/ 
TEXAS BUSINESS REVIEW 

Bureau of Business Research 
The University of Texas 


Vol. XV No.1" 9 September, 1941 
A Monthly Summary of Business and Economic Conditions in Texas and the Southwest 
Bureau of Business Research, The University of Texas, Austin, Texas 

Z.ntercd &1 eecond cla11 matter on May 7, 1928, at the poat office at .Austin, Texas, under Act ef Aua:n1t .,;4, 19U 
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TEXAS BUSINESS REVIEW 
INDEXES OF BUSINESS ACTIVITY IN TEXAS 
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TEXAS BUSINESS REVIEW
·--,'=============================== 

Business Review and Prospect 

GENERAL BUSINESS The demand for Texas raw materials-Agricultural 
Gr~wing--eoncem is-being manifested by public officials and business leaders ov.er the sharp rise in retail prices during recent months. The Fairchild retail price index representing such various lines as piece goods, women's apparel, men's apparel, infants' wear, furniture, house­hold appUances, and the like (but not food) increased from 97.7 to 105.2 during the three months from July 1 to October 1 or nearly eight per cent. In comparison, the increase from 93.2 on October 1, 1940, to 97.7 on July 1, 1941-less than five per cent over a period of ten months-was moderate. The increase from October 1, 1940, to the corresponding date this year was nearly thirteen per cent. The Fairchild index is based on the prices prevailing on January 3, 1931. It should be noted that the prices on that date, affected by more than one year of depression, were substantially below the level existing during the late twenties. The advance in the Fairchild index will doubtless continue for the remainder of the year at least, but probably at a slower rate than that of the past month or two. 
National indexes of industry and trade have shown but little change since July when Barron's index-at more than 105-was within ten points of its all-time peak in 1929. Since then the index has declined and at present is about three points below that of mid-summer. The index is adjusted for seasonal variation, increase in population, and standard of living, which accounts for its not having reached the peak of more than a decade ago in spite of the huge deficit spending of the govern­ment in connection with the National Defense program, farm subsidies, and unemployment relief. Present indi­cations are that the upward trend of the index will soon be resumed and in view of the huge expenditures for armaments to be made during the next three years at least, the index is expected ultimately to reach and pos­sibly exce~ that of 1929. · 
TEXAS BUSINESS 
After a sharp rise from July to August, the Texas business index receded about one point during the past month, hut was still twenty per cent above that of a year ago. All of the factors entering into the index made gains over a year ago, but only employment, pay rolls and freight carloadings showed improvement from August to September. 
INDEX OF BUSINESS ACTIVITY IN TEXAS 
S ept., 1941  Sept., 1940  Aug., 1941  
Employment  ---­ -----­ 107.2  92.5  104.3  
Pay Rolls ----------­Miscellaneous Freight Carloadings(Southwest District) ______ _ Crude Runs to Stills_ _
_____ _ Department Store Sales______ _ Consumption of Electric Power_ _  127.3 80.8 194.6 122.0 176.1  100.0 62.5 192.6 115.3 135.8  123.0 80.2 220.8• 139.8 175.4.  
COMPOSITE  INDEX  _______  123.1  102.2  124.2•  
•Revised.  

and mineral-both within and outside the State promises to be maintained at a high and probably rising level and indications point definitely to a continuation in the rise of employment and pay rolls in this State. Thus the probability is strong that the rising trend of the Texas business index will continue during coming months. Sharp variations will continue, however, in the extent to which the general business improvement will he shared in the various sections of the State for rea­sons given in the September issue of the REVIEW. 
FARM CASH INCOME 
--, 

Cash income from agriculture in Texas during Sep­tember, as computed by this Bureau and subject to the limitations given in the footnote to the accompanying table, was $100,609,000, compared with $76,698,000 during the corresponding month last year, representing an increase of more than thirty per cent. For the first nine months of the year, farm cash income was $330,512,000, compared with $264,906,000 during the corresponding period in 1940, a gain of nearly twenty­five per cent. 
I DEX OF AGRICULT RAL CASH INCOME I TEXAS 
Cumulative Income 
Sept., Aug., Sept.• Jan.-Sept. Jan.-Sept. 
Dietricta 1941 1941 1940 1941 1940 
(000 Omitted) 
1-N _______ 101.3 
129.l 134.2 34,030 23,812 1-S ----136.l 162.0 174.8 19,140 14,501 2 ----91.1 115.7 62.2 32,994 21,946 3 -----116.0 152.l 85.0 18,869 15,362 4 -·-----92.2 36.0 64.8 67,805 48,675 
5 ----38.6 27.0 45.5 19,467 19,978 6 -------176.0 102.7 153.7 16,411 13,156 7 ----131.8 127.l 119.3 39,896 32,676 8 -------------180.7 25.0 78.4 34,654 26,654 
9 -------82.9 36.8 100.6 17,292 22,388 10 --------126.5 28.3 62.7 11,416 8,838 
10-A _ _ _ 305.5 45.5 61.9 18,538 16,920 STATE --92.4 45.5 70.3 330,512 264,906 
*Revised. 
NoTE: Farm cash income a1 computed by this Bureau understates actual farm cash incomr by from 6 to 10 per cent. This situation resu lts from the fact that means of securing comp lete local marketings, especially by truck, have not yet been fully developed. In addition, means have not yet been developed for computing cash income from all agri cultural specialities of local importance in sca ttered areas throughout the State. This situation, however, does not impair tbe accuracy of the indexes to any appreciable extent. 
The indexes of farm cash income in the above table represent September farm cash incomes from the cur­rent year as a·percentage of the average September farm cash income for the five years, 1928-1932, inclusive. Thus, for the State as a whole, farm cash income was 
92.4 per cent of that during the base period, after adjust­ment was made for seasonal variation. With the excep­tion of September, 1937, the year of the record Texas cotton crop, this is the best September showing for more than a decade. Part of the improvement, however, re­sulted from the fact that cotton ginnings in central and southern Texas were delayed for reasons discussed in 
' . .. .
~­
For OIMi T~Data; Set SlatUtieal Tabla at 1'M End of Thi.& Publicati.on 
the September issue of the REVIEW, thus causing more than the normal percentage of the annual production of cotton in these areas to be ginned in September. This situation is reflected in the sharp rise in the index for Districts 8 and 10, as well as the substantial increase in District 4. 
Cash income from livestock and livestock products is being well maintained and is sharply above that of September, 1940, from these sources-a result almost entirely of the rise in the price level over a year ago­since marketings remained virtually unchanged in com­parison with September last year. Important exceptions were dairy and poultry products, the output of which was sharply above that of a year ago. Present indications point definitely to further substantial gains in farm cash income from livestock and livestock products during coming months. 
F. A. BUECHEL. 
Economics: Today and Tomorrow 

Out of the seething welter of the complicated affairs of today new challenges stare from every side--challenges whose implications are only exceeded in importance or complexity by consideration of the grim prospects of tomorrow. 
One phase of these challenges is concerned with the very prosaic but also verv vital matter of industry­particularly with the problem of heavy industry. The very balance of the future--of ourselves as well as the rest of the world-is delicately poised upon the results of the impacts of the products of industry upon the great battle fronts in today's warring world. That ours is a nightmarish world only intensifies our problem­and the nightmarish conditions are daily growing worse. 
One reaction from the cumulative impacts of these challenges in a world just now mostly gone mad is a growing recognition of the outstanding world position of a few dominant regions-and of only a few-in world affairs. These are the regions which produce a substantial share of heavy industry goods, using mass· production techniques that have attained a high level of achievement. In short, these are the centers of industrial economy-the activating centers in the world of today. 
It is apparent to the student of modern industry that the potentialities of some of these regions for increasin~ and widening their industrial production and for broad­ening thsir economic power---fodustrial production and eronomic power bein~ largely synonymous-are very great indeed. And it is apparent upon investigation, that the potentialities of these rcf!ions for further indus­trialization and for accentuating th~ir position in world power is a function of inherent qualities in the physical make-up--of their pattern of natural resources-of the regions themselYes. Possessin~ r.ertain inherent qualitie~ hy virtue of natural endowments, these few regions will bv one means or another in the course of events get the scientific technology and the economic organizatio~ com­mensurate with their potentialities for industrialization. No one region, no one nation, pm•sesses within itself all the requisites for today's h~avy industry. The less ad­vantageously endowed inrbstrial regions and nations are embarked on a policy of going after the absolute control of needed resources no matter what the costs. 
Along with the growing realization of the part played trial centers in days and years to come, there is also a growing recognition of the tremendous strength wielded by negative factors-of the existence of certain limita­tions which interfere with the smooth running of the industrial machine. That there are brakes and obstacles which retard the full operation of the industrial process is readily apparent. For the industrial process, or indus­trialization, is no automatic thing; it will not work successfully just anywhere or under just any set of con­ditions. And in times of crises even potentialities do not count; it is then that the hard facts of actuality set the limits. 
Of these limiting forces and factors two groups of conditions stand out as meriting fuller consideration than has generally been accorded them. One is the intricate nexus of conditions-the complicated inter­dependence of the entire economic set-up--in the modern world of industry; the ramifications of these conditions are world-wide in their operations and influence. The other set of conditions is the absolute dependence of modern industry upon certain raw materials and the means of obtaining them in sufficient quantity with a reasonable degree of assurance that they will be forth­coming as needed. Of course, the quantitative aspects of the raw materials problem have long been recognized and there has been in recent years a growing apprecia­tion of their qualitative aspects-but the absolute de­pendence of industry upon certain groups of raw materials available in the right proportions is an eco­nomic problem all too often just taken for granted. 
Concerning the current significance of raw materials, and especially of the factors of interdependence the following extract from Sydney B. Self in a recent issue of the Wall Street I ournal is enlightening. 
Add acetic acid to the list of vital materials and products of which American civilians will have to use less bemuse of defense. 
It sounds very laboratory-like and remote, and certainly not spectacular like fewer automobiles, no aluminum pots and pans, and the other better advertised shortages. 
However, the tight situation in acetic acid eventually may have a greater effect on day-to-day living than any of the important shortages which have developed under the strain of a defense and aid-to-Britain economy. 
Acetic acid, in plain language, is essentially viner,ar, only made 
chemically by the millions of pounds. Joined chemically to cotton 
or wood pulp or to other chemicals it appears unseen among us 
by the world's great industrial centers in today's em­in clothing, photographic film, safety glass, automobile steering wheels. It goes into the finishes on motor cars, into cord for 
battled world, coupled with a keener appreciation of the 
tires, insulation for wiring and into a million and one gadgets in 
potentialities for increased power of some of these indus-every-day use. 
ONE OF MOST USEFUL CHEMICALS 
It is one of the dozen or so most useful modern chemicals; it' is little known because it always appears in combination with other thiJigs. But to the chemical industry it is about as important as chromium to the steel maker. 
It can be made from industrial alcohol-just as vinegar is made from wine. More recently, however, chemists hav~ built up a huge production from other sources by the spectacular chemical procedure of "rearranging molecules." 1:he biggest _produc!ion now is from hydro-carbon gases. One way is to start with calcmm carbide (electrically fused coke and limestone). This, in turn, makes acetylene which can be turned into acetic acid. Another way is to · start with petroleum gases, which is why Shell Oil Co. is one of the leading producers. 
One of the major causes of the present shortage is the German 
conquest of Norway. This is typical of the labyrinth of chemical 
interrelations. 

The reason why the trouble started in Norway is that Norway with its great watedalls has cheap electric power and used to make most of the carbide for Great Britain. When Norway fell, Britain had to fall back on Canada where Shawinigan Chemical, aubsidiary of Shawinigan Power, produces large amounts of carbide. In normal times this was used to make acetic acid for American consumers. Much of Shawinigan's carbide production luld to go to Britain. Thus, its supply of chemicals made from carbide for American plastic, rayon and film makers was curtailed. 
Now a large carbide plant is being built in Wales to supply England and when it is finished the situation over there will be eased somewhat. Union Carbide's big new organic chemical plant in Texas, making acetic acid from petroleum gases, is helping over here. But demand still is growing faster than supply ao that chemical companies have had to ration their customers. 
Still another group of vital raw materials are the Ferro-alloys. Aa summarized by Richard P. Cooke in the Wall Street Journal: 
Ferro-alloys are to steel a little like what hormones are to the human body: they create and intensify many of the most vital functions. In steel, these functions are at the very heart of the modem technique of armament production. . The government, the ferro-alloy industry and steel men have largely succeeded in maintaining the flow of these vital materials into the most necessary channels, although certain difficulties remain and fresh hazards lie ahead. 
: Thia success is comprehensive, in that it embraces the trans­portation of ore from some of the most inaccessible parts of the globe despite the risks of shipping on a war-endangered ocean. At home the successful construction of ferro-alloy refining facili· ties and new high-quality steel furnaces has been expedited, and the task of allocating the ·essential materials carried out. And it must continue to be carried out, for without the ferro-alloys armor plate won't repel shells, machine tools won't cut and air­plane engines won't function with the dependability and speed which makes power in the air possible. · 
The names of these ferro-alloys are as strange as many of the place& from which they come, and to the list of these vital materials which has become more or less familiar to the public ear since America began to make its vast ploughshare-to-sword shift, are being added even stranger metals, equally important in their way. 
For instance, there is a metal called columbium, the ore of which lies in the jungles of the Belgian Congo, Australia and other far-away places. Not many years ago columhium, which ~sually is in the same orebody as tantallum, a metal used both m electrical work and in cutting tools, had little use in the eyes of steel men. In fact, one of its main characteristics was a chameleon-like quality of changing color at different temperatures, inducing some people to make jewelry out of it. 
But now it is doing something very milch more valuable solv­ing a steel.fabrication problem called weld-decay. Build~rs of large stainless steel vessels for chemical or oil purposes, for example, found that these vessels were too large to place in an annealing chamber after welding. Unless this annealing was done, there wowd be a weak zone on either side of the weld e&Wled, • as the technicians put it, by intergranular-corrosion'. Colamb1um, added to the steel in proper quantities, completely prevents this undesirable phenomenon. There are similar valuable uses in aircraft exhausts, and other parts. 
Columbium, now produced here in quantity by Electro-Metal­lurgical Corp., used to he refined in Europe, but since the war the ore has been diverted here, causing a five-fold rise in imports in 1940 to nearly 600,000 pounds of ore, as compared with 1939. 
Much has been written concerning the strategic im­portance of oil. All that needs to be said here is that Western Europe is sadly deficient in oil resources; and that as long as Germany has any power at all, she will strive to gain control of the great oil resources in areas nearest Germany, either in Russia or in Iraq and Iran, or even in both of these sections. 
That the probability for survival itself is dependent upon the products of industry and upon how these products are used, is a challenge inherently sufficient to warrant fullest attention to those factors that are out­standing in the tangled current of events of the recent past and of the present. The stumbling block is the lack of a full, or even of a working perspective of the world of contemporary affairs. Of specialists working in an almost unlimited number of particularized fields there is no lack; the rub comes in trying to get an over-all comprehension of world affairs of today, together with an insight into the actual working of dominant groups of forces concerned in modern industry. 
Certain facts and certain trends are, however, fully 
evidenced in the run of happenings from day to day. 
And these facts and these trends reflect-and this is the 
important consideration-a world of affairs pretty well 
created anew in the past three-quarters of a century. It 
is oftentimes stated that the world as a whole has grown 
smaller by virtue of the rapid extension of new means 
of transportation and communication. A corollary of 
this situation is the rapid passing of provincialisms. 
No longer can any section of the earth shut itself up 
within water-tight compartments. There is, however, 
another side to this proposition-which is, that certain 
regions of the world have continued to expand in eco­
nomic power and stature. Still another corollary is 
concerned with the cultural and political implications 
of the conquest of distance by modern communication. 
The Industrial Revolution has not been mis-named. In spite of a mental lag in perceiving the fundamental significance of the factors involved or the implications of its revolutionary developments, economic, social and political that have made an indelible impress upon world affairs during the past half century (or even during the past quarter of a century) , or in failing to recognize its revolutionizing features in the occurrences of today, or in neglecting to consider what further revolutionizing forces may be set in motion in the next quarter of a century-in spite of these discrepancies the forces and materials of the lndu11trial Revolution by the sheer mo­mentum inherent to it, as a continuously enveloping institutional movement, are coming to he seen as all important in determining the trend of world affairs. Recognition that the Industrial Revolution is actually the great divide in human history is being forced upon us by the unfolding of world events--hy events that are world-wide in their operations and significance-and by the reflection of forces that apparently will ramify even 
more strongly into every nook and corner of the world in the near future. 
It is to be expected that the exigencies created by a world of affairs being remade in the short space of 75 years present difficulties and problems profound in char­acter and complicated in operation. Precedents for dealing in a fundamental manner with these problems do not exist; the problems themselves are of too recent an origin. Face to face with these problems and conscious of the inadequacy of surficial or conventional methods of meeting them, there are those who seek escape mechan­isms in one form or another which essentially deny the existence of current problems. The clock may be stopped or it may even be turned back-but such actions inter­fere not one iota with the inexorable march of time. There are those who cannot see the import of the changed world and there are others who shut their eyes to the facts and implications of the world of today. It is obvious however, that leadership of tomorrow will have to face the future. The shackles of the past have little to offer in mastering the problems that so concretely confront us now on every turn. That these problems will become more complex in the future, that their im­pingements upon the rank and file of people in their 
daily lives everywhere will become more stringent can 
hardly be doubted by the student of the genesis and 
trends of the dominating movements in the modern eco­
nomic world. Upon our capacity to meet these problems 
depends the fate of modern culture and civilization. 
Unless we can meet these problems-and they are the 
problems of the present and the future, and not of the 
past-the world may be plunged into the yawning abyss 
of another period of the Dark Ages. 
It is sometimes stated that the world of today is the 
product of the natural scientists and that the responsi­
bility for its management devolves upon the social 
scientists. That the world of today is the product of 
the natural scientists is true only in part-though it 
would indeed be difficult to exaggerate the part played 
by the natural scientist in building the world of today. 
And the challenge of this new world to the social scien­
tists or to any other group that seeks to understand 
"what it is all about" may well bring about a rather 
complete reorientation in ways and means of meeting 
the challenges of tomorrow. 
Certain dominant factors important to an understand­
ing of the fundamentally changed conditions the world 
has been entering during the past 75 years are clearly 
apparent. The dominance of industry-of heavy indus­
try and the mass-production technique--asserts itself as 
the most important aspect of economics today; more­
over, these factors are most likely to be the dominant 
features in economics in the next quarter of a century. 
The central fact is, to repeat, that ours is an industrial economy. 
To understand the rise of modern industry requires a sure knowledge of the rise of modern science, and particularly the development of physics and chemistry in their continuing conquest of the world. Consider, for instance, the revolutionary advances made and the sig­nificance thereof in the fields of metals, electricity, and chemistry since the turn of the century. To appreciate the dominance of modern industry and its outstanding characteristics requires a clear understanding of the industrial potentialities made possible and the limita­tions imposed by the world pattern of earth regions and the areal distribution of natural resources. The signifi­cance of earth regions becomes clearly apparent in con­sidering the genesis of modern industry and its growth in the activating centers of world economics on the one hand and the economic characteristics of the passive provinces of raw material production on the other. More­over, and this is also very important, the position attain­able in an industrial world of entire continental areas, such for instance as South America, is dependent upon the regional pattern and the associated natural resources of that continent. 
And, by the same token, the absolute dependence of modern industry upon the world's natural resources, not only individually but also in an interrelated system, inevitably forces greater attention upon natural re­sources-upon their characteristics, their usability, and their conservation. 
There is on the one hand the long perspective of the evolution of the characteristics of natural resources as part and parcel of the evolution of the continents as evidenced in the geologic records of changing conditions from far distant Pre-Cambrian times down to the present; on the other hand, there is the necessity of comprehend­ing not only the facts but also the implications, economic, social, and political of resources utilization and of the principles of conservation. It should be obvious that this comprehension of resources, their use and conserva­tion, cannot be reached through some encyclopedic sum­marizing of individual facts, no matter how important the facts themselves may be, nor can policies respecting the development of resources and the evolution of eco· nomic systems be laid out by some formula, no matter how ingenious. Rather, there must be full consideration of the physical bases and the possibilities of science on the one hand, and on the other of the economic realities and interests concerned in making available (or unavail­able) to mankind the supplies of materials and energy which comprise our endowment of earth resources. 
ELMER H. JoHNSON. 


Cotton Situation 

The cotton situation is best characterized at this time is more than four cents per pound below current com· by a few superlatives. Domestic consumption so far this mercial prices; therefore, in reality the export subsidy year is at an all-time record annual consumption of is more than seven cents. Prices of foreign-grown cotton 10,500,000 bales. Government loans on cotton are also are at an all-time low relative to that of America. at an all-time high at eighty-five per cent of parity, or Brazilian is now only forty-five per cent of American averaging about fourteen cents for M. 7/3; and legisla­compared to a normal of about ninety-seven per cent; tion is in process to make the loan at full parity for and Oomra thirty-seven per cent compared with a normal 1942 and 1943, which ivould now be slightly above of seventy-nine per cent. The crop this year is the seventeen cents. Commercial exports are running at a lowest save one since 1921; notwithstanding this fact, record low being practically nothing. the total supply of cotton in the United States this year Exports under "Lease-Lend," plus subsidized exports is the fourth highest on record. Imports of cotton are to Canada, may reach as much as 1,500,000 bales during running at the highest levels since 1921. Cotton prices the year. The export subsidy on cotton is now at an are the best since 1929, also. All this may be sum­marized by saying that the cotton situation is in a very
all-time high of three cents per pound. Actually, it is artificial condition. 
much higher than that, for the Government makes it own cotton available for this purpose at about cost, which A. B. Cox 
COTTON BALANCE SHEET OF THE UNITED STATES AS OF OCTOBER 1 
(In Thousands of Running Bales Except as Noted) 
Government 
Carryover Oct. I  Imports Estimate to Oct. I* as of Oct. I•  Total  Con sump­tion to Oct. I  Exporte to Oct. I  Total  Balance Oct. I  
1932-33 --------------------­1933-34 ------------------­1934-35 1935-36 ------­193&-37 ---------------­1937-38 1938-39 -­------­1939-40 1940-41 ----­1941-42  9,682 8,176 7,746 7,138 5,397 4,498 11,533 13,033 10,596 12,376  14 23 19 14 22 14 29 22 14 69  11,425 12,885 9,443 11,464 11,609 17,978 12,212 11,928 12,741 11,061  21,121 21,084 17,208 18,616 17,028 22,490 23,774 24,983 23,351 23,506  897 1,088 714 859 1,205 1,206 1,093 1,255 1,289 1,750  1,186 1,400 706 728 752 838 590 644 156 255  2,083 2,488 1,420 1,587 1,957 2,044 1,683 1,899 1,445 2,005  19,038 18,596 15,788 17,029 15,077 20.446 22,091 23,084 21,906 21,501  
•Ia 500-pound Dalee. The cotton yMr beslns  Aucuat 1.  

PETROLEUM 
Daily Average Production 
(In Barrels)  
Sept., 1941  Sept., 1940  Aug., 1941  
Coastal Texas• --­------­East Central Texas ____  281,700 83,900  219,650 77,450  289,650 84,950  
East Texas ---------­North Texas ____  351,900 102,050  393,200 106,200  369,550 100,600  
Panhandle -----------­Southwest Texas --------­West Central Texas ____ West Texas ______  84,250 209,350 30,800 266,200  77,650 222,300 30,500 233,400  80,300 219,200 30,700 274,350  
STATE  ----------1,410,150  1,360,350  1,449,300  
UNITED STATES  ---· 3,995,700  3,673,050  4,004,700  
•Iacludea Conroe,_  
Non :  From  American  Petroleum  In1titute.  

S.. •••OJ11panyl111 map ahowln1 the oil producing dlatricta of Tens. 
Gasoline sales as indicated by taxes collected by the State Comptroller were: August, 1941, 140,221,000 gallons; August, 1940, 123,375,000 gallons; July, 1941, 147,116,000 gallons. 

EMPLOYMENT AND PAY ROLLS 
IN TEXAS 
September, 1941 
E1timated Number of 
Percentaee Chane:e 
Eot!mated Amount of Percellta1e ChanceWorken Employed• from from Weekly Pay Roll from from
Aueuot September Aueu•t September AUiUlt September1941 (1) 1941<2) AUiUlt Septemberl9U 1940 1941 (1) 1941 (2) 1941 1940
MANUFACTURING 
All Manufacturing Induatriea_l52,695 156,086 + 2.2 +13.9 3,382,731 3,483,893 + 3.0 +29.2
Food Products 
Baking -----------------6,529 6,961 + 6.6 + 8.9 147,684 160,649 + 8.8 +16.8
Carbonated Beverages ______ 3,457 3,391 -1.9 + 9.7 
89,380 89,822 + 0.5 +21.7
Confectionery ---------751 971 + 29.3 +31.8 7,306 9,451 +29.3 +27.0
Flour Milling ------------1,884 1,875 0.5 + 1.3 33,943 35,512 + 4.6 + 3.9
Ice Cream ___ 	1,234 1,205 2.4 +28.0 
23,931 23,291 2.7 +27.8
Meat Packing _____ 5,185 5,412 + 4.4 
+25.3 127,368 136,426 + 7.1 +45.4 
Textiles 
Cotton Textile Mills --------6,857 6,941 + 1.2 +18.6 119,561 122,092 + 2.1 +45.8 
Men's Work Oothing -------4,122 4,193 + 1.7 + 11.2 52,600 57,280 + 8.9 +40.6 
Forest Products 
Furniture ---------------2,289 2,338 + 2.1 +22.0 41,407 45,559 + 10.0 +48.6 
Planing Mills ---------2,581 2,620 + 1.5 + 30.0 64,041 63,033 -1.6 +68.3
Saw Mills ________ 17,977 
18,190 + 1.2 + 9.0 264,120 260,641 -1.3 +23.8 Paper Boxes -----------639 679 + 6.2 +27.8 12,364 13,787 + 11.5 +62.3 
Printing and Publishing 
Commercial Printing ----------2,537 2,537 ± (I) + 6.7 58,507 58,240 0.5 +17.7 
Newspaper Publishing -----------4,552 4,697 + 3.2 1.7 109,419 112,923 + 3.2 -6.8 
Chemical Products 
Cotton Oil Mills ---------2,249 3,163 +40.6 9.9 18,243 28,802 +57.7 -12.8 
Petroleum Refining -------21,300 21,397 + 0.5 + 7.0 764,546 802,852 + 5.0 +18.5 
Stone and Clay Products 
Brick and Tile _ _ 2,183 2,163 0.9 + 6.2 30,491 31,674 + 3.9 +23.8
Cement _____ 1,122 1,147 + 2.2 +20.0 34,545 35,414 + 2.5 +35.4 
Iron and Steel Products 
Foundries and Machine Shops ___ 15,682 15,429 1.6 +41.0 516,630 501,085 3.0 +66.9 . Structural and Ornamental Iron_ 2,548 2,692 + 5.7 +31.l 54,262 57,859 + 6.6 +56.7 NONMANUFACTURING Crude Petroleum Productlon _ 31,069 30,521 1.8 -1.2 1,084,191 1,114,732 + 2.8 + 12.2 
(<) (<) 	m (4)
Quarrying 	+ 1.1 +30.8
-------------	+ 6.1 +53.3 
<O (<) 	m (<)
Public Utilities ----------+ 0.1 + 10.5 	+ 0.2 + 14.2 
Retail Trade _____________J.88,535 202,081 + 7.2 + 13.2 3,557,772 3,760,167 + 5.7 +16.5 
Wholesale Trade------63,476 63,740 + 0.4 + 6.6 1,928,346 1,960,954 + 1.7 + 7.0 Dyeing and Cleaning -------2,719 2,822 + 3.8 + 11.2 4-0,090 45,027 + 12.3 +25.1 Hotels ----------------------------15,231 15,195 -0.2 + 4.2 178,450 183,434 + 2.8 + 8.0 Power Laundries -----------11,981 12,271 + 2.4 +23.0 154,589 159,222 + 3.0 +28.7 
CHANGES IN EMPLOYMENT AND PAYROLLS IN SELECTED CITIES111) 
Employment Pay Rollo Employment Pay Rolla 
Percentage Change Percentage Chan1e Percenta1e Chan1e Percenta1e Change 
Aug., 1941 Sept., 1940 Au11., 1941 Sept., 1940 Aue•• 1941 Sept.• 1940 Aue., 1941 Sept., 1940 
to to to to to to to to 
Sept., 1941 Sept., 1941 Sept., 1941 Sept., 1941 Sept., 1941 Sept., 1941 s.,,t., 1941 Sept., 19'1 

Abilene + 3.4 +14.4 2.8 + 21.4 Galveston ---------1.5 -13.8 + 1.1 -7.8 
Amarillo ------1.3 + 8.6 + 1.6 +21.7 Houston --------+ 2.6 +16.0 + 3.2 +22.8 Austin ----------+ 5.5 + 7.3 + 1.9 + 3.5 Port Arthur + 0.7 + 3.0 + 7.1 +16.6 Beaumont + 11.l +56.l + 7.0 +81.6 San Antonio ::_=::= + 3.4 + 11.8 + 3.3 +20.l Dallas ------+ 2.3 +20.3 + 1.5 +32.4 Sherman -----5.2 +20.7 -11.0 + 57.9 
Paso
El _______ 1.7 +22.0 7.7 +26.3 Waco + 5.9 +12.3 + 2.5 +23.8 Fort Worth + 1.4 +23.7 + 5.0 +33.5 Wichita-Fails ---=== 8.2 +17.4 5.4 +28.6 STATE ---------+ 2.8 +15.4 + 3.5 +27.5 
ESTlMATED NUMBER OF EMPLOYEES IN NONAGRICULTURAL BUSINESS 
AND GOVERNMENT ESTABLISHMENTS<•> 

1940(1) 1941 (1) 	1940ffi 1'141 
1,052,000 	1,101,000(1)
January ------------------------944,000 	July -----------------------------983,000 
February ---------------------------943,000 1,092,000 August -----------------------988,000 1,113,000(1) 
1,086,000 September _ ____________________ l,009,000 1,126,QOO(I)
March ----------------------965,000 
April --------------------963,000 1,097,000 October __ 1,022,000 
May ------------------983,000 1,077,000 November 1,048,000 

December ________l,084,000June ---------------------982,000 1,084,000 
•Does not include proprietors, firm members, officers of corporations. or other principal executive.. Factory employment exclude1 also oflice, Nl~, technlcal 
and 	profeHional personnel. <l>Reviacd. a>suhject to revision. 
<8>No chan,e. 
<f.lNot available. 
C5>Baaed on unweighted figure1. 

<8>Not including self-employed pereons, casual worken, or domestic aervanta, and exclusive of military and maritime penonnel. Thete tipree •r• fumlah.. 
by 	tho Bureau of Labor Stati1tic1, U.S. Department of Labor. Prepared from reports from repre9entatiTo TexH ettabllahmenta l• the Bureau of Bu1lne11 RMearc:h coaperatinc with the BurMU of Labor Stat~tiot. 
BUILDING PERMITS 
Abilene ":{___. --------------------­Amarillo ' I All8tin ~/ Beaumont c Big Spring_~ 
Brownsville ....L___________________________ 
Brownwood ------------------------------­
~~;~~:nchris7-~==~~=-~~-==~~=-~==~~==~====~=-= 
Corsicana_,,.-------­
Dallas.~--------------------·------·-­
Del Rio Denton 
,./ 
./
El Paso 
FonWonh.L_ 
Galveston /" 
Harlingen L ----------------·----··------·----­
Ho118ton.._._/___ -----------­Jacksonville Longview__._ 
Lubbock...: ------------------Lufkin -··-·--·-------------------------··--·--------··-----·-·-
McAII -----­Marshall -----------------------------------· 
Midland ------------""7""------·---------------­New Braunfels Palestine• -----~~~~~-=~~·:_==~~~~=~-=~=~==~=
Pampa_. Paris ---------------------­Plainview (_···--·---·-----------------·-··---------·----­
Port Arthur ·/ 
San Angelo_y1 
San Antonio# 

Sherman · , 
Sweetwater 
Tyler_ ./ 

Waco.___ ./ I 
Wichita Fall 
TOTAL._ 

•Not available. !Not included In total. 
Sept., Sept., 1941 1940 94,852 30,330 247,736 219,294 433,179 310,670 148,796 116,639 10,036 14,269 35,887 18,195 47,583t • 7,300 315 417,353 1,181,089 9,900 9,983 1,120,644 1,626,900 12,618 4,385 20,850 18,198 145,534 200,842 386,250 437,784 132,041 112,810 43,700 14,175 1,498,866 1,589,568 10,610 12,650 9,020 6,347 260,133 269,594 37,102 29,458 13,233 16,260 25,198 55,245 49,120 36,510 
7,245 • 56,277 21,333 30,470 29,375 27,235 11,770 4,540 5,850 113,860 100,267 88,124t 534,759t 790,43lt 457,400t 38,418 101,725 9,100 6,230 42,046 42,935 159,086 89,424 250,723 140,732 
5,908,958 6,881,151 
1941 1941 106,663 727,279 
187,244 2,077,453 415,534 4,310,568 339,665 • 
19,560 154,611 32,346 233,312 47,850t • 22,050 167,009t 
1,029,775 11,012,856 23,390 141,442 
2,214,953 11,278,624 17,645 80,085 21,540 294,279 387,683 2,235,541 598,215 5,075,916 181,375 3,636,219 12,060 287,695t 
1,369,169 15,346,880 5,100 78,126 25,000 149,515 345,605 2,820,352 59,159 396,16lt 20,710 165,388 18,596 379,668 67,420 433,900t 6,000 • 17,959 195,846t 18,350 243,690 51,728 204,688t 5,749 • 107,573 945,169 
31,416 276,677 18,655 124,960 61,638 551,818 169,906 2,521,147 1,154,210 2,375,977 9,163,641 67,237,552 
Non.-Compiled from report1 from Texa1 chambera of cODUDerce to the Bureau of Bu1lneu Research. 
SEPTEMBER SHIPMENTS OF LIVESTOCK CONVERTED TO A RAIL·CAR BASIS* 
Cattle 1941  1940  Calvea 1941 1940  1941  Hogs 1940  Sheep 1941 1940  
Total Interstate Plus Fort Worth~ Total Intrastate Omitting Fort Worth_.___ TOTAL SHIPMENTS  3,546 465 4,011  3,914 219 4,133  1,668 186 1,854  1,933 76 2,009  623 20 643  756 16 772  1,310 470 1,780  2,293 326 2,619  

TEXAS CAR-LOT* SHIPMENTS OF LIVESTOCK, JANUARY I-OCTOBER 1 
Cattle Calves Hoga 1941 1940 1941 1940 1941 1940 
Total Interstate Plus Fort WorthW------30,170 . 31,290 8,000 8,999 7,679 6,278 
Total Intrastate Omitting Fort Worth__ 
___ 3,446 3,281 1,090 779 138 176 

TOTAL SHIPMENTS_ 33,616 34,571 9,090 9,778 7,817 6,454 
•Rail-car Bula : Cattle, 30 head per car; calves, 60; hog1, 80; and sheep, 250. VFort Worth 1hipment1 are combined with interstate forwardings in order that the bulk of market di.appearance for Non: Theae data are furnished the Agricultural Marketing Service, U.S.D.A. by railway ofliciala through more than 
Un otock 1hlpplnc point In the State. Thfl data are compiled by the Bur..u of Bu1ine11 Re•earch. 
Sheep Aug. Year to Dato 
1941  1910  
7,760  9,098  
799  575  
8,559  9,673  

1940 498,408 2,038,546 5,472,744 l ,167,037t 221 ,136 259,464
•
• 
7,122,195 141,304 11,414,805 79,287 246,168 2,656,173 3,742.370 1,693,479
• 
17,922,328 130,582 312,147 
3,450,058
• 
282,053 
297,977
•
• 
616,386
• 
83,386t 903,400 912,876t 
5,291,811t 357,158 106,470 651,098 1,547,771 954,664 63,118,173 
Total 
1941 1940 

7,147 8,896 1,141 637 8,288 9,533 
Total 
1911 1940 

53,609 55,665 5,473 4,811 59,082 60,476 
the month may be ahown. 
1,500 atation agenta, repre1entin1 eTery 

SEPTEMBER RETAIL SALES OF INDEPENDENT STORES IN TEXAS 
Number Percenta1e Cba11.ce of in Dollar Sal .. 
Firm.1 Sept., 1941 Sept., 1941 Year 1941 Re· from from from portin1 Sept., 1940 Aue., 1941 Year 1940 
_ 	(1)
TEXAS 	1,078 + 17 + 20 
STORES GROUPED BY LINE OF GOODS CARRIED: 
APPAREL 121 +26 + 24 + 16 Family Oothing Stores -------------------­26 + 29 +32 +18 Men's and Boys' Clothing Stores -------42 + 15 + 5 + 13 Shoe Stores -------22 +18 +43 +15 Women's Specialty Shops ---------­31 +34 +34 + 17 
AUTOMOTIVE* 	76 -15 -42 +32 
l\fotor Vehicle Dealers 73 -16 -43 + 32 COU TRY GE ERAL 112 +21 + 2 +14 DEPARTMENT STORES 58 + 20 +18 +17 
+ (1)
DRUG STORES --------	137 + 14 + IO 
DRY GOODS AND GENERAL MERCHANDISE ___ 22 + 9 +IS + 9 FILLING STATIONS 41 + 18 4 +11 FLORISTS 24 + 9 + 3 + 4 FOOD* 164 +17 -1 + 8 Grocery Stores so + 13 -3 + 8 
_ 	(1)
Grocery and Meat Stores--------------------­108 + 19 + 8 FURNITURE AND HOUSEHOLD*--------------­54 +13 -21 +22 Furniture Stores -----------------------­48 + 12 -21 + 21 
JEWELRY 	35 + ss + 18 +31 
LU. fBER, BUILDI tG, AND HARDWARE* ----------­193 +30 -5 +26 Farm Implt!ment Dealers------------------­10 +38 + 2 +33 Hardware Stores ---------------------­64 + 36 + 7 +22 Lumber and Building Material Deale ~--------------115 +26 -11 +26 
RESTAURANTS 26 +14 -5 +11 ALL OTHER STORES -----------------­15 +18 -12 +12 TEXAS STORES GROUPED ACCORDING TO POPU­LATION OF CITY: 
All Stores in Cities of-
Over 100.000 Population-------------------178 + 16 + 2 +19 
50,000--100.000 Population 118 +21 + 1 +28 2,500-50,000 Population 504 +13 4 +18 Less than 2,500 Population --------------------278 +23 -4 +15 
•Group toltl includes kinds of bwine!S other than the c11ssification1 listed. 
rucha.nce of lea than .5%. 
Note : Prepued from reports of independent retail 1tores to the Bureau of Bu.alnee1 Re11arch ce8perat!nc with tho United !tate1 Bureau ef the Cen1u1. 

COMMODITY PRICES 	CEMENT 
Sept., Sept., Aur.. 
1941 1940 1941 (In Thousands of Barrels) Wholesale Prices: 
Sept., Sept., Aue., Year to Date 
U.S. 	Bureau of Labor Statistics 1941 1940 1941 1941 1940 (1926 = 100%) 91.8 78.0 90.3 Texas Plants 
Farm Prices: 	Production 930 631 976 7,212 5,381 
U.S. Dep't of Agriculture (1910-	Shipments 885 645 975 7,367 5,444 
________139.0* 
1914= 100%) 	97.0 131.0 Stocks ---749 848 703 
U.S. Bureau of Labor Statistics United States 
(1926= 100%) 	91.0 66.2 87.4 
Production ---16,115 13,123 16,345 118,600 92,529 
Retail Prices: 
Shipments __18,284 14,760 17,825 124,585 96,059 Food (U.S. Bureau of Labor Statis-Stocks ___17,563 19,913 19,686 tics, 1935-39=100%) 110.8 97.2 108.0 Capacity Department Stores (Fairchilds Pub-Operated 78.3% 63.0% 76.5% 
-· 
lications, Jan. 1931= 100%) _105.2 93.2 102.6 
NOT11: : From U.S. Departm•11t of Interior, Bureeu of Min•. 

•Preliminuy. 
SEPTEMBER RETAIL SALES OF INDEPENDENT 
STORES IN TEXAS 

PURCHASES .OF SAVINGS BONDS 
Number 	Percentage Change Percentaee 
September September Yea r to Year to of in Dollar Sale• Chan~e 1941 1940 Date, 1941 Date, 1940
Firms Sept., 1941 Sept., 1941 Year 1941 Re­from from from Abilene ------------13,631 11,044 t 231,679* portin1 Sept., 1940 Aug., 1941 Year 1940 Amarillo _________ 
11,044 24,225 248,194 314,775 
TOTAL TEXAS _______________l ,078 + 17 _(lJ +.20 	Austin -----------­13,744 63,956 436,039 547,012 Beaumont ---------­8,213 7,444 283,644 427,118 
TEXAS STORES GROUPED Big Spring 3,581 2,925 75,825 86,588 
BY PRODUCING AREAS: 	Brownsville ________ 3,300 693 t 66,132*Brownwood ____ _ 
+10 	-15 + 12 7,031 t 81,021 * t -Dallas -------------65,906 155,044 1,781,606 2,162,814 District 1-N ---------53 
_ (1)
Plainview ------------11 + 11 3 
Del Rio ___ _ ___ ___
All Others ------------42 + 10 -16 +13 	431 94 t 15,714 
Denison 	----------------­5,175 7,669 80,570 109,802 
District 	1-S -----------------· 15 + 8 -4 +16 
+ 27 	+ 15 +23 Denton ------------­1,125 49,219 64,062* tDistrict 2 ----------------------82 El Paso ----------------30,900 74,231 t 1,036,164.
Abilene ---------------12 +38 +33 + 43 Fort Worth _______
Wichita Falls -----------11 + 18 + 4 + 9 	34,706 63,225 743,457 793,122 
Galveston ----------­15,638 29,925 441,169 436,200 All Others ----------· 59 +26 + 13 +22 
+19 	+ 2 +32 Gladewater -----------­3,038 1,931 69,556 71,643 District 3 ---------------------38 Harlingen ---------­4,050 1,838 60,094 48,015District 4 ------------------251 + 19 + 4 +18 
+ 17 	+ 21 Kenedy --------­863 375 22,800 11,363 
Cleburne ----------------10 	+ 9 
Kilgore 	---------13,650 2,963 t 89,420 Dallas -------------------------37 +22 + 9 +31 Longview ________
+ 8 	+ 11 13,313 11,044 266,944 215,551 
Denison 	----------------------10 + 8 McAllen -------­2,363 2,513 76,295 64,220 Denton -----------------------15 + 6 3 + 4 
+ 15 	-9 + 24 Marshall ----------­12,244 1,069 134,549 147,075 Ft. Worth -------------------37 P alestine -----------7,144 3,188 t 77,862*Sherman -----------------16 +14 + 4 +11 Pampa _______ 5,175 4,669 
Waco --------------------24 + 29 + 7 + 19 p . 	t t 
ans ---------------4,973 4,819 67,410* tAll Others ---------------102 +14 +10 +17 Port Arthur -------­12,375 9,281 237,061 252,700 District 5 ---------------------113 + 16 1 +18 San Angelo ---------­5,269 4,706 t 143,268* Tyler ---------------------13 + 8 + 5 + 4 Sherman -----------­3,225 5,400
All Others ------------100 +18 2 +19 	47,029 79,013 
Temple 	-------------­4,706 3,094 t 64,352*District 6 ----------------33 +14 7 + 38 Tyler --------------15,413 2,663 250,145 228,656 
El Paso 	---------------------19 +15 6 + 42 Waco -------------------55,531 19,125 t 541,066* All Others --------------14 + 5 9 + 3 
Wichita 	Falls ___ 16,969 14,475 220,819 397,765 District 7 ----------------------57 +30 + 5 +18 
TOTAL 	_______
San Angelo ----------13 +43 +29 +27 387,695 582,847 5,475,796 6,383,432 All Others -------------44 + 21 -10 + 15 District 8 ----------------------193 +20 -5 +24 
*Not available. 
Austin ---------------------20 +21 +12 +19 tNot included in total. 
Corpus Christi --------10 +14 -6 +21 Non: Prepared from revort1 from Teua chambera of commerce to the 

San Antonio ----------52 + 22' -6 +28 Bureau of Bu1inea1 Research. 
-All Others -------------111 +17 -12 +18 
District 9 ---------------142 + 9 + 2 + 16 
Be·aumont ---------------19 +26 + 9 +23 

TEXAS CHARTERS
Galveston ----------· 15 +19 -9 +30 Houston ----------52 + 7 + 7 +14 Port Arthur --------10 -14 -10 + 9 ;~~~-Sept. Aug. Year to Dato 
All Others ---------46 +15 -18 +16 Domestic Corporations: 1940 1941 1941 1940 District 10 __________ 43 
+23 -16 +22 Laredo ------------13 +38 -24 +36 Capitalizationt ------$411 $1,309 $1,309 $9,362 $20,785 All Others ---------30 + 6 -2 +12 Number --------53 84 48 636 1,043
District 10-A _________ 54 
+13 	-11 +20 
Classification of new Brownsville --------------18 +15 -13 +12 corporations: All Others ----------------36 +11 -10 +24 Banking-Finance ___ 4 2 
1 35 31 tt>Change 9( leH than .S%. Manufacturing -------13 11 4 90 185
Merchandising _ __ 5
Non: Prepared from report1 of Independent retail atoree to the Buroau of 25 10 142 287 Builne11 Research coOperatin~ with the U.S. Bureau of the Censu1• Oil -----------------------3 14 3 67 147
Public Service _______ 6 2 0 7 17 
Real Estate Building_ 3 13 11 104 96Transportation _____ 1 
1 2 23 47TEXAS COMMERCIAL FAILURES 
All Others -------------18 16 17 168 233 Number capitalized at 
Sept., 
Sept. Aug. Year to Year to less than · $5,000 __ 17
1941 -1940 19.41 . Date, 1941 Date, 1940 38 20 242 427 NLumber . -~-----------12 26 14 208· 217 Number capitalized at 
Aiabilitiest __________:__$110 $351 $100 $3,761 $5,890 $100,000 or more _ 1 4 3-16 31ssetst __:._______________ 52 
206 72 1,806 _5,403 Foreign CorporationsAverage Liabilities (Number) 8 
16 	3 128 184per Fai!uret _____:__ 9 
14 7 18 27 
fin thouaand1. ,._ fin tbouund1. 
Non: From Dua and Brodotreet, Inc. 

Non.-Compiled from recordo of tho Secretary of State. 
POSTAL RECEIPTS 
Sept., Sept., Aue., Year to Date 
1941 1940 1941 1941 
Amarillo ---------------------------------33,600 30,574 35,027 304,495 302,251
Austin --------------------------------76,361 70,530 64,721 666,141 633,191
Beaumont --------27,764 26,435 30,386 255,532 240,310 
Brownsville ----------5,412 5,265 5,464 57,157 52,193 
Brownwood 9,290• t 13,827. 127,721 • t 
Childress -----------------------·-------2,499 2,352 3,003 24,075 22,687 
Cleburne ----------------------------------------3,052* t 3,259* t t 
Coleman -------------------------2,738 2,090 2,692 23,195• t 
Corpus Christi ------------·------·-·-·--··--------39,006 28,762 35,727 314,935 252,456 
Corsicana ----------------------------6,577 5,340 5,400 53,588 48,851 
Dallas ------------------427,844 364,695 382,048 3,568,809 3,270,260 
Del Rio -------------------·----------3,722 3,807 3,477 47,495 36,121
6,475 5,827 6,577 
Denison ------------------------------58,366 52,643 
Denton ···---------------------------------7,280 6,534 6,192 64,893 65,072 
El Paso ------------------·--·------· 59,336 47,625 56,398 542,952 407,419 
Fort Worth 178,849 152,437 152,456 1,360,233 1,282,887 
Galveston ------------32,229 29,547 36,844 306,568 273,586 
2,617 2,254 
Graham ----------------2,250 20,923 21,204 
Harlingen 6,841 5,814 6,659 58,889*

-----t 
Houston -------------------·-------268,549 245,989 265,013 2,429,673 2,276,626 
Jacksonville -------------------3,268 2,968 3,018 31,259 27,804 
Kenedy .. 1,277 1,197 1,299 12,605 11,292 
5,437. 5,383.
Kilgore ---------------------------------t t 52,451 • Longview -----------------------8,752 7,844 9,618 86,674 81,662 Lubbock ------------------------25,644 22,982 19,649 188,579 170,242 McAllen -------------43,784 46,522
4,374 3,923 4,068 
Marshall ----------------------------6,502 5,869 6,493 57,993 55,613 
Palestine ------------·-------------------5,271 4,773 6,372 t 48,102• 
Pampa ----------------6,677 6,321 6,664 61,297 62,126 
Paris . 7,136 6,527 6,679 56,146* t 
4,313 3,376 
Plainview -----------------3,730 36,719 35,266 
Port Arthur ____ 14,620 11,936 13,744 129,843 121,727 
San Angelo ·----13,805 11,500 12,739 120,376 105,463 
San Antonio 146,268 122,965 137,530 1,306,816 1,135,203 
Sherman 7,900 7,610 7,196 69,555 67,225 
1,398 1,362 
Snyder -------------------------------1,422 t 12,705. 
Temple ------------------------------7,032. 6,714. t t 60,754. 
Waco 37,294 33,889 33,284 318,220 297,126 
Wichita Falls ----------------·-29,267 23,154 27,668 235,170 212,731 
----1,511 ,465 1,401,509
TOTAL -----------1,314,073 11,604,725 12,774,725 
•Not available. tNot included In total. 
Non: Compiled from reports from Te:n.s chambers of commerce to the Bureau of Baaineu Reaearch. 
PERCENTAGE CHANGES  IN  CONSUMPTION  LUMBER  
OF ELECTRIC  POWER  
(In Board Feet)  
Sept., 1941 from  Sept., 1941 from  Year 1941 from  Sept. , 1941  Sept., 1940  Au1., 1941  
Sept., 1940  Aug., 1941  Year 1940  Southern Pine Mills:  
Commercial  -----·-···--····-­ + 16.9  0.3  +14.2  Average  Weekly  Production  
Industrial -----·--------­+ 24.6 Residential -········-··-····---·­+ 12.9 All Other ··-···----·-------·­-+ 16.9  5.0 + 1.0 1.6  +15.3 + 9.8 + 6.5  per unit ---------··­·--­Average Weekly Shipments per unit --·--­·­-----­ 332,137 355,373  341,323 428,309  356,278 444,705  
TOTAL  ··-·······-·---­---­---····  + 19.6  2.4  +13.0  Average Unfilled Orders per unit, end of month________  1,490,245  1,284,344  1,467,231  
Prepared  from  rep orts  of  8  electric  power  companies  to  the  Bureau  of  
Buaioeu  Research.  Non:  From  Southern  Pine  A11ocfation.  

CREDIT  RATIOS  IN  TEXAS  DEPARTMENT  AND  APPAREL  STORES  
(Expressed in Per Cent)  
Number of  Ratio of Credit Sales  Ratio of Collections to  Ratio of Credit Salaries  
Stores Reporting  to Net Sale• 1941 1940  Outstandiogs 1941 1940  to Credit Sales 1941 1940  
All Stores  64  67.7  68.6  39.8  36.8  0.8  0.8  
Stores Grouped by Cities:  
Abilene  ---------­--------------------------------­ 3  59.7  60.9  29.3  23.4  1.5  1.7  
Austin  --------­--------------­--------------------------­ 6  60.7  62.8  47.4  43.8  1.0  1.0  
Dallas  -------------------------------------------­ 10  74.6  76.l  40.7  37.7  0.5  0.6  
El Paso -------------------------------------------­------------­- 3  63.4  61.5  35.7  34.4  1.0  1.0  
Fort Worth ------------------­-----------------------------­-·  6  66.6  67.3  37.6  34.5  LO  1.1  
Houston  ------­------------­------------------------­ ----------­ 7  67.3  66.8  40.1  38.2  0.9  1.0  
San  Antonio  -------------------------­---------­ 5  58.5  61.0  45.3  41.2  1.2  0.9  
Waco  ----------------­--------­--------------------------­-­ 5  62.8  67.1  30.3  28.0  1.1  1.1  
All  Others  -----------------------------------------­--­ 19  63.6  63.8  41.3  36.6  1.0  1.3  
Stores Grouped According to Type of Store :  
Department Stores (Annual Volume Over $500,000) ---------------------­ 21  66.9  68.1  41.9  38.7  0.8  0.8  
Department Stores (Annual Volume under $500,000)  ---­-------------­ 11  59.2  61.6  35.5  31.3  1.4  1.6  
Dry-Goods-Apparel Stores -------------------------------­----­-----­Women's Specialty Shops --------­-----­--­----------------------­------­Men's Clothing Stores ____ ----­----------­----­-----­ 5 15 12  62.7 73.0 65.8  64.8 71.8 67.0  41.1 36.2 35.6  37.0 33.0 34.7  l.6 0.3 1.1  1.6 0.5 1.2  
Stores Grouped According to Volume of Net Sales During 1940:  
Over $2,500,000  --------------------------------------­ 10  68.8  71.4­ 40.5  41.0  0.6  0.7  
$2,500,000 down to $1,000,000  --------------­-------­ 11  64.l  63.6  41.3  4-0.l  0.9  1.0  
$1,000,000 down to $500,000 -----­-------------------------­----­$500,000 down to $100,00Q.________________________________________  10 25  61.2 62.6  62.5 65.8  40.4 40.4  37.8 36.1  1.2 1.3  1.3 1.3  
Less than $100,000 ........... --.---------­-----­-----------------------------­ 8  44.6  46.3  39.5  36.1  2.4  2.6  

Non: The ratios shown fgr each year, in the OT<ler in which they appear from left to right are obtained by the following computation~: (1) Credit Sales divided by Net Sales. (2) Collections during the month divided by the total accounts unpaid on the first of the month. (3) Salaries of the credit department divided by credit iaales. The data are reported to the Bureau of Busineu Research by Texas retail stores. 
SEPTEMBER 1941 CARLOAD MOVEMENT OF POULTRY AND EGGS 
Shipments from Texas Stations 
Can ~f Poultry Y.re of Eggs 
Dressed Shell Egd Destination• Chlckene T urkeys Shell Frozen Dried Equivalent 
Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 
14 3 0 16 1 61 47 51 4 546 127 
Intrastate ------------------------------------------------0 0 0 0 1 0 0 2 0 0 1 4 Interstate --------------------------------------------------19 14 3 0 15 l 61 45 51 4 545 123 TOTAL ----------------------------------------------19 Receipts at Texas Stations 
Origin  
TOTAL  -·---------------------------------------------­ 1  0  2  0  81  10  1  4  0  0  83  20  
Intrastate  ------------------------­-------------------­ 0  0  0  0  0  0  0  2  0  0  0  4  
Interstate  -----­----------·--­------------------------­ 1  0  2  0  81  10  1  2  0  0  83  16  

*The destination above is the first destination as shown by the original way bill. C!1anges in destination brought about by diversion orders are not shown. 
tPowdered eggs and canned eggs arc converted to a shell egg. equivalent on the following basis: l rail carload of powdered eggs = 8 carloads of shell eggs, and I carload of frozen eggs = 2 carloads of shell eggs. 
NOTE : These data are furnished to the Agricultural Marketing Service, U.S.D. A., by railroad officials through agents at all stations which originate and receiYe carload shipments of poultry and eg~s. The data are compiled by the Bureau of Business Research. 
BANKING STATISTICS 
(In Millions of Dollars) 
September, 1941 September, 1940 Au1:ust, 1941 Dallas United Dalla& United Dallas United 
District States District States District State• 
..
DEBITS to individual accounts_________________:_·_ _ _ ___ s 1,102 $42,121 $ 1,001 $41,056 s 1,238* $48,269* 
Condition of reporting member banks on-	October l, 1941 October 2, 1940 August 27, 1941 
AssETs: 
Loans and investments-total._ _
____________________ _ 644 29',125 . 543 24,329 626 291,,107 344 8,785 332 10,697
Loans-total ------------------------------­ll,024 278 
Commercial, industrial, and agricultural loans ------­235 6,447 184 4,630 225 6,183 Open market paper ---·-----------··---------­2 397 2 297 2 400 Loans to brokers and dealers in securities ----·--·-------3 494 2 446 4 448 Other loans for purchasing or carrying securities_
___ 
___ 
14 428 14 460 14 437 1,257 23 1,220 23 1,254
Real estate loans ---------------·---·----------­23 1 43Loans to banks ----------·-----------·--·--·----------·-­1 39 1 41 
Other loans ---------------------------------­66 1,962 
52 1,691 63 1,932 785 33 628 33 1,079Treasury Bills -------------------·----·------------39 
Treasury · Notes ----·-·-___
________:..__ _____ _ 34 2,280 	40 2,ll2 35 2,279 85 6,540 120 7,934
U.S. Bonds --·----------------·--··-------------·-------------------117 7,917 Obligations fully guaranteed by U.S. Gov't --·----·--·-------­49 3,319 48 2,582 46 3,316 
60 3,802
Other securities --···-·---·---·---------------------------------------­61 3,800 	59 3,682 
Reserve with Federal Reserve Bank ----··---------·-----­164 10,792 
144 ll,646 154 10,633 Cash in vault ----------··--·--·---------·-·------·------------­14 537 ll 485 14 559 Balances with domestic banks -----------------­301 3,596 287 
3,307 304 3,462 1,200 30 1,196 31 1,187
Other assets-net ----------------·---------··--31 
LIABILITIES: 
Demand deposits-adjusted -·-·--·-------------­

593 24.277 499 21.152 S86 24,453 
5,429 135 5,359 134 5,431133Time deposits ----------·-----·-------·-------·----------··----·-­
U.S. Government deposits --·-------·---·--------------·-·-­35 599 	32 530 39 584 
Inter-bank deposits: Domestic banks-------------------·--------­296 9,669 256 8,734 273 9,215 Foreign banks-------------------------·­1 624 1 678 1 629 
1
1 	1Borrowings -----------·-·----------·-----·-----------­5 772 4 716 5 752Other liabilities ---·---·--------------··--·---------------· 91 3,888 88 3,793 91 3,883Capital account '-----------------·----------------­
•Five week1. 
NoTE: From Federal Reeene Board. 
WHOLE MILK EQUIVALENT OF DAIRY PRODUC'fSt 
MANUFACTURED IN TEXAS DURING SEPT. 1932-41 

Relatives, Average 
Milk for.Sept. 1935-1938, September Equivalent 78,993,000 lbs. equal1 (Pounds) 100 per cent 
1941 • ---·-··--·--·-·--·----···········ll7,983,000 149.4% 1940* ····---·--·-----·--·-·-·------·--·--98,132,000 
124.2 1939 ------·----·---·------·-·--··--··--88,432,000 lll.9 1938 -----·--·-·-----·-----·-·-92,836,000 117.5 1937 ---··--·------·---------· 88,177,000 111.6 
1936 ---·--·--------·-------·----------76,345,000 96.6 1935 ·---·--··--·---·---·---·--·-·-·-----58,613,000 
74.2 1934 -------------·----·-------------58,418,000 74.0 
1933 --------·-·------·---·------81,893,000 103.7 1932 -----------·--------64,601,000 81.8 
fProducte included and conversion factors for converting to milk equivalent are as follows: creamery butter X 20, cheese (whole milk) X 10, ice cream X 12, e..-aporated and condensed milk X 2.2, and powdered milk X 8. 
*Calculations for 1932-1939 based on production as reported by lhe United States Department of Agriculture. Calculations for 194-0 and 1941 based on estimates of production made by the Bureau of Business Researcb. 
TABLE OF CONTENTS 
PACE 
Business Review and Prospect, F. A. Buechel -----------------------------------------------------3 Cotton Situation, A. B. Cox ----------------------------------------------------------------------7 Economics: Today and Tomorrow, Elmer H. Johnson -------------------------------------4 
LIST OF CHARTS Indexes of Business Activity in Texas----------------------------------------------2 Trends in Annual Per Capita Consumption of Evaporated Milk and Fluid Milk in Texas, By Income Oasses.----------------------------------------------------------------1 
LIST OF TABLES Banking Statistics 
---------------------------14 Buildin~ Permits 9 
Carload Movement of Poultry and Eggs ------------------------------------------------13 
Cement -------------
---------------------------------------
-10 Charters 11 Commercial Failures 11 Commodity Prices ---------------------------------10 Cotton Balance Sheet -------------7 Credit Ratios in Texas Department and Apparel Stores ---13 Employment and Payrolls in Texas____ ___ 8 
12
Lumber --------­
Percentage Changes in Consumption of Electric Power _ ___::__ ___________ 12 
7 Postal Receipts ___ _::__________ _ ______________________ Petroleum -------------------------------------­
12 
Purchases of Savings Bonds ----------------------------------------11 Retail Sales of Independent Stores in Texas____
_______________________ _
__________lO, 11 
Shipments of Livestock _ --------------------------9 Whole Milk Equivalent of Dairy Products Manufactured in Texas During September 1932-41 ----------------14