TEXAS BUSINESS Bureau of Business Research The University of Texas Vol. XIV, No. 6 July 27, 1940 A Monthly Summary of Business and Economic Conditions in Texas and the Southwest Bureau of Business Research, The University of Texas, Austin, Texas Entered as tecond clase matter on May 7, 1928, at the pwit office at Austin , Texas, u-nder Act ef Aaio•t 24, 1912 CONTENTS Page Business Review and Prospect, F. A. Bu echeL_______________________________________________________________________________________________________________ 3 LIST OF CHARTS Indexes of Business Activity in Texas _______________________ LIST OF TABLES NOV201942 ::~~~:: ~t::~;::s__::::=::::=::::====::==::::=:::::::::::::=:=:::~~::~~:::=:=:=:::=:::::==:::::=====:::=:===~~~======~~!ii~~t.1111.ARY Carload Movement of Poultry and Eggs-----------------------------------------------------------------------------------------------------------------8 Cement ------------------------------------------------------------------------------------------------------------------------------------------------------------------------11 Charters -------------------------------------------------------------------------------------------------------------------------------------------------------8 Commercial Failures -----------------------------------------------------------------------------------------------------------------------------------------------11 Commodity Prices --------------------------------------------------------------------------------------------------------------------------------------------------------------4 Cotton Balance SheeL------------------------------------------------------------------------------------------------------------------------------------10 Credit Ratios of Texas Retail Stores-----------------------------------------------------------------------------------------------------------------11 Employment and Pay Rolls in Texas---------------------------------------------------------------------------------------------------------------------5 Lumber ---------------------------------------------------------------------------------------------------------------------------------------------------8 Percentage Changes in Consumption of Electric Power__________________________________________________________________ 11 Petroleum ------------------------------------------------------------------------------------------------------------------------------------------------------------------9 Postal Receipts ----------------------------------------------------------------------------------------------------------------------------------------------------­ 4 Purchases of Savings Bonds---------------------------------------------------------------------------------------------------------------------------------------------­ 8 Retail Sales of Independent Stores in Texas--------------------------------------------------------------------------------------------------------------6, 7 Shipments of Livestock------------------------------------------------------------------------------------------------------------------------7 TEN CENTS PER COPY ONE DOLLAR PER YEAR TEXAS BUSINESS REVIEW INDE ·XES Of BUSINESS ACTIVITY IN TEXAS AVERAGE MONTH OF 1930= 100/, WE I GH T IN COMPOS ITE I NDEX EMPLOYMENT ---2.s.% FREIGHT CARLOAOINCS---20% PAY ROLL.S 2.SX CRUDE OIL RVN.5 .S% DEPARTMENT STORE SALES-10 Y. ELECTR IC POWER CONSU"1PTION-l.S ~ Bureau of Business Researth COMPOSITE INDEX OF BUSINESS ACTIVITY IN TEXAS I INDEX Of EMPLOYMENT AND PAY ROLLS IN TEXAS 19 0-I l -I /1 I 80--= :::':::•; --, JO!tfiitfttfiif 'h----_j___-1 1---1--1-----11 110 • ~ I 160 • \~ I 150 ~f~W~A--W~~tl--l---ll+---+-----l-+-il I 4 0 MJJASO J f tv\A ~ ·l--l--l--l---+--+"---"~'1939 194~ -~~-1--+--1--11 130-r--L----~ I 20­ I I 0 I/'f) 1\ I 00 'I 90 ~ 7­ r' -l----l--J---'l~\\.~~N',c~•/!--1 --::;J' I~ ,.l__ ..;r IN DEX OF SALES OF TEXAS DEPARTMENT STORES ~~ - ~ I \ J YEAR 19291930 1931 19321933193419351936119371938 193919401941 1942 YEAR 1~29 19301931 19321933 1934119351193611937 19381939 194~1941 194; Business Review and Prospect GENERAL BUSINESS National business activity has been lagging since the fourth of July holiday period, and the tendency to slow down is becoming currently more marked. Barron's index, adjusted for long-time trend and for seasonal variation, dropped an entire point during the week ended June 13. This was the first decline of the index in eleven weeks. Although a lull in industrial activity is anticipated during the weeks immediately ahead, it is expected that marked activity will develop during the fall, provided Great Britain continues buying on a large scale until our own defense program gets under way. Before large scale production of armaments can be attained, however, there must be a preparatory period of expansion of plant facilities, of tooling and training of workers. The initial first steps are now being taken. Since the first of July hundreds of business firms have received War and Navy Department contracts totaling over one billion dollars. Many of these orders will require a long time to fill. Among the current evidences of an undercurrent of business and industrial strength despite the probable temporary lull in activity, the following have been cited: Defense construction contracts awarded lifted volume of heavy engineering plans for the week ended July 13 to the highest t~tal on record. Of the $217,834,000 aggre­gate, $177,736,000 represented federal defense works. The largest individual award, amounting to $25,000,000, was made by the War Department for the smokeless powder plant which will be supervised by du Pont. Other work contracted for included shipways, ammunition and fuel storage facilities, barracks, machine shop extensions, power plant improvements at navy yards, and naval air base facilities. Privately financed construction for the week ended July 13, in contrast to government work, declined substantially from the preceding week and was moderately below the corresponding week last year. Machine tool orders, mounting since April, were larger in June than in May. Orders have been exceeding ship­ments, and backlogs of unfilled business were thus further enlarged. In one important producing section backlogs are estimated to average about a year's capacity produc­tion. The recent increase reflects the bulge in new do­mestic business. Foreign orders were in good volume in May, but they dropped off in June and a further decline is indicated for July. Other indications of an optimistic nature for the near term future of national business are the huge backlogs of orders in the electrical equipment industry; the high rate of activity in newsprint production; the usprece­dented activity of domestic air lines; and the rate of sales of passenger cars and trucks. TEXAS BUSINESS Trade and industry in Texas are being adversely affected by the international situation, which is prevent­ing the free movement of oil and cotton to foreign coun­tries, and by the national political situation which is causing many groups of business men to mark time until they see more clearly what the future economic policies of the country are to be. Fear of new taxes and expansion of existing ones, the mounting national debt, and the relatively low level of national income are concrete factors, which are causing business men, not directly affected by war orders, to defer action on long term com­mitments. Only those industries which are closely re­lated to our national defense program are likely to launch out in vigorous fashion in the immediate future. Others are expected to follow later, and in due course Texas industry and trade will feel the stimulus of the increased demand for Texas products. The following tabulation presents the current business situation in Texas as compared wi.th the preceding month and the corresponding month last year. The index num­bers are a percentage of the average month in 1930 ad­justed for seasonal influences. JUNE BUSINESS INDEXES IN TEXAS June 1940 J une 1939 May 1940 Employment ---------­----------­-----------­90.2 Pay Rolls ----------------­-------------------­93.8 Miscellaneous Freight Carload­ings (Southwest District ) ____ 65.l Crude Ru ns to Stills ____________ ______ l89.8 89.4 92.4 57.4 187.9 90.7 95.7 62.5 200.1 • Department Store Sales _________ 93.2 95.2 103.6 Electric Power Consumption ______ l34.l 123.5 142.3* Composite -----------------------------­97.9 94.6 100.8* *Revised. AGRICULTURAL CASH INEOME The index of farm cash income in Texas during June was down moderately from May, after adjustment for seasonal variation, but was well above that of June last year. Farm cash income for the year to date still is slightly below that of the corresponding period a year ago, but indications are that before the end of the year this deficiency will be fully made up. The reason for this moderately optimistic assertion is that livestock marketings may be expected soon to make better year to year comparisons. Moreover, the generally good range and crop conditions prevailing throughout most of the State may be expected favorably to affect the quality of the livestock marketed in coming months. It will be noted from the following tabulation that the customary wide variation in the indexes of farm cash in­come as between crop reporting districts prevailed again during June. For Other Texas Data, See Statistical Tables at the End of This Publication INDEX OF AGRICULTURAL CASH INCOME IN TEXAS COMMODITY PRICES Cumulative Income Districts June 1940 May• 1910 June 1939 Jan.-June Jan .·June 1940 1939 (000 Omitted) WHOLESALE PR!CE.S: Ju ne 1940 June 1939 May 1940 1-N --------------­49.l 1-S _______________ 156.1 2 -----------------­47.8 3 ------------------­84.5 73.9 153.4 125.3 139.8 80.6 143.0 67.l 96.l $ 11,354 10,667 10,896 7,987 $ 13,885 9,263 10,554 9,437 U. S. Bureau of Labor Statistics (1936=100) ----------­The Annalist (1926= 100) ---------­ 77.5 79.5 75.6 76.7 78.4 80.9 4 ------------------­ 92.9 93.4 91.0 17,149 15,442 FARM PRICES: 5 6 7 8 9 ------------------­94.7 ____________________153.0 ____ _______________152.0 -------------------­84.4 ___ _____ ____ ________ 140.3 53.3 153.3 135.6 65.9 163.4 73.8 98.7 115.9 78.6 92.7 5,525 9,665 22,350 8,856 8,826 5,119 11,164 17,507 9,780 8,181 U. S. Department of Agricul­ture (1910-14=100) -----­U. S. Bureau of Labor Statistics (1926=100 ) -----­ 95.o• 66.2 89.0 62.4 98.0 67.9 10 ---------­--------­52.2 10-A ________________252.1 STATE ____________ 95.5 *Revised. 69.5 29.4 102.6 45.5 90.5 89.2 7,355 11,158 $131,788 8,792 15,445 $134,569 RETAIL PRICES: Department Stores (Fairchild's Publications, J an. 1931=100) --­ 92.9 89.1 92.8 F. A. B UEC HEL. •Preliminary. POSTAL RECEIPTS June Ju_ne May Year to Date Year to Date 1940 1939 1940 1940 1939 Abilene__________ ___ $ 16,021 17,541 $ 104,628 $ 17,342 $ $ 105,021Amarillo 31,939 30,632 31,884 208,264 182,613Austin 67,510 61,748 72,339 405,909 413,160Beaumont_ _ _ 24,815 25,220 28,162 160,235 156,576Big Spring 5,319 4,653 6,012 36,388 34,050Brownsville1_______ 5,381 5,429 5,837 36,272 34,826Brownwood____________________ 4,993 5,644 5,942 34,678 34,467Childress______________________ _ _ 2,183 2,489 2,466 15,202 15,367 Coleman ----------------------------------------------------2,206 2,118 2,200 • • Corpus Christi ---------------25,732 24,504 28,606 163,751 144,846 Corsicana_____________________________________ 5,294 5,121 5,333 33,021 32,260 Dallas --------332,454 359,523 374,476 2,184,606 2,142,045 Del Rio___________ ________ 3,535 3,815 4,457 25,400 22,937Denison__ _______ 5,720 5,715 5,827 34,726 31,959 Denton_____________________ 7,025 6,700 8,181 45,926 43,649 El Paso_______________________ 43,249 39,665 46,916 267,283 262,485 Fort Worth____________________ 127,198 131,783 149,423 855,636 829,181 Galveston________________________________ 30,412 28,865 30,006 185,131 169,467 Gladewater ·---2,643 2,507 2,701 16,961 16,441 Harlingen___________ _____________________ 5,146 5,246 5,594 36,711 35,265 Houston______________________ _ 245,609 243,088 263,817 1,537,662 1,452,371 Jacksonville --------3,259 3,598 3,868 18,376 20,260 Kilgore ------------------------------------------------------------------------5,310 5,581 6,325 35,985 35,197 Longview_ ________ 7,567 8,941 9,801 55,195 55,621 Lubboc -----------------16,688 16,422 19,333 111,725 103,368McAllen_ ----------3,830 3,991 9,295 33,896 32,357 Marshal!___________________ _ 5,839 5,739 6,353 37,205 36,018Odessa_ _________________________________________ 5,065 5,193 6,733 36,990 33,276 Palestine__ ---------------4,645 4,770 4,772 31,411 32,161 5,813 5,547 6,544 41,716 37,202 ~;~;~:_-__ :===========:~==::::=:==:== 4,997 5,519 6,488 • _ • Plainview____ ________ ____ _ _____ _ 3,282 3,584 4,222 23,925 23,933 Port Arthur______________________________ 12,923 12,873 13,798 82,468 78,327 San Angelo________________ _ _ 10,551 10,723 12,524 70,970 68,932 San AntoniO-----------------------------------------------------------116,054 118,872 132,153 764,519 724,608 San Benito_________________ __________________ 1,817 1,967 2,576 14,389t • Sherman___________________ 7,378 7,228 7,509 45,365 45,075 Snyder--------------------------------------------------------------1,454 1,564 1,337 8,944 8,286 Sweetwater________________ ___________ 4,657 4,314 4,867 29,990 29,654 Tern ple ----------------------------------------------------------6,032 5,839 6,807 40,45e 39,409 Tyler_________________________ __________________ 13,998 14,599 15,989 93,595 93,726 Waco -------------------------------------31,094 33,482 35,140 197,475 204,536 Wichita Falls______________________ 21,843 21 ,725 24,623 141,692 135,766 TOTAL. $ 1,288,480 1,314,077 $ 1,438,578 $ 8,290,290 s 7,996,698 *Not available. tNot inclu ded in total. NoTE: Compiled from reports from Texas Chamber of Commerce to the Bureau of Business Research. EMPLOYMENT AND PAY ROLLS IN TEXAS JUNE, 1940 Estimated Percentage Change Estimated. Percentage Change Number of from from Amount of from from Workere May June Weekly May June Employed• 1940 1939 Pay Roll 1940 1939 MANUFACTURING All Manufacturing Industries____________________--.--.·-------------.. 132,468 1.1 + 3.7 $2,556,170 3.8 + 2.3 Food Products Baking_________________________________ ­ 6,575 0.3 + 7.2 147,008 + 0.6 + 17.6 Carbonated Beverages_________________________________ 3,357 + 4.6 + 10.3 75,248 + 2.8 + 16.0 Confectionery_______________________________________ 449 -11.8 + 18.l 4,531 4.8 +17.1 F1our Milling________________________________ 1,642 + 0.1 + 5.4 36,422 + 2.8 + 12.3 Ice Cream__ __________________________ 1,093 + 3.7 +20.9 18,781 + 2.3 + 16.l Meat Pacldn 4,190 0.4 + 3.2 94,314 0.9 + 4.4 Textiles Cotton Textile Mills__________________________________ 5,886 -3.8 + 5.4 69,586 -14.2 + 0.8 Men's Work Clothing__ 2,797 -19.0 -27.6 26,881 -17.0 -32.4 Forest Products Furniture________ ­ 1,544 4.4 0.9 34,814 +t +20.1 Planing Mills-------------------------------1,867 0.8 -4.0 31,541 0.2 -11.3 Saw Mills_______________________________________ 16,108 + 0.3 + 13.5 181,165 9.0 + 7.3 Paper Products___________________________ 580 + 4.0 +11.4 8,810 + 4.4 + 17.1 Printing and Publishing Commercial Printing_______________________ 2,332 + 2.6 + 4.6 51,169 9.6 + 2.0 Newspaper Publishing_______ 4,541 0.1 + 4.0 119,673 1.0 + 3.1 Chemical Products Cotton Oil Mills____________________________ 1,711 5.2 +25.7 17,241 + 1.5 +21.1 Petroleum Refining___________________________ 20,328 + 0.3 -0.8 645,955 3.2 2.2 Stone and Clcy Products Brick and Tile.. 2,103 + 2.2 +10.4 26,349 1.6 + 5.3 Cement__ 1,114 4.2 4.1 28,147 4.8 0.1 Iron and Steel Products Foundries and Machine Shops___________________ 11,336 1.5 + 5.2 289,943 4.5 + 1.9 Structural and Ornamental Iron.. 1,867 1.2 + 2.0 34,458 8.2 5.4 NONMANUFA.CTURING Crude Petroleum Production ------------------------------------31,473 + 0.5 0.4 978,907 0.4 3.9 Quarrying ----------------------------------------------++ 5.0 4.9 :j: 4.3 0.9 Public Utilities_______________________________________ :j: + 2.1 + 4.5 :j: + 1.0 + 5.0 Retail Trade_·---------------------------------------------------186,782 0.6 + 5.8 3,131,034 0.6 + 6.0 Wholesale Trade.-------------------------------------------------------58,434 1.2 + 2.1 1,836,145 + 8.8 + 18.0 Dyeing and Cleaning·---------------------------------------------------· 2,478 + 2.6 5.7 35,778 + 0.5 3.1 Hotels·-------------------------------------------------------------------13,922 1.2 4.2 167,510 + 0.7 + 8.6 Power Laundries·--------------------------------------------------------9,762 + 0.6 + 0.9 122,780 + 3.4 + 3.1 C HANGES IN EMPLOYMENT AND P AY R OLLS IN SELECTED CITIES AND FOR THE STATE Employment Pay Rollo Percentage Change Percentage Change May 1940 June 1939 May 1940 June 1939 to to to to June 1940 June 1940 J une 1940 June 1940 Abilene 8.5 -10.2 4.9 + 4.0 __..._________ Amarillo + 1.5 +31.9 1.7 +41.4 Austin ----------------+ 1.4 5.9 + 1.1 1.2 Beaumont ---------------1.0 2.3 2.4 4.0 Dallas 1.4 ---------------------+ 0.4 1.0 + 0.8 El Paso ------------------+ 0.3 + 4.0 + 0.7 + 9.7 Fort 4.3 2.4 Worth ------------2.2 0.4 _____________... Galveston 2.8 -13.4 4.1 7.1 Houston ------------------0.5 + 7.7 1.5 + 9.6 Port Arthur ---------+ 1.2 0.2 1.5 + 3.5 San Antonio + 5.1 1.0 + 0.7 + 1.7 Sherman + 4.2 --------------4.5 3.9 +22.5 Waco 3.0 1.1 3.0 2.7 Wichita Falls 3.5 9.3 5.5 3.6 STATE ---------------0.6 + 1.1 1.9 + 1.6 *Doe1 not include proprietors, firm members, officen of corporations, or other principal executives. Factory employment excludes also office, sales, technical, and professional personnel. These figures are subject to revision. tLess than 1/20 of one per cent. !Not available. Prepared from report1 from repreaentative Texu e1tabli1hment1 to the Bureau ef BuaineH Research coOperatin&: with the United Statte1 Bureau of Labor Stati1tic1. JUNE RETAIL SALES OF INDEPENDENT STORES IN TEXAS June 194 r--Year 1940--, Number Percentage Change in Number Percentage of Dollar Sales of Change Firma June 1940 June 1940 Firms Year 1940 Re· from from Re-from p ortin& June 1939 May 1940 p ortine-Year 1939 TOTAL TEXAS.-----·----·------·----·-··------·-·--I,110 3.I -12.3 I,058 + 2.9 TEXAS STORES GROUPED BY PRODUCING AREAS: DISTRICT 1-N______ -·--------64 3.4 -3.8 60 + 8.3 Amarillo________ ----------I4 + 1.2 -I2.8 I3 + 8.3 Pampa.·-·-----------·---------··-----·-----9 5.4 -2.3 7 + IS.9 Plainview·-----··--·-·-----·----------------I2 + 1.7 -5.2 11 + I4.0 All Others_·--------·---·-·-·------------------·-·-·-----29 9.6 + I2.3 29 -3.3 DISTRICT 1-S---·---------·--·--·------· 2I 9.I -IS.7 21 + Il.7 Big Spring·--·---·------------------·--··-···-··-·--6 -Il.3 -25.3 6 + 2.7 Lubbock.-------·--·--·--·-----·------------·····-·-··--5 -IS.O -Is.o 5 + 9.9 All Others·-···-·-·····-··----··-·-·-------·----·----·-····--····-··--IO + 13.4 -13.9 10 +21.1 - DISTRICT 2c·--···-·-···----------·-·----··----·-··---···--89 5.8 -I7.2 84 0.3 Abilene .. ·-·-··-···-···--·-···--·-·------··---·---·-···---··--·--IS -I3.3 -25.2 IS 8.8 Vernon -··--···-······-··········-····-·-··-····-·····-·--·····--····--··--·······--·-·--···--····-·-··--··-6 5.0 -I2.7 6 + 3.9 Wichita Falls .. ·--------·---------·-··---··-·-----------·--I3 + 2.0 -Il.9 10 + 8.5 All Others .. -----··-·-·-·--------·-----····-·---·--·-··---·-·-·----55 -7.3 -17.5 53 + 0.1 - DISTRICT 3 ... -------··-·---------·-·-·-----·-·-40 5.3 -I9.4 38 + 1.3 Breckenridge -···-····-···-·-··-··············-·-······-·····---·-··-·····--··-··-···--·-·········-··-5 -11.I -24.8 5 8.2 Brownwood·---·-··-----··-·--·-··---------··-·--··----7 -I8.4 -22.0 6 8.2 All Others__·-·-··--·-··-·------------·--···----·-··------28 -3.2 -I8.6 27 + 3.4 DISTRICT 4 ... ---·--·----··-----·-·-------·----·-·-----·--267 -1.3 -IS.l 255 + 3.4 Cleburne ... ·-··---··--··--·-···-------·---·-·-····----8 -4.7 -I4.0 8 + 5.2 Corsicana.---····-··-····-···-----····---···-----··-------7 + I0.2 -21.4 6 + 7.8 - Dallas .. ·-·-···---··--·-··-----···-···-··--···-··----------··--··----45 2.8 -22.s 42 + 2.2 DenisoIL.. -------·------··--·-·--·-----·----··--·-----···-·-8 + O.I -6.3 8 + 5.9 Ennis .. ·-·-··-··---·-·-·-------------------·-····-··-·-·····-·-··--6 + Il.2 -10.6 6 + 11.9 Fort Worth.. ... ----··--···-··--·-----------··-··---·-·---····-·--··---49 + 0.3 -9.6 44 + 6.I Gainesville ····-··········-··········-····-···············-················-··--··············--··-·······---5 -7.6 -7.0 4 + 1.3 Taylor.___________________ ·--·---------·------5 -16.3 + Il.6 5 -24.8 Temple_______________ ----···---11 7.4 -14.I 11 + 3.1 Waco.____ ··----··-·-·----28 5.6 -I6.7 27 + 3.6 All Others·-··---·--··----------------·---·-·----·-·-·--95 0.3 -4.8 94 + 3.8 DISTRICT 5 ·--··---------115 5.7 -IS.I llI + 5.6 Bryan_______ 6 8.0 -24.3 6 -0.2 Clarksville···--·-·-···-----······-·-·-···-·--····-·-··--··--·-··--·-·--------5 + 5.6 -4.4 5 + 11.0 Henderso IL________ ------·---·-----5 + 1.3 -17.3 5 + 4.8 Longview ··-···-···-··--···-····-·····--·-···-··-·---···-····-··-·-····-·--·---·-----7 2.9 -25.0 5 + I2.6 MarshalL----·-···--·---------------·--·--··---8 + 2.6 -I9.3 8 + 3.4 Palestine_··-·-·---··--·---··--··-···-··-··--··-···---····--·-·-··-···--·--6 + 4.3 -17.4 6 + 7.7 Tyler ... ·-··--···--···-···---·----···-··----·--·-··------------·----I4 9.0 -24.3 I4 + 7.0 All Others ... ·-··-····-···-······-·····-·-···-·----······--·----··-·····-·-·-·-···-··------64 7.3 9.8 62 + 5.2 DISTRICT 6.·-···-··--··-··-··------···-···-··--·--·-··---------3I 2.2 + 8.2 29 + 4.5 El Paso .. ·-····-----·-···-··--·-··--·------···-·-·---··-----·---18 1.4 + 9.0 I7 + 5.4 All Others___·--··-···-············-··-·--·-····-··-···-···-·-····-··--····-·-··---I3 8.5 + 2.3 12 8.0 DISTRICT 7.·--·-··--··-·----··-·--·--·--·-·--··-··--·---· 51 6.3 -17.I 49 + 1.3 - Brady .. ----··--·-·-·----------·-------·--·-·-·---7 4.0 2.6 6 7.4 San Angelo---------·-·-·-·----··------·-· . 14 8.6 -22.3 14 + 1.8 All Others_·-·-·····-···--··-···------·----·--····-·--------·--·--30 3.9 -I2.s 29 + 2.2 DISTRICT 8--------------------·-----·--2I5 4.I -I4.8 2I2 0.4 Austin--------·------------·-·-----·-··---· 23 -11.5 -23.2 23 -4.0 - Corpus Christi_ __····--·-----------------------·--·-11 + 7.8 3.4 11 + 1.5 Cuero--·--·---··-····----------·-----··-·------------· 6 + I4.8 + I3.7 6 + 1.8 Lockhart .. ·----··-·-····-··-··--·-···---·--·-··-··--··-··-·-------9 + 33.3 + 13.8 9 + IS.4 San Antonio.·-··-···----···--·--------·--·--------------·--·----67 4.I -I9.5 67 + 0.3 San Marcos ... ·-·--··--···-·-···-···-···--·--·----··-·····--··-······----···--7 + 1.7 + 2.I 7 0.3 All Others ........ ·-·····-···-······--···-··-··-··-·-··-········-·-······-···-··-····-····--······-·------92 6.0 5.0 89 1.7 -DISTRICT 9--··-·--···-··--····-···-··-···-·-------·-·-·-··-··-···--·········--····-I54 0.6 -9.8 144 + 2.8 BeaumonL·--··--··---·---···-----···--··---··----·-·--···--·-··-I8 + 1.3 -20.I 18 + 7.5 Galveston __·-·--·--·-····------·-·-·------····----··-·-----18 + 8.0 + 4.4 17 + 3.0 Houston-·--·------··-------------------·--·--·--49 3.9 -13.4 46 + 0.1 P?rt A_rthur.·--·--··--·---------·-··----·--·--------19 6.7 -6.0 16 + 3.0 V1ctona._______________ ·----·--··-·---7 7.7 -5.3 7 -0.4 All Others_.____________ ·-··----·-·····--·---43 + 11.2 + 0.8 40 +10.I DISTRICT 10--··--···--·------------· .. 63 -14.8 -10.8 55 2.4 Brownsville______________________________________ 9 -­ 5.7 6.4 7 + 5.3 -37.7 -26.3 5 8.I -10.2 8.I 5 7.4 -0.7 ~~~~:~~::=~=-~-==:~~==:===:=--=---~==~~-=::···-::===-=::~~:=-=-··= J -5.5 5.2 38 - NoTE: Prepared from reports of independent retail stores to the Bureau of Research coOperating with the U.S. Department of Commerce. JUNE RETAIL SALES OF INDEPENDENT STORES IN TEXAS June 1940 Year 1940 ~ Number Number Percentage of Percentage Change of Change Firms J unel940 Ju ne 1940 Firms Year 1940 Re­from from Re-from porting June 1939 May 1940 p orting Year 1939 TEXAS 1,110 3.1 -12.3 1,058 + 2.9 STORE.5 GROUPED BY LINE OF GOODS CARRIED: APPAREL. -------------------111 6.5 -29.2 108 + 1.0 Family Clothing Stores___________________ 27 6.0 -20.8 27 + 1.2 Men's and Boys' Clothing Stores______ 39 3.9 -26.1 37 0.1 Shoe Stores._______________ _ 16 + 2.7 -19.9 16 + 1.8 Women's Specialty Shops______________ ________________ 29 -10.3 -35.0 28 + 1.8 AUTOMOTIVE" -----------------------------------------------------------------------------------------------122 -0.3 + 4-.6 119 + 8.7 Filling Statioill!_____________________________________ 44 -14.5 + 8.6 43 6.4 Motor Vehicle Dealers__________________________________ _ _ ____ 76 + 0.6 + 4.3 74 + 9.5 COUNTRY GENERAL --------------------------------------------------------------------------------------------115 3.5 -11.5 109 + 2.3 DEPARTMENT STORES____________________ -------49 5.9 -18.4 45 + 1.4 DRUG STORES___________________________________________ 123 + 0.03 -7.1 117 + 2.8 DRY GOODS AND GENERAL MERCHANDISE______ 24 5.9 -10.4 22 + 3.0 FLORISTS_____________________________ 25 + 0.2 -29.5 24 + 3.6 FOOD"-------------------------------------------------------------------------------------------------------193 + 1.4 -2.3 183 0.1 Grocery Stores___________________ _______ ___ _ 65 + 3.6 + 1.1 63 + 2.4 Grocery and Meat Stores_________________ ________________ 121 + 0.6 -3.6 113 1.2 FURNITURE AND HOUSEHOLD"----------------------------------------------------------------61 + 2.1 -10.7 57 + 1.7 Furniture Stores___________________________________ 48 + 3.0 -11.8 45 + 1.2 Household Appliance Stores--------------------------------------------------------------------------------8 2.2 -3.1 7 + 8.8 JEWELRY...----------------------------------------------46 + 17.8 -23.6 41 + 3.7 LUMBER, BUILDING, AND HARDWARE.____________________ 204 -7.2 -11.5 196 1.1 Farm Implement Dealers________________________ _ 10 -12. 1 -13.6 10 + 8.1Hardware Stores_____________________________________________ 63 3.5 -10.9 60 + 10.3 Lumber and Building Material Dealers____________________ 127 8.8 -13.3 122 4.2 RESTAURANTS_________ ----------------23 2.9 3.0 23 2.4 ALL OTHER STORES___ 14 5.1 -4.0 14 + 4.9 TEXAS STORES GROUPED ACCORDING TO POPU­LATION OF CITY: All Stores in Cities of-Over 100,000 Population..___________________________ 229 2.3 -13.8 216 + 2.6 50,000-100,000 Population_________________ 106 2.9 -13.0 101 + 2.3 2,500-50,000 Population________ ____________________ __ 449 5.3 -11.4 424 + 3.0 Less than 2,500 Population__ 326 1.8 -7.0 317 + 4.0 •Group total includes kinds of business other than the classifications listed. NOTE: Prepared from reports of independent retail stores to the Bureau of Business Research, coOperating with the U.S. Department of Commerce. JUNE SHIPMENTS OF LIVE STOCK CONVERTED TO A RAIL-CAR BASIS§ Cattle Calve1 Hoga Sheep Total 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 Total Interstate Plus Fort Worthil-------­Total Intrastate Omitting Fort Worth_____ 2,212 430 2,893 500 799 68 910 104 583 11 744 42 1,016 54 1,071 96 4,610 563 5,618 742 TOTAL SHIPMENTS_ 2,642 3,393 867 1,014 594 786 1,070 1,167 5,173 6,360 TEXAS CAR-LOT§ SHIPMENTS OF LIVE STOCK, JANUARY 1-JULY 1 Cattle Calves Hogs Sheep Total 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 Total Interstate Plus Fort Worthn_ ___ 21,745 28,594 5,066 5,330 4,312 4,737 5,155 4,712 36,278 43,373 Total Intrastate Omitting Fort Worth____ 2,526 4,533 571 868 130 326 180 362 3,407 6,089 TOTAL SHIPMENTS 24,271 33,127 5,637 6,198 4,442 5,063 5,335 5,074 39,685 49,462 §Rail -car Basis: Cattle, 30 head per car; calves, 60; hogs, 80; and sheep, 250. ~Fort Worth 1hipment1 are combined with inter1tate forwardings in order that the bulk of market disappearance for the month may be shown. NOTE: Theae data are furnished the United States Agricultural Marketing Service by railway officials through more than 1,500 station agents, representing every live •tock 1hippin1 point in the State. The data are compiled by the Bureau of Business Research. TEXAS CHARTERS Year To Date Year To Date June 1940 June 1939 May 1940 1940 1939 Domestic Corporations Capitalization* -----------------------------------------$ 1,960 $ 1,933 $ 2,403 $13,884 $12,972 Number ----------------------------------------------------------------------------97 120 123 766 774 Classification of new corporations: Banking-Finance _____ ------------------2 1 1 24 20 Manufacturing --------------------------------------­13 20 26 142 141 Merchandising --------------------------------------------24 28 29 205 172 Oil ------------------------------------------------------------------------5 29 18 103 150 Public Service ----------------------------------­4 1 4 12 4 Real Estate-Building --------------------------­9 14 13 65 84 Transportation ---------------------------------------4 4 3 37 28 All Others --------------------------------------------------------36 23 29 178 175 Number capitalized at less than $5,000__________________ 36 54 56 312 318 Number capitalized at $100,000 or more____________ _ _ 2 4 4 18 25 Foreign Corporations (Number)----------------------------------21 34 20 125 185 *In thousands. NoTE: Compiled from records of the Secretary of State. PURCHASES OF SAVINGS BONDS JUNE, 1940, CARLOAD MOVEMENT OF POULTRY AND EGGS June June First Half 1940 1939 1940 1939 Abilene ___________________$ 15,716 $ 8,644 $ 166,916 $ 78,824 Shipments from Texas Stations Amarillo --------------­20,869* t 217,219* t Can of Poultry Austin ------------------­30,281 45,131 368,701 215,343 Live Dressed Can of E1p\Beaumont -----------­25,744 23,494 374,693 270,020 Destination• Chickens Turkeys Chicken.a Turkey1 Big Spring -------------­7,425 1,481 68,063 50,663 June June June June June June June June June June Brownsville -----------2,869 1,650 58,070 60,975 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 Brownwood _______ 8,588 3,919 46,557 42,564 TOTAL 2 21 40 19 3 142.5 63.0 Dallas ---------­125,644 226,538 1,614,751 1,284,694 Intrastate -------0 0 0 0 0 22.5 22.0 150 525 12,976 3,094 Interstate ________ 2 Del Rio ----------------­21 40 19 3 120.0 41.0 Denison --------------­5,869 5,756 90,264 75,000 Origin Receipts at Texas StationsDenton -------------­3,019 2,850 t t TOTAL ________ El Paso ---------------­37,144 29,081 588,020 477,787 30.0 29.5 Fort Worth ---------­64,275 92,363 568,440 523,551 Intrastate ________ 18.0 21.5 Galveston -------------­50,044 31,950 323,925 209,438 Interstate ----------____ 12.0 8.0 Gladewater ----------­2,831 2,681 65,456 53,833 Harlingen -----------­3,400 3,356 37,251 30,957 *The destination above is the first destination as shown by the original waybill. 563 16,613 62,869 65,251 Changes in destination brought about by diversion orders are not shown. Kilgore -------------­ Longview -------------­10,219 14,269 184,332 139,708 tPowdered eggs and canned frozen egge are converted to a shell egg equivalent. NoTE: These data are furnished the Agricultural Marketing Service, United Marshall --------------­8,306 2,906 138,787 30,301 States Department of Agriculture, by railroad officials through agents at all ata· McAllen ------------­3,263 15,468 50,138 42,319 tions which originate and receive carload shipments of poultry and eggs. The Odessa --------------­3,ooo• t 29,812* t data are compiled by th e Bureau of Business Research. Palestine ------­6,581 12,956 70,443 101,231 Paris -------------------­8,963 11,888 t t LUMBER Plainview ----------­1,144 10,163 34,088 39,058 Port Arthur --------­11,775 11,644 217,125 116,007 (In Board Feet)San Angelo -------­20,531 5,156 128,118 77,793 San Antonio ----------78,113 115,294 1,115,307 753,620 June June May San Benito _____ ____ 938 2,475 27,770 13,463 1940 1939 1940 Southern Pine Mills: Sherman ----------­8,381 4,050 58,876 51,695 Temple ----------­3,900 12,844 45,920 45,320 Average Weekly Production Tyler -------------------10,931 4,443 202,537 187,612 per unit -----------------------290,575 298,483 291,202 Waco ------------------24,994 43,031 408,879 258,749 Average Weekly Shipments Wichita Falls ______ 21,713 28,688 330,396 224,938 per unit _____________________________ 297,913 325,204 324,905 TOTAL __ ________$ 603,315 $ 791,307 $7,459,668 $5,523,808 Average Unfilled Orders per unit, End of Month.._____ ______ 649,282 780,089 597,904 *Not included in total. t Not available. NOTE: From Southern Pine Association. BANKING STATISTICS (In Millions of Dollars) DEBITS to individual accounts ------·-------­Condition of reporting member banks on- AssETs:· Loans and investments-total Loans-totaL______________ Commercial, industrial, and agricultuxal loans___________ Open market paper_______________________________ Loans to brokers and dealers in securities______________ Other loans for puxchasing or carrying secuxities___ ___________ Real estate loans____ _______________________________________ Loans to banks_ _______________________________ Other loans________________________________ Treasury Bills_______________________________ Treasury Notes___________________ U.S. Bonds------------------------------­Obligations fully guaranteed by U.S. Gov't_____________ Other secuxities___________________________ ___ Reserve with Federal Reserve Bank._____ Cash in vault________________________________ Balances with domestic banks____ ___________________ Other assets-net_________________________________ LIABILITIES: Demand deposits-adjusted.____ Time deposits______________________________ ___ _ U.S. Government deposits_______________________ _ Inter-bank deposits: Domestic banks____________ Foreign banks__________________________ Borrowings___________________________ Other liabilities_______________________________ Capital account_______________________ *Five weeks. NoTE: From Federal Reserve Board. PETROLEUM Daily Average Production (In Barrels) June, I940 June, I939 .May, I940 Coastal Texas* ------­-------------­East Central Texas -------------­East Texas --------------------­North Texas --------------------­Panhandle -----------------------­Southwest Texas --------------­West Central Texas ------------­West Texas ------------------­------­ 227,950 79,950 372,250 103,050 65,700 231,000 32,800 230,400 213,150 91,450 372,650 84,700 68,650 221,850 31,650 215,000 240,390 84,630 396,530 107,380 73,460 235,240 33,560 251,510 STATE -----­-----------------------1,343,100 1,299,100 1,422,700 UNITED STATES ________________.3,779,800 3,434,950 3,784,860 Imports ---------------­-----------­ 220,571 202,393 218,786 *Includes Conroe. NoTE: From American Petroleum Institute. See accompanying map showing the oil producing district• of Tex&1. Gasoline sales as indicated by taxes collected by the State Comptroller were: May, 1940, 117,517,000 gallons; April, 1940, 111,613,000 gallons; May, 1939, 113,726,000 gallons. June, 1940 Dallaa Uruted District Statea $ 1,008* 841,649* July 3, 1940 502 23,586 268 8,462 175 4,438 2 301 3 380 13 471 22 1,199 1 40 52 1,633 27 757 40 2,063 81 6,382 47 2,405 57 3,517 147 11,636 10 478 295 3,277 29 1,147 484 20,510 137 5,331 29 536 258 8,577 1 685 1 4 710 88 3,774 June, 1939 Dallaa United District State1 s 781 33,175 Ju ne 28, 1939 514 21,951 255 8,089 167 3,833 2 303 5 648 15 543 21 1,161 51 45 1,550 28 431 48 2,112 81 5,880 46 2,148 56 3,291 113 8,479 12 455 248 2,756 29 1,241 449 17,220 137 5,237 32 555 208 6,747 600 5 808 85 3,715 May, 1940 Dallaa Uruted District States 848 34,297 May 29, 1940 522 23,524 266 8,475 176 4,367 2 322 3 478 13 481 22 1,189 1 46 49 1,592 27 627 40 1,926 84 6,528 47 2,399 58 3,569 139 11,203 11 488 299 3,285 30 1,305 481 20,287 136 5,312 31 581 260 8,431 1 707 1 4 739 88 3,747 BUILDING PERMITS June June May Year to Date Year to Date 1940 1939 1940 1940 1939 Amarillo_____ __ $ 183,332 $ 222,360 $ 387,642* $ 1,344,902 $ 1,494,836Austin________ _ 443,861 631,557 1,007,033 4,341,283 4,508,787Beaumont__________ ______ _____ _ 160,069 128,627 757,846 147,973 724,451Big Spring_______ ___________________ 20,778 16,480 26,360 171,285 190,528 Brownsville -------------------------------------------------------------------78,426* 15,776* 52,427 199,1.51 85,388Cleburne --------------------------------------------------------------------­4,025 18,700 3,969 28,614t + Coleman ----------------------------------------------------------------------9,645t 8,435t 175,625t + + Corpus Christi___________ ____ _ _ _____ _ _ 248,947 581,955 228,556 . 4,097,947 2,019,148 Corsicana------------------------------------23,545 16,375 16,598 104,184 118,220 Dallas_____________________________________________________________________ ___ _ 1,478,250 1,193,581 1,235,706 7,034,63] 7,103,910 Del Rio_____________________________________ _ 24,045 2,980 5,031 57,616 53,197Dent0n __ _____ _ ________________ _________ 50,855 16,050 21,950 147,815 140,515El Paso__________________________________ 133,960 166,755 248,132 1,260,494 1,020,219 Fort WortlL-----------------------------------312,057 468,359 444,544 2,467,149 3,297,952 Galveston_________________ _______________ 178.006 151,742 85,024 1,108,432 800,778Gladewater___________________ ___________________ 10,875* 33,045 12,750 32,789 48,689 Graham -----------------------------------------------------------------------14,732* 15,700 5,790 52,203 101,126 Harlingen___________________ _______________________ 57,891 34,353 16,073 221,339 105,834Houston______________________________________ 1,189,950 2,034,809 1,608,270 11,356,405 14,845,295Jacksonville______________________ ____ _____________ 7,350 1,500 17,832 86,182 61,050 Kilgore -------------------------------------------------------------------~----­73,100* 54,000* 104,500* + + Laredo ------------------------------------------------------------------------5,475 19,750 5,360 31,735 46,685 Longview__ ________________________ _ _______ 61 ,710 5,150 55,935 176,125 128,398 Lubbock_____________________________ 248,399 236,332 362,238 2,198,395 1,560,985 Lufkin ------------------------------------------------------------------------­25,884t 73,289t + + + McAll=------------------------------------------12,000 28,635 70,696 235,248 212,325 Marshall____________________________ 42,953 33,487 32,605 174,250 383,847 l'viidland ----------------------------------------------------------------------------41,575t + 93,275t + + New Braunfels-------------------------------------------------------7,700 8,605 17,070 Odessa____________________________________________________ _ ______ + + 141,700t + 84,178t 471,187t Palestine._____ _________ ______________ + 14,815 16,169 11,304 93,484 76,362 48,136* 16,405 51,575 488,451 110,200 ~:~~~--:-_:=.::=·-:=_:::=.~:~~~===:==-=== 7,758 6,529 22,256* + + Plainview ----------------------------------------------------------------------350 5,950 5,200 38,736 40,389 Port Arthur_ _____________________________________ 99,184 116,722 106,621 620,795 530,159 San Angelo______________________________ 32,742 44,014 66,224 271,127 236,731 San Antonio__ _________________________ 441,009 421,198 527,976 3,139,910 2,526,800Sherman.._____________ ___________________________________ _ 48,785 22,062 42,909 203,196 161,197Sweetwater_______________________ l0,920* 14,550 23,835 82,15\J 76,846Tyler_____________________________________________________ _ 54,773 61,072 56,963 404,490 1,135,575Waco____________________________ 123,667 127,517 119,893 709,739 953,591Wichita Falls____________ _____________ 120,920 69,214 63,395 608,192 473,597 TOTAL_ ________ _________ $ 6,075,350 $ 7,058,065 $ 7,318,215 $44,317,676 $45,373,610 *Does not include public works. tNot included in the total. !Not available. NoTE : Compiled from reports from Texas chambers of commerce to the Bureau of Buainess Research. COTTON BALA CE SHEET FOR THE UNITED STATES AS OF JULY 1 (In Thousands of Running Bales Except as Noted) JUNE CREDIT RATIOS IN TEXAS RETAIL STORES Carryover Im ports to Final Consump· tion to Exports to Balance Aug . l July l Ginnings Total July l July l Total July 1 1930-1931 ------­------­--------·--------------­-----------­--­ 4,530 98 13,756 18,384 4,812 6,501 11,313 7,071 1931-1932 ---------­----------------------------­----------------­ 6,369 123 16,595 23,087 4,587 8,258 12,845 10,242 1932-1933 -----­---------------------------------­---­ 9,682 118 12,710 22,510 5,537 7,727 13,264 9,246 1933-1934 ------------------------­-----------­---------------­ 8,176 137 12,664 20,977 5,340 7,229 12,569 8,408 1934-1935 -------------------------------------­----------­ 7,746 100 9,472 17,318 4,970 4,519 9,489 7,829 1935-1936 -----------------­----------------------------­--­ 7,138 135 10,417 17,690 5,744 5,806 11,550 6,140 1936-1937 --­---------------·­--------------------------------­- 5,397 234 12,130 17,761 7,362 5,316 12,678 5,483 1937-1938 ----------------------·--------­---------------­ 4,498 134 18,242 22,874 5,307 5,403 10,710 12,164 1938-1939 ----------------------­-----------------­-------­----­- 11,533 134 11,621 23,288 6,334 3,220 9,554 13,734 1939-1940 -----------------------------­--------­--------­ 13,033 150 11,447 24,660 7,148 5,984 13,132 11,528 *In 500-pound Bales. The Cotton Year Begins Au gust I. (Expressed in Per Cent) Ratio of Ratio of Ratio of Number of Credit Sale8 Collections to Credit Salaries Stores to Net Sales Ou tstanding1 to Credit Sales Reporting 1940 1939 1940 1939 1940 1939 All Stores-----------------------------------------·---·---------------·-------------------71 64.5 64.7 38.2 38.0 1.4 1.4 Stores Grouped by Cities: Abilene_________________________________________________________________ ______ ____ __ --·---__ 3 39.7 59.3 30.8 32.8 2.7 2.3 Amarillo----------------------~------------------------------------------------------------------3 65.2 59.7 41.2 44.3 2.1 2.3 Austin------------------------------------·-----------------------·------------------------------------------------· 6 51.6 56.0 45.2 47.l 1.6 1.3 Beaumont--------------------------------------------------------------------------·-----------------3 75.8 74.8 38.6 40.3 2.1 1.6 Dallas______________ ----------------------------------------_ -·___________ ____ .________·------___ ___ .___ __ l 0 70.8 71.4 38.7 51.6 1.0 1.4 El Paso-----------------------------------------------------------------------------------------------3 53.6 53.8 35.4 35.6 1.3 1.6 Fort Worth_______________ ----------·-----------------------------------------------···----------------- · 6 66.6 63.4 35.6 35.0 1.2 1.2 Houston-------------------------------------------------------------------------------------------7 62.9 64.0 40.5 41.1 1.9 1.8 San Antonio________ __________________________________ --------------------------------------------______ _____ 7 61.2 62.1 42.9 45.4 1.1 1.0 Waco______________________________ ____________________________________________________ _ ______________ 5 67.3 59.2 28.5 28.7 1.9 1.7 All Others·----------------------------------------------------------------------------·-------------------_____ 18 58.8 61.5 35.7 37.0 2.3 2.1 Stores Grouped According to Type of Store: Department Stores (Annual Volume Over $500,000) ----------------------· -----21 64.2 64.6 40.2 47.6 1.2 1.4 Department Stores (Annual Volume Under $500,000) ___ ----------------------·· 12 67.3 59.l 32.9 34.3 2.3 2.3 Dry Goods-Apparel Stores_____________________ __ ________ ____ ______ _____________________________ __ _ 6 75.9 73.6 40.5 40.8 1.8 1.9 Women's Specialty Shops---------------------------------------------------------------------· 15 61.6 62.7 33.4 31.5 1.2 1.3 Men's Clothing Stores__ ______ . ---------------------· _____ _____ __ ___ ------------··-----.____________ 17 68.2 66.9 37.4 39.8 2.0 1.9 Stores Grouped According to Volume of Net Sales During 1939 : Over $2,500,000_________________ ____ _ _ _______ _____ __ _ _____________ __ ___________ _______ 10 68,3 67.9 41.9 40.7 1.0 1.4 $2,500,000 down to $1,000,000.____ _______ ________________________ _________________ __________ _ 11 59.3 59.5 41.4 37.7 1.6 1.4 $1,000,000 down to $500,00() ___________________________________ _ ______ _ ______________________ 10 61.7 59.2 39.2 41.4 1.8 1.6$500,000 down to $100,000______________________ _____ ____________________________________ _________ _ 30 60.l 59.1 37.1 39.2 2.4 2.3 Less than $100,000________________________________ -----------------------------------------------------10 58.9 57.4 36.4 37.0 3.8 4.0 NOTE: The ratios shown for each year, in the order in which they appear from left to right, are obtained by the following computations: (1) Credit sale1 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 depart· ment divided by credit sales. The data are reported to the Bureau of Business Research by Texas retail l!ltores. TEXAS COMMERCIAL FAILURES from from from Year Year June Ju ne May to Date to Date CEMENT 1940 1939 1940* 1940 1939 Number 15 Li abil itiest ------169 27 291 2r. 46:' 121 1,438 174 2,604 (In Thousands of Barrels) Assetst ------------·------------­Ave ra ge Liabilities per Failuret --------------·­ 140 11 200 11 255 1() 820 12 1,629 15 June 1940 June 1939 May 1940 Year to Date 1940 Year to Date 1939 Texas Plants *Revised. tin thousa nds. NoTE: From Dun and Bradstreet, Inc. Production Shipments 672 594 537 644 758 712 3,654 3,666 3,715 3,807 PERCENTAGE CHANGES IN CONSUMPTION OF Stocks 898 688 820 ELECTRIC POWER United States June 1940 June 1940 Yea r 1940 Production ____ __ ____ ___ 12,514 11,953 12,668 54,388 51,731 ______________l 3,216 June 1939 May 1940 Year 1939 Shipments 12,715 13,241 53,795 54,207 Commercial --------------· ______________ + 3.3 -t-10.3 + 8.8 Stocks ____________________ 24,074 21,489 24,77.'l Industrial -----------------------------------2.2 + 5.7 -3.8 Capacity operated__ 58.9% 56.4% 58.0%Residential _____ --------------------------+ 4.0 + 4.8 + 6.0 All Others --------------------------------+ 4.4 3.1 +14.2 NoTE: From U.S. Department of Interior, Bureau of Mines. TOTAL -----------------------------------+ 1.1 + 5.5 + 3.1 Prepared from reports of 15 electric power companies to Bureau of Business Research. LIST OF PUBLICATIONS PRINTED BULLETINS The Basis of the Commercial and lndu.strial Development of Texas, by Elmer H. Johnson. Price $2.00. Natura/, Regions of Texas, by Elmer H. Johnson. Price $1.00. Directory of Texas Manufactures, by F. A. Buechel and Clara H. Lewis. Price $2.00. Eight Years of Livestock Shipments in Texas, 1925-1932, Part I, Cattle and Calves, by F. A. Buechel. Price $1.00. Supplement to Part I, 1933-39, by F. A. Buechel. Price $1.00 Part 11, Hogs and Sheep, 1925-1939, by F. A. Buechel. Price $1.00. A System of Accounting Procedure for Livestock Ranches, by F. W. Woodbridge. Price $1.50. Methods for the Study of Retail Relationships, by William J. Reilly. Price $1.00. What Place Has the Advertising Agency in Market Research, by William J. Reilly. Price $1.00. MIMEORAPHED BULLETINS Studies of Employment Problems in Texas, by A. B. Cox. Prtce $1.00. Manufacture of Dairy Products in Texas, by F. A. Buechel and Elmer H. Johnson. Price $1.00. Farm Cash Income in Texas, 1927-1938, by F. A. Buechel and Elmer H. Johnson. Price $1.00. MONTHLY PUBLICATIONS TEXAS BUSINESS R.EvlEw. Price $1.00 per year. New Passenger Car Registrations in Texas. Price $2.00 per year. New Commercial Registrations in Texas. Price $1.50 per year.