TEXAS BUSINESS REVIEW A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS BUREAU OF BUSINESS RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS VOL. XX.VI, NO. 3 APRIL 1952 TWO DOLLARS A YEAR TWENTY CENTS A COPY The Business Situation 1n Texas Business activity in Texas appeared to turn down in March, and the rise that has characterized the composite index of business activity since last December came to an end. The index for March dropped to 263, down 3% from the preceding month, but still higher than for any month prior to February 1952. For the first quarter of 1952, the index averaged 261, compared with an average of 257 for the last quarter of 1951, and 251 for the whole year. This represents an all-time high for the index on a quarterly basis. The decline in the composite index of business re­sulted from the downward movement of three of the series, which together represented 69.1 % of the total weight in the index. The table below gives the change in each of the components of the index of business activity. INDEX O•' BUSINESS ACTIVITY IN TEXAS AND COMPONENT SERIES (adjusted for seasonal variation) 1935-39=100 Mar Feb Percent Indexes Weight 1952 1952 change Index o f Busin ess Activity (Composite) ____________,, _ _ __ ___100.0 263t 270 Retail sales, adjusted for price change.. 47.7 21st 230 - 6 Industrial power consumption -----------­ 14.8 537 536 x Crude oil runs to stills --------------·-----------­ 4.5 220 213 + 3 Electric power consumption____________________ 3.0 570 544 + 5 Miscellaneous freight carloadings.............. 17.6 143 155 8 Urban building permits, adjusted for price changes ------------------------­ 3.8 184 199 8 Crude petroleum production ...... ------­ 8.6 243 230 + 6 tPreliminary. xChange is less than one half of one percent. The pattern of change in the various series making up the composite index does not indicate any distinct trend in the business picture for Texas during March. Retail trade developed weakness after showing signs of turning up in the first two months of 1952. Building activity, as represented by new construction authorized, also reversed the direction of movement characteristic of the last two months, by declining. Miscellaneous freight carloadings have been moving somewhat er­ratically for the past year and in March were at the level of a year e~rlier. Industrial power consumption rose one point on the index (less than 1% ) , total elec· tric power consumption moved up 5%, crude petroleum was 6% higher, and crude runs to stills gained 3%. There is very little evidence in the business picture at this time to indicate that any significant change has taken place. The Bureau's Barometers of Texas Business (page 24) showed rather sharp increases last month, and the downward movements of the indexes in March sug­gest that their drop might be merely erratic variation. Sometimes when a statistical series moves sharply in one direction, it moves again the next month rather sharply in the opposite direction. The information for March has the appearance of showing this kind of fluctua· tion, so there is considerable validity in considering the data for the first three months of 1952 as being more indicative of the level of business than those for any of the months studied individually. Five of the seven components of the index of business activity averaged higher during the first quarter of 1952 than for the year 1951. The index of retail sales adjusted for changes in prices averaged 227 for the first quarter of 1952, compared with 228 for the year 1951. Building permits averaged 188 for the first quarter of 1952 and 196 for 1951. These were the only components of the index to decline from the average of last year; indus· trial power consumption rose from 451 to 528, total electric power from 498 to 547, crude petroleum from 223 to 231, crude runs to stills from 199 to 214, and freight carloadings from 145 to 150. With so many of the component series showing substantial gains during the first quarter, it followed inevitably that the com· posite index would also be higher than during last year. The movement of the comp_osite index of business ac· tivity is confirmed by the Bureau's index of bank debits in Texas cities, even to agreeing with the sharp spurt in February followed by the drop in March. In some ways the index of bank debits is a more comprehensive meas· ure of total business activity than is the Bureau's com· posite index of business charted at the bottom of this page. Since it reflects all checks charged against indi· INDEX OF TEXAS BUSINESS ACTIVITY Percent Percent ADJUSTED FOR SEASONAL VARIATION ' 1935-39= 100 o.__~:---'----::-::-::--'----::-:::---'-~-:-::----"------cc:-:--:--L~=-:-::-L~.,..-,:-L~~--'L_~~.L-~~.L...~-:-::-...L.--:7-:--=-~-:::-:-:--'--;;;;:;;--o 1939 1940 1941 1942 1943 1944 19 45 1946 1947 1948 1949 1951) 1951 1952 vidual accounts, this bank debit index includes trans­actions for which data are not available in any other form. It differs significantly from the composite index in that the latter does not reflect changes in the price level, while the volume of checks written is in current dollars. Except for these differences, the two indexes tend to move together. The index of bank debits averaged 661 for the first quarter of 1952, up 7% from the aver­age of 617 for the year 1951. The chart below shows the fluctuations in this barometer, which have generally fol­lowed the variations in the index of business activity. INDEX OF BANK DEBITS IN TEXAS :oo' ~"'!....-~-.,..-r-AO'-JU_Sr-TE_o_•r-o-•_sE,--A_so_Nr-AL_v_Ar-R1_AT_10,..:•·c...'"-"°r-39-•_1or-o-r--"T"-'-'iptr~ 70 1.... _,,. 700 60d---l-+--+--+--+--+--+--+--+--+---+-;"--J~V"+,__,600 500,l---l--l---l---'l---l--l---l-__Jl---~l--~~l---+.,_~l----+-__J5QO 400\---l--l---+-1---+-1---4----i~l.l-'1--~--if-"-J---ll---J---'400 ~01---+-l---+-1---+-l-.-~b.l""q..-1---1--1---1---1f---'300 ~rr­... 2oof--+-1­1 __..-1­~-,..V"'+-l---t--l---t---'C--t----1C--t---jeOO 100,1-•-~-l--l--l--l--l--l--l--l---+-l---+-1100 oiL,-.,-.L­, •• -OL,-••­, L,.-.-,L, .~••,..L•• -.-.L, .~.~.L,~••~.L,~••~7L, .~••,.-L,.~••,.-L,,~~,.-L~~..--'-c:,.~,.~o The very high level of business in Texas during the first quarter of 1952 has been achieved in spite of grow­ing pessimism on the part of business analysts. The up­ward movement in Texas business closely paralleled the movement of business activity in the country as a whole. The Council of Economic Advisers estimated that the Gross National Product for the first quarter of 1952 was 3% higher than the average for 1951, while the index of business activity in Texas was up 2% in the same period. The increasing need for vigorous sales efforts on the part of businessmen cannot be overemphasi~ed. The easy sellin" that followed the outbreak of war m Korea has appar~ntly ended, but consumers hav_e mon~y, a~d there is plenty of evidence that aggres1nve sellmg will produce business. Net savings by consumers declined somewhat during the first quarter of 1952 from the very high levels of the preceding nine mont~s, but the rate was still greater than for any full year smce 1944. Ever since the end of the war, predictions have been made that businesses would soon have to improve their selling, but up to the present the need. for this increa~ed effort failed to materialize. Such a penod was developing when the Korean conflict started, creating another sellers' market· now, with the improved supply of materials and th~ greatly expanded productive facilities at ~he disposal of business, it appears that another such penod is approaching. Probably the best objective evidence of the incr~asi~g need for stroncrer selling efforts is the steady declme m the price level.bPrices at which goods move in the mark~t reflect the combined effect of all the factors present m the business situation, such as the increased supply of goods, the effective demand as represen~ed by consumer incomes, the expansion plans of busmess:s, and t_he projected purchases of governmental agencies. The m­dex of wholesale commodity prices has been declining almost without interruption since March 1951. Although the prices of commodities in primary mar­kets have been falling for the past 12 months, the Con· sumers' Price Index continued to rise throughout 1951. The January value of the index remained unchanged from December, February registered the first decline, but March again turned up. The index for Houston fol. lowed the same pattern as the total for all cities, except that January declined instead of remaining the same as December. This failure of the prices of goods to con­sumers to reflect the drop in the prices of commodities in the primary markets is the typical pattern for price fluctuations, although the lag in retail prices has been somewhat greater than usual. There seems to be no doubt however that prices to consumers will continue to reflect the d'eclining prices in the primary markets. Unless a new major threat to world peace should arise, there appears to be no reason to expect any reversal in the underlying downward trend in prices. The outlook for consumer demand for goods during the remainder of 1952 shows no signs of an increase. The sales of durable-goods stores in Texas during the first quarter of 1952 were slightly lower than for the last quarter of 1951, and considerably below the average for 1951. The best evidence on the prospects for sales of this type of store comes from the annual survey of consumer finances made by the Board of Governors of the Federal Reserve System. This study has been made annually since 1946 and has established an enviable record of forecasting consumer buying of major durable goods. There is no evidence in this study that consumers are planning to spend their accumulated savings during 1952. It indicates that somewhat fewer automobiles and home appliances will be bought in 1952 than in 1951, and approximately the same number of houses. A ques­tion on housing showed that about as many families are thinkincr of buying houses in 1953 as have similar plans for 1952, which augers well for the building in­dustry for some time in the future. One of the most dynamic phases of business is invest­ment of business concerns in plant and equipment. This factor has accounted for a substantial part of the in­creased business activity in Texas, and there is strong indication that 1952 will continue to witness a high level of activity. Plans of businesses throughout the United States still reflect a desire to expand. The latest estimates of the Department of Commerce and the Se­curities and Exchange Commission show that total capital expenditures in the United States for 1952 will exceed those of 1951, and all the information available on Texas indicates that the state will do better than the nation as a whole. On a national basis, all types of in­dustry plan substantial expansion programs, with the total expenditures approximately 4% greater than last year's. Since prices are showing no tendency to rise, this would mean that the actual physical volume of capital goods put in place would also be greater than last year. JOHN R. STOCKTO:\' TEXAS BUSINESS REVIEW Bureau of Business Research College of Business Administration, The University of Texas j'.i1,t~:I:,!~ns~i~~~!~~id:::~::::::=:::-_:::::~_:-::==~-::::_:~:::::-_::::-_-_:c;~;;-~~iti-;;g--~::~ Business Research Council William R. Spriegel (ex offi.cio), J. Alton Burdine, A. Hamilton Chute, F . L. Cox, Elizabeth Lanham, C. Aubrey Smith, and Charis E. Walker. STAFF OF THE BUREAU OF BUSINESS RESEARCH John R. Stockton Stanley A. Arbingast Eugene 0. Beard Director Assistant Director Research Supervisor Resourcea Specialist Robert H. Ryan A. Hamilton Chute Stella Traweek Raymond V. L esikar Retailinu Specialist Consultinu Editorial Associatea Statistician Jo Overstreet Marjorie Cornwell Gus F . White Statistical Assistant Secreta.r11 Fit!ld Representati1.:e Juanita Tufares Joseph 0 . Eastlack, Jr. Librar11 Assistant Grace Eulenfeld Research Associates Richard C. Henshaw Frank T. Cadena 0 ffi.ce Assistants Tommie Martin Statistical Clerk Research Assistants Joanne Barry, Lois Bracher, Howard Brady, Tom Brown, Sally Chesnick, Diane Cocke, Ben Cummins, Alfred Dale, Fletcher Ethe­ridge, Tom Gre1r, Hugo Hickfang, Benny Hill, Calvin Jayroe, Vera Jeffrey, Lee Roy Kern, Chester Kielman, Richard Lee, William Lowe, Sylva Macrides, Howard Rose, Jerrold Simon, and Charles Stahl. Co-operating Faculty A. B. Cox Charis E. Walker Cotton Finance TABLE OF CONTENTS The Business Situation in Texas._______________________________ 2 Construction -------------------------------------------------------------4 Retail Trade ------------------------------------------------------------6 Industrial Production ----------------------------------------------8 Prices --------------------------------------------------------------~------10 Agriculture ----------------------------------------------------------------12 Cotton ----------·-----------------------------------------------------------13 Labor ---------·--------------------------------------------------------------14 Finance ---------------------·-·----------------·---------·-------------------15 Foreign Trade ----------------------------------------------------------16 Texas Economic Development, I: The Future of Tourism in Texas__________________________ 17 Local Business Conditions ------··-------·----------------------18 Barometers of Texas Business_ ________________________________ 24 Published monthly by the Ilureau of Business Research, College of Business Administration, The University of Texas, Austin 12. Entered as second class matter May 7, 1928 at the post office at Austin, Texas, under the act of August 24, 1912. Content of this DUblication is not copyrighted and may be reproduced freely. Acknowledgement of source will be appreciated. Subscription, $2.00 a year; individual copies, 20 centl:!. CONSTRUCTION Texas building disappointing. As was true for the nation ~s a whole, building authorized in urban areas of Texas showed some increase in March, but not a sufficient amount tQ meet the seasonal rise anticipated for the month. The seasonally adjusted index of the INDEX OF VALUE OF BUILDING PERMITS IN TEXAS .. AOJU9TEO FOR SEASON.AL VARIATION 1935•!8•100 PucMl soo·~ eoo 70 700 . 600 600 JIJ 500 ,J" 400 I '~ 300 300 IA.-,.. aJ ~ ~ 200 20 0 ..JI fv Vf 'v\ 100 I00 \. . rV' 0 0 1939 1940 1941 1942 1943 1944 194S 1946 1947 1948 1949 1950 1951 . 1952 value of building permits, compiled by the Bureau of Business Research, fell to 377% of the 1935-39 base· period average, 7% below the February level. Taking into consideration the inflated construction costs of the present, the index dropped still further, to 184% of the prewar average. Compilation of building-permit data is limited to permits issued within urban areas as de· fined by the 1940 census. Construction outside these limits may often be of considerable importance, but per· mits are not always required for such construction. House permits advance 13o/D.The rise in the es· timated value of urban building permits issued in the state for new construction, from slightly over $47 million ESTIMATES OF BUILDING PERMITS ISSUED (in thousands) Source: Bureau of Business Research in cooperation with the Bureau of Labor Statistics, U.S. Department of Labor January.March Mar Percent Classification 19:.::5.::2_*___1:.:9:.::5.::2__-=1-'-95'-l___c_h_an,.-'11-• All building permits. $58,348 $162,658 $217,724 -26 City size group --------------­(Population 1940) Over 100,000 ------·--­50,000 to 100,000 ------···-· 25,000 to 50,000 -----­ 22,022 10,788 5,715 65,546 31,600 19,258 116,100 35,780 16,245 -4' -12 + 19 Under 25,000 ·-------­ 19,823 46,253 49,599 -7 Kind of construction New construction ----­ 51,185 142,524 198,154 -28 Residential -·--·---­ 41,044 110,778 129,750 -16 Housekeeping ·------­Single family ___ Multiple family ·-----­Nonhousekeeping ---------­Nonresidential -·-··--·-·-· 40,618 33,962 6,656 426 10,141 110,283 96,686 13,597 495 31,746 129,026 121,078 7,948 724 68,404 -16 -20 + 71 -82 -54 Additions, alterations, and repairs -----·--­ 7,163 20,134 19,570 + 3 Only building for which permits were issued within the incorporated area of a city is included. Federal contracts are excluded. •Preliminary. in February to a little over $51 million in March, re· suited solely from upward movement in the value ?f residential construction, +13%. The only category ill this field failing to register an increase was one-family homes ; in fact, they slid 2% from the preceding month. A comparison of the first quarter of 1952 with that of 1951 shows construction to be 28 % down from last year, with both residential and nonresidential building contributing to the decline, 15 and 54%, respectively. With the beginning of the seasonal upsurge in build· ing, came the end, at least momentarily, of the gradual decline of the index of wholesale prices of building materials. The downtrend began in May 1951 and ex­tended through January, dropping the index to 117.8% of the 1947-49 average, according to the U. S. Bureau of Labor Statistics. Increases in the heretofore heavily restricted amounts of scarce metals allotted to builders is good news, although it will probably have little im­mediate effect on wholesale prices of building materials. Texas cities score hi~h. Dun 8: Bradstreet in listing the nation's 25 cities with the greatest building-permit valuations for the first quarter of the year, included 5 Texas cities. Approximate valuations were $24.8 million for Houston, $19.6 million for Dallas, $11.7 million for CONSTRUCTION CONTRACTS AWARDED IN TEXAS (in thousands) Source : Dodge Statistical Research Service J anuary-February T ype of construction Feb 1952 1952 1951 Percent change All construction__ $ 81,994 $150,573 $250,209 -40 Total new buildings___________ 46,468 91,687 194,085 -53 Residential building ______ 30,461 62,801 111,915 -44 N onresidential building __ 16,007 28,886 82,170 -65 Additions, alterations, and repairs --------------­ 8,136 13,236 27,888 -53 Residential ---------------­ 229 459 1,133 -59 Nonresidential ----------­ 7,907 12,777 26,755 -52 Public works a nd utilities_ 27,390 45,650 28,236 + 62 Wichita Falls, $10.8 million for San Antonio, and $10.7 million for Fort Worth. All showed declines from the comparable period last year with the single exception of Wichita Falls, where the increase from slightly over $1 million during the first three months of 1951 was due largely to authorization early this year of a large number of dwelling units to be built to house families connected with the huge Air Force base there. The national building scene. Presaged by consider­able increases in the value of building permits issued in Texas during the months of January and February, the Bureau of Labor Statistics preliminary estimates of expenditures for new construction over the country in March indicate seasonally adjusted expenditures of $2,­079 million, compared with $2,551 million for the pre­ceding month and $2,667 million for March 1951. Un­adjusted figures give March a 12.9% increase over February, with private construction expenditures rising 11.4% and those for public construction topping the month before by 16.3%. The greatest gains in private construction outlay were for residential building (non­farm), up 17.4% from February; in particular, new dwelling units registered an increase of 18.3%. Non­residential building expenditures ( nonfarm) topped their total for the second month of the year by 3.8%, largest gains being made by public utilities, stores, restaurants, and garages. Discussions by mobilization officials of the possible decontrol of many types of aluminum and steel, at least by early 1953, are heartily greeted by many leaders in industrial construction. The discussions are coming on the heels of the deceleration of the production time table for the country's armament program. The previous, more accelerated schedule ne­cessitated stringent restrictions on the use of those scarce metals vital to the defense effort. Announcement of a gradual ending of most controls on construction in the second half of 1952 and re-examination of previously v.eto;d ?onstru.ction plans is also welcomed by the na­tion. s mdustnal builders. Barring unforeseen events call1~g for a speed-up in our armament program, it is possible that only construction for recreation and amuse­ment facilities will fail to receive the go-ahead sign by the end of the year. Permits by population classes. Comparing the values of building permits issued in March by cit;·.size groups with those for the preceding month. ·one -notes changes ranging from a 2% decline for cities of over 100,000 to a 49% increase for cities havino-less than 25,000 population. Texas communities with ~tween 50.­000 and 1.00,000 people registered a 17% drop, whil~ those havmg between 25,000 and 50,000 picked up 35%. On the other hand, comparison between first quarters of 1952 and 1951 of the same groups shows only the 25,000-to-50,000 population category to have an increase this year. Declines ran from 7% in the smallest towns to 44% in the largest. American cities with populations ranging from 10,000 to 25,000 authorized construction of the largest number LOANS MADE BY SAVINGS AND LOAN ASSOCIATIONS Source: Federal Home Loan Bank of Little Rock Percent change Mar 1952 Mar 1952 Mar Feb Mar from fromType 1952 1952 1951 Mar 1951 Feb 1952 Number·--·--2,918 2,605 2,380 + 23 + 12 Construction --------------641 600 530 + 21 7 + Purchase ----------------975 892 828 + 18 9 + Refinancing ----------237 263 215 + 10 -10 Reconditioning -----------268 238 214 + 25 + 13 Other -----------------------797 612 593 + 34 + 30 Value (thousands) __ $13,342 $12,432 $10,985 + 21 7 + Construction ----------------4,316 4,012 3,390 + 27 + 8 Purchase -------------------5,085 4,910 4,429 + 15 4 + Refinancing ----1,353 956 + 42 7 ----------1,259 + Reconditioning -------------582 553 572 2 5 + + Other ---------------------2,006 1,698 1,638 + 22 + 18 of dwelling units of any size-group during January. In preliminary estimates by the Bureau of Labor Statistics, this group of towns led in the number of one-family dwelling units, was second in two-family buildings, but of course fell far behind in multifamilv units. The West South Central section of the country, which includes Texas, followed exactly the same pattern, leading in total number of dwellings and in one-family homes, holding second for the number of two-family buildings, and dropping back in number of multifamily dwellings in comparison with other sections. EUGENE 0. BEARD RETAIL TRADE Return to normalcy? A few observers talk of "re­turn to normalcy" in current retail trends. What "nor­malcy"? Rather, there is some backlash from recent ex­tremes. Except for certain lines of durable goods, whole­sale and retail stocks appear to be in better balance to sales demand than they were a year ago. Prices are e_ased in some lines and the sellers' market has largely disap­peared. Cons~mers encounter fewer out-of-stock condi­tions or have become callous to them, and many ex­pected shortages of consum,er goods have ~ot _matured. At the same time, customers instalment obhgat10ns have ESTIMATES OF TOTAL RETAIL SALES (in millions) Percent change Mar 1952 Mar 1952 Jan-Mar 1952 Type of store Mar 1952 Jan.Mar 1952 from Mar 1951 from from Feb 1952 Jan Mar 1951 TotaL ___________ $607 .4 $1, 756.5 -11 + 7 -7 Durable goods ----260.3 749.6 -13 + 5 -14 Nondurable goods_ 347.1 1,006.9 -9 + 9 2 been reduced substantially. Revived interest has been shown in apparel and other soft lines. Personal_ incomes have been relatively stable since October, wllh farm incomes down but tending to improve. Yet, the output of goods and services has reached an all-time high point, due largely to the pressure of de­fense expenditures. In February, wholesale and manu­fecturers' inventories made their first important decline since mid-1950. With somewhat revived retail selling, as customers' scare-buying purchases need replacement, has come renewed retail buying. But, much of this buy­ing in wholesale markets still consists of frequent, small fill-in orders, without forward commitments. Retail sales still exceed replacements, and factory sales are off. Fewer consumer dollars spent. Consumers' spend­ing continues to lag from expected levels. The recent INDEX OF TEXAS RETAIL SALES ADJUSTED FOR SEASONAL VARIATION, 1935•39•100 ftClII 800 BOO 70 700 600 ' "'"VI''\ olJor S u --,. 1..1\ 400 400 _J 300 300 r,,_ v ~ too 200 ,......... "\: J Sain AdJu1ted 100 'w"'1'""'i-I­ 0 0 rtlt 19"0 1941 1942 1943 1944 194$ .1945 1947 1948 1949 IHO 1951 IHt survey of consumers' spending intentions for 1952, re­leased by the Federal Reserve System, offers scant en­couragement for stepped-up outlays in coming months, especially for durable goods. Customers are highly price­conscious, and many feel that the present price structure shows 1952 to be a poor year for important buying de­ cisions. More consumer dollars saved. Apparently the pub­lic's savings will continue at a high level. Some hol cl that the high rate of saving may be due in considerable part to effqrts of homemakers to accumulate necessary down payments to make on homes and on the purchase of major household appliances. It is doubtful that recent doubling of the SO-dollar exemption will have any noticeably stimulating effect on sales. Although express­ing the belief that prices may trend higher during 1952, many customers seem reconciled to awaiting such re­sults. Deflationary trends. Meanwhile, retail prices had their fifth consecutive monthly decline. According to the Fairchild Retail Price Index, retail prices on Aprill had dropped 1.1'/c from a year before, and were 1.5% under the 1951 high point and only 6.5% above the level of July 1, 1950. Piece goods sustained the greatest decrease. No commodity groups had price increases, al· though some remained unchanged from a year ago. Outlook for sales and profits. Prospects for sales volume remain promising. Defense expenditures will be huge, although slowed from the original schedule by being stretched out over a longer period. The first half of 1952 will probably not quite equal the first six months of last year, but stocks are adequate, except for larger items of farm equipment. Output in many lines has been RETAIL SALES TRENDS Source: Bureau of Business Re.search in cooperation with the Bureau of the Census, U. S. Department of Commerce Percent change Numberof----------­reporting Mar 1952 Mar 1952Jan-Mar1952 establish-from from from Group ments Mar 1951 Feb 1952Jan-Mar1951 KIN D OF BUSINESS Durable goods Automotive stores _________ 255 -15 6 -16 + Furniture and household appliance stores --------168 7 + 2 Jewelry stores 31 7 3 ---------+ Lumber, building material, and hardware stores --------296 -19 4 -13 + Nondurable goods Apparel stores ---------------238 -12 + 20 Country general stores ---------54 + 10 x Department stores 89 7 + 19 Drug stores --------------190 + 1 x + 4 Eating and drinking places.... 114 + 4 + 5 + 11 Filling stations ------------------1,046 + 5 + 5 + 7 Florists ----------------36 -22 -10 + Food stores __________ 214 1 6 + + + General merchandise stores 68 3 + 15 Liquor stores 24 + 10 ---------------x Office, store. and school supply dealers --------------45 -4 + 7 CITY-SIZE CLASS (Population, 1950 Census) Over 250,000 --------------1,280 -8 + 11 100,000 to 250,000 -------------471 -12 7 + 50,000 to 100,000 ------------264 -9 + 10 2,500 to 50,000 -------------------· 827 -12 + 7 Under 2,500 --------------108 -10 + 7 xChange is less tban one half of on e percent_. _________. increasing more rapidly tha~ expected. But buyers' caution appears to be increasing rather than relaxing. According to a report from the National Retail Dry Goods Association, average markups in department a~d specialty stores fell sharply in 1951 to the lowest pomt in 15 years, expenses mounted to the highest level in 10 years, and profits were the poorest in 12 years. Con­62.6%; 1947, 56.8%; 1946, 51.8%. The average collec­sumer resistance contributed strongly to this effect. Al­tion ratio for March was 47.8%, down from the 49.3% though markdowns should total less this year, similar of a year earlier but well above all intervening months. results may be in prospect. Earlier March ratios were: 1950, 50.5%; 1949, 53.3%; Sales promotions. The solution: Building sales re­1948, 53.5%; 1947, 58.9%; 1946, 67.4%. sponse, not turning aside to cut expenses. Business has been plentiful for merchants who have planned and pro­POSTAL RECEIPTS moted vigorously, especially in off-price merchandise P ercent change Mar 1952 Mar 1952 CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Mar Feb Mar from from (in percent) City 1952 1952 1951 Mar 1951 Feb 1952 Total•---------· $5,002,106 $4,793,296 $4,573,249 9 4 + + Credit Collection Number ratios• ratiost Arlington -------------8,782 6,827 4,415 + 99 + 29of Bastrop ----------------1,605 1,523 1,439 + 12 5 reporting Mar Mar Mar Mar + Classification stores 1952 1951 1952 1951 Borger ----------------11,781 9,356 12,275 -4 + 26 Brady 3,660 5,406 3,525 4 -32 All atorea.______________________ 59 64.2 64.2 47.8 49.3 --------------------+ Brownfield --------···-4,320 7,065 5,447 -21 -39 Bycltlea Cameron -------------8,223 6,111 5,065 + 62 + 35 Austin ----------------------------------------59.4 53.9 Childress -------------4,841 4,665 4,591 + 5 + 4 7 59.2 55.3 Cleburne -----------------------------------46.1 39.7 49.9 3 45.4 Cisco --------------------3,678 4,575 3,419 + 8 -20 Corpus Christi 3 58.9 58.2 42.7 44.4 ----------------------9,652 9,620 8,381 x Cleburne ----------------+ 15 Dallas ----------------------------4 80.1 79.9 47.7 49.2 Coleman ------------5,218 4,626 4,306 + 21 + 13 Fort Worth -----------------------------3 56.5 59.5 50.9 53.2 Cotulla 1,254 1,165 1,119 + 12 8 -------------------+ Galveston 5 54.9 60.6 49.4 52.7 --------------------------Crystal City 2,366 2,604 2,591 -9 9 ----------------------------------Cuero 4,177 3,910 3,987 5 7 Houston 3 58.7 64.1 53.0 53.l ----------------+ + San Antonio ---------------------5 63.6 58.5 50.3 50.3 El Campo -------6,557 6,045 5,020 + 31 8 + Waco 5 58.l 59.7 54.9 55.l ----------------Gainesville --------7,543 7,826 7,134 + 6 4 Others 21 56.9 58.l 42.6 44.6 -------------------------------Garland 9,007 8,202 7,901 + 14 -------------+ 10 By type ef atore Giddings ------------2,481 2.497 2.118 + 17 1 Department etores (over $1 Gladewater ------------4,406 4,572 4,230 4 4 + million) 16 65.7 66.0 46.8 48.2 -------------Goldthwaite -------1,459 1,367 1,336 + 9 + 7 Department •tores (under $1 Graham 4,377 4,478 4,645 -6 2 million) ----------------------------­ 12 52.8 53.6 45.8 46.6 Granbury ------------1,111 829 928 + 20 + 34 Dry goods and apparel stores.... 72.3 72.0 50.2 56.8 Hillsboro --------5,470 5,200 5,003 9 5 __________ + + Women's specialty shops 16 59.7 57.8 50.7 52.4 Hunt•ville -------------5,900 6,116 -4 Men's clothing stores 10 62.0 64.7 54.5 54.7 -----------Jacksonville --------8,472 10,733 7,071 + 20 -21 By volume of aet aalea ( 1950) Kenedy -----------2,733 2,787 2,191 + 25 2 48.5 + Over $3,000.000 ·-----------------------14 66.3 66.1 46.8 Kerrville ----------6,983 7,158 6,645 5 2 $1,500,000 to $3,000,000 ------------7 59.l 60.1 54.8 56.6 La Grange ----------3,376 3,478 3,793 2 7 + $500,000 to $1.500,000 16 58.2 58.5 51.7 60.7 -------------Littlefield ----------4,215 4,456 3,883 + 9 5 $250,000 to $500,000 -----------------13 47.6 49.8 46.6 48.9 Luling 2,859 2,363 3,096 8 --------------+ 21 Less than $25,000 -------------------9 52.0 53.8 40.8 45.9 McKinney -------------6,644 7,455 6,124 8 -11 + Mission 5,720 5,698 5,216 + 10 x -----------···· •Credit sales divided by net sales. Navasota 3,882 2,831 3,535 + 10 + 37 -------·-·- tCollectlon• during the month divided by the total accounts unpaid on New Braunfels ----11,633 9,831 8,981 + 30 + 18 the fimt of the month. Orange -----------------14,668 12,768 12,180 + 20 + 15 Palestine ---------------8,774 -14 -12 7,752 9,052 Pampa ------------------13.049 12,866 11,079 + 18 + 1 and in the budget or economy price ranges. Bargain Pasadena 7,215 10,400 9,390 -23 -31 appeals still draw customer response. Advertising ex­Snyder -----------------8,753 9,151 8,726 x -4 penditures in 1951 exceeded 1950 by 14%; and a Sweetwater --------14,147 12,010 15,073 -6 + 18 further increase of about 7.7% is reportedly planned Uvalde -------------------5,584 5,529 4,772 + 17 + 1 Vernon 7,815 8,844 8,105 4 -12 for 1952. 14,941 16,917 13,698 9 Victoria ----------------+ -12 Survey of early spring trade. Easter sales over much Yoakum --------------9,320 8,072 9,576 -3 + 15 of the nation were disappointing. Hard-goods lines failed •The total includeo receipts for cities which are listed individually to support their share of volume; and the upturn in soft under uLocal Bueineee Conditions." lines was not sufficient to fill the gap. Retail sales in the xChange is less than one half of one percent. Southwest trailed behind national figures in 12 of the first 16 weeks of 1952. Secondary trade indicators. Advertising linage in In Texas, with 2,950 stores reporting and one less 29 Texas newspapers in March equalled that of Febru­business dav than in 1951, total retail sales in March ary and exceeded March 1951 by a nominal 2%. Of topped thos~ of February by 7% but slipped 11 % from these 29 papers, 26 topped February, some by small a year earlier. For January-March nondurable goods amounts, while only 11 bettered March 1951. lagged behind the same months of 1951 by only 2%, Sales of gasoline subject to tax totaled 230,114,000 while durables fell off 14%. gallons in February, 2% below January but 14% over February 1951. Gasoline sold to the federal government The March ratio of credit sales to total retail sales in amounted to 65,917,000 gallons, 23% more than in59 Texas department and apparel stores stood at 64.2%, January and 26% above a year earlier. exactly equalling the ratio of a year before. Earlier March averages were: 1950, 66.0% ; 1949, 62.9% ; 19481 A. HAMILTO'.'{ CHUTE INDUSTRIAL PRODUCTION March electric power use. The index of industrial electric power consumption, a leading barometer of Texas industrial activity, edged upward to 537% of the 1935-39 average during March, topping the February index level by one point. Although very slight at times, increases in the index of industrial electric power con­sumption in the state have been registered every month since early 1951. The March total is almost one third INDEX OF INDUSTRIAL ELECTRIC POWER CONSUMPTION IN TEXAS 1939 1940 19'41 1942 19'43 1944 1945 1946 1947 1948 1949 1950 1951 1952 above that of a year ago. After adjustment for seasonal variation, the index of total electric power consumption in the state rose 5% from the February level. Actual percentage changes were +1 (industrial), -1 (resi­dential), -3 (commercial), and +12 (other uses). The Defense Production Authority recently upped its electric power expansion goal for the 3-year period beginning with 1952, from 30 million kilowatts to 32 million. The move was made possible by extension of the period previously set for the completion of the nation's defense expansion program. Industrial developments. Among the state's newest plants is the recently opened $1-million installation of the Houston Oxygen Company, the nation's first industry TEXAS INDUSTRIAL ACTIVITY Source: Bureau of the Census. U . S . Department of Commerce. and State Comptroller of Public Accounts Percent change Mar 1952 Mar 1952 Mar Feb Mar from from Item 1952 1952 1951 Mar 1951 Feb 1952 Value of carbon black produced (000'•>-------····· $ 3,061 $ 3,629 $ 4,206 -27 16 -Cotton (in runninl' bales) Cotton consumed ···--·-------11,814 12,344 15,785 -25 4 Linters consumed -----------2,772 2,815 4,021 -31 2 Cotton spindles Spindles in place --······-··· 222 222 213 + 4 0 Spindles active ------------·-204 211 202 1 -3 + Total spindle houra .......... 82,000t 89,000 95,000 -14 -8Average spindle hours _____ 369 401 446 -17 -8 Crude oil Value (OOO's) ---·--········· $208,639 $214,368 $195,351 + 7 -3 Production (OOO'abbl.) .... 80,741 84,007 75,529 7 -4 + tFor five weeks ending March 29, 1952. of its kind operated by an independent company. In­dustrial users of dry oxygen gas in the Houston area are served through a pipeline, the first such line in the world,_ fr?m t_he plant, which also produces liquid oxy­gen, hqmd mtrogen, and argon. Meanwhile, the Ethyl Corporation's new $50-million plant for production of Ethyl fluid of which tetraethyl lead is the prime active ingredient, is within three months of full-scale production with some work already underway. Benzene hexachloride, used widely as an agricultural insecticide, ELECTRIC POWER CONSUMPTION (in thousands of kilowatt-hours) Percent change Mar 1952 Mar 1952Ma r Feb Mar from fromUse 1952 19!52 1951 Mar 1951 Feb 1952 Total·---·---·· 956,587 942,548 754,844 + 27 + 1 Commercial --------170,547 175,608 149,810 + 14 -3 Industrial -----------469,516 466,727 360,717 + 30 + l Residential ·······-····--··· 149,940 152,038 126,494 + 19 1 Other ------------166,584 148,175 117,823 + 41 +12 Prepared from reports of 10 electric power companies to the Bureau of Business Research. metallic sodium, and salt cake will all he by-products of the installation sold in commercial quantities. Drilling activity. Continuing to increase from the comparable 1951 period, the total well completions in the state numbered 4,426 for the first quarter of 1952. Of the 1,343 wells drilled during March, 846 produced oil and 60, gas; the remaining 437 were dry holes. The largest number (431) of wells were completed in North Central Texas, as were the most &'ll, 80; and 1heep, 250. tlntrastate truck ehipmente are not Included. Fort Worth shipments are combined with Interstate forwardinga in order that the bulk of market disappearance for the month may be shown. wells, regardless of the power plant or fuel used. Also, costs averaged higher for wells used only a small por­tion of the day. The best way to achieve low-cost pro­duction from irrigation wells is through planning a balanced system from the start. The study indicates that maximum possible yield per well and full-time opera­tion are the two most significant factors in determining efficiency. Agricultural chemical news. The Agricultural News Letter of the Federal Reserve Bank of Dallas for April 15 features a discussion of Krilium, a new soil condi­tioner based on a synthetic resin. A water-soluble chem­ical which may be applied to the land by mixing or spraying, Krilium causes the soil particles to form tiny lumps. The result is an improved soil structure, which allows better aeration and water absorption. This char­acteristic may be tremendously important in the future as a means of erosion control and, possibly, flood con­trol. Crop yields and nutrient utilization can be materially improved when a granular and loose soil structure is developed. Krilium is reported to be capable of increas· ing crop output by 20 to 45% under favorable condi­tions. JOSEPH 0. EASTLACK, JR. COTI'ON Four-year low in cotton stocks. The cotton balance sheet as of April 1 indicates that U. S. cotton stocks are more than 100,000 bales lower than at the same time last year. In the years since 1929, lower figures were registered in only two Aprils, in 1947 and again in 1948. In those two years, supplies were nearly 300,000 bales less than this year. World production for this crop year, ending July 31, is approximately 34.5 million bales; world consumption for the same period will total about 31 million bales. The total world supply of cotton outside the Iron Cur­tain countries for the year ending this coming July 31 will be some 37.2 million bales. Consumption in the same area will be about 24.7 million bales, leaving a carryover of around 12.5 million bales, about 2.6 mil­lion bales more than last year's carryover figure. How­ever, almost all of this increase in carryover will be outside the United States. These foregoing data raise practical problems for farmers who must formulate their own cotton policies. They must decide how many acres to plant to cotton and what to do with loan stocks. They must also consider the fact that the indicated market price for the 1952 crop will be lower than that for the 1951 crop. The price being offered for new crop cotton, three cents a pound less than the old crop price, suggests that farmers must think carefully before carrying unsold cotton into the coming fall. A. B. Cox COTTON BALANCE SHEET FOR THE UNITED ST.ATES AS OF APRIL 1, 1952 (in thousands of running hales except as noted) Year Carryover Aug 1 Imports Government to final ginnings Apr l* total Mar 20 Total Consump· tion to Apr 1 Exports to Apr 1 Total Balance as Of Apr 1 1941-42__·--····-·-···----·--··--·-··---·· 12,367 220 10,495 23,082 7,502 773 8,275 14,807 1942-43.·---····-··-·-·--·--------10,590 160 12,438 23,188 7,500 720 8,220 14,968 lg43-H.-·····-··-···-·----··------·-·-­ 10,687 118 11,129 21,934 6,806 851 7,657 14,277 1944-45·-·-···-·-··--·-··------10,727 89 11,839 22,655 6,509 1,020 7,529 15,126 1945-46--··--·-·-·--·­···----­ 11,164 231 8,813 20,208 5,957 2,002 7,959 12,249 1946-47·-··--··-····-·--·-·-··-­ 7,522 193 8,518 16,228 6,919 2,634 9,553 6,675 1947-48.·----··-·--··--·-----·----··--·--·­ 2,521 210 11,549 14,280 6,302 1,326 7,628 6,652 1948-49 ···--·----··-···-···-·--··-··-···· 2,823 146t 14,540 17,509 5,565 2,381 t 7,946 9,563 1949-50..-·-·-·········---·-·---------· 5,283 178t 15,900 21,361 5,977 3,068t 9,045 11,316 1950-51.-·-···----··---·-···--·····-----­ 6,846 15lt 9,899 16,896 7,252 2,578t 9,830 7,066 1951-52..... ----·-···-··-·----·----·---·········­ 2,179 65t 15,050 17,294 6,213 4,137t 10,350 6,944 The cotton year begins August 1. •In 478 pound bales. t To March l on ly. LABOR National employment levels off. Total nonfarm ~m­ployment throughout the nation remained static durmg February and March at a level of 53.7 million, accord­ing to latest figures released by the Bureau of Labor Statistics. February and March usually witness an upswing in nonfarm employment because of increased seasonal de­mands in retail trade, construction, and durable goods LABOR IN SELECTED TEXAS MARKETS Source: Texas Employment Commission Percent change Classification Mar 1952 Feb 1952 Mar 1951 Mar 1952 from Mar 1951 Mar 1952 from Feb 1952 Nonagricultural civilian labor force -·-------1,576,340 1,568, 765 1,485,240 + 6 x Unemployment ______ 52,290 54,615 45,490 + 15 4 Placements -------­ 31,499 31,747 33,352 6 Percent of labor force unemployed _ 8.3 3.5 3.1 + 6 xChange is less than one half of one percent. manufacturing. Although it has been present in every postwar year with the exception of 1949, this seasonal pattern did not appear this year. The failure of the trend to materialize did not produce increased unemploy­ment; rather, unemployment remained at the lowest his­torical level for any March since World War II, 1.8 mil­lion. However, the steady upward climb of employment (seasonally adjusted), which has been in force since May 1950, seems to be leveling off. The BLS has ;ecently analyzed the labor reserve of workers who might constitute future additions to the labor force. Their study, although based on the latest available figures, shows the status of the labor reserve of about a year ago. They found only 13 million workers with substantial paid work experience among the reserve. Of these, women compose 85%, half of whom are mothers of small chil­dren. Actually only about 5 million women with work experience and without small children are within the ages of 20 lo 65 and might be expected to fill jobs. Most of the male sector of the labor reserve (15% ) , consists of men past retirement age or in schools. In view of the results released by the BLS, it is apparently becoming harder to realize any expansion of the active labor force. Texas employment increases. Texas jobless in the 17 key cities tabulated numbered 2,325 fewer in March than in the preceding month. The Texas Employment Commission reports that of the 1,576,340 workers com­prising the nonfarm labor force, only 52,290 (3.3%) were unemployed during the month. The Beaumont-Port Arthur area, Austin, and Texar­kana labor markets showed greatest gains in employ­ment with unemployment decreases of 14, 13, and 11 %, respectively. Jobseekers increased in Waco and Amarillo, however, for unemployment increased 25 % in the former and 7% in the latter. Throughout the state, unemploy­ment took a downward turn in nine of the reporting areas, six experienced an increase in unemployment, and two reported no change. The downward trend in employment at Amarillo has caused unemployment to climb from 1,100 in December to 1,500 in March. The situation is expected to improve during the next few months, for recruitment of urgently needed civilian employees at the Amarillo Air Force Base is currently underway. Base officials have offered employment for 500 workers in various capacities. From 1,842 applicants, the TEC office in Austin placed 1,239 workers in Travis County during March. Unem­ployment during the period was reduced to 1,765, nearly equal the 1951 average. Seasonal expansion in contract construction, wholesale-retail trade, and service estah· lishments indicates increased employment in the area for the months ahead. Pay scales in the Southwest. The Department of Labor has released the findings of a recent study con­ducted in 26 industrial chemical plants to determine INDEX OF WHOLESALE PRICES IN THE UNITED STATES 4749 00 ~20~"·~~~-~~~~~'9~--""'-'-'~--.,.---.--r---,-h...-~ ,.,t20' 110 ~ I 1oof---+-t---+-t---t--t---t---i[/-/f--rt----t->-=::l;oo'-+-t--1100 90.f---!--+----l--l---l--l---l--.ir--1---1--+--+-+---l~ eol--~--1---1---1---+--1---+-J~~!.+.---lf--+---+-+--+--I~ 101----+-t----+-l:;::;:::::!::==F=..f"<-Jr---t---t--t--t-r-1~ t..---­ 60·l--~-~[../ .......i:::--1----lf---l--~f---+---lf--+---+-+--+--!eo so•J,......,'"'*"=-<~-1---1---1---1---1--~f---+---l-+--+-t--i~ 40>L..,_L_.L__J__J__,..L~l-.,..1-,..,..,-"L,.,-,,....L.~-,:-:-:~=-'-=-"-::::-'~ 1939 1940 1941 194Z 1943 19'.f4 1945 1946 1947 1948 1949 1150 '"1 lt5t hourly wages. The survey revealed that maintenance electricians led the group with earnings averaging $2.30 per hour. Experienced chemical operators and their he!pers followed with average earnings from $1.95 down to $1.60 per hour. Clerical workers received the lowest earnings, ranging from $1.00 to $1.60 per hour. FRANK T. CADENA Bureau of Bu si ness Re search Publications A Survey of Bank and Department Store Employee Handbooks (Personnel Study No. 4) William R. Spriegel, Dean and Distinguished Professor of Management, and E. Lanham, Assistant Professor of Management, both of the College of Business Administra­tion, The University of Texas. This study, to be published in the immediate future, analyzes the practices of 193 leading banks and department stores throughout the nation in regard to their use of handbooks and printed guides for employees. Price, one dollar. FINANCE Texas boosts federal revenue. Federal internal reve­nue collections in Texas totalled $1,483 million during the first nine months of fiscal 1952, an increase of 19% over the comparable period a year ago. Although federal government receipts are generally higher throughout the entire nation, collections have risen more rapidly in Texas than elsewhere. The increase over last year can be attributed to higher tax rates, the rising prices of late 1950 and early 1951, and increase in productivity. As indicated in the accompanying table, the major portion of the increased receipts in Texas can be traced to higher income tax receipts (+18%) and larger with­holding tax payments ( +37%). Federal administrative budget receipts amounted to $44.2 billion in the period July I-March 31 (the first nine months of fiscal 1952), while expenditures totalled $47.5 billion, leaving a deficit in the administrative CHANGES IN CONDITION OF WEEKLY-REPORTING MEMBER BANKS IN THE DALLAS DISTRICT Source: Board of Governors of the Federal Reserve System Percent change• Mar 1952 Mar 1952 Mar 1952 from from from Item Mar 1951 Feb 1952 Feb 1951 Aaaeta Loans and investments ---------­ + 7 1 x Loans ----------­-­------------------­ + 4 1 x Total U.S. Government securities + 14 1 Treasury bills ---------------------­ +164 + 12 Treasury certificates of indebtedness -------------------­--­ 0 Treasury notes --------------------­ -50 3 3 Bonds -------------------------------­Other securities -------------­ + 5 0 x 1 + 2 Reserve with Federal Reserve Banks ----------------------------­- + 16 + 6 8 Cash in vaults ___ ---------------------------­ + 5 -13 + 8 Balances with domestic banks.... + 39 + 16 + 2 Liabilities Total deposits (except interbank) Demand deposits (adjusted) ____ + 6 + 4 + 1 -2 + 1 x Time deposits _______ :_______ __________ + 11 + 1 1 U.S. Government deposits........ Interbank deposits -----------------------­Domestic banks -------------------------­ + 19 + 32 + 32 + 91 + 5 + 5 + 43 -7 -7 Foreign banks ---------­----------------­Capital accounts______________ + 67 + 17 + 11 0 -40 x *Percentage comparisons are based on week ending nearest the close of the calendar month. xChange is less than one half of one percent. budget of $3.3 billion. From the point of view of eco­nomic analysis, however, the cash budget, including various cash receipts not listed in the administrative budget and omitting certain accrued liabilities from expenditures, is the more important. Cash receipts and exp_enditures have been in approximate balance during the nine-month period; the cash deficit of $5.6 billion in the first six months (July-December) was almost offset by a surplus of $5.2 billion in the last three months (January-March) . With the exception of 1949, the fed­eral government has enjoyed a surplus in the cash budget during every calendar year since the end of World War II. The surplus reached an all-time peak of $8 billion in 1948, a figure nearly $2 billion higher than the previous peak, reached in 194 7. The surplus fell to $450 million in 1950 but rose again to Sl.2 billion in 1951. Federal financing: red and black. In an economy such as that of the United States, where government ex­penditures account for nearly one fourth of total ex­penditures, the relationship between government receipts FEDERAL INTERNAL REVENUE COLLECTIONS Source: Office of the Collector, Internal Revenue Service, Treasury Department July 1-March 31 Percent Source 1951-52 1950-51 chan2'e Texas___________ $1,483,228,133 $1,243,881,161 + 19 Income -------------------­ 910,106,235 770,039,305 + 18 Employment ---------­ 17,171,446 36,883,605 -53 Withholding -------------­ 435,100,763 317,807,326 + 37 Other ------------------­ 120,849,689 119,150,925 + 1 First DistricL___ 771,647,398 661,688,423 + 17 Income --------------­ 481,654,913 407,851,146 + 18 Employment ---------­-----­ 4,096,820 3,664,270 + 12 Withholding ------------------­ 223,251,424 184,712,493 + 21 Other -------------------------------­ 62,644,241 65,460,514 - 4 Second District________ 711,580,735 582,192,738 + 22 Income -----------------------­ 428,451,322 362,188,159 + 18 Employment ------------­ 13,074,626 33,219,335 -61 Withholding ---------­ 211,849,339 133,094,833 + 59 Other -----------------------------­ 58,205,448 53,690,411 + 8 and expenditures is of considerable importance as a factor in the business situation. Although it is difficult to state exactly the economic consequences of an over­balanced, under-balanced, or balanced federal budget, some valid generalizations can be made. It is generally agreed that the incurrence of a deficit in the cash budget is inflationary, since the federal government is then spending more funds than it is extracting from the economy through taxation. For opposite reasons, a cash surplus tends tq be deflationary. This analysis, although generally correct, fails to allow for the manner in which a budgetary deficit is financed and, conversely, the dis­position which is made of a budgetary surplus. If, for example, a deficit is financed wholly or in large part with funds created by the Federal Reserve System, the effect is likely to be much more inflationary than if the BANK DEBITS AND END·OF·MONTH DEPOSITS IN SELECTED TEXAS CITIES (in thousands of dollars) Bank debits End-of-month deposits City Mar 1952 Feb 1952 Percent change Mar 1952 Feb 1952 Percent change Arlington --------------­5,446 5,390 + 1 6,354 5,972 + 6 Bastrop -----------------­1,083 1,292 - 16 1,530 1,588 4 Caldwell -----------------­1,585 1,912 - 17 3,703 3,759 1 Cisco -------------------­2,525 2,144 + 18 3,978 2,907 + 2 Giddings --------------­1,671 1,592 + 5 4,153 3,977 + 4 San Saba ----------­2,291 2,726 + 7 4,295 4,432 Terrell -----------------­4,619 4,995 8 8,050 8,184 2 deficit is financed through the sale of instruments such as savings bonds. On the other hand, a surplus that is used to retire debt held by the Federal Reserve banks is likely to be much more deflationary than one used to retire government secunt1es held by individuals. In the case of a balanced bud"et, the effects may well be neutral· however the in~idence of the taxes used in achievi~g the bal;nce must be considered when analyzing the economic effects. $14.4 billion deficit in 1952. The President's pro· posed administrative budget of $85.4 billion for fi~cal 1952 involves a deficit of $14.4 billion, a peacetime BUSINESS FAILURES Source: Dun & Bradstreet, Inc. Percent change Item Mar 1952 Feb 1952 Mar 1951 Mar 1952 from Mar 1951 Mar 1952 from Feb 1952 Number ----------------­ 6 10 -50 -17 Liabilities (in thousands) __$1,553 $ 329 U,177 + 32 +372 Average liabilities per failure (in thousands) _____$ 311 $ 55 $ 118 +164 +465 record. The cash deficit would probably be about $4 billion less than the administrative deficit. There is some indication that Congress will force some cuts in spend­ing, and revenues may well exceed the projected amounts, thus reducing the amount of the deficit. It is apparent, however, that unless some unforeseen events allow a re­duction in the defense program, deficit financing will be REVENUE RECEIPTS OF STATE COMPTROLLER Source: State Comptroller of Public Accounts September-March Percent Source 1951-52 1950-51 cb&DK'8 Total $378,746,604 $337,495,130 + 12 Ad valorem taxes ------­ 23,113,828 32,062,232 -28 Natural and casinghead gas production taxes --------­ 10,073,435 7,712,496 + 31 Crude oil production taxes____ 71,378,950 63,108,413 + 13 Sulfur production taxes 2,849,649 2,858,091 x Insurance companies and other occupation taxes 11,383,149 5,396,596 +n1 Motor fuel taxes (net) 58,926,287 53,508,861 + 10 Cigarette tax and licenses_______ 19,742,102 18,799,159 + 5 Alcoholic beverage taxes and licenses 11,780,811 11,345,668 + 4 Automobile and other sales taxes._ 9,984,567 9,699,656 + 3 Franchise taxes ---------------------­ 2,204,029 1,626,801 + 35 Mineral leases, rentals, and bonuses.. 11,218,524 5,198,218 +116 Oil and gas royalties___________ 10,496,825 9,525,812 + 10 Interest on deposit.a ----------­ 136,437 91,038 + 50 Interest on securities owned_____ 6,776,512 6,106,162 + 11 Unclassified receipts from county tax collectors ------------­ 1,644,544 899,786 + 83 Motor vehicle licenses, permits and miscellaneous ------­ 7,384,313 6,544,671 + 13 Federal aid-highways -------­ 17,595,517 7,618,076 +131 Federal aid- public welfare.._____ 40,614,436 44,412,248 - 9 Federal aid- public education__ 10,942,589 12,829,423 -15 Unemployment compensation taxes__ 10,423,224 9,118,026 + 14 All other receipts ------40,076,876 29,033,697 + 38 Retirement contribution data previously shown in this table are now included in a restricted fund, not state revenue. xChange is less than one half of one percent. resorted to. The ultimate size of this deficit and the man­ner in which it is financed will be factors of extreme importance in the attempt to maintain economic stability in the coming months. CHARLS E. wALKER FOREIGN TRADE $7.5-billion export surplus. During the final quar­ter of 1951, the U. S. export surplus on goods and serv· ices rose to an annual rate of $7.5 billion, the highest rate since the British pound was devalued in 1949. This rise represents a substantial $2.l billion increase over the third-quarter rate. Loss of monetary reserves in the sterling area, some Latin American countries, and France moved those countries to adopt special dollar import restrictions. The U. S. export surplus rose from $460 million in the first quarter to $1,863 million in the fourth. Accord­ing to the Department of Commerce, the increase in ex. ports during 1951 resulted from greater purchases of FOREIGN TRADE TH ROUGH TEXAS CUSTOMS DISTRICTS (in millions) Source: Bureau of the Census, U. S. Department of Commerce Percent change Jan 1952 Jan 1952 Jan Dec Jan from from District 1952 1951 1951 J an 1951 Dec 1951 Expor ts, totaJ__$ 178.2 $ 194.7 $ 113.6 + 57 -8 District 21 (Sabine)*_ 9.6 11.4 8.1 + 19 -16 District 22 (Laredo) __ 34.2 30.3 38.3 -11 + 13 District 23 (Galveston) _ 130.1 68.6 143.3 -9 + 90 District 24 (El Paso)*_ 4.3 3.3 5.0 -14 + 30 Imports, total__$ 36.2 $ 41.6 $ 33.7 + 7 -13 District 21 (Sabine)>_ 0.3 0.5 t -40 District 22 (Laredo) _ 8.2 5.0 5.3 + 55 + 64 District 23 (Galveston)_ 23.5 34.0 25.0 -6 -31 District 24 (El Paso)•_ 4.2 2.1 3.4 + 24 +100 •customs districts 21 and 24 include Lake Charles, Louisiana, and Columbus, New Mexico, respectively. tTrade amounted to less than $50,000. goods and services by foreign buyers, for average prices, with the exception of shipping rates, did not rise ap· preciably through the year. It is believed that the rise in foreign demand was caused by the desire to increase inventories and the need for higher current requirements resulting from the present political situation. Of the $5-billion export surplus of goods and services in 1951, the merchandise account represented nearly $4 billion. Machinery and vehicles, totalling approximately $3.4 billion, led the major export item for the year. However, their importance declined in the final quarter, giving way to increased exports of tobacco and unmanu· factured cotton. Increased cotton exports were made possible by the production of a large crop and were facilitated by the lifting of the U. S. export ban impos.ed in 1950 when the nation produced a short crop. Declm· ing exports of durable consumer goods are the result of import restrictions imposed by many countries. Trade gap widens. For the first time since November 1951, monthly exports of machinery and vehicles rose during February to reach $419.7 million, an increase of 18% over January. Because of this increase in a seg· ment where sales had fallen in previous months, the trade gap in February was further widened. Exports climbed to $1,328.l million and imports fell to $892.l million, compared to January's $1,246.8 million and $921.6 million, respectively. FRANK T. CADENA Texas Economic Development, I: The Future of Tourism 1n Texas (See cover chart} The United States has been swept by a benign sort of revolution during recent years. Neither political nor in­dustrial, although primarily a result of industrialization, this is a revolution in vacations. The American people, an aging population with more cars and more leisure than ever before, more and longer paid vacations, and a higher standard of living, have gradually given over a greater part of their time and income to recreation. Almost every American has become a tourist, at least potentially, and Texas, the internationally publicized Golden Land of magazine articles and advertisements, the dusty paradise of western movies, and the subject of half-envious tall tales by radio comedians, has shared profitably in the tourist bonanza. By 1949, tourism was the fifth largest Texas industry­and growing. During the following year, an estimated $713 million was spent on vacations in Texas, nearly half of that amount by out.of.state visitors. Such an amount of money, flowing into the tills of Texas business from outside the state, clearly indicates the importance of tourism in the Texas economy. Yet, there is good rea· son to think that Texas has not yet realized the full benefits of its tourist attractions. During 1950, about 9% of the nation's vacations were spent in the West South Central portion of the country: Arkansas, Louisiana, Oklahoma, and Texas. This region lagged behind New England, and the Middle Atlantic, South Atlantic, East North Central, West North Central, and Pacific groups of states.1 Although Texas attracted more visitors than the states surrounding it, many other states still outrank it. They outrank Texas in other respects also. For ex­ ample, in 1950 the 9,156,000 visitors to Texas spent approximately $375.2 million, while a total of only 2,400,000 out-of-state tourists in the state of Washington spent an estimated $122.7 million. Thus, Washington received about $51.12 from each visitor, and Texas only $40.97.2 Further, it must be remembered that the Texas tourist season is year-long, while in many other states, like Washington, the season is limited to the warmer months. This fact, together with the great variety of tourist attractions in Texas, should enable Texas not only to attract many more tourists but also to induce them to stay longer and spend more money. Texas has greater geographical variety than any other state, a gen­ erally favorable climate, and a fascinating historical tradition. Mexico is easily accessible; also, many festi­ vals and other interesting events are held each year, and most types of outdoor activity are or could be made available. The hotel and tourist court business and the restaurant trade in Texas bulk impressively large in the state's economic activity. In 1951, the 1,492 hotels and 2,016 tourist courts with their total of 93,680 rental units, and the 17,185 eating and drinking places (1948 census figures) scattered across the state received altogether more than 150 million tourist dollars. It is estimated that more than one fourth of the gross income of these service establishments 1s paid in wages to their em· ployees. However, according to information supplied the Bu­reau of Business Research by more than one hundred chambers of commerce throughout the state, the volume of restaurant and hotel trade should be much greater. Yet, present facilities are not adequate to handle even their current patronage. Lodging and food sef\"ice are insufficient in both availability and quality in many of the important resort areas. For example, four com­munities near large lakes, which offer all types of water sports, have not provided enough inviting facilities to induce visitors to stay over; as a result, they have lost to other areas considerable amounts of income that thev could have obtained with relativelv small investment i~ lodging and eating places. Many ,complaints are made about the quality of services in various communities, and this condition is probably more detrimental to the tourist trade than mere insufficiency in the number of facilities. It has been suggested that one of Texas' great­est vacation centers should maintain stricter enforce­ment of its food laws. That such a criticism should be directed at any Texas resort town shows how great the need for improvement in food and lodging services. Perhaps even more serious a handicap is the lack of a well-organized publicity program. There is definite need for tourist advertising to be done on the state level. The Texas State Highway Department does this to some extent, but its efforts are necessarily limited, and its work has been confined to answering inquiries and maintain­ing highway information bureaus at the state line. Sev­eral groups have advocated the creation of a Tourist and Industrial Agency. Others maintain that although state advertising should be done, the job is one that properly belongs to private enterprise. There are good arguments on both sides of this question. But whether a state agency or an association of private businesses conducts it, a state promotional campaign is essential to the full de­velopment of tourism in Texas. Regional and local advertising programs and pub­ licity stunts have already demonstrated that promotional activity on a state level would be a profitable investment. The most outstanding work done in this field in Texas so far is that of the Magic Valley Association in the 1 The Vacation Travel Market of the United States (Nationwide Lower Rio Grande Valley. This organization has dis­Survey No. 2). Research Department of The Curtis Publishing tributed thousands of folders, maps, and mimeographed Company, 1951. letters in this country and in Mexico. National radio and 2 Data used in this comparison were supplied by the Texas High­ newspaper advertising has been obtained by giving free way Department and the Bureau of Economic and Business Re­ search, The State College of Washington. (Please turn to page 2.3) TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percen c ange Mar 1952 Mar 1952 Mar 1952 Mar 1952 City and item Mar 1952 from Mar 1951 from Feb 1952 City and item Mar 1952 from Mar 1951 from Feb 1952 ABILENE: (pop. 45,570) Retail sales -----------------­-­Department and apparel stores ---­Postal receipts _____________________$ 56,055 12 17 + 17 + 25 + 20 + 4 AUSTIN: (pop. 132,459) Retail sales Automotive stores Department and apparel stores___ -20 -17 -16 + 11 + 4 + 23 Building permits ------------­-------$ Bank debits (OOO's) --------------­--$ End-of-month deposits (OOO's) •_____$ Annual rate of deposit turnover___ Placements in employment____________ Nonagricultural civilian labor force___ _ Unemployment -----------­Percent of labor force unemployed____ _ Air express shipments -----------­1,054,398 54,423 54,985 12.0 668 23,650 1,000 4.2 231 2 4 + 12 10 + 12 + 7 + 18 + 11 -12 +208 + 13 + 2 + 12 + 7 + 1 0 2 + 2 Eating and drinking places____ Filling stations Food stores Furniture and household appliance stores ------­-­Lumber, building material, and hardware stores -----­Postal receipts $ Building permits ------------$ 178,152 3,144,431 + 15 + 7 + 8 2 -40 -2 + 35 + 14 + 15 + 13 +17 + Bank debits (OOO's) _________$ 143,290 -14 -14 AMARILLO: (pop. 74,246) Retail sales --------------------------­-----­--­Automotive stores ----------------­-----­Department and apparel stores_________ Drug stores -------------------------­Florists ---------------------------­Food stores --------------------------­- -5 x -10 + 2 -29 + 1 + 6 + 7 + 8 + 17 -12 + 6 End-of-month deposits ( OOO's) • _____$ Annual rate of deposit turnover____ _ Placements in employment ---------­Nonagricultural civilian labor force.______ Unemployment Percent of labor force unemployed___ Air express shipments 113,186 15.7 1,239 49,915 1,765 3.5 534 -3 -10 8 + 8 + 5 0 16 + 6 + 2 x -13 -15 -2 Furniture and household appliance stores -------------------------­­ - 29 + 16 Office, store, and school supply dealers --------------------­------­Postal receipts -------------------­--­--------$ Building permits -----------------------------·$ Bank debits (OOO's) -------------------·----$ End-of-month deposits (OOO's) • _________$ Annual rate of deposit turnover______ _ Placements in employment ---------------­Nonagricultural civilian labor force ____ Unemployment --------------------------------­Percent of labor force unemployed______ Air express shipments 108,371 2,157,348 148,096 116,253 15.7 1,590 42,200 1,500 3.6 430 + 9 + 9 + 30 + 8 + 20 -6 + 11 + 12 + 11 18 -4 + 9 -18 + 5 + 5 + 4 x + 7 + 9 + 5 BEAUMONT: (pop. 94,014) Retail sales __ Automotive stores Department and apparel stores____ Eating and drinking places__._________ Food stores Furniture and household appliance stores ----------­General merchandise stores -·--------­Lumber, building material, and hardware stores________ Postal receipts -------------$ 76,441 -8 -17 -12 + 36 + 5 + 48 -13 -2 + 2 + 11 + 11 + 20 + 12 + 3 9 + 23 + 9 + 14 BAYTOWN: (pop. 22,983)Postal receipts ______________________________ $ Building permits -----------------------$ 11,375 302,130 -12 66 -23 + 11 Building permits ----------------$ Bank debits (OOO's) -------------$ End-of-month deposits (OOO's) •_______$ Annual rate of deposit turnover______ _ 386,143 132,320 101,326 15.7 -26 + 9 + 13 1 -62 + 8 x + 6 Bank debits (OOO's) --------------------$ End-of-month deposits (OOO's) *-------$ Annual rate of deposit turnover____ Placements in employment (area) ________ Nonagricultural civilian labor force (area) ------------------------------------­Unemployment (area) ----------------------­Percent of labor force unemployed (area) _-------------------------­ 16,943 18,578 10.9 6,330 352,200 8,300 2.6 5 x + 15 + + 11 + 18 2 2 + 7 + + 2 + 13 Placements in employment (area) _____ Nonagricultural civilian labor force (area) -------------------------­Unemployment (area) ---------­Percent of labor force unemployed (area) _______ Air express shipments ·--------------­Water-borne commerce (tons) ____ _ _ 2,214 76,750 4,850 6.3 277 14,959 + 32 x -24 -25 -31 -48 + 30 -1 -14 -14 -12 -66 BIG SPRING: (pop. 17,286) Reta il sales ---------------------------------------·---­Department and apparel stores __________ Postal receipts -------------------------$ Building permits -------------------------.......$ Bank debits (OOO's) -------------------------$ End-of-month deposits (OOO's) • ----------$ Annual rate of deposit turnover__,____ Placements in employment 16,183 236,505 22,812 26,182 10.5 203 -22 -18 + 11 -46 + 7 x ++ 12 + 3 + 3 + 9 -19 + 8 x + 9 BROWNSVILLE: (pop. 36,066) Retail sales --------------------­Postal receipts --------------------$ Building permits ----­--------------------$ Placements in employment________________ Air express shipments_____, _______ _ Tourists entering Mexico_·------·-------­Tourist cars entering Mexico_______________ 18,667 67,608 336 485 2,468 914 + + 5 + 16 -24 + 29 + 22 -11 -82 -27 -3 -6 +206 BRENHAM: (pop. 6,941) P ostal receipts ----·------------------------$ 5,364 -31 - 3 BRYAN: (pop. 18,102) Building permits ------------------------------$ Bank debits (OOO's) ---------------------.$ End-of-month deposits (OOO's) *-----------$ Annual rate of deposit turnover________ Placements in employment --------------­ 82,875 5,415 9,915 6.5 98 + 97 -14 + 3 -18 +219 + 2 + 13 Department and apparel store sales___ Postal receipts -------------------------$ Building permits -------------------­-------­$ Placements in employment_.. ____ +-----·---­Air express shipments ------------­-----· 15,577 256,799 198 23 -11 + 36 -12 + 47 -21 + 20 -2 + 99 + 13 + 77 For explanation of symbols, see p. 23. For explanation of symbols, see p. 23. APRIL 1952 LOCAL BUSINESS CONDITIONS Percent change Percent change Mar 1952 Mar 1952 Mar 1952 Mar 1952 City and item Mar 1952 from Mar 1951 from Feb 1952 City and item Mar 1952 from Mar 1951 from Feb 1952 BROWNWOOD: (pop. 20,181) Retail sales --------------------------------------------­-­___________ _ Department and apparel stores____________ -22 -22 + 4 + 33 DALLAS: (pop. 434,468) Retail sales -----------··---·----------·--·-------­Apparel stores ---------------------------------­ -8 -11 + 9 + 21 Postal receipts --------------­------------------­----­$ Building permits ------------------------------------$ Bank debits (OOO's) -----------------------------­$ 16,363 48,901 11,089 + 22 -68 -16 + 15 -41 + 6 Automotive stores -----------------------­Department storest -------------------­Department and apparel stores__________ -20 -11 9 + 7 -8 + 18 End-of-month deposits (OOO's) *-------------$ 13,118 - 2 x Drug stores ----------------------------------­ 6 Annual rate of deposit turnover___________ 10.1 -13 + 6 Eating and drinking places ----··---·· + 8 Placements in employment ------------------­ 126 - 7 + 19 Filling stations --------·----------­ + 5 + Air express shipments ---------------------------­ 21 13 + 17 Florists ------------------··-·-·­ -28 -26 Food stores -·---------------------·-····­ + 2 + 10 CORPUS CHRISTI: (pop. 108,287) Retail sales ----··---------·-·--·-------------·····---··-­ 7 + 9 Furniture and household appliance stores -----------------­ - 10 + 7 Apparel stores ---···-------------······---------­Automotive stores ---------------­-----------------­ 3 -16 + 40 + 1 Liquor stores ------------------------­-­Lumber, building material, - 3 + 24 Department storest --------------------------­--­Department and apparel stores__________ + b -1 + 11 + 28 and hardware stores --------------­Office, store, and school -18 + Eating and drinking places________________ + 30 + 11 supply dealers ---------···--------------· + 12 2 Food stores -·-··--·-----------------------·--·--------­Lumber. building material, + 12 x Postal receipts ----···-···-----·------$ 1,310,115 Building permits -------·--------------$ 5,835,613 + 14 -27 + -26 and hardware stores ------------------------­Postal receipts -------··------------------········----$ Building permits ··--·--------------·--·-·----------$ Bank debits (OOO's) -----------·-··-·--····--------$ End-of-month deposits (OOO's) *--------$ Annual rate of deposit turnover___________ Placements in employment --------------------­Nonagricultural civilian labor force_______ 102,271 2,020,922 141,164 105,536 16.2 1,505 58,735 -9 + 12 + 60 + 9 + 14 1 + 7 + 4 + 14 + 4 + 67 + 8 + 2 + 7 4 x Bank debits (OOO's ) ·-------------------$ 1,472,509 End-of-month deposits (OOO's )•____$ 997,578 Annual rate of deposit turnover____ 17.4 Placements in employment --------­5,085 Nonagricultural civilian labor force.__ 284,300 Unemployment --·-···--------------··­5,500 Percent of labor force unemployed___ 1.9 Air express shipments___________________ 8,388 -2 + 10 -12 -11 + 5 + 38 + 27 -12 + 11 3 + 11 6 x 4 5 + 3 Unemployment --·--······-··--·---·----------------···· Percent of labor force unemployed....____ Air express shipments ---------------------______ Waterborne commerce (tons) ----·---------­ 1,735 3.0 350 1,948,377 -31 -32 -24 -20 + 9 6 7 EDINBURG (pop. 12,383) Postal receipts ---··---···--------------$ Building permits ·--­---····-------------------$ Bank debits (OOO's) ---·-··---·-··----------$ 7,658 46,285 8,929 + 4 -42 + 9 + + 4 45 2 CORSICANA: (pop. 19,211) Department and apparel stores________________ ----···-­ -15 + 18 End-of-month deposits (OOO's ) _______$ Annual rate of deposit turnover_________ Placements in employment______ 9,414 11.2 346 + 20 -7 +204 -3 -3 -H Postal receipts ---------------------··--·---·-·---$ Building permits ---------------··-·-·---------------$ Bank debits ( OOO's) --------·····---·-·--···------$ End-of-month deposits (OOO's) • ___________$ Annual rate of deposit turnover_____________ 13,133 68,150 12,551 22,518 6.7 + 10 7 + 2 + + 18 -62 x + 1 0 Air express shipments ----------------------­EL PASO: (pop. 130,485) Retail sales ·-----------···-···--------·-·--· Apparel stores -------·-·------------­ 8 -43 -19 -16 -11 + 6 + 16 Placements in employment ----····-----·---­ 174 + + 9 Automotive stores ------------------­Department storest ---------­ - 28 5 - x 4 DEL RIO: (pop. 14,211) Postal receipts -------··-·····-··-··---·-·-··--·---$ Building permits -------------··--·-----------·---···-$ Bank debits (OOO's) --------------··-----·-··--·-----·-$ End-of-month deposits (OOO's) •-····----·-$ Annual rate of deposit turnover____ ________ Air express shipments -----­-------------­--------­ 7,104 113,970 6,433 10,130 7.6 22 + 20 + 1359 -10 + 9 -17 -69 + 6 +219 + 6 -1 + 6 -24 Department and apparel stores______ Drug stores ----------------­Furniture and household appliance stores ---------------------­General merchandise stores ----------­Lumber, building material, and hardware stores --·-·-----­Office, store, and school 8 + 4 + 24 -8 -36 + 15 -2 + 31 + 13 + 19 DENISON: (pop. 17,504) Retail sales -·---·--·---­-------------------------···---­ -10 + 12 supply dealern ·-------------··---·­Postal receipts -----·------------------$ 177,965 -25 + 15 -7 + 8 Department and apparel store•-------·-··· Postal receipts -------------·--------------··-·-·-·--$ Building permits ---------------------------····----$ Bank debits (OOO's) --------------------·-·--·····-$ End-of-month deposits (OOO's) •··-·-------$ Annual rate of deposit turnover__________ 12,249 24,121 10,072 12,793 9.6 -32 + 8 -98 + 9 + 9 0 + 33 + 4 -28 -4 + 4 -14 Building permits ··-··------------$ Bank debits (OOO's ) ·-·-·---·-··---------$ End-of-month deposits (OOO's ) *···----$ Annual rate of deposit turnover. ___ _ Placements in employment ----------­Nonagricultural civilian labor force______ 1,920,687 206,231 146,642 16.7 1,464 64,740 + 17 + 6 + 11 4 + 9 + 5 -23 + 18 -2 + 18 -11 + 1 Placements in employment -----------------­ 208 - 35 -24 Unemployment --------·---------··---·-·-·­Percent of labor force unemployed_____ 1,840 2.8 7 + 2 0 DENTON: (pop. 21,372) Retail sales -----------··--------------·-···-·--··--·­Department and apparel stores_________ -21 -18 + 11 + 35 Air express shipments ------------------­Tourists entering Mexico -----------------­Tourist cars entering Mexico...__________ 1,421 2,887 1,024 5 8 -12 +11 -19 -24 Postal receipts ···---·--------------··--·-···-------$ Building permits -····----·-----------···-··-----$ Bank debits (OOO's) -····-·-----------···---------$ End-of-month deposits (OOO's) *-·----------$ Annual rate of deposit turnover___________ Placements in employment_____····--········ 14,717 105,175 9,885 12,335 9.6 27 -8 + 29 -4 + 1 -45 -21 -51 5 x -33 GONZALES: (pop. 5,659) Postal receipts --------·--------····--------·$ Building permits -------··--------···--------$ Bank debits (OOO's ) --······--------···-·--·------$ End-of-month deposits (OOO's) *-·-·-------$ Annual rate of deposit turnover____________ 3,734 437,509 4,871 6,266 9.3 -6 +2560 -9 + 9 -15 + 3 +2265 + 4 1 + 7 For explanation of symbols, see p. 23. For explanation of symbols, see p. 23. zo TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Mar 1952 Mar 1952 Mar 1952 Mar 1952 City and item Mar 1952 from Mar 1951 from Feb 1952 City and item Mar 1952 from Mar 1951 from Feb 1952 FORT WORTH: (pop. 278,778) Retail sales ----------------­Apparel stores --------­Automotive stores ----------­ -4 -13 x + 7 x + 9 HOUSTON: {pop. 596,163) Retail sales Apparel stores Automotive stores ------­­ --- 3 8 13 + 8 + 22 + 6 Department storest ------­Department and apparel stores_____ Drug stores ----------­---­Eating and drinking places_____ Filling stations --------­Food stores -9 -7 -18 + 13 + 3 -3 7 + 10 3 + 8 + 2 + 7 Department storest ------­Department and apparel stores___ Drug stores Eating and drinking places____ Filling stations Food stores -3 -11 + 13 + 6 + 10 + 3 + 1 + 21 + 2 + + + Lumber, building material, Furniture and household and hardware stores -----­ -12 appliance stores ------­ 10 Postal receipts _____________$ 450,607 + 6 + 2 Liquor stores -------­ + 5 + Building permits ________$ 4,868,925 -12 +n Lumber, building material, Bank debits (OOO's) ---------$ End-of-month deposits (OOO's) •___$ 506,956 394,120 + 5 + 14 + 7 + 3 and hardware stores -------­P ostal receipts $ 834,904 5 + 10 + 21 + 6 Annual rate of deposit turnover______ Placements in employment -------­Nonagricultural civilian labor force___ Unemployment --------------­Percent of labor force unemployed___ 15.6 2,516 169,000 7,000 4.1 -8 -55 + 10 + 40 + 24 + 3 -33 x -9 -11 Building permits --------$ 7,413,563 Bank debits (OOO's) $ 1,656,461 End-of-month deposits (OOO's) • ___$ 1,168,983 Annual rate of deposit turnover___ 17.3 Placements in employments (area) __ 6,330 -57 + 10 + 10 + 4 + 15 -9 + 16 + 3 + 15 + 7 Air express shipments 2,002 GALVESTON: (pop. 66,568) Retail sales ---------------­ -16 -14 + 4 + 9 Nonagricultural civilian labor force (area) Unemployment (area) Percent of labor force unemployed 352,200 8,300 + 3 + 11 + + Automotive stores ---------­ -43 - 5 (area) 2.6 + 18 + 13 Department and apparel stores_ ______ 9 + 20 Air express shipments 4,924 -12 + 11 Eating and drinking places _______ Food stores ---------------­Lumber, building material, + 4 + 2 + 5 + 6 LAMESA: Postal receipts (pop. 10,704) $ 7,780 + 28 + 15 and hardware stores ---------------­Postal receipts _______________________$ 68,603 + 43 + 12 + 26 + 7 Building permits --------$ Bank debits (OOO's) $ 16,525 10,235 -92 -28 -82 -19 Building permits ------------------$ 141,175 -84 -31 End-of-month deposits (OOO's) • ___$ 15,867 -16 - 3 Bank debits (OOO's) ______________________$ 80,518 4 + 8 Annual rate of deposit turnover___ 7_5 -11 -14 End-of-month deposits (OOO's) • ________$ 103,288 + 3 + 2 Placements in employment _____ 170 - 27 + 45 Annual rate of deposit turnover___ Placements in employment (area) ___ Nonagricultural civilian labor force (area) ----------------------­ 9.5 904 51,400 -6 + 17 + + + 8 x LAMPASAS: (pop. 4,869) Postal receipts $ Building permits _______$ 4,573 44,750 + 39 + 2 + 30 +145 Unemployment (area) ---------­ 1,700 + 3 Bank debits (OOO's) _$ 4,132 -13 + 4 Percent of labor force unemployed (area) -----------------------­Air express shipments 3.3 437 GREENVILLE: (pop. 14,727) Retail sales ------------­Department and apparel stores_____ Postal receipts -------------$ Building permits ____________$ Placements in employment_________ Air express shipments -----­----­15,303 140,058 230 19 HARLINGEN: (pop. 23,229) Postal receipts ------------------$ 18,642 Bank debits (OOO's ) __________$ 24,071 End-of-month deposits (OOO's) •______$ 19,627 Annual rate of deposit turnover_____ 14. l Placements in employment._________ 509 Air express shipments_______________ 62 11 + -5 + 22 + 12 + 119 + 19 + 8 + 7 + 5 0 + 78 -18 + 3 + 73 -17 + 27 6 + + + + 2 + 53 + 2 End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover___ GARLAND: (pop. 10,571) Postal receipts $ Building permits _____ $ Bank debits (OOO's) _________$ End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover___ LAREDO: (pop. 51,910) Department and apparel store sales_ Postal receipts ____ $ Building permits ---------­$ Bank debits (OOO's) -----­$ End-of-month deposits (OOO's) •---$ Annual rate of deposit turnover___ Placements in employment______ Air express shipments ------­6,552 7.6 9,007 726,850 7,620 7,113 13.3 19,705 59,025 21,745 23,090 11.4 311 254 + 5 -16 + 14 +s62 -1 -4 +11a 2 + 10 -8 + 14 + 14 + + + 10 +230 + 7 + + + 6 + 8 +IO + 2 + + -18 HENDERSON: (pop. 6,833) Department and apparel store sales___ -21 + 10 Tourists Tourists entering Mexico ------­cars entering Mexico____ 8,285 2,854 + 1 2 -33 -28 Postal receipts ------------------$ Building permits ------------------$ Bank debits (OOO's) ------------------$ End-of-month deposits (OOO's) •-------$ Annual rate of deposit turnover____ Placements in employment_________ 7,006 62,900 6,998 14,118 6.0 148 -1 + 39 + 20 + 5 + 15 -8 -3 + 28 + 29 x + 30 0 LLANO: (pop. 2,954) P ostal receipts ---­--·------$ Building permits ---------­$ Bank debits (OOO's) ___________$ End-of-month deposits (OOO's) *---$ Annual rate of deposit turnover____ 1,517 53,000 2,374 3,318 8.5 -16 + 9 +loo + For explanation of symbols, see p. 23. For explanation of symbols, see p. 23. APRIL 1952 Z1 LOCAL BUSINESS CONDITIONS Percent chan~e Percent change Mar 1952 Mar 1952 Mar 1952 Mar 1952 Mar from from Mar from from City and item 19S2 Mar 1951 Feb 19S2 City and item 1952 Mar 1951 Feb 195~ LOCKHART: (pop. 5,573) Department and apparel store sales..... . -20 + 12 MARSHALL: Retail sales .... (pop. 22,327) - 4 + 11 Postal receipts ···-···········-····-·····-·············· $ Building permits ····-·····-·······················-···$ Bank debits (OOO's) ·········-·······················$ End-of-month deposits (OOO's ) *·····-··-···$ Annual rate of deposit turnover_________ 2,717 116,800 3,284 4,S36 8.6 -12 +124 3 + 2 -1 +sos + 2 1 + 4 Department and apparel stores_____ Postal receipts ---····-····-·-·-·-----$ Buildin~ permit& ··-·-·--·--------·····-··$ Bank debits (OOO's) ---------·-··········---$ End-of-month deposits ( OOO's) • _________$ 18,585 100,105 12,712 19,376 -lS -' -48 -4 + 1 + 2S -12 + 89 + 5 LONGVIEW: (pop. 24,502) Postal receipts ····--·-··-·--···--···­·--···$ Building permits ··-·······-····-····-·-·--·······$ Bank debits (OOO's) ······-········--·-······-···$ E'nd-of-month deposits (OOO's) *·····-····-·$ Annual rate of deposit turnover........... . Placements in employment...·----·········· Nonagricultural civilial}. labor force._ .. ___ 25,694 700,779 33,948 35,407 11.6 568 24,150 + 22 + 34 + 26 + 16 + 19 8 + 5 + 17 + 86 + 10 + 1 + 16 + x Annual rate of deposit turnover______ _ Placements in employment________ MIDLAND: (pop. 21,713) Postal receipts ··-···-·····--··--·-····-·····$ Building permits ···--···-····--·------·-···$ Bank debits (OOO's) --------····---$ End-of-month deposits (OOO's) • -------$ Annual rate of deposit turnover._____ 7.8 250 39,042 2,491,831 58,187 60,390 12.3 -16 -28 + 31 + 62 + 30 + 31 + 4 + + 12 +422 + 15 + 13 + 84 Unemployment ··-·····----·····-··-·-······-· Percent of labor force unemployed ...... . 1,100 4.6 -- 6 10 + 5 + 7 Placements in employment·-·---·--········ Air express shipments -·-····------···--·-·­ 841 229 + 78 -28 + 3 + s Air express shipments ------------------------­ 136 - 23 + 9 LUBBOCK: (pop. 71,747) Retail sales ---··--···­·-···-----·--·-·­ 8 + 7 MINERAL WELLS: (pop. 7,801) Building permits -----···--···-----$ 71,873 Bank debits (OOO's) -----------$ 5,53S -23 + 4 -95 ' Automotive stores ·-·-····--····-··········· x - 1 End-of-month deposits (OOO's) •------$ 10,227 + 18 + 2 Department and apparel stores.....·-···· Furniture and household 12 + 29 Annual rate of deposit turnover____ Placements in employment__________ 6.5 86 + 10 -30 + 7 + 25 appliance stores ----­--------------------­General merchandise stores -----·--------­ + 38 -3 + 21 + 32 Air express shipments 17 -29 -19 Lumber, building material, and hardware stores ----------------­Postal receipts ··-·············-···-···-···-··----$ 75,668 -35 + 10 -28 + 7 NACOGDOCHES: (pop. 12,327) Postal receipts -----······----$ 8,400 Building permits --­·--····---$ 20,950 + 27 + 13 + 53 Building permits ··-···--·-············-·-··-·-$ Bank debits (OOO's) ···········-·············-···· $ End-of-month deposits (OOO's) • _________$ 1,228,961 109,296 102,897 -52 + 8 + -25 3 + 2 Bank debits (OOO's) ------·-··--­_$ End-of-month deposits (OOO's) • ------$ Annual rate of deposit turnover.___ 10,1S3 15,524 7.8 ++ 9 7 + 9 " + 5 Annual rate of deposit turnover........... . Placements in employment --------------------­Nonagricultural civilian labor force----·--­ 12.8 1,012 30,850 + 11 + 2 2 3 1 Placements in employment --··--·-­Air express shipments -----------­ 104 8 + 6 + 33 Unemployment .... -················-···--·-·-····· Percent of labor force unemployed....... . Air express shipments ·····-·-··--·····-···-···· 1,000 3.2 305 + 2S + 19 -32 0 0 8 ODESSA: (pop. 29,495) Retail sales -------------­Department and apparel stores___ _ + 2 -11 + 3 + 17 LUFKIN: (pop. 15,135) Postal receipts ···································-··-···$ Building permits ·---~---··-·····-···-····-···-····$ Bank debits (OOO's) .................................. $ End-of-month deposits (OOO's) •--·-·--···$ 11,777 133,250 16,170 20,012 + 1 + 36 + 1 + 17 -2 + 99 + 8 + 1 Postal receipts ·-·--·----------$ Building permits ------·-·-····-··--·$ Bank debits (OOO's) ----···--·--·---$ End-of-month deposits (OOO's) *-·--···-$ Annual rate of deposit turnover___ Placements in employment ---·­33,02S 1,630,157 42,348 89,749 18.5 513 + 20 + 182 + 41 +44 0 + 26 + 6 + 80 + 13 + 11 + 9 7 Annual rate of deposit turnover......·-··· 9.8 - 11 5 Air express shipments_______ 182 - 22 8 Placements in employment ---···.. ··--·····-·­Air express shipments ····--·-······--··-·-···-McALLEN: (pop. 20,067) Retail sales -··--·· .. _ ... ··············----·-­Department and apparel stores ___________ Postal receipts ---·····-········-······-······-···· $ Building permits -·································--···$ Bank debits (OOO's) --········-·· . ········-··$ 118 36 15,073 44,400 lS,612 -29 -40 + 1 -6 + 12 -49 + 6 6 + 16 + 3 + 17 x + 7 PARIS: (pop. 21,643) Department and apparel atore sales.. _ Postal receipts ··---·---·-·--···----$ Building permits ·---·--·····-·---$ Bank debits (OOO's) ---------$ End-of-month deposits (OOO's) • ____$ Annual rate of deposit turnover______ _ Placements in employment.---·--···· 13,362 12,019 12,391 1S,OS6 9.9 803 -28 " -S2 -15 + 4 -18 -10 + 22 -7 -32 4 x 5 18 End-of-month deposits (OOO's) *········-····$ 15,882 + 11 + Air express shipments --------·-···· 24 -3a + 26 Annual rate of deposit turnover --------·-· Placements in employment_____________________ _ Air express shipments --------------------­ 11.9 401 S3 -1 + 13 0 + + 9 + 4 PLAINVIEW: (pop. 14,044) Retail sales -··--·-·----···-·············· - 8 " MARLIN: (pop. 7,099) Postal receipts ··················-·····-·-···············$ Building permits ·····························-····· ... $ Bank debits ( OOO's ) ·························-······$ 5,199 52,400 2,7S4 -1 + 78 + 7 -58 -12 Department and apparel stores________ Postal receipts --­---­------------$ Building permits ---------·-······--·····$ Bank debits (OOO's) ····---···-·-·--·-·····--·$ End-of-month deposits (OOO's) *·········-···$ 10,90S 81,000 17,885 21,577 -lS + 12 -72 + 1 + 21 -25 -4 -54 9 2 End-of-month deposits (OOO's) • .............. $ 5,051 1 Annual rate of deposit turnover ····-···-· 9.9 - 16 Annual rate of deposit turnover____________ Placements in employment___________________ 6.5 64 + 8 Placements in employment --····----------­Air express shipments ----­----­ 104 35 + 1 + 52 + 6 + so For explanation of symbols, see p. 23. For explanation of symbols, see p. 23. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percent chan11:e Mar 1952 Mar 1952 Mar 1952 Mar 1952 Mar from from Mar from from City and item 1952 Mar 1951 Feb 1952 City and item 1952 Mar 1951 Feb 1952 PORT ARTHUR: (pop. 57,530) Retail sales ---------------------­Automotive stores ---­---------­Department and apparel stores__________ Drug stores ----------------------------------­Filling stations --· --------­-------­Food stores ---------­----------·-­ -10 -13 -12 -18 + + 21 + 30 + 33 + 3 + 55 + 3 SAN ANGELO: (pop. 52,093) Retail sales --------------­Department and apparel stores____ Postal receipts ·----­-------$ Building permits -------------$ Bank debits (OOO's) __________$ End-of-month deposits (OOO's) •--.$ 48,581 988,017 40,255 50,833 -15 -16 + 9 -31 -10 + -7 + 13 + 13 +129 Furniture and household appliance stores -----------------­Lumber, building material, and hardware stores ------­---------­ + 15 + + 20 Annual rate of deposit turnover____ Placements in employment_______ Nona11:ricultural civilian labor force__ Unemployment 9.5 655 21,300 1,050 12 + 4 + 3 + 40 + + Postal receipts ----------------------.$ Building permits --------------------------$ Bank debits (OOO's) ______________________$ S0,118 214,468 43,300 + 1 -20 x + 2 + 45 1 Percent of labor force unemployed___ Air express shipments________ 4.9 236 + 36 -34 4 -15 End-of-month deposits (OOO's) •_ _____$ Annual rate of deposit turnover_______ 44,411 11.ll + 12 -9 -- 1 2 SHERMAN: (pop. 20,150) Placements in employment (area) ·-----­Nonagricultural civilian labor force 2,214 + 32 + 30 Retail sales ----------------------­Department and apparel stores________ 18 +1 + 38 (area) ---------------------------------­Unemployment (area) --------------­Percent of labor force unemployed 76,750 4,850 x -24 - 1 14 Postal receipts ---------------------$ Building permits -------------------$ Placements in employment________ 20,110 68,777 293 + -42 + 32 + 5 -81 -29 (area) -------------­ 6.3 - 25 14 Air express shipments -------­ 110 - 29 8 TAYLOR: (pop. 9,071) RAYMONDVILLE: (pop. 9,136) Postal receipts ····­-·--------------------------$ 4,097Building permits _____________________$ 2,905 Bank debits (OOO's) -------------­-$ 4,899 End-of-month deposits (OOO's) •---------$ 10,088 Annual rate of deposit turnover -----­6.7 -4 -2 + 14 + 74 -34 -7 -90 -12 -4 -7 Postal receipts ---------­$ Building permits __________$ Bank debits (OOO's) ·---------·-----$ End-of-month deposits (OOO's) • _____$ Annual rate of deposit turnover___ Placement.a in employment ------­6,241 41,850 10,684 13,174 9.5 97 + 3 -5 15 + 1 -17 -16 -1 + 74 6 + Placements in employment_____ 127 - 48 -14 TEI\'IPLE: (pop. 25,467) SAN ANTOMO: (pop. 408,442) Retail sales ----------------------·-·--------­Apparel stores --------------------­Automotive stores --------------­ -7 -12 -12 + 8 + 17 + 3 Retail sales --­-----·-­----­Department and apparel stores___ Postal receipts --­------­$ Building permits -­---­--$ 23,095 284,252 -1 -26 + 21 -43 + II + 33 + 4 _J_ 74 Department storest ---------------­-­Department and apparel stores --·--·-­Drug stores -·---------------------------­Eating and drinking places -·---------­Filling stations ------------------------·-----­ 8 4 x x + 1 x + 23 1 + 2 + 1 Bank debits (OOO's) S End-of-month deposits (OOO's) •----$ Annual rate of deposit turnover____ Placements in employment --­-------­Air express shipment.a -------------­ 17,279 22,199 9.3 537 94 -19 + 8 -26 + 34 + 62 + 9 -I -8 + 66 +m Florists --------------------------­--­---­ -38 -23 Food stores --------­-----------------­Furniture and household 7 + 5 TEXARKANA: (pop. 40,628):1: appliance stores --------------­Lumber, building material, + 2 + 16 Retail salest ----­--Department and apparel stores__ _ _ -- 12 9 + 9 +so and hardware stores ---------------­Office, store, and school supply dealers ---------------------­Postal receipts ---------------------$ 473,611 Building permits --------------------$ 3,902,999 Bank debits (OOO's) -------------$ 379,924 End-of-month deposits (OOO's) •------­$ 386,178 -26 -1 + 5 -22 3 x + 9 + 8 + + 2 + 7 Postal receiptst -----­S Bapk debits (OOO's) t -------$ End-of-month deposits (OOO's) •--­--$ Annual rate of deposit turnover_ _ _ Placements in employment____ Nonagricultural civilian labor force__ Unemployment -­-­-----­ 43,500 38,686 24,645 10.7 1,222 42,500 2,500 -4 + 15 + 1 + 13 + 18 + 8 -29 + 19 + 17 +1 + 6 + 21 + 1 -11 Annual rate of deposit turnover_______ Placements in employment____________ Nonagricultural civilian labor force.____ 11.9 2,909 199,475 8 5 + 18 + 8 ++ 2 Percent of labor force unemployed____ Air express shipmentst 4.8 89 -46 -21 -28 -13 Unemployment ----------------­Percent of labor force unemployed _____ 8,075 4.0 +102 + 67 8 -11 TYLER: (pop. 38,968) Air express shipments____________ 2,524 -21 + 10 Retail sales Department and 1.pparel stores_ _ -12 -10 + 9 + 24 SEGUIN: (pop. 9,733) Postal receipts ----------·-------------$ Building permits ----------------­------$ Bank debits (OOO's) ____________$ End-of-month deposits ( OOO's ) •-------.$ Annual rate of deposit turnover____ 7,584 78,800 6,602 14,610 5.4 + 24 + 98 2 + 7 8 + 7 + 73 2 x 2 Postal receipts s Building permits $ Bank debits (OOO's) $ End-of-month deposits (OOO's) •---S Annual rate of deposit turnover____ Placement.a in employment ---­Air express shipments ----­-54,430 489,350 55,245 54,242 12.2 412 134 + 21 + 23 + 7 + 7 0 -30 -28 + 6 + + ++ 7 + 31 -10 For explanation of symbols, see p. 23. For explanation of symbols, see p. 23. LOCAL BUSINESS CONDITIONS Percent change City and item Mar 1952 Mar 1952 from Mar 1951 Mar 1952 from Feb 1952 WACO: (pop. 84, 706) Retail sales -15 + 8 Apparel stores ------------------------------­-9 + 25 Automotive stores --------·---------------------­-19 + 5 Department storest ----------------------­+ 7 + 9 Department and apparel stores -----------11 + 22 Florists ---------·-------------------------------------------25 -8 Furniture and household appliance stores -------------·-------------------­+ 1 -41 General merchandise stores -------------­-11 + 21 Lumber, building material, and hardware stores ----------------------­-38 Office, store, and school supply dealers -----------------------------------18 x Postal receipts -------------------------------$ 94, 7 45 +u + 6 Building permits --------------------------------------$ 1,016,350 -26 -64 Bank debits (OOO's) ------------------------------$ 67 ,825 -12 + 2 End-of-month deposits (OOO's) • ________$ 88,312 + 12 + 1 Annual rate of deposit turnover_________ 9.2 -20 2 + Placements in employment ---------------802 + 5 + 13 Nonagricultural civilian labor force ------43,900 -1 + 1 Unemployment -----------------------------------2,000 + 43 + 26 Percent of labor force unemployed_______ 4.6 + 44 + 24 Air express shipments -------·----------------176 -32 -1 xChange is less than one half of one percent. •Excludes deposits to credit of banks. tReported by the Federal Reserve Board of Dallas. tFigures include Texarkana, Arkansaa (pop. 15,875) and Texarkana, Texaa (pop. 24,753) . (Continued from page 17) vacations to personnel of stations and papers in cities throughout the country in exchange for advertising space and radio time. Free vacation coupon booklets have also proved an effective inducement to visitors, for they enable one member of a party to take his vacation at almost no expense. The chambers of commerce in the Valley have also done valuable work in entertaining visitors after their arrival. It is impossible to detail the work of the various chambers of commerce in tourist promotion. Regional chambers, especially the South Texas Chamber of Com­merce, have done some excellent work. The programs of some local chambers have been hampered by insufficient funds or by lack of accomodations or attractions, but most of them have done reasonably well with what was available to them. Most chamber of commerce effort in this direction has gone into the publication and cir­cularization of literature about their communities and into sponsoring and publicizing interesting events in their vicinities. Some, such as the chambers of commerce in Corpus Christi, El Paso, Houston, and San Antonio, have done much more. These organizations have, among other things, placed advertisements in national maga­zines and have acted in closer-than-usual cooperation with travel agencies in cities both in and outside Texas. In all those places and elsewhere in Texas where effective promotional campaigns have been conducted, results have shown that Texas has a great deal of appeal as a vacation land. If the public is made aware of what Texas has to offer the tourist, the state's vacation business should increase enormously. But it is doubtful that even the most effective regional programs can achieve the results that advertising the state as a whole with all its varie~ att~actions, would obtain. It is not 'the purpose of this artrcle to recommend that a state advertising pro­gram be conducted for the purpose of attractino-new industries or residents to Texas. But a state adve~tisincr program for tourism would eliminate waste and needles~ competition among the various resort areas and com­mun_it~es. The obj ect should be to persuade more people to v1s1t Texas. When they do come to Texas is the time for the different resort centers to make the individual efforts to draw as much of the tourist trade as they can accomodate. P ercent change City and item Mar 1952 Mar 1952 from Mar 1951 Mar 1952 from Feb 1952 TEXAS OTY: (pop. 16,620) Retail sales -----------------­ 2 + 21 Department and apparel stores -----­Postal receipts __________________$ Building permits ______________________$ Bank debits (OOO's) ______________$ End-of-month deposits (OOO's) •________$ 11,177 479,518 21,383 20,353 + + + + 8 8 49 4 6 + -+ 11 7 16 3 5 Annual rate of deposit turnover______ 12.3 - 13 2 Placements in employment (area) __ 904 + 17 + 6 Nonagricultural civilian labor force (area) ------------­ 51,400 + 5 x Unemployment (area) 1,700 + Percent of labor force unemployed (area) --------------­ a.a - 11 + WICIDTA FALLS: (pop. 68,042) Postal receipts ------­$ 83,247 Building permits ------------$ 1,680,631 Bank debits (OOO's) __________$ 83,479 + 1 +364 + 4 -8 + 45 + 3 End-of-month deposits (OOO's) • _____$ 104,730 + 11 x Annual rate of deposit turnover______ 9.6 - 6 + 4 Placements in employment 806 + 23 + 7 Nonagricultural civilian labor force___ 41,275 + 4 x Unemployment ---------­Percent of labor force unemployed__ 1,375 3.3 + 48 + 43 2 Air express shipments ---------­ 200 - 34 + It is almost impossible to overestimate the rnlue of the to~rist in~ustry to any area. Investment in physical plant rs relatively small when compared with that re­quired for other industries yielding as large an income. And, further, tourism does not use up natural resources. To~rists consume only services, and these can always be easily replaced. Traveling for recreation should con­tinue to increase as it has in the recent past. The factors favoring the maintenance of this trend are present. Texas has an excel lent foundation in its already prosperous vacation business, and it should, by providing an ade­quate number of higher quality accomodations and con­ducting effective publicity campaigns, put itself in a position to take advantage of the growth of the vacation market. FLETCHER H. ETHERIDGE BAROMETERS OF TEXAS BUSINESS Mar Feb Jan Dec Mar 1952 1952 1952 1951 1951 GENERAL BUSINESS ACTIVITY tlndex of Texas Business Activity (100.0) ........--------·------­-----­----­-lndex of bank debits in Texas cities ············-······························-······-·--··-··· 263t 660 269 674 261 648 256 622 252 639 Income payments to individuals in the U. S. (billions-£easonally adjusted at annual rate) ············-·-·········--······-················-···········-······-··---····-­Index of wholesale prices in the U.S. (1947-49, unadjusted ) ····--············-· Index of consumers' prices in Houston (unadjusted) ·-····-·····-····-··--····-·-·-· Index of consumers' prices in the U.S. (unadjusted) .... ·····-······-········--­--­Index of postal receipts in Texas cities.-----··-··---· ··-·-·----·--·-·-···-·-·----·----·---·-··· tlndex of miscellaneous freight carloadings in the Southwestern Dis· 112.3 194.3 188.0 348 257.1 112.6 194.3 187.9 366 257.7 113.2 195.4 189.1 366 258.6 113.5 196.0 189.l 345 245.5 116.5 192.4 184.5 316 trict (17.6) -·····-··-··------··-··-·-··--····---·--··-·-·····---·-···---·· ··------·--··----····--·--····---··-·­Business corporation charters issued (number l --·-·············-·-·-··-····--·-··---···--­Business failures (number) .. ........... ······-·--···-···-·-······-··---···--····-··-­ 143 5 155 291 6 152 262 8 138 273 6 143 264 10 TRADE t lndex of total retail sales (adjusted for price changes, 47.7 ) ..... Index of total retail sales in Texas.·-·-·-·-··-··---···-·----····----·--·---···-·-----·-··-----·-··-­ 216t 451 230 482 225 474 225 475 241 497 Durable-goods stores --··· ······························· ···················-····· Nondurable-goods stores .................. ........................................... 620 374 665 393 631 397 651 389 697 400 Index of total retail sales in the U.S. ............................................ 400 392 382 392 Durable-goods stores ............ ........................................................ 562 523 495 579 Nondurable-goods stores .......................................................................... ---­ 348 350 346 331 Ratio of credit sales to net sales in department and apparel stores 64.2 65.2 60.4 59.8 64.2 Ratio of collections to outstandings in department and apparel stores... 47 .8 47.0 46.5 44.8 49.3 Index of gasoline sales.. .. .. ....... ................................................ 273 276 256 252 PRODUCTION tlndex of industrial electric power consumption (14.6) ... 537 536 510 507 413 tlndex of crude runs to stills (4.5) .... ............................ .......................... 220 213 209 193 203 Index of wheat grindings................................................................................. 97 98 88 108 Index of cottonseed crushed............................................................................. 133 131 128 115 94 Index of southern pine production.................................................................. 119 133 105 129 Index of dairy product manufacturing...... ...................................................... 69 69 66 51 62 tlndex of urban building permits (adjusted for price changes, 3.8) ........ 184 199 181 126 226 Index of urban building permits.............. ..................................................... . 377 408 374 262 462 tlndex of crude petroleum production (8.6) .................................................. 243 230 221 231 219 Index of natural gas production........................................................ 499 530 542 489 tlndex of total electric power consumption (3 .0) .......................................... 570 544 527 529 458 Index of industrial production in the U.S....................... ................ . 222 220 218 222 Index of cement production .................................... ...... 335 338 297 291 Construction contracts awarded (thousands) ........... .................................. $ 81,994 $ 68,579 s 83,201 $120,607 AGRICULTURE Index of farm cash income.. ............. ....... .......... 202 188 340 541 240 Index of prices received by farmers (unadjusted) 345 350 355 365 396 Index of prices paid by farmers in the U.S. (parity index-unadjusted, 1910=100) .. ························ ······················-······ ·············································· Parity ratio for Texas.. .. ...... ........................................................... 288 120 288 122 287 124 284 129 280 141 Index of prices received by farmers-livestock (unadjusted) .................. 401 415 406 418 482 Index of prices received by farmers-all crops (unadjusted) .................. 303 300 317 326 331 FINANCE Loans, reporting member banks in Dallas district (millions) ................. Loans and investments, reporting member banks in Dallas district (millions) ...................................................................................................... Demand deposits adjusted, reporting member banks in Dallas district (millions ) ............. ................ .................................................................... Bank debits in 20 cities (millions) ..................................................... Revenue receipts of the State Comptroller (thousands ) Federal Internal Revenue collections (thousands )........ .. s 1,527 s 2,843 s 2,292 s 5,394 $ 47,432 $290,155 s 1,548 s 2,880 $ 2,344 $ 4,931 s 50,629 $245,198 s 1,548 s 2,898 s 2,386 $ 5,556 s 56,719 $238,908 s 1,531 $ 2,897 $ 2,313 s 5,787 s 42,313 $108,556 $ 1,471 $ 2,647 s 2,195 s 5,233 $ 51,479 $227,222 LABOR Total manufacturing employment (thousands) ............................................ 415. 0 406.0 411.5 414.0 389.9 Durable-goods employment (thousands) ................................................ 198.3 198.9 195.8 197.5 176.i Nondurable-goods employment (thousands ) ....................................... 216.7 217.1 215.7 216.5 213.2 Nonagri cultural civilian labor for ce in 17 labor market areas (thousands ) Un employment in 17 labor market areas ...................................................... Placements in 17 labor market areas.............................................................. Percent of labor force unemployed..................................................... ........... 1,576 52,290 31,499 3.3 1,569 54,615 31,747 3.5 1,569 53,950 31,871 3.4 1,586 43,950 30,876 2.8 1,485 45,490 33,352 3.1 All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1935-39 except where indicated and are adjusted for seasonal variation (except annual indexes) . Manufacturing employment estimates have been adjusted to first quarter 1951 benchmarks. tThe index of bus iness activity ia a weighted average of the Indexes Indicated by a dagger ( t). The weight given each Index in computing the composite is given in parentheses. lPreliminary.