0
TEXAS BU" "' .:~, .,: ;. SREVIEW 
A Monthly Summary of Business ~<t~c'-'A~11 ..~tions in Texas and the Southwest 
Bureau ..~~f3~esearch 
The University of Texas 
Entered as second-class matter on May 7, 1928, at the post office at Austin,
Volume VIII, Number 2 Texas, under the Act of August 24, 1912. l\Iarch 28, 1934 

Business Review and Prospect 

UNCERTAINTY regarding the immediate future trend of 
business and industrial activity has been gradually developing during the past three weeks as a result of impending reform legislation in Washington. During the past week this situation has been intensified and has reached an acute stage because of the labor crisis which threatens to disturb industrial relations at a time when outputs in the important automobile and steel centers are approaching their seasonal peak. Although the Government spending program may offset the prospective decline in private initiative, a pause, at least, is likely in the general upward trend of business. 
The attitude assumed by the Administration in settling the threatened automobile strike has extraordinary sig­nificance at this time. Any evidence that the Administra­tion distinctly favors union domination would stimulate strikes throughout the country and greatly prolong the duration of those now in progress. Significant also is the fact that hours of labor and rates of pay are not at issue in the present crisis, for the automobile industry apparently has met the demands of labor and of the 
N. R. A. in these respects. Only certain features involving the principle of open vs. closed shop are still in dispute. Under these circumstances, it seems hardly probable that the A. F. of L. will press their demands for the recogni­tion of an abstract principle at this time to the point of seriously endangering industrial recovery or of jeopardiz­ir1g their present favorable standing with the Administra­tion. The real test of the Administration's policy toward labor-management relations may be expected to develop du.ring coming months as specific cases for adjustment anse. 
Industries connected with the production of consumer's goods already have travelled a long way on the road to recovery. The heavy industries, however, and especially those engaged in the production of capital goods continue to lag far behind. Employment conditions in private industry from now on may be expected to improve largelv in proportion to the extent that the capital goods industries get under way. 
Users of capital goods in private enterprise will remain ;autious in making investments, however, until the outlook 'or profits becomes more clear. Certain legislation now Jefore Congress as well as the Securities Act passed some months ago must be further clarified before much progress can be expected in the capital goods industries. Contributing further to the uncertainty of the future profits outlook are reports that a group of advisers close to the president entertain a philosophy which definitely opposes the private profits motive in industry. Since such philosophy strikes at the very core of private property in production goods, any concrete evidence ttnding to substantiate these reports may be expected to have a further dampening effect on the capital goods industries and thereby of further retarding reemployment of labor in this field. Moreover, much of the benefit of the Public Works program would be lost if the public fonds should become exhausted before private enterprise had gained sufficient momentum to absorb labor as it is released from government projects. 
Close observers of pending . legislation predict that the Wagner labor bill will not be enacted in this session of Congress; that the bill for regulating stock exchanges will be adopted in modified form; that the soldiers' bonus bill if passed will be vetoed by the president; and that a radical silver bill will not be adopted. Modi­fication of the Securities Act appears to be in doubt: coordinator Eastman's proposals to regulate truck and waterway competition appears too controversial to be acted upon before the next session \\·ithout a special message from the President; and President Roose,·elt's request for powers to negotiate reciprocal tariff agree­ments will meet strong opposition but may yet be acted upon. 
If these forecasts prove to be correct, important issues will remain undecided for many months, gi,·ing rise to hopes and fears as to the final disposition of the problems inrnlved. 
Texas business and indu~lrY continue to ref1ect the sharp price increase which h;1s occurred in the basic commodities of the State: cotton. oil. \mo!. and mohair. More recently prices of li,·estock and th~ products of li,·estock have joined the up\\·ard trend. The increased income from these sources is bein;r further supplemented by the bonuses resultin;r from thf' pro;rram of the A.A.A. 
Sales of new passenp:er cars in "ixteen Texas counties during February were 7S per cent abo\e those of Jan· uary and 31 per cent above those of February last Year: sales in 88 retail stores of the State were up 32 per cent from February a year ago and the ratio of collections to outstanding accounts was nearly 6 per cent higher. Texas cotton mills consumed 52 per cent more cotton, increased production 37 per cent, and sold 65 per cent more cloth, leaving a backlog of unfilled orders 89 per cent above that at the end of February 1933. Cement production gained 42 per cent over February last year, shipments were 35 per cent larger, while stocks on hand at the end of February were 23 per cent below those of the cor­responding date last year. 
Debits to individual accounts of reporting member banks of the Dallas Federal Reserve bank were up 28 per cent from last February; demand deposits, 27 per cent; and government securities owned increased 114 
per cent. Loans both on securities and commercial paper declined 12 per cent. 
Commercial failures totalled only 32 in February against 71 a year ago, a drop of 55 per cent. Em­ployment conditions in Texas show a marked im· provement over a year ago. For the week ended March 17 the total number of employees in 2,723 establishments was 20 per cent greater than during the corresponding week last year. Moreover, the number of employees in these firms during the March period was 1 per cent greater than in the comparable week in February. 
Total payrolls in these firms were 17 per cent above those of the same firms in March a year ago arid 1.4 per cent above those of February in the current year. 
F. A. BUECHEL. 

For complete data, see statistical tables at the end of this publication. 

Financial 
Developments at Washington continue to dominate the financial news. Important financial measnres now being considered by Congress include (1) a bill providing for drastic regulation of the security exchanges, (2) a bill creating a new system of federal capital loan banks, (3) various measures designed to raise the market price of silver, and ( 4) the perennial proposal to pay the soldiers' bonus. 
The avowed purpose of the stock exchange bill is to provide regulation of security trading such as will tend to protect the tra<ling public from unfair practices emnloved by professional speculators. However, the underlving motive a1marentlv is to give to some 12:overn­ment bureau, probablv the Federal Trade Commission, sweeping powers designed to enable that bureau to direct the flow of capital funds into and out of selected industries. The bill, now in its second edition, will probably be further revised before final enactment. 

The measure creating a new system of federal capital loan banks represents a direct attempt on the part of the federal government to expand bank credit. The new banks would extend loans direct to industrial borrowers and indirectly through other lending agencies for periods ranging up to five years. Most of these loans clearly would be capital loans and high risk loans. 
Silver purchase proposals range all the way from the mild and comparatively harmless Dies Bill to the absurd Feisinger Bill, which would require the Treasury to buy ] .S00.000,000 ounces of silver at prices ranging up to $2.18 an ounce. The Administration apparently frowns upon the latter measure but may find its hand forced by a rebellious Congress. 
The proposal to pay the soldiers' bonus seems doomed tn certain defeat either bv the Senate or bv presidential veto. The passage of the measure by the House is significant chiefly as indicating growing congressional independence, a tendency which has been apparent ever since the spectacular cancellation of the airmail contracts by the President. 
Despite Administration pressure favoring a looser credit policy on the part of commercial banks, the loan and discount portfolio of the banking system continues to contract. Yet the volume of new bank credit which could be calle<l into being reaches almost unbelievable figures. Inneed, were bank credit to be rapidly expanded to the full limit of the existing reserves, a sensational price rise of from 100 per cent to 200 per cent would almost certainly result. 
Under existing bank statutes, it is possible for a given deposit in a commercial bank to expand to many times its original amount via a continuous process of lending, checking out the borrowed credit, redepositing the checks thus drawn, and relending the new deposits. This pro· cess. once started, tends to be automatic and to proceed to the full limit of the existing gold reserves. 
Bank credit expansion develops through what might b·~ termed two waves of expansion. The first wave or primary expansion can proceed to a maximum of about ten times the surplus cash and excess reserve balances of the banks through the following continuous process. The hanks lend their excess reserves to commercial borrowers who promptly check out the resulting loan credits and mail the checks to their various creditors. The creditors in turn deposit these checks in their respective banks, which banks, after setting up the required legal reserves against these new deposits, loan out the balance to their commercial borrowers. These borrowers check out their loan credits which are redeposited in other banks, reloaned, and so on. 
Assuming that there is an effective demand for loans and that all loans take the form of book credit rather than cash, this deposit expansion could proceed to the limit of ten times the existing excess reserve balances, the average legal reserve required against demand bei~ about 10 per cent. Inasmuch as these assumptions will never be fully realized in practice, the practical limit of primary credit expansion is perhaps five times the exce51 reserves rather than ten times. ' 

TEXAS BUSINESS REVIEW 
On March 20, the excess reserves of the member banks were estimated at the record total of $1,500,000,000. For the entire banking system, excess reserves probably were considerably above this figure, as the estimate does not include the 8,000 odd non-member state banks. However, ·he $1,500,000,000 idle reserves of the member banks 
.vould permit an immediate primary credit expansion 
>J about $7,500,000,000. Further, these reserves will 
;ontinue to be augmented during the next few months 
1ia gold imports and perhaps some further return of 
;urrency from circulation. Since February 1, gold im­
ports have aggregated more than $600,000,000 and, al­
though the flow is not tapering off, an additional $200,­
)00,000 can reasonably be expected to be imported dur­
ing the next three months. This sum would permit a 
further primary credit expansion of approximately 
$1,000,000,000. 
The total practical volume of primary credit expansion in immediate prospect therefore is in the neighborhood of $8,500,000,000. Since this expansion involves no bor­rowing from the reserve banks, it is not subject to the direct control of the central banks except as these banks mop up excess revenues through open market selling, a policy which is most improbable just now. 
Secondary credit expansion, however, is based upon member bank borrowing from the reserve banks and thus is directly controllable by that system. At present, the reserve banks are required to keep a gold reserve of 35 per cent against their demand deposits, that is, against the reserve balances carried with them by the member banks. Excess gold holdings above this 35 per cent reserve and the 40 per cent reserve held behind federal reserve notes, therefore, constitute the base upon which · the secondary bank credit expansion can be raised. In general, the reserve banks can lend to their member banks 100/ 35 of their free gold holdings, or about $2.85 for each dollar of free gold. The member banks, having borrowed this credit, can in turn lend it out, whence it can expand via primary credit expansion to a practical limit of five times the credit borrowed. 
On March 14, the potential free gold holdings of the reserve banks were approximately $1,850,000,000. This 
'ree gold would permit a practical secondary credit 
:xp1,tnsion of $1,850,000,000 X 100/ 35 X 5, or, in round 
mmbers, of $26,400,000,000. This sum, huge as it is, is 
dwarfed by the possible credit structure which could be reared on the basis of possible increases in the free gold huldings of the reserve banks. Such increases could come from gold imports or from sales of gold by the Treasury to the reserve banks. It was estimated abo\·e that gold imports during the next three months might be expected to total at least $200,000,000. Of this sum, the reserve banks would be required to hold $10,000,000 as the 35 per c~nt legal reserve against that amount of member bank deposits, leaving $130,000,000 as free gold, which could support a credit expansion of $130,000,000 X 100/ 35 X 5, or some $1,850,000,000. 
The greatest credit expansion, however, could result from Treasury sales of gold to the reserve system. On March 14, the monetary gold stock of the country amounted to $7,605,000,000, of which $4,252,000,000 was owned by the reserve banks in the form of new gold cer­tificates, and another $200,000,000 represented required treasury reserves behind national bank notes and United States notes. The free gold held by the Treasury, there­fore, amounted to some $3,150,000,000, all of which could be sold to the reserve banks in order to meet gcvernment expenses. Indeed, the Treasury has thus sold considerable sums of gold during the past month. Were all the free gold held by the Treasury to be sold to the reserve banks, it would make possible an additional credit expansion amounting to $3,150,000,000 X 100/ 35 X 5, or approximately $45,000,000,000. 
The total practical credit expansion possible in the near future reaches the immense aggregate of almost $82,000,000,000. This figure compares with total deposits of $38,011,000,000 carried in all licensed commercial and mutual savings banks on October 25, 1933. Were all of this new credit expansion to get into circulation quickly, the effect on commodity prices can be easily imagined. However, the new credit will come into being only when the business world begins to borrow freely from the banks; and this borrowing will develop only upon a reasonable prospect for business profits, which prospect is greatly dimmed by the Administration reform program. Thus far, the government is the only effective demander of bank credit, and its borrowing has been the most important factor in the recent growth of bank deposits. 
J. C. DOLLEY. 

Petrolet1m 

Certain recent developments in the oil industry in this :ountry, and therefore of major interest and concern to rexas, can be better understood if seen in the perspec­ive of the major trends and movements in the oil in­lustry as a whole. 
Prior to 1900 the petroleum industry lAPID was dominantly a kerosene industry

~ARKET 
with lubricants as important associ­

~XPANSION 
ated products. At the close of the "1orld War the petroleum industry had become a gaso­ine industry, but with kerosene and lubricants as very mportant products. Since 1920 the gasoline industry 
has grown greatly and the fuel oil market has developed to one of importance. The advances made by oil prod­ucts and natural gas are reflected, of course, in the reac­tions of the coal industry to these newcomers in the power and fuel industry. 
While these developments have been RAPID occurring, rather sharp shifts have been G~OWTH OF taking place in the larger outlines of the SLPPLY production of crude oil. Up until around 
1925 production of crude oil, in the main, was only keeping up with the rapidly increasing markets for oil 
deriYaliYes. In the meantime, howe\·er, wider geograph­ical exploration \ms being carried on, and particularly there came to the forefront in oil exploration the rncce;;s­ful use of refined technical and scientific applications. In conjunction with these moYemenls there came in rather quick succession the discoYery of a number of major oil fields. And in regard to the share contributed by major fields, it is worth ,,-bile to emphasize that in 1933 fifteen major fields produced at least .S-l per cent of the total oil for the l ·nited States. At the same.time, epoch-making improYements were being made in refining technique where}l\-a barrel of crude \ms made to Yield a larger quantity of gasoline. 
Thus were di;;pelled the fears of rapid exhawotion of the oil resources of the l ·nited States. At the same time there began to arise the actualities of large pruduction from the new countries, and uf a return to large pro­duction in Russia. 
.-\!most o\·ernight the oil industrY 
BEGL\\'J:\GS OF 
was changed from one of scarcity of 
RESTRICTIO\' 
crude oil to one of abundance-and 
OF OUTPUT then came a whole series of attempts 
to 	limit and to restrict production. Since the \rnr oil 
has become a commodity of Yitai economic and political 
importance. \\"orld conferences haw attempted to deal 
particularly "·ith the problem of its oYer-production. 
Conserrntion policies a_t la;;t began to get a hearing. 
Then more recently the possibilities of synthetic products 
(by hydrogeneration, low-temperature carbonization, 
etc.) ha\e appeared on the scene. Coal, with the aid of 
these new processes, can he used as a raw material for 
the 	manufacture of petroleum products, and thus our 
supply of these essential commodities is extended far 
into the future. 
Since the discoyery of the gigantic East Texas fields in 1930, attention Yery generally has been monopolized by the rnrious major problems that came to the oil in­dustry with East Texas. 
.\!any months ago the area\YORLD-\\"IDE limits of the great East Texas fieldRE.-\DJCST.\IE\TS 
were fairh-definiteh· marked out,
I.\ 	OIL l\DLSTRY 
and that ·section ce.ased to be a great hunting ground. Oil exploration did not cease el;;e1,here, ho,,e1er, eYen in ;;pile of the depression. For more than a year a rather intensi\·e exploratory program has Leen carried out-and, due to the great resen·es con­cerned, a large share of these operations haYe been made in the rnrious Texas regions. lt may aiso be noted that oil exploration has been proceeding rather intensiYely in other part;; of the world, and particularly in Russia. It may be said that the search for crude oil supplies has been going on almost as intensiYely as has been the search for markets for its products. In addition, as a part of the world-wide mowment making for greater de­centralization of industry, refining centers are being built to serw markeb in Yarious parts of the world outside the Cnited States. This latter deYelopment has not only tended to decrease exports of oil products from the Cnited States; it has also been a factor in accentuating rnrious competiti\·e forces in the oil industry. 
.\lore recenth-still. there has been a Yeritable scramble of the major ·integ1:ated companies for oil producing lands. \\-ithin the past few weeks the Pew esta"te has bought the Cranfill-Reynold holdings; more recently the Carter Oil Company _Standard subsidiary) has bought
I
the SlickTrschel properties. It is reported that other negotiations are in the air. Some of the reasons ad­Yanced for this scramble for oil properties include: 
a. 	
The fact that no major field, except Conroe, has been found in the Cnited States since East Texas was discoYered during 1930; 

b. 	
The efforts that are being made to stabilize the in· dustrY. and thus to reduce waste. and to control oYer·p~oduction; and, . 

c. 	
The potential market factor. .-\.s industrial recor· ery gets under way, an increased demand for petro­leum products is to be hoped for. 


Eurrn H. JOH:-iso:-;. 


Cotton 

THE COTTO\'  For the tin)e being, usual su pply and  
SITLATIO\'  demand  fi gures  are  owrshado1red  in  
importance in the cotton market by the  

uncertainties surrounding the adop tion of a permanent cotton polic1 in the Cnited States. It is generall~-recog­nized that cotton dcJminates the agriculture of the South, but its preduminance in the commercial and industrial life of the region is not generally appreciated. Drastic curtailment of cotton acreage as a permanent polic)-must inedtably cause far-reaching changes in sources of em­ployment in the cotton region. Thousand;; d agricul­tural laborers, especial h-\ rgro and .\lexican coltcJJl choppers and pickers, will be forr:ed immcdiateh-on re­lief rolls and 11·ill ;;taY there until a comprehensi,-e plan of rehabilitation can be worked ou t. It will likewise throw out of emplonnent thousands of unskilled and 
skilled workers at gins, cottonseed oil mills, cotton com· presses, and many other industries and trades del\lillg directly or indirecth· with cotton. If restriction of col· ton acreage is to be ~ permanent policy, then the GO\:ern­ment must be prepared to set up thousands of subsistence farms throughout the Cotton Belt. --­
Acreage released from cotton will, in the main, be planted to food and feed crops which in the long nm will tend to cut off one of the .\liddle \\'est's best mar· kets for these things and create a labor condition which 11·ill attract manufacturing enterprises from the north and east. The ultimate influence of drastic cotton acreagt' reduction program will transfer its influences throughooi the countn, especially to the Corn Belt and the manu· facturing East. 
A. B. Cox. 

TEXAS BUSINESS REVIEW 
Total supplies of cotton in the UnitedCOTTON States March 1 were 11,969,000 bales com­BALANCE pared with 13,634,000 bales a year ago,SHEET 

14.,337,000 bales two years ago, and 8,­345,000 bales four years ago. The decrease in the sup­ply of cotton in the United States and of American cot­ton in European ports and afloat to Europe was 1,603,000 bales. 
Calculated changes in the index price of cotton based on these changes in supply indicate an advance of 221 points in the price of New Orleans spot cotton over this time last year. When changes in the index number and the spinners margin are put into the price calculation, the calculated cents price of New Orleans, M. % inch spot cotton is 9.65 cents. Measured in gold content, the dollar has declined 40 per cent, whereas the price level has advanced only 23 per cent. Cotton, because it is an important export commoditY, ~hould ri::-e fn"tcr than the general price !encl 11 here the adrnnce is due to depn•1·i­ating value of currency. Ho\\CH'r, if it o;lwuld ach a11n' to the full limit of the depreciated dollar, the price would be only 11.62 cen ts. The Bureau ::'t1 pph -price chart indicates a price hetll'cen 9.50 and ] 0 ce1115. Force~ outside ordinary statistical calculations of o;upply and demand such as the Bankhead Bill are influencing cotton 
prices.  
SPINNERS  Spinners ratio margin February due to a tenden decli ned during c1· for cotton to  
MARGIN  rise and 32's tll'ist yarn  to decline.  The  

average for February \\as 162 compared 1rith 169 in January and 176 in February last year. The a1·erage pence margin during February was -l-.09 d, the same as for January, compared \\·ith 3.80 d for February last year. 

Livestock and Poultry 

Combined truck and rail shipments of TEXAS 
Texas livestock to Fort Worth and inter­LIVESTOCK 
state points totalled 3,496 cars in Feb­SHIPMENTS 
ruary against 2,537 cars in the same month last year, a gain of 38 per cent. Shipments of all classes of livestock showed an advance. Cattle at 2,189 cars represents a rise of 42 per cent over February last year; calves at 541 and 326, respectively, a gain of 40 per cent; hogs, 352 and 343, up 2 per cent; and sheep, 414 and 322, a rise of 29 per cent. 
For January and February combined, shipments com­pared with the corresponding period ~ast year were: all classes combined, 7,117 and 5,650, a nse of 20 per cent; cattle, 4,286 and 3,252, up 24 per cent; calves, 1,282 and 944, a gain of 37 per cent; hogs, 588 and 633, a decline of 8 per cent; and sheep, 961 and 821, up 17 
per cent. 
Shipments of Texas cattle and calves to Fort Worth showed a marked increase in comparison with February last year, but there was a smaller number of hogs sent to this market and a marked slump in the number of sheep. The percentage shipped by truck to this market is still increasing. 
Los Angeles received marked increases of cattle, calves, and hogs compared with February last year. 
Increases over last February in the number of Texas cattle, calves, and sheep destined to points other than the large markets were especially marked for California, Illinois, Kansas, Missouri, Nebraska, and Oklahoma. Colorado had a large increase in receipts of Texas sheep. 
The northern half of the Texas Panhandle showed a marked increase in shipments of cattle, calves, and sheep, but a decline in hogs; while in the southern half ship­ments of cattle, calves, and hogs increased substantially, but shipments of sheep declined. 
Shipments of cattle, calves, and sheep from the Ed­wards Plateau and Trans-Pecos country exceeded those of last February by a wide margin. · 
Cattle prices continued to adrnnce during February on all the leading markets despite the largest slaucrhter of cattle in sixteen years for the month and the la~·gest February slaughter of ca!Yes on record. Lamb prices also continued to advance through February and late in the month a top of Sl0.15 was reached on the Chicago market, the first time since June 1931 that lambs sold above the 810.00 mark. 
POULTRY  Interstate rail shipments of poultry and  
AND EGGS  eg~s totalled ~69 cars in February against  
161 cars  durmg  the  same  month  a  year  

ago. Of these shipments 23 cars \\ere live chickens and 74 dressed, a total of 97; while in February 1933 there were 110 cars of chickens, 31 cars liw, ~nd 19 cars dressed. Only 3 cars of turkeys 1rere shipped out of the State against 14 cars in February last year. 
As usual, practically all of the li1 e poultry was shipped to New York City, where the large Jewish popu­lation constitutes the great market for li1·e poultrY. :\lore than half of the dressed poultry also was shipped to this market, while the remainder was distributed among nine states, the bulk going to Pennsylrnnia and Connecticut. 
Interstate egg shipments from Texas during February amounted to 69 cars compared 11·ith .:13 cars a year ago, an increase of 64 per cent. Only 3 cars of eggs were brought into Texas from other "tales again;;! I cars last year. 
TEXAS COTTO:\ CO:.\L\IITTEE PROCEEDl:\GS i\O. 7 \'OW A Y . .\ILABLE 

This report of the proceedings of the Texas Cotton Committee in Dallas, April 13, 1933, is one of the most significant in the history of the organization. The excellent papers presented, and included in the report, elicited very pointed and lively discussions which were participated in by those interested in different phases of the cotton industry. A limited number of copies is available at 50 cents each. 
TEXAS COMMERCIAL FAILURES 

Feb.  Jan.•  Feb.  
1934  1934  1933  
umber  --------------­ 32  26  71  
Liabilities  ----------------­ 468,000  303,000  1,421,000  
Assets  ---------------­ 265,000  96,000  s 561,000  
Average Liabilities  per  
Failure ----------­ 14,625  11,654  20,014  
Average Weekly  umber___  8  7  18  
*Revised.  
Non::  From  Dun &  Bradstreet,  Inc.  
STOCK  PRICES  
Feb.  Jan.  Feb.  
1931  1934  1933  
Standard Indexes of the  
Securities Markets:  
421 Stocks  Combined  -------­ 80.5  75.6  44.9  
351 Industrials  ------­ 88.4  84.0  42.5  
33 Rails  --------­ 50.0  45.5  26.7  
37 Utilities  -------­ 80.6  73.2  73.1  

NoTE: From Standard Statistics Co., Inc. 
PETROLEUM 
Daily Average Production 
(In Barrels) 
Feb. Jan. Feb. 1934 1934 1933 Panhandle --------------------49,350 42,260 43,050 orth Texas -------------54,500 55,990 46,238 West Central Texas___________ 26,150 24,500 24,837 West Texas -------------128,950 124,050 157,738 East Central Texas_______ 43,150 43,210 58,037 East Texas -------------413,900 393,540 299,513 Southwest Texas -----------43,350 44,470 49,575 Coastal Texas ----------160,000 159,850 133,462 STATE ---------------919,350 &87,870 812,450 U ITED STATES ________2,245,700 
2,223,240 2,082,125 Imports ----------127,607 117,114 139,393 


Non: From American Petroleum Institute. 
New Development in Texas 
Feb. Jan.* Feb. 1934 1934 1933 
Permits for new wells___________ 
783 817 542 Wells completed 627 706
---------------443 
Oil wells 
--------------442 442 291 Gas wells --------------30 19 12 Initial Production (In thousands 
of barrels) --------------1,795 2,542 1,328 
*Five weekt. 
NOTE: From The Oil Weekly. 


Gasoline sales as indicated by taxes collected by the State Comptroller: January, 1934, 65,584,000 gallons; December, 1933, 69,232,000 gallons ; 1anuary, 1933, 56,254,000 gallons. 
COITON MANUFACTURING IN TEXAS 
Feb. Jan. Feb. 1934 1934 1933 Bales of cotton used___ 6,043 5,860 3,990 
Yards of cloth: Produced -----------5,899,000 5,945,000 4,29<J,OOO Sold ___________ 6,515,000 
9,476,000 3,931,000 
Unfilled orders ____16,653,000 17,503,000 8,812,000 Active spindles --------175,683 177,753 144,824 Spindle hours ..48,855,000 51,051,000 35,437,000 
'on: Reported to the Bureau of Business Research by Texas Cotton Milli. 
LUMBER 
On Board Feet) 
Feb. Jan. Feb. 1934 1934 1933 Southern Pine Mills: Average Weekly Production per Unit 204,190 181,717 160,981 Average Weekly Shipments per Unit -------180,228 154,714 167,316 Average Unfilled Orders per Unit, End of Month___ 660,036 580,718 450,561 
NOTE: From Southern Pine Association. 

FEBRUARY CARLOAD MOVE fE T OF POULTRY & EGGS 
Shipments from Texas Stations 
Cars of Poultry 
Live Dressed Cara of EgpChickens Turkeys Chickens Turkeys 

1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 TOTAL ______ 24 31 1 2 
74 79 2 12 72 4.5 Intrastate ___ 1 
3 2 

Interstate ___ 23 31 1 2 74 79 2 12 69 43 
Interstate Shipments Oassified 
New York _____ 21 30 

1 39 43 4 25 7 
Illinois _____ -­
2 1 2 1 13 Massachusetts ___ 5 2
4 4 New Jersey ____ _ 
7 6 1 3 1 Pennsylvania __ 10 10 3 1 Louisiana ___ 2 
2 7 4 Connecticut __ _ 
6 5 2 
Missouri ______ 1 2 2 I 
Georgia ____ _ 1 3 13 7 
Michigan ___ 
1 
California ___ 1 1 

1 1 3 3 
Alabama ___ _ 3 2 
Florida ____ _ 
1 1 3 2 Rhode Island _ _ 
2 1 orth Carolina__ _ 
3 South Carolina_ _ 

3 Receipts at Texas Stations TOTAL 
1 3 7 Intrastate ____ _ 1 
2 1 

Interstate _____ _ 
I 6 
Interstate Receipts Oassified 
Kansas ____ _ 

4 
Missouri _____ 
1 
Illinois ____ _ 
1 1 

NOT£ : These data are furnished the U. S. Department of Agriculture, Diviaiot of Crop and Livestock Estimates, by railway officials through agents at. alt 1iationa which originate and receive carload shipments of poultry and eggs. The data are compiled by the Bureau of BusiaeH Reeearc6. 
TEXAS BUSINESS REVIEW 
MARCH EMPLOYMENT IN TEXAS TEXAS RETAIL DEPARTMENT STORE SALES* 
CLASSiflED BY CITIES* Percentage Change in Number Dollar Sates 
(Payrolls ending nearest 15th of month) or Feb. Feb. 
Storeo 1934 from 1934 from No. or Worken Percentage Change Report· Jan. Feb. 
Estab· lnr 1931 1933
from from 
li•h· Mar. Feb. Mar. Feb. Mar. 

Abilene --------------------------3 + 0.3 + 26.8 
moots 1934 1934 1933 1934 1933 
Austin --------------------5 + 10.7 + 16.l 
Amarillo --------60 1,484 1,4.90 1,233 0.4 +20.4 
Beaumont --------------5 -102 + 16.l 
Austin -----------29 787 832 735 5.4 + 7.1 
Corsicana -----------3 + 14.6 + 29.7 
Beaumont _____:_109 4,830 4,942 3,998 2.3 + 20.8 
Dallas -----------------8 + 10.4 + 29.3 
Dallas ------------525 20,087 20,004 17,209 + 0.4 + 16.7 
El Paso ------------· 3 9.2 +28.1
El Paso __________105 3,432 3,417 2,923 + 0.4 + 17.4 
Fort Worth -----------6 -0.1 + 25.8 
Fort Worth ______185 9,682 9,473 7,975 + 2.2 +21.4 
Galveston ----------------5 -9.1 + 13.8 
Galveston ______ 24 1,244 1.274 1,307 2.4 -4.8 
Houston --------------9 + 0.5 + 41.3 
Houston _________385 25,078 25,123 22,114 0.2 +13.4 
Port Arthur ----------------4 -27.5 + 33.3 
Port Arthur _______ 10 7,398 7,724 4,442 4.2 +66.5 
San Angelo ----------------3 -4.0 + 25.3 
San Angelo _____ 23 588 514 523 + 14.4 + 12.4 
San Antonio ---------------5 + 4.4 + 30.4 
San Antonio __422 9,302 8,932 7,438 + 4.1 +25.1 
Temple ------------------------3 + 19.9 + 25.2 
Waco --------------96 2,533 2,439 2,153 + 3.9 +17.6 
Tyler ------------------------------3 + 30.9 + 96.9 
Wichita Falls ____ 73 1,389 1,345 1,254 + 3.3 + 10.8 

Waco -----------------------------4 -2.2 + 29.1 Miscellaneous ... 677 27,222 26,489 22,643 + 2.8 +20.2 Wichita Falls --------------3 -24.4 + 24.l STATE __________2,723 115,056 113,998 95,947 + 0.9 + 19.9 All Others --------------------16 + 3.2 + 57.4 
Auto and Body STATE ---------------88 + 1.7 +31.7 Department Stores (Annual 
Works ----·----5 94 93 43 + 1.1 +118.6 
volume over $500,000) ________ 16 + 2.2 + 32.2 
Bakeries . _ 15 825 852 742 -3.2 + 11.2 
Department Stores (AnnualConfectioneries 11 409 437 278 -6.4 + 47.1 
volume under $500,000) _______ 31 1.2 + 41.7 
Pure Food Dry Goods and Apparel Stores-------·-13 .+ 2.0 + 12.9 
Products __ _ 4 rn1 171 94 -23.4 + 39.4 
Women's Specialty Shops ----------.... 13 + 14.4 + 27.0 
Tee Cream Fae. 8 407 390 399 + 4.4 + 2.0 
Men's Clothing Stores ----------.... . 15 -14.7 + 29.2 
R<'ven•,,.P• 14 194 188 152 + 3.2 + 27.6 
*The classification by towns includes all of the stores reporting as indicated in
Flour Mills 12 630 645 507 2.3 + 24.3 

the classification by types of stores. Tee Factorif>S 56 787 796 568 1.1 + 38.6 NOTE: Reported to the Bureau of Business Research by Texas Department Stores.
Laundries, Dry Cleanin!! ··-----20 1,013 998 909 + 1.5 + 11.4 
BUILDING PERMITS

MP•t P•rkinl!;, 
Slau!!htPrin!! 8 2.S69 2.SS8 2.4-S2 + 0.4 + 4.8 Jan. Feb. 

Feb. 
1934 1934 1933

l.otton Oil Mills 16 8'lS 9::\7 739 -10.9 + rn.o 
Abilene _____________$ 
5,280 35,795 s 1,500Cot. Cnrnnrpgses 4 626 655 877 4.4 -28.6 
Amarillo -------­5,083 62.854 740MPn's Clothin!! 
Austin ------­29.300 30,788 385.490
Mannfartnring 10 1,326 1,333 1.125 0.5 + 17.9 
Beaumont -----------­10,335 10.550 17,905Women'• Cloth-Brownsville ----------­3,021 24,707 1.150
in!! Mfo;. __ _ __ 6 633 552 783 + 14.7 -19.2 
Brownwood ---------------­30 1,300 515 Brirk, TilP. 

Cleburne ·------------· 4,025 425 700 Terra Cotta .. 11 294 218 208 + 34.9 + 41.3 Corpus Christi -----------· 13,335 62.924 9,963 FounclriPS. Ma­Corsicana ---------­600 16,750 7,500 chine Shons ·--34 3.899 3,823 2,039 + 2.0 + 91.2 Dallas ---------­257,211 251.880 278,304 Strnr.tnral Iron Del Rio ---------· 1,181 1.542 2,744 WorkR 9 500 451 267 + 10.9 + 87.3 Ben1'!mti -------------------2,200 1,350 R~ilroad Car ~--------1.500 Shons 21 2,800 2,690 2,405 + 4.1 + 16.4 El Paso ------------­38.905 23,136 47.380 
Fort Worth ------------­40.000 52,420 67.100
El,.,.tric Ry. Car Galveston ----------------36,278 20.872 28.955
Shoos JO 290 291 298 0.3 -2.7 
12,700 3.830 475PetrolPllm Refin. 24 15.614 16.003 12.J6S 2.4 +28.4 
252,495 160,425 111,375Saw Mills 21 3.3-~8 3.392 2.469 1.6 +35.2 ~---=--====== 

....JaebmM!le --------10,375 2,000T,umher Mills n 2.'i.~ 248 266 + 2.0 -4.9 
Laredo ------------­700 100 

Furniture Mfa. 6 595 560 422 + 63 +41.0 Longview-------­25,520 30.800 56.000 Paper Box Mfg. 8 263 285 284 7.7 -7.4 Lubbock --------------­5.379 6,709 1.390 l.otton Textiles _ 12 2.817 2.625 1.590 + 7.3 +77.2 McAllen -----------­735 1,590 500 l.ement Plants 7 723 585 499 +23.6 +44.9 Marshall ---------------· 1,345 2.080 1.324 
1,600 2,700 1.255

Comm. Printing 32 656 644 618 + 1.9 + 6.1 Paris --------------------­Newspapers _____ . 19 2,141 2.134 1,950 + 0.3 + 9.8 
•Plai11vtew -------m------­13.200 Port Arthur ----------------·-· 12,989 9,814 3.300
Ouarryin!! ...... 21 J.426 1,109 526 +28.6 + 171.1 
San Angelo -----------------· 1.886 4,075 3.540
Public Utilities 110 8.896 8.741 7,965 + 1.8 + 11.7 
San Antonio ------------­68,990 69,447 26.317 
Retail Stores __ . 80 7,770 7,583 6,068 + 2.5 +28.0 
Sherman ------------15,038 1.475 1.825 

Wholesale Stores 132 3.442 3,418 2,775 + 0.7 +24.0 Snyder"'-'. ________________ _ 1,900 Hotels __ ····---46 4,024 3,885 3,591 + 3.6 + 12.l Sweetwater ----------------500 3,170 700 Miscellaneous ..1,918 44,836 44,708 -39,874 + 0.3 + 12.4 Tyler -------------------------26,645 41,689 30.946 STATE _ ..... 2,723 115,056 113,998 95,947 + 0.9 + 19.9 Waco ....... --·----------------8.907 26.147 23.4.53 
Wichita Falls -------------­2,160 23.325 4.662 
Payroll ........ $2,367,438 $2,335,217 2,025,258 + 1.4 + 16.9 

TOTAL ----------------------892,548 1,002,519 1,119,958 

•These figures do not include workers on tho Federa1 Emergency Program. !\'on: Reported by Texas Chambers of Commerce. 
COMMODITY PRICES 	TEXAS CHARTERS 
Feb. Jan. Feb. Feb. Jan. Feb. 1931 1931 1933 1934 1934 1933 
Wholesale Prices: 	Capi ta liza tio n ---------·--·--··-· $1,290,000 $2,581,000 $2,727,000 
U. S. Btu"eau of Labor 	140
Nwnber -------------··------···-130 146 Statistics (1926 = 100) ___________ 73.6 

72.2 59.S Classification of New 
105.2.t 80.4 Corporations:
The Annalist (1913 = 100) ........ { 1~~:~.• 


66.l*t 80.l* Oil ····-··--·-------------···--···-38 27 27 Dun's ·----·--··-------------------·--·-·---$165.03 $164.53 $127.61 Public Service -----·--···-· 2 3 0 Bradstreet's --·----------··--·"--··------$ 9.26 $ 9.01 s 6.35 Manufacturing ---··-·--··-· 20 16 20 
Farm Prices: 	Banking-Finance ----·-----6 8 9 
U.S. Department of Agricul-	Real Estate-Building ----6 19 16 
ture (1910-1914 = 100) ___________ 76.0 

70.0 49.0 Transportation -----·--··---4 1 U. S. Bureau of Labor 
Merchandising --·----------34 34 37 Statistics (1926 = 100) -----·----61.3 58.7 40.9 -----------------···-20 38 31
General 

Retail Prices : Foreign Permits ·-·-···-----· 36 31 25 
Food (U. S. Bureau of Labor Number capitalized at Statistics) (1913 = 100) _________ 108.3 105.2. 90.9 less than $5,000____________ 61 55 57 Department Stores (Fairchild's Nwnber capitalized at Publications) (Jan.1931=100) 89.5 88.5 69.9 $100,000 or more____________ 1 6 7 
•On gold basis based on exchange quotations for France, Switzerland, Holland, Non:: Compiled from records of the Secretary of State. 
and 	Belgium. fRcv iscd. 
BANKING STATISTICS DALLAS RESERVE DISTRICT 

CEMENT 	(In Millions of Dollars) 
Feb. Jan . Feb. 1934 1934 1933 

Feb. Jan. Feb. Debits to individual accounts... -.. -$512 499 $399 (In Barrels) 
1931 1934 1933 Condi1ion o( reporting Feb. 28, Jan. 31, Mar. I, 

Texas Mills 
member banks on 1934 1934 1933 Production --------·------·--------­280,000 195,000 197,000 
Deposits (total) -·--·---------------·----··-402. 401 349Shipmen ts _ _ __ ·---------· .... 273,000 264,000 203,000 Time -----------------------------····-····--121 124 128Stocks .. -· ··---····---···---·--------492,000 484,000 639,000 Demand --------------···--···-··----··---281 2.77 221 United States 

Borrowings from Federal Reserve . ··-­1 Vroduction .. -----------·-·----·----4·,168,000 3,779,000 2,777,000. 197 214
Loans (total) ------·-··----------···-·---·--· 189 Shipments _____ -'-----···-·----------2,952,000 3,778,000 2,278,000 On securities ---------------------····--···-60 58 68 

Stocks ... _ -··---··-------·-·---20,763,000 19,541,000 21,125,000 	139· 14-0
All other -------------------·-·---··--···--129 

Capacity Operated -·-----· 20.2% 16.6% 13.4o/o Government securities owned ... _____ 190 165 89 
NOTE: From U. S. Deparlmcnt of Commerce, Bureau of Mines. NoTE: From Federal Resi>"""te Board. 
COTTON BALANCE SHEET FOR THE UNITED STATES 
AS OF MARCH 1 
(In Thousands of Running Bales Except as Noted) 

Fina] Ginnings Carryover Import!!! Report Consumption Exports Balance Aug. 1 to Mar. l* Mar. 2ot Total to Mar. 1 to Mar. I Total Mar. 1 
1926--1927 ----------------··---------------------------------3,543 232 18,618 22,393 4,019 7,565 11,584· 10,809 1927-1928 --------------------------· ---------------·-·------3,762 226 12,789 16,777 4,201 5,122 9,323 7,454 1928-1929 ---------------------------------------------------2,536 246 14,373 17,155 4·,042 6,190 10,232. 6,923 1929-1930 ---------------------------------------------2,313 215 14,919 17,447 3,809 5,293 9,102 8,3451930-11}31 ----------------------------------·-----------------4,530 41 14,243 18,814 2,900 4,904 7,804 11,010 1931-1932 ---------------------------------------------------6,369 56 16,918 23,343 3,081 5,925 9,006 14,337 1932-1933 ------------------------·--------------------9,682 75 12,727 22,484 3,253 5,597 8,850 13,6341933-1934 ------------------------·------------------------------8,176 83 12,660 20,919 3,402 5,548 8,950 11,969 
Th <' cotton year begins Au~usl I. *In 500-pound ln lf's. tGin run bales. counlin g round bal es as hnlf bales. 
FEBRUARY SHIPME TS OF LIVESTOCK CONVERTED TO A RAIL-CAR BASISt 
Cattle Calv ea Hogs Sheep Total 
1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Total Interstate Plus Fort Wortht -----·-----··-·---· 2,189 1,546 541 326 352 343 414 322 3,496 2,537Total Intrastate Omitting Fort Worth ·-------··· 336 281 170 
157 7 29 34 59 547 526 

TOTAL SHIPMENTS -·--· --------· -------2,525 l ,827 711 483 359 372 448 381 4,043 3,063 
TEXA S CAR-LOT+ HIPMENTS OF LIVESTOCK JANUARY 1TOMARCH1 
Ca tile Calves Hoga Sheep Total 1931 1933 
1931 1933 1934 1933 1931 1933 1934 1933 Total Interstate Plus Fort Wortht ... 4.286 3,252 
1,282 944 538 633 961 821 7,117 5,650Total Intrastate Omitting Fort Worth 651 600 389 34-0 19 94 202 174 1,261 1,208
TOTAL SHIPME TS 	4,937 3,852 1,671 1,284 607 . 727 1,163 995 8,378 6,858 
+Fort Worth shipments are combined with inlerstate forwardings in order that the bulk of market disappearance for the month may be 1hown. lRail-Car Basis: Cattle. 30 head per car; calves, 60; hogs, 80; and aheep, 250. Non:: These data are furnished the Uniled States Rureau of Agricuhural Economics by railway officials through more than 1,500 station agents, representinc every lh•estock shipping point in 1he Slate. The <lata are compiled by the Bureau of Business Research,