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. XXI, io. 8 SEPTEMBER 1947 HIGHLIGHTS OF TEXAS BUSINESS AUGUST 1947 COMPARED 50 WITH AUGUST 1946 Farm cash income·-----·--···-·-··-···-·-·----­' Pay rolls ____ ···-············----····-·-··-·-----··-·-· Bank debits ...... ·-····-----···----·----·-··--·--··­ Electric power consumption ............. . Crude petroleum production ·-·· ----· Employment.. .............. ______ ··--·-·--······-­ Postal receipts ................... ·-·-·--········ Retail sales.... . ..... ···-·----·---··-····--···­ life insurance sales ... ·----····--------·······­ Construction contracts_____ ............ Cotton consumption .... ________ . ·····-···-· AUGUST 1947 COMPARED 50 WITH JULY 1947 Electric power consumption ............ . Retail sales ......................................... . Crude petroleum production.... . .. . Employment ..................... ···-··-··-------· Pay rolls__ ··-·--··-····-··-····-···········--········· Bank debits ...... ·-·--·---··-··----····---·-·--·--·· Postal receipts ....... _. ____ --·-···-··········---­Life insurance sales_·-·-········· -········-··-­Cotton consumption ___ ·····-·-------··------­Construction contracts .... ___ ----· ··---··­Farm cash income ... ·----·--·-······· ·-----·· TWENTY CENTS PER COPY PERGe:NT DECREASE PERCENT INCREASE 40 30 20 10 0 10 20 PERCENT DECREASE PERCENT INCREASE 40 30 20 10 0 10 20 TWO DOLLARS PER YEAR Compliments of REPUBLIC NATIONAL BANK OF DALLAS Dallas, Texas FIGURES FOR THE MONTH INDEX OF TEXAS BUSINESS ACTIVITY (1935-39= 100)*........ Index of department and apparel store sales (10) _____________________________________ __ _____________________ Index of miscellaneous freight carloadings in Southwestern District (20) ________________________ _ Index of crude oil runs to stills (5) -----------------------------------------------------------:_____ _________ Index of electric power consumption (15) ___________________________________________________________________ Index of employment (25) -----------------------------------------------------------------------­Index of pay rolls (25) --------------------------------------------------------------------------------­T RADE Retail sales, total -------------------------------------------------------------------------------------------------·--­Durable goods---------------------------------------------------------------------------------------------­Nondurable goods-----------------------------------------------------------------------------------------------­ Ratio of credit sales to net sales in department and apparel stores_______________________________ _ Ratio of collections to outstandings in department and apparel stores______________________________ Advertising linage in 30 newspapers_____________·------------------------------------------------------------------------­Postal receipts in 61 cities.------------------------------------------------------------------------------------------------------------­ PRODUCTION Industrial electric power consumption for 10 companies (thousands of kilowatt hours) ___ _ Man-hours worked in 391 manufacturing establishments_______________________---------------------------------­Crude oil runs to stills (42-gallon barrels> --------------------------------------------------------------­Gasoline stocks at refineries (thousands of barrels) -----------------------------------------------­Fuel oil stocks at refineries (thousands of barrels>---------------------------------------­Cotton consumption (running bales> -----------------------------------------------------------­Cotton !inters consumed (running bales) -----------------------------------------------------------­Cottonseed crushed (tons> --------------------------------------------------------------------------------------­ Manufacture of dairy products (1,000 lbs. milk equivalent) _______________________________________ _ Lumber production in southern pine mills (weekly per unit average in board feet) ---------­Construction contracts awarded------------------------------------------------------------------· _____ Construction contracts awarded for residential building____________________ __ __________________________ _ Building permits issued in 52 cities·---------------------------------------------------------------------------------------­ Crude petroleum production (daily average in barrels) ______________________________________________ __ _ AGRICULTURE Farm cash income __:·----------------------------------------------------------------------------------------Shipments of livestock (carloads) -------------------------------------------------------------------------­ Rail shipments of fruits and vegetables (carloads) __________________ _ _____________________________________ _ Rail shipments of poultry (carloads) ---------------------------------------------------------------­ Rail shipments of eggs (shell equivalent in carloads) ______________________________________ _ Interstate receipts of eggs at Texas stations (shell equivalent in carloads) _______________________ _ FI NANCE Loans, reporting member banks in Dallas District (thousands) --------------------------------------------­Loans and investmepts, reporting member banks in Dallas District (thousands) --------------­ Demand deposits adjusted, reporting member banks in Dallas District (thousands) __ _______ Bank debits in 20 cities (thousands) _____________________________________________________ ______________ _ Corporation charters issued (number> ----------------------------------------------------------------­Ordinary life insurance sales (thousands)-----------------------------------------------·----------------­Sales of United States Savings B001ds--------------------------------------------------------------------­TRANSPORTATION Revenue freight loaded in Southwestern District (carloads) ____________________________ __________________ _ Export and coastal cars unloaded at Texas ports (carloads) _____ _ __ -------------------------------------­Miscellaneous freight carloadings in Southwestern District (carloads) ___ _ _______ _____________ _ Air express shipments (number) --------------------------------------------------------------------------­ LABOR Total nonagricultural employrnent....---------------------------------------------------------------­ Manufacturing employment__________________ ____________________________________ _______ Nonmanufacturing employment·---------------------------·---------------------------------------------­Nonagricultural civilian labor force in 15 labor market areas---------------------·-----------------------­Unemployment in 15 labor market areas---------------------------------------------------------------------­Placements in employment in 15 labor market areas.--------------------------------------------------------­ GOVERNMENT Revenue receipts of State Comptroller__ _________________________________________________________ Federal internal revenue collections.---------------------------------------------------------------­PRICES Index of consumers' prices in Houston (1935-39=100) L -------------------------------------------------­lndex of food prices in Houston (1935-39=100) L ------------------------------------------------------­ Aug. 1947 204.2 354.6 153.1 160.4 280.4 121.4 230.6 $378,511,000 $133,129,000 $245,382,000 58.9% 54.6% 27,024,224 s 2,609,740 283,981 2,405,301 46,71l,078 16,517 21,206 ll,887 1,885 61,31l 62,878 220,535 $ 46,854,097 $ 17,971,985 $ 28,902,397 2,300,400 $135,562,000 6,639 2,279 18.0 160.0 58.0 $ 843,000 $ 2,142,000 s 1,807,000 $ 2,901,789 389 $ 61,703 $ 14,158,985 305,293 20,103 183,407 26,279 1,659,000 341,500 1,317,500 1,213,683 65,235 23,456 $ 32,856,765 $ 72,555,406 158.4 198.7 J uly Alli. 1947 19'6 199.8 189.7 338.4 383.S 148.5 135.2 163.1 153.4 269.4 249.0 120.9 113.9 229.9 203.4 $371,029,000 $366,609,000 $138,145,000 Slll,237,000 232,884,000 $255,372,000 56.5% 51.6% 59.5% 63.8% 25,173,492 23,596,342 $ 2,736,535 $ 2,589,185 271,411 260,389 2,375,589 2,170,800 47,082,358 44,678,625 16,418 15,2 19 19,074 14,756 12,985 18,899 2,383 1,340 22,465 30,242 94,479 75,739 216,427 194,212 $ 63,587,522 $ 65,913,262 $ 28,983,338 $ 10,353,070 $ 32,775,211 s 18,701,293 2,238,800 2,119,700 $239,307,000 lll,413,000 8,707 9,844 5,805 1,268 21.0 28.5 235.0 308.5 10.0 54.0 $ 836,000 695,000 $ 2,122,000 $ 2,007,000 $ 1,782,000 1,473,000 $ 3,027,712 $ 2,574,335 390 331 $ 67,333 s 73,147 $ 17,505,670 $ 18,366,360 31l,388 283,667 21,428 14,698 174,808 161,936 24,520 22,065 1,653,100 1,607,100 335,200 315,500 1,317,900 1,291,600 1,213,927 1,218,936 69,312 85,452 23,172 21,635 $ 32,718,898 $ 27,731,904 s 59,656,063 s 66,341,245 157.6 136.6 196.2 160.4 •The composite index is made up of the indexes listed. All component lndexea except empl07D1ent and pay rolla are adJ1111ted for .-al variation. and all indexes are basw on the aTera11e month of the years 1986-39. Numbers In parenthea• followin11 the component index,. indicate the wei11:ht of each index in the composite. tFigures for July 1947. June 1947. and July 1946. TEXAS BUSINESS REVIEW The Business Situation in Texas Business activity in Texas continued to advance in August according to the index of Texas business ac· liwr prepared by the Bureau of Business Research, and for the second consecutive month set a record for peacetime business activity. Augustl was also the third sucalSSive month in which business moved up· ward in Texas, although the August rise was less than half the June-to.July increase this year and the July· to·August increase last year. Furthermore, business at the end of the summer was well above the previous peacetime peak reached in February 1947 and 7.6% higher than the level of August 1946. The rise in the index this past month pushed busi­ness more than 100% above the prewar average and placed activity close to where it stood when the Jap· anese surrendered in August two years ago. At that time war production had slackened somewhat, hut it wu felt by some that reconversion would he a long, slow process and by others that the American economy could never operate in peace as it had in war. While no one would maintain that the present level of husi· ness in Texas is stable, the current huge volume of production and trade is a fact that cannot he denied. There was nothing uncertain about the increase in Texas business activity during the past two months. Of the 6 major indexes combined in the State index, 5 rose and I fell in August. The seasonally.adjusted in­dexes of department and apparel store sales, electric power consumption, and mucellaneous freight carload­ings went up 4.8%, 4.0%, and 3.1 % for the month. Employment and pay rolls recorded fractional gains. Only the index of cnule oil runs to stills turned down (0.1 % ) , but the decrease did not offset the previous month's gain. Five of the 6 indexes were also sub­stantially higher in August this year than a year ago. The exception was the index of department and ap· parel store sales which failed to match last year's late summer boom in sales. Measured against the prewar period all 6 series showed remarkable advances. Employment was up 21.4%, miscellaneous freight carloadings 53.1 %, crude oil runs 60.4%, pay rolls 130.6%, electric power con· sumption 180.2%, and department and apparel store sales 154.6%. There was likewise nothing mysterious or uncertain about the factors back of the steady rise in Texas husi· ness activity since October 1945 or the sudden spurt forward this summer. The market for durable goods of all types has been large and firm, industrial production and employment to meet this demand have been high and have moved higher, agricultural production has increased at high prices to meet the foreign demand for foodstuff's, incomes of farmers and factory workers have steadily risen, new enterprises have sprung up, and credit has been gradually expanding with the re· laxation 0£ credit controls in the face of boom condi­tions. The present prosperity of Texas business is in large measure genuine. The most disturbing factor in the current business outlook is the price situation. Wholesale prices resumed their upward spiral in mid-July and have advanced for THIS MONTH The Bureau of Business Research is pleased to announce the addition to its staff of Dr. A. H. Chute, professor of retailing in the College of Business Administration. Dr. Chute comes to the University with a long record of experience in teaching and research in the field of retailing at Ohio State University, the University of Minnesota, and the niversity of Toledo. As a member of the Bureau staff, he will be in charge of research in retailing, will analyze retail trade trends each month in the trade section of the TEXAS BUSINESS REVIEW, and will assume responsibility for a new monthly Retail Trade Supplement. PERCENT 2::::: 2 ·­22 .. l80 160 l40 120 100 80 1935 INDEX ~ ~'-"' 1936 1937 OF -1938 TEXAS BUSINESS ACTIVITY ADJUSTED FOR SEASONAL VARIATION PERCENT 1935 ­39• 100 ~-­_o 1' .~Jr"'\.. ./ I ~ ,...() ,.. ::oo ,/llll' ~... I l/'~ 180 l...J" 160 ~ 140 .Jl""W 120 100 1939 1940 1941 1942 1943 1944 1945 1946 1947 80 "nae TmxA11 Buancma Bnuw la publillhed b1 the Bureau of Bualnesa Research, College of Business Administration, The University of Texas. •tmed • ~matter on llaJ' 7, 19211 at the poet ofllce at Auatln, Texas, under the Act of Angust 24, 1912. 12 consecutive weeks. Although the increases did not match the jumps of last summer when price controls were removed, they lifted the over-all rise since May 1946 to 39.5%, and the gain in wholesale food prices to 56.l%. The advances in consumer prices have been smaller but no less disturbing. Consumers in Houston paid 23.9% more for their food and 15.9% more for all items at retail in July 1947 when wholesale prices began to rise once again than they did in July 1946 after OPA controls were lifted. To date no effective action has been taken in any auarter aii;ainst inflation perhaps because of the many elements that lie behind it. Name calling has been freely indulged in, but the resolution of the problem of inflation seems most likely to occur in the market place. It is signifir.ant that the total retail sales of independ· ent stores in Texas rose only 2.0% in August over .Tuly. an increase that matched the price advance but did n~t keep pace with the rise of ohvsical volume of nroduc­ tion or transoortation. Furthermore. August 1947 sales at retail were only 3.2% above sales in August 194.6 desoite a 16.9% .rise in prices. August also saw a 3.6% decline in the sale of durahle goods, whereas a ve11r aP."o sales in August were 7.0% above those in July. Nondurable izoods sales (of which food sales are tlie most important) were actually 3.9% less in August this year than in August 1946, although food prfoes were up 32.0% at wholesale and 23.9% at retail. Comtruction in Te~as also showed signs of weak· ness during August. The value of huildine; t>Prmits. I\ TOHE?h indicator of intentions to build, was off Jl .R% for the wonth: lllst vear buildin!!' nemtits rose H.8% hetwe1m July and August. For the first 8 montlis of 1947 building permits were v11lueitandinirot of Cla.ssitlcat!on reportln11Aug. etores 1947 Aug. 1946 Aug. 1947 Aug-. 1946 ALL STORES ------------61 58.9 51.6 54.6 63.8 BY CITIES: Austin 7 49.l 41.0 61.0 73.1 Beaumont -----­ 3 63.6 56.3 52.6 61.4 Corpus Christi ----­ 4 52.1 44.5 67.1 81.4 Dallas 9 70.1 59.3 54.3 61.6 El Paso ----·----­ 3 47.3 43.2 44.9 56.1 Fort Worth ------·­ 5 .3 54.0 56.7 64.7 Houston -------­ 6 57.3 60.5 51.8 65.7 San A ntonio -----­ 4 47. 40.8 51.0 66.6 Waco 5 59.0 54.6 66.3 61.9 Other --------15 45.9 40.3 63.2 69.3 BY TYPE OF STORE: Department stores (annual sales over $500,000) ---19 57.6 49.1 54.3 64.8 Depnrtment stores (annual sales under $500,000) -­ 9 49.2 44.4 69.3 64.6 Dry goods-apparel stores --­ 41.2 34.6 62.5 69.8 \Vomen's specialty shops _ 15 67.2 62.6 52.0 69.0 Men's clothing stores -­ 14 51.S 46.7 5 . 70.9 BY VOLUME OF NET SALES (1946) : Over $2,500,000 ------­ 22 62.5 64.0 53.3 63.0 $1,000,000-$2,500,000 ---14 46.8 41.1 60.6 70.S $500,000-$1,000,000 15 43.0 37.7 71.5 69.1 Less than $500,000 --­ 10 3 .1 32.8 56.5 67.8 •Credit sales divided by net sales. tCollections during the month divided by the total accounts unpaid on the first of the month. TEXAS BUSINESS REVIEW 3.7% from the high of 217.1 set in July. Since the Wholeaale Tracie index uses the S·year average 1935-39 as equal to 100, (Wholeaale ..... repree•t tla• movement of aoods to ntallen, the index of postal receipts was more than double the and wlaen compared witla tlae claancH In retail ..... Indicate wh~ prewar level. stocks In the henda of retallere an belns maintained at a coutut level or are helns all-ed to Increase or decrease. The lnformaU.. on lnventorfH of wholeaal.... slv• an ..dlcatlon of the avaU.blUtJ POSTAL RECEIPTS of sooda to retailers, which In this period of •b.ortaru la a liptft. cant factor ID the bualnua situation.) Percent change Sales of Texas wholesalers picked up slightly (2%) Aug. 1947 A·ug. 1947 Aug. J uly Aug. from from in July following the 4% May-to-June decline to bring CltJ' 1947 1947 1946 Aug. 1946 July 1947 the 12-month gain to 12%. There was considerable TOTAL ·-·············$2,609,740 $2,736,535 $2,589,185 + 0.8 -4.6 variation in the behavior of sales in the several lines of business reporting to the federal Bureau of the Cen· Abilene 29,326 30,639 26,750 + 9.6 -4.3 sus. The sales of some types of durable goods, such Amarillo _ .......... .. 60,254 61,220 57,160 + 5.4 -1.6 Austin .... -........... . 119,579 120,497 119,443 + 0.1 -0.8 as jewelry, were up sharply for the month. The sales Beaumont _ ........ .. 45,718 44,399 45,630 + 0.2 + 3.0 of other durable goods, such as machinery and hard­ Big Spring ··-······ 10,077 10,077 9,772 + 3.1 0.0 ware, were down. Borger ·--····--... 6,346 8,088 8,122 -21.9 -21.5 Brownsville ------­9,863 11,857 9,550 + 3.3 -13.2 WHOLESALERS' SALES Brownwood ·····-9,920 10,216 10,505 -5.6 -2.9 Source: Bureau of the Census, U. S. Department of Commerce Bryan ______......... 7,064 8,443 7,276 -2.9 -16.3 Childrees 3,125 8,608 3,001 + 4.1 -13.4 Percent change Cleburne -------· 4,379 5,408 4,503 -2.8 -19.0 Number Coleman __...... 3,179 3,684 2,848 +11.6 -13.7 of July 1947 July 1947 Corpus Christi ___ 62,713 64,928 63,618 -1.4 -3.4 reporting from from Business firma J uly 1946 June 1947 Corsicana -------7,193 8,943 11,941 -39.8 -19.6 Dallas _ ........... . 680,482 674,541 658,658 + 3.3 + 0.9 TOTAL ---···········-·........ -..--.................. 133 + 12 +2 Del Rio ------.. --­4,917 5,782 4,460 + 10.2 -15.0 Automotive suppliee ................................ 11 +1 . + 6 Denison ----------­8,806 9,237 8,799 + 0.1 -4.7 Denton ---·--·--·-· 9,323 11,434 10,671 -12.6 -18.5 Drugs and sundriee • .... ·---·-··----........... 15 -25 +1 Edinburg -----·-­4,832 5,893 4,766 + 1.4 -18.0 Electrical goods 26 +65 -3 ........... _ .......... -.. ·-----···--· 87,450 89,312 91,249 -4.2 -2.1 Groceriee ....................... _........................... 43 +16 +1 E l P aso -----.. ··-··· Fort Worth --· 242,485 274,806 257,080 -5.7 -11.8 Hardware .................................................... 14 + 11 -2 Gainesville ---­5,040 6,336 5,324 -5.3 -20.5 Jewelry .................... ---·--·------.. --····--4 -41 +26 44,204 46,610 47,326 -6.6 -5.2 Machinery, equipment, and aupplies Galveeton ·-----­2,985 3,977 3,628 -17.7 -24.9 Gladewater ___.. , (except electrical) .................. _ ..__.. _ 4 -24 -32 Graham --·-­3,472 3,646 3,023 +14.9 -4.8 Tobacco products ...................................... 9 -9 +21 11,390 9,270 8,992 +26.7 +22.9 All other ................................. -....·-·---·--· 7 +19 + 11 Greenville -·-···­ Harlingen ---· 11,762 13,437 10,691 + 10.0 -12.5 • Includee liquor departmenta. Houston ---­447,155 475,517 434,362 + 2.9 -6.0 Jacksonville -.. -4,708 6,150 4,496 + 4.7 -23.4 Kenedy ·····--.. -1,982 2,188 1,852 + 7.0 -9.4 Inventories of wholesalers in Texas edged up an­ Kerrville ---·-······ 4,886 5,469 5,015 -2.6 -10.7 other 2% in July over June to keep the month-to-month L ameea ............... . 4,473 3,893 3,807 +17.5 + 14.9 gains in the same modest range shown in the last sev· Laredo ___ ....... .. 13,743 16,289 14,944 -8.0 -15.6 eral months. It is significant that stocks have risen Lockhart ___....... .. 1,903 2,220 2,091 -9.0 -14.3 Longview -------13,714 17,830 13,022 + 5.3 -23.1 much more (49%) in the past 12 months than sales Lubbock --... -.. .. 37,167 41,065 32,419 + 14.6 -9.5 (12%) at wholesale. This difference cannot be ex· Lufkin ___........... 8,093 8,390 6,980 + 15.9 -3.5 plained by the rapid rise m prices, since wholesalers McAllen _ ..... _ ..... . 8,263 9,717 8,242 + 0.3 -15.0 Marshall _ ___ .. __ 9,733 10,926 9,838 -1.1 -10.9 have not been slow to pass on price increases in the Midland .... _____ __ 12,193 14,017 10,692 + 14.0 -13.0 present market. Nacogdochee ___ __ 4,884 6,183 5,585 -12.6 -21.0 WHOLESALERS' INVENTORIES Orange -·-----· 8,345 9,659 11,574 -27.9 -13.6 Paleetine ·--------· 25.3 41.3 5,499 9,364 7,360 --Source : Bureau of the Censl18, U. S. Department of Commerce Pampa ··-.. -··---·--· 7,497 11,127 8,452 -11.3 -32.6 Percent change Paris _____........ 8,496 10,477 9,191 -7.6 -18.9 Plainview ------6,965 7,849 6,241 +11.6 -11.3 July 1947 July 1947 Port Arthur ...... .. 23,266 21,629 26,508 -12.2 + 7.6 from from Businee1 J uly 1946 June 1947 San Angelo -···· 21,221 26,703 23,085 -8.1 -20.5 San Antonio -·· 255,634 259,074 248,810 + 2.7 -1.3 TOTAL .................................. _ ................. -....................... + 49 + 2 Seguin ----..----··· 4,906 4,737 3,559 + 37.8 + 3.6 Automotive supplies ............................................. -....... + 88 -7 Sherman ·--·····­12,299 13,597 11,065 + 11.2 -9.5 1,870 2,044 1,808 Drugs and sundriee• ....................................... -............. + 25 0 Snyder ---····­+ 3.4 -8.5 Electrical goods ................... -............................ -.......... + 111 +a1 Sweetwater --·­5,882 7,591 5,930 -0.8 -22.5 Groceries ....................... -......... _ ...................................... + 38 + 6 Temple -·· .. ·-··-.. 12,319 12,186 11,138 +10.6 + 1.1 Texarkana ---­30,868 27,078 31,593 -2.3 Hardware .................... --·····-·· .. --................. _ ............. + 67 + 1 +14.0 Texas City -----­7,521 7,743 7,564 -0.6 -2.9 Jewelry ----····-······--·-··--..·---..---··----·-·-···· .. ··--------39 -14 Machinery, equipment, and suppliee (except elec- Tyler --·------­20,151 25,878 24,059 -16.2 -22.1 5,091 7,168 5,877 -13.4 trical) ....... -.................... _ ............................................. + 62 -3 Vemon ----·---· -29.0 Tobacco ................................................... _ .... -................ -31 -40 Victoria --·---­9,040 9,894 8,754 + 3.3 -8.6 Waco ---·-­59,391 61,224 54,058 + 9.9 -3.0 All other .................................... --------·-·---···········-----+ 69 + 1 Wichita Falls _ 34,698 35,871 34,428 + 0.8 -3.3 •Includee liquor departmenta. TEXAS BUSINESS REVIEW Foreign Trade (T-.e S....... fw apart ddpmenb from tloe principal ports of ...Stat. ..-W. .., accarate playslw •-•ure of the current volume ef ......... aport trade. Value fisma for e:ir:ports and imports, ....._., ._-t a more common measurement of foreip trade ~) Despite the declines in United States exports in June and July, Texas ports continued to handle record-break· ing tonnages. Exports from Galveston and Houston shot up 5.6% in June over May and 23.3% in July over June due to the enormous out-movement of wheat and other grains to Europe. Both water-borne imports and exports decreased in May as compared with April, however June exports of merchandise by air were up 3.8% over the previous month, and imports were down 40.6% for the same period. Factors in the foreign trade of Texas this summer were the Mexican embargo on the importation of luxury items from the States in July, a strike of freight loaders in Laredo early in September, and the purchase by the United States Government of one million pounds of Mexican meat for export to Europe through the United States. EXPORTS FROM GALVESTON AND HOUSTON (in tons) Source : Galveston and Houston Maritime Al!soclatione, Inc. Perce!lt change July 1947 July 1947 J uly J une July from from Port and product 1947 1947 1946 J uly 1946 June 1947 TOTAL 27,530 671,263 647,679 -------+ 51.1 + 23.3 GALVESTO TOTAL_ 535. 91 45 .1 22 334,903 + 60.0 + 17.0 Cotton 5,077 14,629 I ,56 -72.7 -65.3 Wheat -­--­-300,96 122,141 131,109 + 129.6 + 14 6.4 Com --·---­ 10,423 4 ,048 4,9 7 + 109.0 -7 .3 0 her grain -----­ 69,066 40,975 12 + 68.6 Flour -----­ -­ 3 ,722 44, 26 19,783 + 95.7 -13.6 Sulphur ----­. _ . 91,379 143.715 11 7 ,030 -21.9 -36.4 Rice 365 7,949 2,359 -84.5 -95.4 Qt.her ------19, 91 35, 41 40,939 -51.4 -44.5 HOU TON, TOTAL _ 291.639 213,141 212,776 + 37.1 + 36.8 Cotton -----­ 6,35 16, 76 30,509 -79.2 -62.3 Wheat - ---­109,310 10,083 45,559 + 139.9 0 her grain ---10, 13 9,342 120 + 15.7 Flour ------63,247 6 ,156 10,030 +530.6 - 7.2 Rice -------­ 3,649 1,975 4,266 -14.5 + 84.8 Sulphur ---­ -­- 5,65 7,3 7 599 - 23.4 Carbon black --­ 11,057 ,210 ,4.26 + 31.2 + 34.7 Other 1,547 91,112 113,267 -2 .0 -10.5 WATER-BORNE IMPORTS OF GENERAL MERCHANDISE (in thousands of dollars) Source: Bureau of t.he Census, U.S. Department of Commerce Percent change Customs dis Lrict May 1947 April 1947 Monthly average 1946 May 1947 f rom 1946 avg. May 1947 from Apr. 1947 TOTAL ----,200 11,200 5,400 +51.9 -26. Sabine ------­ 300 100 Gah·estoo -----7,400 10,400 4,600 +6o.9 -2 . Laredo 00 500 700 + 14.3 +60.0 •Less than $50,000. WATER-BORNE EXPORTS OF DOMESTIC AND FOREIGN MERCHANDISE (in thousands of dollars) Source : Bureau of the Census, U.S. Department of Commerce P ercent change Customs district May 1947 Apr. 1947 Monthly average 1946 Mav 1947 Mav 1947 from from 1946 avg. Apr. 1947 TOTAL ·-···-··------··-87,600 94,600 70,700 +23.9 -7.4 Sabine -------·-··---15,200 16,700 9.200 +65.2 -9.0 Galveston 77,200 60,700 +18.5 -6.9 --·----71 ,900 Laredo 700 -37.5 -28.6 ---------500 800 IMPORTS OF GENERAL MERCHANDISE BY AIR Source: Bureau of the Census, U. S. Department of Commerce Percent change June 1947 J une 1947 ntstrict Rnd PO?'t ,..f ~ni1RcHng J une 1947 May 1947 J une 1946 from J une J94r, from May 1M7 TOTAL -······---$ 210,917 $ 354,971 s 360.697 - 41.5 -40.6 GALVESTON ---­ 96,383 18,028 163.362 - 41.0 + 434.6 Dallas ----·------­ 46,731 F ort Worth ___ 116,631 Houston ----­ 96,3 3 18,028 + 434 ,6 LAREDO ·-----­ 76,618 311,391 137. 8R~ - 44.4 -75.4 BrownsviUe .. 15,072 15.919 83. 03 - 82.0 - 5.3 Laredo --­ 1,691 l ,526 San Antonio ___ 61,546 293.781 52,557 + 17.1 -79.1 EL PASO 37,916 25,552 59,449 - ~6.2 + 48.4 El Paso ----­ 37,916 25,552 59,449 - 36.2 + 48.4 However, the principal factors back of foreiITTt trade developments in Texas this summer were international, not local. Attention of the entire countrv was focussed upon the problem of feeding and reconstrncting Enrope in the face of the threat of Russian expansion into West­ern Europe. While the Geneva Co~ference called to draft a charter for an International Trade Organization was still in session, the Marshall Plan was announced and steps taken to implement it. These actions will all have a profound bearing on the future foreign trade of Texas. 1 ·1 EXPORTS OF MERCHANDISE BY AIR Source: Bureau of the Census, U. S. Department of Commerce Percent change District and port June 1947 May 1947 June 1946 June 1947 from June 1946 June 1947 from May 1~47 TOTAL -----$2,092,837 $2,016,631 $2,803,677 -25.4 + 3.8 GALVESTON ··­ 487,930 436,498 683,044 -28.6 + 11.8 Dallas ... 156,892 167 ,414 - 6.3 Fort Worth ·-· 1,250 683,044 -99.8 Houston -···-­ 329,788 269,0 4 + 22.6 LAREDO ·-···-·­1,562,721 1,424,790 2,020,080 -22.6 + 9.7 Browns ville -· 579,436 576,422 1,603,5 5 -63.9 + 0.5 Laredo -·-­ 3,488 7,780 45,713 -92.4 - 55.2 San Antonio ·­ 979,797 840,5 8 370,782 + 164.3 + 16.6 EL PASO _ -­ 42,186 155,343 100,553 -58.0 - 72.8 El P aso ___ 42,186 155,343 100,553 -58.0 - 72.8 PRODUCTION Manufacturing (The volume of ma11ufacturing activity In any Industrial area lo a sensitive measure of the changes In business activity. The vol­ume of durable goods manufactured tends to fluctuate more vio­lently than the volume of nondurable goods such a s foods, and may serve to indicate chanees in the business situation at an early date. Since many manufacturing industries vary regularly with the seasons, thla factor must be taken into consideration In lnterpret>ng the cbangeo from month to month.) Manufacturing activity in Texas, measured by man­hours worked in industrial establishments, continued to advance for the fourth straight month. The July-to­August gain was 1.1 %, which put August 1947 activity 4.3% above that for August 1946. Crude oil runs to stills in Texas totaled 46,711,078 barrels in August, declining 0.8%. Compared with the August 1946 figure of 44,678,625 barrels, runs were up 4.5% this August. After adjustment for seasonal variation, the Bureau's index of crude oil runs to stills dropped 1.7% from July to 160.4% of the prewar (1935-39) average. Refinery stocks of all items showed moderate to sub­ stantial gains from the end of July to the end of August and also showed gains over year-ago stocks. From July to August gasoline stocks were up 0.6%; distillate 15.0% ; residual 3.2% ; and kerosene 18.9%. In comparison with August 1946 figures gasoline in· ventories were up 8.5%, distillate 19.4%, and residual 3.2%. In the Texas Gulf coast area gasoline stocks increased 4.2%, distillate stocks rose 14.5%, residual gained 2.3%, and kerosene 18.2%. Inland Texas showed gains in all stocks except gasoline, which registered a 14.1 % decrease. Inland Texas distillate stocks were up 23.6%. Residual fuel inventories increased 10.5% and kero· sene 24.0%. Cotton consumption in Texas for August 1947 was down 8.5% from the preceding month and 37.1 % REFINERY STOCKS* !in thousands of barrels) Source: The Oil a.mt GM Jns~ ton 76.00 79.00 63.00 Cowpeaa bu. 5.15 5.15 3.55 Peanuta lb. .091 .090 .086 HoP cwt. 24.60 23.20 20.30 Beef cattle cwt. 17.00 17.20 12.60 Ve&! calveo cwt. 19.50 19.50 15.10 Sheep cwt. 9.90 10.00 7.60 Lam.ha cwt. 17.20 17.20 12.90 II.ilk cowa bead 113.00 112.00 94.00 Horseo head 51.00 52.00 52.00 Muleo head 0.00 81.00 74.00 Chickens lb. .247 .247 .249 Turkeys lb. .229 .225 .270 Egp doz. .413 .3 .352 Butter lb. .640 .630 .650 Butterfat lb. .630 .590 .640 Milk, wholeoa!e cwt. 5.15 5.05 4.. 0 Wool lb. .410 .410 .420 All hay, looae ton 16.00 14.20 16.90 Allal!a ha7, loose ton 21.50 20.00 26.50 showed price declines, 17 other products advanced in price, and 5 showed no change. The government index of prices received by farmers nationally remained unchanged between mid-July and mid-August, but prices paid for off·the.farni goods rose from 231 to 235 (1910-14 = 100), pushing the parity ratio back to its June level of 117, down 2 points froin July. Farm parity prices hit a new peak during the month ended August 15, increasing 2% above the previous peak reached a month before. During August the Agriculture Department also an­nounced an immediate increase of 1 to 2 cents a pound in the selling price of the finer grades of wool, and resumed its wool price support program, in accordance with legislation passed in the closing days of the last session of Congress. Support prices for cotton were likewise raised about 7 cents a pound above last year. Current high feed prices caused the Agriculture Depart· ment to set ahead by a month the effective date of price support on turkeys, making it effective Septem­ ber 1. Cold Storage (In both periods of shortaires and surpluses, the storaire holdlnir• of perishable food products are important because of their effect on pricea. The seasonal nature of farm pr oducts is in .pa.rt offset by the accumulation of stocks in periods of peak production to be withdrawn In periods of low production. Deviation• from the normal level• of holdinirs will exert pressure on the price structure.) Occupancy of space in public cold storage ware­houses declined slightly from July 1 to August 1, with cooler space filled to 72% of capacity and freezer space at 75%. Private and semiprivate warehouses were filled to capacity on both July 1 and August 1. In meat packing plants stocks increased sharply during the month for both cooler and freezer space. Holdings of all dairy products in cold storage places in Texas increased substantially from July to August, but poultry and egg stocks declined. There was a net increase of 32.8% in creamery butter inventories, which may be indicative of buyer resistance to the high level of prices which prevailed throughout the month. Cotton (The cotton balance aheet abowa the baalc demand and aupplJ' factor• affectlns cotton, wbJcb I• an outatandlns element In the farm Income of the State.) It will be noted from the cotton balance sheet that the supply of cotton in the United States is about 3,600,000 bales less than last year at this time. In spite of this, the price is about five cents a pound lower. Moreover, the dollar is substantially cheaper. The Bureau of Labor Statistics wholesale price index for all commodities is now about 160, compared with 127 in late September last year. The question, then, is why are cotton prices lower? The following qutstanding facts in the demand­supply situation should aid in answering the question . The cotton supply situation in the United States is fairly stabilized. Some differences of opinion still exist as to the final outturn of this crop, but they are not significant. LOCAL BUSIN Percent change Percent change Aug. 1947 Aug. 1947 Aug. 1947 Aug. 1947 City nnd item Aug. from from City and item Aug. from from 1947 Aug. 1946 July 1947 1947 Aug. 1946 J uly 1947 ABILENE: CORPUS CHRISTI: Retail sales of independent stores________ 0.5 + 16.9 Retail sales of independent stores 6.0 -1.8 Department and apparel store sales__ _ 7.9 35.3 Department and apparel store sales ____ 8.9 + 11.2 + Postal receipts ------------- ------- -------------------$ + 9.6 -4.3 29,326 Postal receipts -------------------------------------$ 62,713 1.4 3.4 Building permits --------------------------------------$1,411,874 + 10.2 6.5 Building permits ---------------------------------------$ 261,704 + 40.1 -10.0 + Bank debits to individual accounts Bank debits to individual accounts (thousands) --------------------------$ 82,045 + 18.8 + 15.0 (thousands) -------------------------------------$ 27,237 + 13.7 0.9 End-of-month deposits (thousands)•____$ 37,697 -6.0 2-4 End-of-month deposits (thousands) •--S 70,031 -0.8 + 3.2 Annual rate of deposit turnover__________ __ 8.5 + 19.7 0.0 Annual rate of deposit turnover -------­14.3 + 21.2 + 9.2 Air express shipments --------------------------­212 + 69.6 + 17.1 Air express shipments ------------------------­611 + 23.4 + 11.3 Unemployment -----------------------------------------­1,622 + 6.7 + 21.2 Unemployment --------------------------------­2,650 -14.5 0.0 Placements in employment -----------------512 -12.9 -13.7 Placements in employment -------------1,042 + 42.9 + 19.4 CORSICANA:AMARILLO: Retail sales of independent stores Postal receipts ----------------------------------------$ 7,193 -39.8 -19.6 + 15.2 + 14.2 Department a nd apparel store sales______ -4.5 + 26.2 Building permits -------------------$ 40,520 + 117.3 + 9.6 Bank debits to individual accounts Postal receipts -----------------------------------------$ 60,254 + 5.4 -1.6 Building permits ---------------------------------------$1,034,930 + 119.6 + 52.5 (thousa nds) ---------------------------------$ 8,225 + 13.6 3.1 End-of-month deposits (thousands)•___$ 18,751 + 1.9 0.2 Bank debits to individual accounts Annual rate of deposit turnover ---·-------5.3 + 12.8 1.9 (thousands ) -----------------------------------$ 82,160 + 29.6 -15.1 End-of-month deposits (thousands)•----$ 78,891 + 8.5 + 0.1 Annual rate of deposit turnover---------­12.5 + 20.2 -16.1 DALLAS: Air express shipments ---------·-------------------502 + 37.9 + 25.5 Retail sales of independent stores_________ -5.7 + 10.3 Unemployment ------------------------------------------1,400 0.0 3.4 Placements in employment______________ 948 + 48.1 6.4 Apparel stores --------------------­-13.8 + 25.9 Automotive stores --------------­+ 9.7 -5.6 Department stores ----------------------4.8 + 13.0 7.1 5.0 Drug stores ---.---------------------------------­ Filling stations ---------------------------------+ 0.9 + 1.7 Retail sales of independent stores ---------1.3 + 2.6 ----------------------------­-25.4 8.4 AUSTIN: Florists Department and apparel store sales______ -21.4 + 9.0 Food stores -----------------------------+ 0.2 1.2 Postal receipts ---------------------------------------$ 119,579 + 0.1 0.8 Furniture and household stores____ + 3.1 + 2.2 Building permits -------------------------------------$1,857,659 + 42.6 -57.5 -30.1 -12.2 Jewelry stores -----------------------------------­ Bank debits to individual accounts Lumber, building material, and hard­+ + ware stores ------------------------­ (thousands) ---------------------------------------$ 89,907 5.9 6.3 + 25.3 7.4 End-of-month deposits (thousands)•___$ 97,043 1.9 1.5 Eating and drinking places________ 3.1 3.5 + + + Annual rate of deposit turnover_________ 11.2 8.7 5.7 4.6 0.8 + + All other stores ----------------------------­513 27.3 + 10.3 0.9 Air express shipments ----------------------------+ Postal receipts ----------------------------------------$ 680,482 + 3.3 + 2,036 -27.6 0.6 Unemployment ------------------------------------------+ Building permits ----------------------------------$5,086,499 -14.2 2.9 Placements in employment ----------------880 -3.6 + 3.8 Bank debits to individual accounts (thousands ) -------------------------$ 811,486 + 11.8 4.7 End-of-month deposits (thousands)•__$ 659,991 -2.0 1.3 BEAUMONT: Annual rate of deposit turnover____________ 14.6 + 14.1 5.2 Retail sales of independent stores________ 3.3 + 10.9 Air express shipments -----------------­7,223 + 8.7 + 7.5 Department and apparel store sales____ 7.1 + 23.0 Unemployment --------------------------------­ 10,000 -13.0 9.1 0.2 3.0 Placements in employment -------------3,650 -15.7 + 1.0 Postal receipts -------------------------------$ 45,718 + + Building permits ____ --------------------------------$ 491,726 + 21.6 -67.1 Bank debits to individual accounts (thousands) ---------------------------------------$ 70,532 + 15.6 + 0.6 EL PASO: End-of-month deposits (thousands)•___ $ 86,875 + 8.7 + 6.6 Retail sales of independent stores_________ + 2.9 + 4.6 Annual rate of deposit turnover.............. 10.1 9.8 1.9 Department and apparel store sales______ 5.6 + 15.3 + Export cars unloaded ----------------------------­655 +259.9 + 3.5 Postal receipts --------------------------------$ 87,450 4.2 -2.1 Air express shipments ---------------------------339 + 33.5 0.0 Building permits ---------------------------------$ 755,507 +124.6 + 89.1 Bank debits to individual accounts (thousands) ------------------$ 88,668 + 8.3 0.5 BROWNSVILLE: End-of-month deposits (thousands)•___$ 104,360 -1.2 + 0.3 Retail sales of independent stores__________ -8.7 + 1.5 Annual rate of deposit turnover --------10.2 + 12.1 1.0 + 13.8 1.3 Postal receipts ----------------------------------------$ 9,863 + 3.3 -13.2 Air express shipments ---------------------1,385 + Unemployment --------------------------2,600 -3.7 7.1 Building permits -----------------------------------$ 100,015 -10.8 + 51.2 Placements in employment ---------943 + 18.3 7.5 Air express shipments ---------------------------2,156 -30.3 -5.0 BROWNWOOD: HARLINGEN: Retail sales of independent stores _______ + 5.3 + 10.5 Retail sales of independent stores --------10.0 + 4.5 Department and apparel store sales_____ -23.9 -3.5 Department and apparel store sales_____ -4.1 + 16.7 11,762 + 10.0 -12.5 Postal receipts ----------------------------------$ 9,920 5.6 -2.9 Postal receipts ---------------------------$ 99,240 -56.0 Building permits -----------------------------------$ 69,237 -4.2 -23.5 Building permits -----------------------·$ + 21.5 *Excludes deposits to the credit of banks. •Excludes deposits to the credit of banks. CONDITIONS Percent change Percent change Aug. 1947 Aug. 1947 Aug. 1947 Aug. 1947 City and item Aug. from from City and item Aug. from from 1947 Aug. 1946 July 1947 1947 Aug. 1946 July 1947 LAMESA: FORT WORTH: Retail sales of independent stores_ _ Retail sales of independent sto + 0.01 + 6.0 + 14.6 -2.7 Apparel stores -16.2 + 13.5 $ 4,473 + 17.5 + 14.9 Postal receipts Automoti•e stores ------­+ 27.2 -5.4 Building permits ·------·---$ 41,150 2.4 -62.0 Departmen· tores -------.2 + 19.7 Air e..xpress shipments ------17 0.0 -10.5 Drug stores --------­8.6 + 1.0 Filling stations + 8.9 + 0.4 Florists ----------­6.4 + 2.5 LUBBOCK: Food stores ---------­1.2 + 3.0 Retail sales of independent stores__ + 9.0 + 2.4 Furniture and household stores -·· -19.4 2.0 Department and apparel store sales._ J e..-elry stores + 13. 1.6 + 1.9 + 17.9 Postal receipts $ 37,167 + 14.G -9.5 Building permits ··-----·---$ 758,562 + 73.8 -35.1 Lumber, building material, and hard­ ware tores + 41.1 10.4 Bank debits to individual accounts Eating and drinking places ___ .0 + 4.4 (thousands) --·----·-$ 49,729 + 30.3 5.4 All other stores -4.1 5.5 End-of-month deposits (thousands)•.-.$ 54,781 -1.4 + 0.2 Postal receipts ---------242,4 5 -5.7 11. Annual rate of deposit turnover ____ Building permits ________$2,56 ,704 + 62. + 44.9 10.9 + 29.8 4.4 Air express shipments ------­319 + 67.0 + 65.3 Bank debits to indhddual accounts ________$ 292,697 Unen1ployment ----------··--·­800 -42.9 + 14.3 (thou ands) + 12.7 -14.0 Placements in employment ------------679 + 34.5 End-of-month deposi (thousands)•_ $ 271,911 3.4 + 0.03 + 36.9 Annual rate of deposit turno•er___ 13.0 + 18.2 -13.3 Air expres hipments 1,563 -24. l + 7.1 nemplo)'lDent ,100 -15.6 17.3 McALLEN: Placements in employment 3,64 + 14.9 + 1.2 Retail sales of independent stores____ + 20.2 + 2.0 Department and apparel store sales_ -18.8 -0.3 Postal receipts ---··-------$ 8,263 + 0.3 -15.0 GALVESTON: Building permits . .$ 127,383 64.3 68.7 + ­ ~t.ail sal of independent stores__ + 1.1 2.5 Department and apparel store sales_ -17.5 + 2. PLAINVIEW: Postal receipts $ 44,204 -6.6 5.2 Building permits S 20 ,205 + 24.9 + 15.4 Retail sales of independent stores__ + 4.9 + 4.6 Department and apparel store sales__ _ Ba.nk debits to individual accounts + 1.3 + 7.0 (thousands) ________$ 5 ,047 + 5.5 2.4 Postal receipts --··--------.$ 6,965 + 11.6 11.3 End-of-month deposits (thousands) •­9,239 + 5.5 0.2 Building permits ----------$ 209,350 +217.2 -37.3 Annual rate o! deposit turnover__ 7. 0.0 2.5 Export cars unloaded 11,571 + 27. 2.1 Air express shipments 423 + 27.0 + 3.4 PORT ARTHUR: nemployment (area) 2,500 + 4.2 0.0 Retail sales of independent stores._.... + 2.0 + 4.3 PlaOSits (except interbank) Demand deposits adjusted Time deposits __ +ll.7 +22.7 +19.2 + + - 1.6 1.4 0.3 -0.7 + 0.3 + 0.3 United States Government deposits_ -84.5 +so.o -9.0 Interbank deposits : Domestic banks ----­-­+ 6.3 + 1.2 -1.6 Foreign banks + 50.0 +so.o +33.3 CAPITAL ACCOUNTS + 23.0 + 0.6 + 0.7 were down 9.8% from the end of July, and 8.6% under their August 1946 level. Total deposits increased 2.1 % to $846 million, and Federal Reserve notes of that Bank in circulation rose 1.2% to $593 million. SUMMARY STATEMENT OF CONDITION OF THE FEDERAL RESERVE RANK OF DALLAS (in thousands of dollars) Source : Board of Governors of the Federal Reserve System P ercent change Classification Aug. 27 1947 J uly 30 1947 Aug. 2 1946 Aug. 27 1947 from Aug. 2 1946 Aug. 27 1947 from J uly 30 1947 ASSETS G<>ld certificate reserve 494,125 4 ,5 0 4 7,471 + 1.4 + u U.S. Government securities --­ 935,9 921,77 900,704 + 3.9 + 1.5 Di counts and ad­ va_nces 6,349 3,474 6,340 + 0.1 + 2. Other cash --­ 10,101 11,203 ll,055 - .6 -9. Other assets -­ 123, 77 102,9 9 101, 2 +21.6 + 20.3 'I'OTAL ASSETS --1,570,440 1,528,024 1,507,452 + 4.2 + 2. LIABILITIES Federal Reserve notes 593,399 5 6,592 602,773 - 1.6 + 1.2 Deposits 46,436 29,27 797,734 + 6.1 + 2.1 Other liabilit ies 105,977 7,355 4,393 +25.6 + 21.3 TOTAL LIABILITIES -1,545, 12 1,503,225 1, 4,900 + 4.1 + 2. Capital paid in 7,202 7,135 6,705 + 7.4 + 0.9 Surplus ----­ 15,084 15,0 4 11,977 + 25.9 0.0 Other capital accounts --­ 2,342 2,5 0 3, 70 -39.5 - 9.2 TOTAL LIAllILITIES AND CAPITAL ACCOUNTS __l ,570,440 1,52 ,024 1,507,452 + 4.2 + 2.8 Bank Debita (Since tlae bulk of baalneu transactions are aettJecl hy check. ci..-ba bank debtta to t..tividual accowata repres-t chaapa ba the volume of tranactione Mid are a ba.alc meaaure of ~ activity.) Bank debits in 20 Texas cities took a seasonal down­turn of 4.2%, although activity in various areas of the State was by no means uniformly down. Eight of the 20 cities reported heavier debits in August than July, and increases ran up to 15.0% in Corpus Christi. Furthermore, the July-to-August drop was not quite as great as the normal seasonal reduction at this time, and as a result the index, seasonally-adjusted, moved up slightly to establish a new all-time high at 38.3.4.% of the 1935-39 average. July-to-August declines were greatest percentagewise in Amarillo, Fort Worth, and Wichita Falls. Compared to August 1946, debits were 12.7% greater this August, with all cities except Laredo contributing to the over-all gain. With a 30.3% rise, Lubbock led the percentage advances, followed closely by Amarillo and its 29.6% gain. BANK DEBITS* (In thousands of dollar.) Source: Board of Governors of the Federal Reserve System Percent change City Aug. 1947 July 1947 Aug. 1946 Aug.1947 from Aug. 1946 Aug. 1947 from July 1947 TOTAL -·······-·····$2,901,789 $3,027,712 $2,574,335 + 12.7 -4.2 Abilene 27,237 27,480 23,958 + 13.7 -0.9 Amarillo -------·--­ 82,160 96,805 63,406 +29.6 -15.1 Austin -------------· 89,907 84,544 84,916 + 5.9 + 6.3 Beaumont ---------­ 70,532 70,111 61,029 +15.6 + 0.6 Corpus Christi -·· 82,045 71,351 69,084 -l-18.8 +15.0 Corsicana ---------·· 8,225 8,488 7,242 +13.6 -3.1 Dallas ----------·------­ 811,486 851,215 725,951 + n.8 -4.7 El P aso --------------­ 88,668 89,121 81,878 + 8.3 - 0.5 Fort Worth -------­ 292,697 340,468 259,708 + 12.7 -14.0 Galveston -·---------­ 58,047 59,461 55,030 + 5.5 - 2.4 Houston -----·····-·-­ 819,364 838,117 695,593 + 17.8 -2.2 Laredo ----------·---­ 14,421 15,357 15,175 - 5.0 - 6.1 Lubbock ----­--------­ 49,729 52,570 38,157 +so.a -5.4 Port Arthur ........ 31,063 29,775 29,276 + 6.1 + 4.3 San Angelo ······-·· 25,738 25,437 24,454 + 5.3 + 1.2 San Antonio ----­ 207,861 220,312 207,301 + 0.3 - 5.7 Texarkanat -------­ 21,556 21,453 21,509 + 0.2 + 0.5 Tyler ------------­-- 33,765 33,715 31,959 + 5.7 + 0.1 Waco ------------------­ 44,848 44,245 41,119 + 9.1 + 1.4 Wichita Falls ··-­ 42,440 47,687 37,590 +12.9 -11.0 •Debits to depooit accounts except interbank accounts. tincludes two banks In Arkansas, Eighth District. Corporation Charters (The IHue of corporation charter• meaeurea the addition• to the hualneH population and reflect• the atate of optimism or peaalmlam of hualneaamen.) Activity with respect to the formation of new corpora· tions remained fairly constant in August as compared to July. There were 389 new corporations chartered in August, and 390 in July. Capitalization of the new firms, however, was greater in August by several mil­lion dollars, totaling $14,614,000 for the 389 firms. Increases over July were shown in the number of new real estate, construction, and banking-finance businesses, but merchandising establishments were most numerous in both months. CORPORATION CHARTERS ISSUED BY CLASSIFICAITION Source: Office of the Secretary of State Aug. July Aug.Claa1iftcation 1947 1947 1946 DOMESTIC CORPORATIONS Capitalization• ··-····--·-·-················-····---14,614 11,502 11,109 Number ·-·-···------·······-········-····---···· 389 390 331 Banking-finance ·--······--·····-···············­ 13 11 4 Construction ·-······-····--·····-···············-· 21 19 13 Manufacturing -·········--·-·-····-···-·······­ 36 53 54 Merchandising ·-·······························-·· 93 105 107 Oil ······--·---·······--·-·-····------····--·····-···· 16 18 7 Public service ·······---····-·······----···--· O 3 29 Real estate -------·-···-------···· 67 49 29 TrallJlportation -···---····-·--------­ 5 6 13 All other -···---·--·-----·-·-·---­ 72 79 40 No capital stock -·--····----· 40 47 35 FOREIGN CORPORATIONS Number -------------·-···-·-···· 36 35 43 •Not tabulated separately. August incorporations included more big businesses than July. There were 32 corporations in the "over $100,000" class last month, whereas there were just 20 in July 1947, as well as in August 1946. Life Insurance Salea (Since the sales of life Insurance are relatively aenaltlve to tJat changes in consumer Income, they may be uaed aa a mea1ure of t.. consumer market.) Sales of ordinary life insurance in Texas declined nearly $6 million or 8% from July to August, totaling $61,703,000 in the latter month. The August 1947 fig. ure was also 15% below year-ago August sales in Texas. The changes in Texas closely paralleled those for the nation as a whole; nationally August sales were down 8% from July 1947 and 13% from August 1946. Busineaa Failures (The number of failures and the amount of llahllitlea vary ID· versely with the prosperity of business and re8ect In a 1lmple and direct manner what la happenin• to hualnaaa.) In August, 7 more businesses were added to the list reported as failures in Texas, bringing the total for the first 8 months of 1947 to 32. A year ago only I business failed during August and the total for the first 8 months was 6. Liabilities of the 7 firms which failed last month aggregated $202,000, an average of $29,000 per firm, compared to liabilities of $390,000 for 4 failures during July which averaged considerably more ($98,000). BUSINESS FAILURES Source: Dun and Bradstreet, Inc. Aug. 1947 July 1947 Aug. 1946 July 1946 Number ---------­-----------­-------­-------------·-­ 7 4 1 Liabilities• ------------------------­----------------­ 202 390 89 148 Average liabilities per failure* -----­ 29 98 89 74 •In thousands of dollars. United States Savings Bonds (Sales of United States savings bonds leas redemptions are 111· nificant because they represent private aavlnsa siphoned off "1 government to meet its fiscal needs.) Sales of United States Savings Bonds in Texas dropped 19.1% from July to August 1947 and 22.9% from August 1946 to August 1947, according to Treasury Department statistics. SALES OF UNITED STATES SAVINGS BONDS Source: Treasury Department, Office of State Director for Texas Percent chanire Series Aug. 1947 July 1947 Aug. 1946 Aug. 1947 Aug. 1947 from from Aug. 1946 July 1947 TOTAL ·····-·········$14,158,985 $17,505,670 $18,366,360 -22.9 -19.1 Series E 9,830,050 11,343,250 11,910,676 -17.5 -13.3 Series F and G.. 4,328,935 6,162,420 6,455,684 -32.9 -29.8 TRANSPORTATION Rail (~ -..-ent of roods by ran is fundamental to all business ...,...tiona, and chances ht tlae nambr.-of freicbt cars loaded reflect 1oaslc diances ht thr YOlume of business. The commodity irroups an slpiflcant for tlae Information they trive on specific industries. ~ mi~• CJ'OUP includes manufactured coocls and Is ,_..n,. considered a measure of the volume of trade. Merchandise Lc.J. W-enta include the same type of coods shipped in smaller Iota. Can l!lll•ded for export reflect the chances in the volume of ~) ReoeJWe freight loaded in the Southwestern District decreased slightly (2.0%) in August from July loadings, bot was still 7.6% greater than the total freight loaded in Aul!:tlst 1946. Last vear there was a 3.1 % decline in revenue freight loadings between July and August. Sig­nificant in the Au~st 1947 movement 0£ revenue freight was the sharp ( 44.4%) seasonal drop in the loadin~ of grain and grain products and the increases in the load­in~ of coal (35.9%) and miscellaneous merchandise (6.8%). The August 1946 grain movement by rail was 38.8% heavier than the August 1946 movement, and miscellaneous loadings went up 13.3% for the 12-month period. REVENUE FREIGHT LOADED T SOtrTHWESTERN DISTRICT ( in carloads) uroe: Car Servfoe Division, Association of American Railroads P ercent chanj.!e Aug. 1947 Aug. 194 J en Aug. 1947 J uly 1947 Aut?:. 1946 f m A ug. 194 from J uJy 1947 -2.0 -44.4 -3.5 + 35.9 -'-12.3 + 1.6 + .0 + + 4.9 The bureau's seasonally adjusted index of mi.scel­laneow freighJ. carl-oadings adl'anced 3.1 % in August to complete a 13.2% rise since AU!rnst a vear at?o and a 5.3.1% gain over the prewar (1935-39) period. Last month's advance lifted carloadings of miscellaneous fre~bt to the highest peacetime level in the history of the Sou~westem District. EXPORT AND COASTAL CARS UNLOADED• oroe: Cu Sernce Division, A.ssocation of American Railroads l, Percent change Aug. 1947 Aug. 194? Thx:a.s Citr 0 0 775 -100.0 0.0 • Exclndiilll coal. The unloadings of export and coastal cars decreased 6.2% in August from July of this year, but remained above the June level and 36.8% higher than in August 1946. All ports reported substantial increases for the 12-month period. The congestion of grain cars at the Hpuston elevators was cleared up early in August to make possible another record month. Interest in rail transportation in Texas swung to the problems 0£ rates in September when a joint committee for the study of commodity rates was announced by the West Texas Chamber of Commerce in Abilene and the Interstate Commerce Commission in Washington opened hearings on the railroads' request for a rate increase. The equalization of class rates previously ordered by the Commission went into effect late in August and an ad­vance in sleeping car rates was approved by the Com­mission in early September. Air express shipments in Texas reversed their down­ward movement in August to increase 7.2% over July AIR EXPRESS SHIP MENTS (in number of sh ipments) Source: Railway Express Agency Percent chsna-e Aug. 1947 Aug. 1947 Ausr. .Julv Aug. from from City 1947 1947 1946 Aug. 1946 .July 1947 TOTAL 26,279 24 ,520 22,065 + 19.l + 7.2 Abilene 212 l 1 125 + 69.6 + 17.1 Amarillo ----­ 502 400 864 + 87.9 + 25.5 Austin 513 465 403 + 27.8 + 10.3 Beaumont --­-­ 839 839 254 + 33.5 0.0 Big p ring --­ 65 63 + 12.1 + 3.2 Brownsville ---­ 2,156 2,270 3,095 -30.3 -5.0 Bryan -··---­- 81 27 + 14 .8 Corpus Christi -- - 611 549 495 + 23.4 + 11.8 Dallas --­--­ 7,223 6,722 6,648 + 8.7 + 7.5 El P a.so -­--1,3 5 1,367 1,217 + 18.8 + 1.8 Fort Worth -­- 1,563 1,460 2,059 -24.1 + 7.1 Galveston -­- 423 409 333 + 27.0 + 3.4 Houston ----­ 5,112 4,60 3,4 83 + 4 .9 + 10.9 Lamesa ----­ 17 19 -10.5 Laredo - 2 269 466 - 3 .2 + 7.1 Longview 219 t +170.4 L ubbock ----­ 319 193 191 + 67.0 + 65.S Midland -·--­ 185 166 119 + 55.5 + 11.4 Mineral W ells --­ 3 24 + 58.8 Odessa ----­ 167 17 6.2 P aris ----­ 70 Port Arthur --­ 192 160 + 20.0 + 2.1 San Angelo -----· 570 552 226 + 152.2 + 3.3 San Antonio ---­ 2,94 2.7 4 1,4 3 + 9. + 5.9 wee water --­ 76 47 + 61.7 Texarkana --­ 10 97 62 + 74.2 + 11.3 Temple ----­ 53 39 + 35.9 Tyler 432 573 447 3.4 - 24.6 Waco 1 0 151 169 + 6.5 + 19.2 Wichita Falls -­ 2 2 299 263 + 7.2 - 5.7 • First reported in February 1947. • First reported in J uly 1947. tFirst reported in August 1947. and to stand 19.1 % above the August 1946 total. The principal city decrease for the month was in shipments at Brownsville, which fell 5.0%. Fort Worth shipments dropped 24.1 % between August 1946 and August 1947 and Brownsville shipments 30.3%. Several airlines serving Texas announced new flights tQ points within and without the State during August, and additional airmail service was inaugurated for sev­eral Texas cities. One interstate line suspended schedules pending certification by the Civil Aeronautics Boar The nonagricullural, civilian labor force for the 15 labor market areas of Texas changed little during August, according to estimates made by the Texas Employment Commission; however, there were mod­erate fluctuations in some of the reporting areas. The principal decreases were in Texarkana {2.3%) and San Antonio (1.7%) . Moderate increases were re­corded in the Galveston-Texas City area (3.7%) and in Amarillo { 1.9%) . The total labor force for the 15 areas in August was 1,213,683, a decrease of 0.02% compared with July. NO AG.RICULTURAL c rVlLIAN LABOR FORCE Source: Texas Employment Commission Percent change Aug. 1947 A.­ Aug. 19H July 1947 from July 1947 TOTAL ,213,6 1,213,927 -0.02 Abilene 15~14 15,218 -0.03 Amarillo 30,274. 29,705 + 1.9 Austin « .. 6 44,! 9 + 0.2 Corpus Chri ti 49, 0 50,160 -0.7 Dallas 222..2 5 221,140 + 0.5 El Psso 50,805 50,151 + 0.3 Fort Worth 130,120 130, 6 -0.6 Gah-est.on-Texas City 57,000 54,94 + 8.7 Rous n-Bastown 300,530 300,179 + 0.1 Longvi ,570 22,659 -0.4 Lubbock 25, 25,922 -0.3 Sa.n An nio 157,356 160,010 -1.7 Tex:arlama 32,107 32, 64 -2.3 W&00 46,206 46,01 + 0.4 Wi ita Falls 29,7 7 29, 7 -0.3 Unemployment (Estimates of unemplo7ment in various areas of tbe State are curr-tl7 made b7 tbe Texas Employment Commission. Data on the payment of unemployment benefits also provide a ro.._b moasure of unemployment in Texas, altbou1b only empl07ees In eatablisb­menta emp107in1 8 or more workers for 20 or more week• per year are covered. Veterans' claim actions and clisburaementa aro lesa Inclusive, but tbrow li1bt on the Important problem of veteran re­employment.) Unemployment in 15 labor market areas in Te~as was estimated at 65,235 for August 1947, representmg a decrease of 5.9% from the 69,312 reported for July 1947, and a substantial decrease of 23.7% from the ~5,452 reported for August 1946. . During August 1947 net unemployment compensation benefit payments totaled $561,062, as compared to $640,696 paid to Texas unemployed in July. Contribu­tions deposited during the month were $2,800,820, which left $169,879,101 in the Unemployment Trust Fund Account at the end of the month, as compared to the $167,631,706 at the end of July. Unemployment among veterans was down in August from July, according to comparisons of veterans claim actions and disbursements. During August 3,069 ap­ plications were filed as compared to 4,062 filed in July. The August figure brought the total applications for the year to 49,292 and the accumulative total to date to 367,488. Allowances paid during August to veterans amounted to $2,369,435 as compared to the $2,743,451 paid out in July. UNEMPLOYMENT Source: Texas Employment Commission Aug. July Aug. 1947 1947 1946 TOTAL -·--·----------------65,235 69,312 85,452 ================== Abilene -------·-··--·------·-----·­ 1,622 1,338 1,520 Amarillo ---­------------­ 1,400 1,450 l,400 Austin --------------­ 2,036 2,023 2,813 Corpus Christi --·-------------­ 2,650 2,650 3,100 Dallas --------------­ 10,000 11,000 11,500 El Paso ----------­ 2,600 2,800 2,700 Fort Worth -----------------­ 8,100 9,800 9,600 Galveston-Texas City ---­-----­ 2,500 2,500 2,400 Houston-Baytown --------­ 11,500 12,000 18,300 Longvfow --­--------­ 1,775 l,750 2,350 Lubbock ----------­ 800 700 l,400 San Antonio -­-------------­ 12,000 12,500 15,750 Texarkana ------­---3,300 3,450 6,800 Waco --­---­ 3,400 3,500 3,500 Wichita Falls 1,552 1,851 2,319 Piacementa (Tbe number of placements reported by the Texas Employment Commission indicates roqblJ' the relationship of tbe suppl7 of and tJoe clemaDCI for Jobs iCl varloua parts of tbe State. Placements do not l.Dclwle priYate placement• In business and Industry, but onl7 tbose iaade tbrou1b tbe State Emplo,..ent Service. Furthermore, the num­Mr of placement• made abould not be considered •• addition• to -1 -lo,.ment, since maa7 of tbem repreaent sblfta from one job te aaoti..r.) Placements in employment in 15 labor market areas of Texas totaled 23,456 for August 1947, an increase of 1.2% from July 1947, and an increase of 8.4% from August 1946. PLACEMENTS IN EMPLOYMENT Source: Texas Employment Commission Percent change Area Aug. 1947 July 1947 Aug. 1946 Aug. 1947 Aug. 1947 from from Aug. 1946 July 1947 TOTAL ·························· 23,456 23,172 21,635 + 8.4 + 1.2 Abilene ------------------------­ 512 593 588 - 12.9 -13.7 Amarillo ------------­------· 948 1,013 640 +48.1 -6.4 Austin ----­---------·-------­-­ 880 848 913 - 3.6 + 3.8 Cor pus Christi ------------­ 1,042 873 729 +42.9 -l-19.4 Dallas ---­----­-------­----­----­ 3,650 3,615 4,330 -15.7 + 1.0 E l Paso ---------------------­ 943 1,020 797 + 18.3 -7.5 Fort Worth -------------­ 3,648 3,604 3,174 -j-14.9 + 1.2 Galveston-Texas City .. 952 1,080 1,273 -25.2 -11.9 H ouston-Baytown -----­ 4,834 5,014 3,637 -j-32.9 -3.6 Longview ------------­----­- 707 792 666 + 6.2 -10.7 Lubbock --------------­---­ 679 496 505 -j-34.5 +36.9 San Antonio --­----------­ 2,704 2,369 2,288 -j-18.2 -j-14.1 Texarkan a ---------­----­---­ 846 825 910 - 7.0 + 2.5 W aco ------------------------­ 629 541 768 -18.1 +16.3 W ichita Falls --------­·--·­ 482 489 417 -15.6 -1.4 Industrial Relations (Althoush no •tatlstlcal data are available cm Industrial disputes In Teus, a lmowledse of current developments In Industrial rela­tions Is necessary to an understandins of the State's labor picture.) There were very few new strikes in Texas in August, and all of them involved small groups of employees. Only 5 new labor disputes involving work stoppages were reported to the Texas Employment Commission in August; these strikes involved only 172 workers. This was the lowest number of strikes and strikers reported for any month of 1947. A total of 12 strikes, 7 of which started in previous months, existed in August. Only 2 strikes were settled, leaving at the end of the month 10 existing strikes involving 618 workers. In North Texas 320 workers at a gypsum company continued their strike begun July 24. This strike was particularly felt because it prevented the daily manu­facture and shipment of 16 to 20 carloads of building materials badly needed by Southwest builders. There were minor strikes at the ports of Houston and Texas City; in oil drilling in Corpus Christi, San Antonio, and Refugio; in manufacturing in Port Arthur; and in transportation in Texarkana. In Dallas the United Steel workers of America in­voked the Texas O'Daniel Act to secure an injunction restraining a company's officers and employees from acts of violence against workers now picketing the company. This was one of the first cases of union use of this so-called "anti-union" law. In Houston another union invoked the Federal Wage-Hour Act to open ~ompany pay roll records to employee representatives m a $2,500,000. back-pay suit against a shipbuilding company. Also m Houston 1,206 bus drivers voted in an N.L.R.B. election against affiliation with a union. A strike of 86 workers, which began May 1 at a coffin manufacturing company in North Texas con· tinued into its fifth month unsettled. ' GOVERNMENT State Finance (Statlatica on State ftnance are closely connected wttla c...... In the level of business •ctlvity. State occupation, procluctloa, ass, and sales taxes and licenoe feea vary directly with claaasins bua1­condltiona.) As a new fiscal year began in Texas, the State Gov· ernment reported a cash balance of $139,467,786, a fig. ure hitherto unparalleled in the State's 101 years' his· tory, with a $49,832,827 balance in the General Revenue Fund. August collections of $32,856, 765 brought the total revenue receipts for the fiscal year to $377,549,123, or 23.8% more than the $304,994,126 collected in the 1945­46 fiscal year. Among the broad categories of taxes shown in the accompanying table, largest receipts during the 1946-47 fiscal year just closed were in contributions and aid. Collections from this source totaled $112,409,081, com· pared to $64,406,352 last year, a 74.5% hike. Use and sales taxes, which aggregated $107,110,362, compared to $96,137,552 a year ago, were second in the running, up 11.4% from last year. Federal Finance (Federal collections of income, pay roll, and excise taxea va17 directly with the level of business prosperity. Durlns the war psrlod federal taxation has likewise become an Important determiaant al seneral business activity.) Federal internal revenue collections climbed to $72,· 555,406 during August 1947, exceeding July collections by nearly $13 million and August 1946 collections by nearly $4 million. There were increases over a year ago in every major category of taxes: income taxes rose 14.3% to $15,396,529 in August 1947; Social Security tax collections 15.5% to $8,067,927; Withholding taxes 3.5% to $34,273,086; and other tax collections rose 16.0% to a total of $14,818,864 last month. REVE NUE RECEIPTS OF STATE COMPTROLLER Source: State Comptroller of Public Accounts Sept. 1-Aug. 81 Aug. Percent Item 1947 194~7 1945-46 cbanse TOTAL REVENU E RECEIPTS .............. $32,856,765 $377,549,123 $304,994,126 -j-23.8 Ad valorem, inherit- a n ce and poll taxes 170,935 19,029,109 31,077,216 -38.8 Occupation, gross r e­ ceipts, a nd produc­ tion taxes ------------­ 7,067,670 80,641,186 59,677,618 +35.4 Use and sales tax ........ 9,574,444 107,110,362 96,137.552 +u.4 License fees an d maintenance taxes __ 715,401 11,711,523 10,209,120 -j-14.7 I ncome from p ublic lands and buildings 1,133,198 15,578,074 16,807,521 -7.3 I nterest --------­-----------­ 109,385 9,398,458 10,910,953 -13.9 Miscellaneous reve­ nues ---------­---------­---------­ 884,857 21,671,330 15,867,794 + 36.6 Contributions and aid 13,200,875 112,409,081 64.406,352 -j-74.5 PRICES Conaumera' Pricea (Al '-9 &pr.a muat he used In connection with a measure ef cMas-la coaaumera' prices, since tlae purchasiRC power of a-la _.. "'-1dficant than the accrepte amount in dollars. llae mcr-dnc coat of Uvinc, u measured by indexes of consumers' fr'-, la of 'rital importance to all businessmen and cansumers.) The 0.5% increase in consumers' prices in Houston from mid-June to mid-July marked the resumption of the postwar rise in the cost of living which had halted in May. Chiefly responsible for the new upturn were food prices which rose 1.3% for the month. At these levels Houston consumers were paying 15.9% more for food in July 1947 than in July 1946, and their over· all living cost climbed 15.9% in 12 months. Com· pared with the prewar period, the cost of food in Hous· ton was up 98.7% and all consumers' prices were up 58.4%. From mid-August tQ late September further increases were reported for Houston in many popular food items such as bacon, eggs, coffee, and butter. Prices for these items reached all-time highs in September. Against these advances were the price declines in some foods in less demand, but the general movement was upward. An in· INDEXES OF CONSUMERS' PRICES JN HOUSTON (1 986-S9=l 00 ) Source: Bureau of Labor Stat!atlca, U. S. Department of Labor Percent change Group J uly 1947 J une 1947 J uly 1946 July 1947 J uly 1947 from f r em July 1946 J une 1947 HOUSTON, ALL ITEMS_ 158.4 157.6 136.6 + 16.0 + 0.5 c::===================== Food 198.7 196.2 160.4 +23.9 + 1.3 Apparel ·-----190.4 1 .5 152.3 + 25.0 + 1.0 Rent • Fuel, electricity, and ice_ 94.3 94.4 + 6.2 -0.1 Housefurnishings ___ 1 4.(J 1 4.2 154.9 + 1 .8 -0.1 Miscellaneous ----139.2 139. 128.1 + 8.7 -0.4 • ot surveyed. crease of 1 to 2 cents a quart for milk before October 1 was also predicted. Milk and bread were almost the only food items that failed to go up in Dallas during l~te swnmer, although higher grain prices threatened an increase in bread prices. The situation in Beaumont was much the same. Nevertheless Texas consumers generally were much better off than consumers in the North, East, and far West, where butter rose to $1.00 a pound and it was expected that eggs would sell for $1.00 a dozen this fall. Although food prices were most sensitive to inflation, the prices of many other consumer goods were caught in the inflationary spiral. Shoe prices for fall will re­flect the higher prices of hides and leather. Virtually all of the automobile manufacturers gave up "holding the line" in August. Clothing prices were up; the price of electric refrigerators advanced; and the railroads, bus companies, and telephone companies were seeking high­er rates. No end to the advance in consumers' prices is yet in sight. Wholeaale Pricea (Cb.....ea in the prices of commodities are of fundamental im· portance to businessmen, since the level of prices has an important effect on prof\ta. The Index of wholesale prices compiled by the United States Bureau of Labor Statistic• Is the most comprehensive me.sure of price chances published in the United States.) Wholesale prices took another step upward in July of 1.9%, led by increases of 3.3% and 3.0% in foods, and hides and leather products, respectively. While this gain could not be compared with last year's 10.5% rise in wholesale prices between June and July when price controls were largely removed, it was another link in the postwar inflationary spiral which boded no good for business. Between July 1946 and July 1947 wholesale prices in the United States rose 20.9%. The 33.6% ad­ vance in building material prices, the biggest jump, was largely due to the 51.7% increase in lumber prices. Hides and leather products also went up 26.3% in the same 12-month period. The general rise in wholesale prices which began in mid-July carried through August and the first 2 weeks FEDERAL INTERNAL R EVENUE COLLECTIONS Source : Office o.f the Collector, Internal Revenue Service, Treasury Department August July I-August 31 Percent Percent Diatrlct 1947 1946 chang-e 1947-48 1946-47 cha.lll!"e TEXAS $72,555,406 $66,34 1,245 + 9.4 $132,211,469 $118,979,263 + 11.1 Income --------------­--­ 15,396,529 13,475,549 + 14.3 29,828,452 30,961,971 -3.7 Employment ,067,927 6,987,438 +15.5 12,280,523 10,804 ,923 +13.7 Witllholding ----­ 34,272,086 33,10 ,731 + 3.5 63,606,664 53,176,1 29 + 19.6 Other 14, 18,864 12,769 ,527 + 16.0 26,495, 30 24,036,240 + 10.2 FIRST DISTRICT 3 ,521,980 34,798,275 + 10.7 70,570,830 58,14 ,105 + 21 .4 Income 8,136,406 7,6 0,05 + 5.9 15,547,967 13,745,126 + 13.1 Employment 3,799,960 2,590,755 + 46.7 6,070,055 5,118,613 + 18.6 Wi thholding 1 ,{22,908 1 ,687,303 - 1.4 34,360,901 28,060,548 +22.5 Other 8,162,706 5,840,159 + 39.8 14 ,591,907 11,223,818 +30.0 ECOND DISTRICT 34,033,4 26 31,542,970 + 7.9 61,640,639 60,831,158 + 1.3 Income 7,260,123 5,795,491 +25.3 14,280,485 17,216,845 -17.1 Employment 4,267,967 4,396,6 3 - 2.9 6,210,46 5,686,31 0 + 9.2 Withholding 15, 49,178 14,421,42 + 9.9 29,245,763 25,115,581 + 16.4 Other 6,656,158 6,929,36 - 3.9 11 ,903,923 12,812,422 -7. 1 TEXAS BUSINESS REVIEW in September when the Bureau of Labor Statistics index hit the highest level on record-more than 20% over September 1946, 40% over May 1946, and 55% over the 1926 base. INDEXES OF WHOLESALE PRICES IN THE UNITED STATES (1928-100) Source: Bureau of Labor Statistics, U.S. Department of Labor Percent change July 1947 July 1947 July June July from from Group 1947 1947 1946 July 1946 June 1947 ALL COMMODITIES --150.8 148.0• 124.7 +20.9 + 1.9 Farm products ------·-----------181.4 177.9 157.0 +15.5 + 2.0 Foods -------------------------------167.1 lGl.8 140.2 +19.2 + 3.3 Hides and leather products 178.4 173.2• 141.2 +26.3 + 3.0 Textile products ----------------139.5 138.9 118.1 + 18.1 + 0.4 Building materials -----------176.5 175.2 132.1 +33.6 + 0.7 Cement ---------------------114.9 114.3 104.0 +lo.5 + 0.5 Lumber ----------------------269.0 266.1 177.3 +51.7 + 1.1 All commodities other than farm products -------------143.9 141.2• 117.5 + 22.5 + 1.9 All commodities other than farm products and foods -----------------------133.8 132.0• 109.5 + 22.2 + 1.4 •Revised. SMALL BUSINESS AIDS Recent additions to the list of Small Business Aids reproduced by the Bureau of Business Research in co­operation with the Office of Small Business of the United States Department of Commerce are as follows: Benefits of a Good Grievance System The Retail Jeweler Gauges the Market The Reduction of Distribution Costs Increasing Cosmetic Sales Developing Prospect Lists Ways and Costs of Financing Retail Installment Accounts Case Study: Retail Florist Builds Up Business by Participation in Local Affairs A Merchandising Program for the Smaller Store Retail Grocery Delivery Take the Trade-in-But Don't Take a Shellacking Copies of the above Aids, as well as those an­nounced in previous issues of the REVIEW, are availa· ble without charge from the Bureau of Business Re­search. TEXAS BUSINESS REVIEW Published monthly by the Bureau of Business Research, College of Business Administration, The University of Texas, Austin 12, Texas Material contained in this publication is not copyrighted and may be reproduced freely. Acknowledgment of source will be appreciated. Subscription $2.00 per year. J . Anderson Fitzgerald ----------------------Dean STAFF OF THE BUREAU OF BUSINESS RESEARCH Robert W. French Director Elsie Watters Office Manager Iletty Westbrook Secretary Grady J ordan Research Assistant J ohn R. Stockton Statistician Mae Jo Winn Editorial Assistant Mary Louise Kennard Library Assistant R ichard E . Jackson Field Representative A.H. Chute Retailing Specialist Doris Morgan Publications Assistant Betty Aicklen Research Assistant Frances Allen Research Assistant Business Research Council J. Anderson Fitzgerald E. Karl McGinnis (ex officio) E. T. Miller Robert W. French E verett G. Smith (ex officio) H . K. Snell Cooperating Faculty A. B. Cox E. T. Miller Cotton Gover11ment Keith Davis, H. H. Elwell, W. H. Watson Labor Aaaistanta J ean Baird, Leon Baird, Delbert Dallengee, Evelyn Beverly, Cecil Bomar, J ohn Conerly, Nuel Childs, Marvin Davis, Peggy Doole, Nell Fenner, Dorothy Ferrick, Tom Flahaven, Barbara fram, Morris Floyd, Charles Goin, Mary Grann, Joyce Green, Carl Gromatzky, Burneice Harding, Betty Lou Hillman, Audrey Jackson, Marian Jackson, Robert Jackson, Herschel James, Cal­vin J ayroe, J ames J effrey, Preston J ones, Anna Lambert, Dale McGee, Paul Rigby, Douglas Scott, Jeanne Swenson, John Stephenson, Gerald Terry, J ames Thomen, Florence Thomson, Larry Warburton, David Ward, Buena Watt. TABL·E OF CONTENTS Highlights of Texas Business---·--··------------------------l Figures for the Month__________________ ____________ 2 The Business Situation in Texas__ __________ ___________ 3 Trade Retail Trade -----------------------------------------·-----------------------­Wholesale Trade ------------··-----------------------------·--­Foreign Trade --------------------------------------------···"­ Production Manufacturing ---------------------------------­8 Construction ------------------------------­9 Public Utilities -------------------------------­ 10 Natural Resources --······------------------------11 Agriculture Income -------------------------· ···----------~-­ 11 Marketings -----------------------··---·------­ 12 Prices -----------------------------------------------­ 18 Cold Storage -·-·----------·--·-·--·--·--------------­ 13 Cotton --·---------------------··----------------------------------------­ 18 Local Business Conditions.........·----·---··-----·-------··-····---------­ 14 Finance Bank Credit ·-------------------------------------------··--·------------------···----­ 17 Bank Debits ------·----------------------------------------------------­ 17 Corporation Charters ----·-----·-·--··-·--···--------------------------------­ 18 Life Insurance Sales ---------------------------------------------------------­ 18 Business Failures ---------------------------------­ 18 United States Savings Bonds ------------------------------------­ 18 Transportation Rail ___________,_ ____ ,,___ _____ _ 19 20 Air Express ----------------------­ 20 Water ·----------------------------------------­Labor Employment -----------------------------------------------------·---·---··---------­ 20 Pay Rolls -----------------·---·-·---------........_.............-...-----------·-----­ 20 21 Hours and Earnings ·------------------------------------------------­ 28 Man-hours ---------------------------------------------·--­ 23 Labor Force ----------------------------------------­ 28 Unemployment ----------------------------------­ 23 Placements ---------------------···------------------­ 24 Industrial Relations ---··-··-----------------------------------­ Government 24 State Finance --------------------------------------------------------------­ 24 Federal Finance -----------------------------------------·----··---·--------------­Prices 25 Consumers' Prices ------------------···---·-------····---------------------­ 25 Wholesale Prices -----------------···--------------------··--------­ Figures for the Year to Date......-------··-----------­ 27 Barometers of Texas Business-----·--·------··----·------------­ 28 FIGURES FO·R THE YEAR TO DATE January-August Percent 1947 1946 chanire TRADE E.timated retail sales, total_______ ------------------------2,916,598,000 2,584,927 ,000 + 12.8 Durable d to~---------------------------------------1,004,480,000 733,089,000 + 47.0 Automotive st.or ----------------------------------473,077,000 295,522,000 + 60.1 Lumber, buildin"' materials, and hardware stores_ _________________________ 404,339,000 305,706,000 + 32.3 Furniture-household appliance store ------------__ ·-------------------­101,383,000 104,429,000 2.9 Jewelry stores ---------------------25,681,000 27,432,000 -6.4 ondurable ood total 1,912,118,000 1,851,838,000 3.3 + Apparel 198,225,000 186,695,000 + 6.2 Coun ry general 48,524,000 43,822,000 + 10.7 Department tore 214,689,000 218,337,000 -1.7 ·------------------- Estin"' and drinkin pla 203,619,000 187,348,000 8.7 + Fillin tations 205,555,000 230,222,000 -10.7 Food 613,322,000 555,535,000 + 10.4 eneral merchandise 122,152,000 129,831,000 -5.9 Dru stores -------­151,215,000 150,112,000 + 0.7 Other 154 817,000 149,936,000 3.3 Ratio of credit sal to net al in department and app~cl-;t~-;;~=-=~-~~===-=-= 56.0'}'o 50.6% + + 10.7 Ratio of co!J Lion· to out.standings in department and apparel tores _____ ----------------57.8% 64.4% -10.2 Postal receipts in reporting citi~---21,056,176 20,343,704 3.5 + PRODUCTION lndu trial el tric power con urnption for 10 companies (thousands of k:iiowatt hours) __ 1,957,171 1,776,999 + 10.1 Man-bou wor -ed in reporting manufacturing establishments ____ 22,338,587 19,315,444 + 15.7 rude oil runs to ·u (thousands of 42-gallon barrels) 336,547 341,422 -1.4 Cotton con urnption (running bales) _ ___ 118,731 141,975 -16.4 Cott.on !inters con urned (running bales) ___________ -------------------12,711 18,086 -29.7 Cottonseed crushed (ton ) -------_______ __ ----------292,471 283,991 3.0 + fanufacture of dairy produc -(1,000 lbs. milk equivalent) ·-----------------_______ _ 606,258 589,444 2.9 + Lumber production in utbern pine mills (weekly per unit average in board feet) ___ 216,507 189,704 + 14.1 Co struction contracts awarded _ -------------------_ _____ $ 412,610,127 320,328,916 + 28.8 Con$truction contrac awarded for residential building_____ ------------­170,348,599 89,481,750 + 90.4 Buildin perrni -ued in reporting citie ------~------------­194,608,094 187,118,253 + 4.0 Crude petroleum production (daily average in barrel ) --------------------------2 166,907 2,083,288 + 4.0 AG.RI CULTURE Farm cub income ----------------------$ 935,861,000 662,709,000 + 41.2 bipmen: of livestock (carloads) ____________ 73,909 75,734 -2.4 Rail shipments of eggs (shell equivalent) 2,337.0 4,369.5 -46.5 Inter ate receipts of eg -at Texas stations (shell equivalent) ______. 157.0 226.0 -30.5 Rail shipmen of poultry (carloads) ______________ . 137.5 371.5 -63.0 FINANCE Ban · debi in 20 citie (thousands of dollar ) $ 22,758,248 s 19,516,396 + 16.6 Corporation charter i ued (number) 1,929 2,248 -14.2 Ordinary life in urance sal~---------------· 491,163 000 529,318,000 -7.2 Bu ·ness failures (number) 32 5 +540.0 ' of Cni ed _tales Bonds 144,245,465 150,765,906 4.3 TRANSPORTATION Revenue frei ht loaded in uthwestern District (carloads) 2,284,574 2,155,249 6.0 Export and coastal cars unloaded at Texas ports 148,912 100,331 + 48.4 fi aneo !rei ht carloadin in utbwestern Distric~--------------1,337,902 1,266,811 + 5.6 ------------+ Air express shipmen (number) __________. 193,941 157,838 + 22.9 LABOR Total nonagricultural employment (monthly average) 1,624,213 1,555,800 4.4 + Manufacturin employment 330,288 302,463 9.2 + onmanufacturing employment ------------------1,293,925 1,253,337 + 3.2 GOVERNMENT Re•enne receip of tale Com troller• _______ _ 377,549123 304,994,126 + 23.8 Federal internal rerenue coll tions ---------· 132,211,469 118,979,263 + 11.1 PRICES Index of consum -' prices in Houston (monthly average 1935-39=100) 156.7 129.2 + 21.3 Index of food pri -in Ho ton (monthly average 1935-39=100) t------195.9 143.4 + 36.6 • ta.te fiseal year da.IA>-September 1-August 31. t Fedual fiseal year to date---July 1-A 31. l:Ja.nua.ry-.July a.-~ TEXAS BUSINESS REVIEW BAROMETERS OF TEXAS BUSINESS INDEX OF TEXAS DEPT.AND APPAREL STORE SALES ADJUSTED FOR SEASONAL VARIATION PERCENTPERCENT 400 350 300 250 200 150 100 50 INDEX OF SOUTHERN PINE PRODUCTION PERCENT 1935 -39 • 100 PERCENT 150 125 100 75 50 INDEX OF CRUDE OIL RUNS TO STILLS IN TEXAS ADJUSTED FOR SEASONAL VARIATION 225 200 I75 I50 I 25 I00 75 50 ,ADJUSTED fOR SEASONAL VARIATIOif 200 175 175 50 12 5 125 I00 75 1929 1933 1937 194f 1942 1943 1944 1945 1946 1947 75 INDEX OF MISC.FREIGHT CARLOADINGS IN SOUTHWEST INDEX OF CEMENT PRODUCTION IN TEXAS ADJUSTED FOR SEASONAL VARIATION PERCENT PERCENT 225 200 175 150 125 100 75 75 50 50 25 1929 1933 1937 1941 1942 194~ 19 44 1945 1946 1947 INDEX OF CRUDE PETROLEUM PRODUCTION IN TEXAS ADJUSTED FOR SEt.SONAL VAGIATION PERCENT 200 175 150 125 100 75 50 1933 1937 19 41 1942 19 43 19 44 1945 1946 19 47 INDEX OF VALUE OF BUILDING PERMITS IN TEXAS 700 600 500 400 300 20 0 10 0 0 A.OJUSTEO FOR SEASON AL VARl t.TION 1929 1933 1937 19 41 1942 194 3 19 44 1945 1946 INDEXES OF EMPLOYMENT AND PAYROLLS IN TEXAS PER CEN r 1935 -39~ 100 PERCEtlT 350r-r-,-.,-,--,-.,-,--,-~-,-~~--r--~-----.--.--,3~ 3251-+-t-t-+-l-t-+-t-t-+-+-+-il---~---.;E,·\::'\--1----J---i 325 300 ~~ 225 2001-++-l-+-f-'1-++-l-++-l--l 17 5 150 2 • . . . -.., ~ :o~ 1.;,,t:...,.t~t-+-t-t-+-+-t-+-1••!'­75 "" 50 1929 1933 1937 1941 300 .• .• PAYR OLLS ~, ~~~ I _ f1:._•'-l--+---J...-+.lc-ff.:_--j225 _ •"'~ ~ 200 Ir'-··· . c"'.::-+--1 115 --l---,,~'.1'-:::.il.-::--'~'1'· ··· _,,.,. 150 t:.J'ENtT='"f~~2t:::~ =t==[M1P:LO=Y=M=125 I T I00 1 IT 75 50 1942 1943 1944 1945 1946 1947