 87.0 88.0 5-Year Average -------··-89.2 9LO 90.0 90.2 92.2 31 per cent, and hogs 6.4 per cent. TEXAS SHIPMENTS OF LIVESTOCK FOR JUNE, 1931 * (Number of Head) Cattle Calves . Swine Sheep DESTJNATION 1931 1930 1931 1930 1931 1930 1931 1930 F ort Worth ----------------------------------------------------40,508 30,465 12,191 11,838 5,162 8,845 77,994 34,838 Los Angeles ------------------------------------------------------198 65 3,239 4,592 Other California Points --------------------------------------------------78 5 167 Denver ---------------·--------------------------------------------------------156 439 Other Colorado Points -------------------------------------------1,950 610 717 353 1,248 Chicago -------------------------------------------------------------809 80 East St. Louis ------------------------------------------------------2,475 887 241 5,259 Other lfünois Points -------------------------------·--------------54 99 156 340 Wichita --------· __________ :____________________________________________ 389 577 274 42 132 1,406 Other Kansas Points -----------------------·--·------------2,391 876 339 75 ew Orleans ------------------------------------------·-----------------1,374 564 4,425 3,010 5 Other Louisiana Points ------------------------------------------27 160 18 74 41 129 Kansas City -----·------------·-----------------·----·--·-----------------8,050 3,503 1,585 198 81 10,282 5,728 St. Joseph ----------·--------------------·------------·----------------1,012 69 40 982 Other Missouri Points --------------------·------·-·--------------·---1,008 144 223 443 Other Nebraska Points ---·---------·--------------------------------98 99 180 201 Oklahoma City -----·---------------------------------------------·------492 1,828 69 35 104 139 5,141 633 Other Oklahoma Points ---------------------------------------861 777 13 Ariwna --------------------------------------·----------·------------------558 561 808 3 95 160 280 lowa -----------------------------------------------------------204 491 1,037 152 9 ew Mexico ----------------------------------------------------------830 1,166 466 335 1,229 604 922 Other Sta tes ---· -----------------------------------------------------142 435 60 229 760 Total lnterstate, plus Fort Worth:j:. ____________________63,586 43,828 22,310 17,031 11,676 15,469 100,671 43,369 Total lntrastate, omitting Fort Worth _________________22,306 18,806 9,640 11,271 4,854 3,690 10,740 14,641 Total Shipments --·-·---------------------------------------------------85,892 62,634 31,950 28,302 16,530 19,159 111,411 58,010 Oune Shipments Converted to Car-Lotst) Cattle Calves Swine Sheep Total 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 Total lnterstate Plus Fort Worth+ -----------------·--2,120 1,461 371 284 146 193 403 173 3,040 2,111 Total lntrastate Omitting Fort Worth____________ 743 627 161 188 61 46 43 59 1,008 920 Total Shipments ----------·----·----------------------------­-2,863 2,088 532 472 207 239 446 232 4,048 3,031 •These ~tatistics are fumished the U. S. Department o{ Arriculture, Division of Crop and Liveatock Estimate11, by railway officials throu¡h approximately 1,500 agent1 representing evcrr livestock shipping point in thc Statc. tRail-car basi11: cattlc, 30 head per car; calvea, 60; 11wine, 80; and aheep, 250. l:Fort Worth 1hipments are combined with interstate forwardini:s in order that the bulk oí mark.et diaappearancc for thc month may be ahown. TEXAS RECEIPTS OF LIVESTOCK FOR JUNE, 1931 * ( umber of Head) Ca ttle Ca lves Swi nc Sheep ORIG!N 1931 1930 1931 1930 1931 1930 193 1 1930 Fort Worth -----------------------------------------­ 1,279 2073 377 821 959 2,594 1,821 Wichita -----------------­_________... ------------­ 363 177 221 319 Other Kansas Points _________________,., ------------­ 71 30 60 283 385 1,130 Other Louisiana Points --------------------J -­------------­ 125 34 130 374 136 Kan as City --------------------­--------­----------­ 410 208 1,237 2,416 St. Joseph --------------------------------------­ 180 788 672 Other Missouri Points ------------------------·-------------­ 130 Other ebraska Points ------------------------------------­------­ 379 170 Oklahoma City --·----------------------------­--------------­ 47 90 125 Other Oklahoma Points -------­------------------­-----------­ 213 870 332 845 2,604 Arizona -----------------------------------------------­--­ 1,576 130 Iowa -----------------------------------J---------­ 60 1,529 230 New México -----------------------------·-------------­ 1,667 2,269 171 970 1,122 591 93 7 Other tates __________________________________. __________ 35 Total Inter tate, plus Fort Worth j:·--·--------·------------4,223 Total lntrastate, omitting Fort Worth§·--·-------:-:15,903 7,464 16,789 608 6,493 2,383 10,058 6,998 4,719 8,241 4,163 3,053 4,511 2,958 17,567 Total Receipts ------···------·--· ----------.20,126 24,253 7,101 12,441 11 ,717 12,404 7,564 20,525 (June Receipts Converted to Car-Lotst) Cattle Calves Swine TotalSheep 1931 1930 1931 1930 1931 1930 1931 193& 1931 1930 Total Interstate Plus Fort Worthj: --·--------· Total Intrastate Omitting Fort Worth§ _________ 141 530 249 559 10 108 40 167 87 59 103 52 12 18 12 70 250 715 404 848 Total Receipts_______ ·--------------­--------­ 671 808 118 207 146 155 30 82 965 1,252 •These atatistics are furnished the U. S. Department of Agriculture, Division of Crop and Livestock Estimates, by railway officials tbrough approximately 1,500 agenta representing every livestock shipping point in the State. tRail-car basis: cattle, 30 head per car; calves, 60; swine, 80; and sheep, 250. tincJudes receipts at "other.. Texas points from Fort Worth. §Represents ali intrastate receipts, cxcept those received at Fort Worth. PUBLICATIONS OF THE BUREAU OF BUSINESS RESEARCH NEW PUBLICATIONS RESEARCH MONOGRAPHS No. l. "The Possibilities of Cotton Manufacturing in That the predominance of agriculture is gradually be­ Texas, by Rudolph Grossmann. Price, 50c. ing reduced by the growing importance of mining and manufacturing in the economic life of Texas is pointed No. 2. "A Market Analysis of the Cattle lndustry o/ Texas," by George M. Lewis. Price, $1. out in a bulletin just released by the Bureau of Business Research of The University of Texas. This study, The No. 3. "What Place Has the Advertising Agency in Market Research?" by William J. Reilly, Ph.D. Price, $1. Economic lmportance of Manufacturing and of lts Leading Lines in Texas, by Rudolph Grossmann, Indus­No. 4. "Methods for the Study of Retail Relation­ trial Engineer in the Bureau, contrasts severa} lines of ships," by William J. Reilly, Ph.D. Price, $1. manufacturing in Texas and gives a description of the No. 5. "A System of Accounting Procedure for Live­ stock Ranches," by Frederick W. Woodbridge. Price, character of manufacturing in the State. $1.50. MIMEOGRAPHED STUDIES No. 6. "An Analysis of Credit Extensions in Twenty­ "Economic lmportance of Manufacturing and of lts three Texas Department '"'r~s Ó')' Occupational Groups," Leading Lines in Texas," by Rudolph Grossmann. by Arthur H. Her!. P· '.e, $1. Price, SOc. No. 7. "tln Analysis o/ Sh1:pme.•:s of Texas Sheep and "Graphic and Statistical Summary of Hog Movements Goats." hv George l\1. Lewis. Pri'.·e, $1. to and from Texas, 1923-1930," by F. A. Buechel and No. 8. "The !vatural Regions of Texas," by Elmer H. John Clack. Johnson. Price, $1.