TEXAS BUSINESS REVIEW Bureau of Business Research The University of Texas Vol. XIV, No. 7 August 29, 1940 A Monthly Summary of Business and Economic Conditions in Texas and the Southwest Bureau of Business Research, The Uni versity of Texas, Austin, Texas Entered u 1econd clau matter on May 7, 1928, at the pott office at Au8tin, Texu, u-nder Act of Aue:u•t 24, 1912 CONTENTS PAGE LIST OF CHARTS Indexes of Business Activity in Texas____________________________________________________________________ 2 LIST OF TABLES Agricultural Cash Income in Texas________________________________________________________________________ 3 Banking Statistics ------------------------------------------------------------------------------------------------6 BuiIding Permits ----------------------------------------------------------------------------------------------------5 Carload Movement of Poultry and Eggs_____________________________________ _ _________________________ 5 Cement ------------------------------------------------------------------------------------------------------------------6 Charters -----------------------------------------------------------------------------------------------------------------7 Commercial Failures ------------------_-------------------------------------------------------------------------7 Commodity Prices --------------------------------------------------------------------------------------------------7 Cotton BaIance Sheet____________________________ ------------------------------------------------------------------7 Credit Ratios of Texas Retail Stores______________________________________________________________________ 7 Employment and Pay Rolls in Texas___________________________________________________________________ 4 Indexes of Business Activity in Texas____________________________________________________________________ 3 Lumber --------------------------------------------------------------------------------------------------------------------6 Percentage Changes in Consumption of Electric Power________________________________________ 3 PetroIeum --------------------------------------------------------------------------------------------------------------5 Postal Receipts -----------------------------------------------------------------------------------------------------5 Purchases of Savings Bonds________ _ __________________________________________________________________________ 8 Retail Sales of Independent Stores in Texas _________________________________________________________ 3, 8 Shipments of Livestock__________________ _________________________________________________________________________ 6 TEN CENTS PER COPY ONE DOLLAR PER YEAR TEXAS BUSINESS REVIEW INDEXES or BUSINESS ACTIVITY IN TEXAS AV ERAGE MONTH OF 1930 • 100/. WEIGHT IN COMPO.SIT[ IN OE>C (MPLOYM[NT ---2.sY. FREIGHT CA"LOAOINGs---zoY. PAY A.OLLS 2.SX CRUDE OIL 11.VN.S $ ~ OEPART MCNT STO A£ $AL&S·IO X [Lt CTRIG POWEii; COMSUMPTION-1.S % Burt 1 u of Business Rtse•tth JULY BUSINESS INDEXES IN TEXAS INDEX OF AGRICULTURAL CASH INCOME IN TEXAS June, 1940July, 1940 July, 1939 Cumulative Income 88.4 90.2 Employment ---------------90.3 Jul y June* J uly• Jan.-July Jan.-July 90.l 93.8 District• 1940 1940 19S9 1940 1939 Pay Rolls ----------------------94.9 56.8 65.1 Misc. Freight Carloadings_ _________ 59.5 (000 Omitted) 194.2 197.0* Crude Runs to Stills ------------------177.4 1-N ------------57.8 60.3 63.4 17,750 18,436 100.0 93.2 1-S ___________113.7 10,134 Dept. Store Sales ------------:-----------110.5 158.2 103.9 11,675 133.7 134.8* Electric Power Consumption -----128.9 51.2 13,443 12,046 2 --------------63.2 61.l 95.7 98.4* Composite --------------------------97.7 3 ________________101.9 108.9 89.1 10,928 11,324 4 ----------------54.7 87.6 60.8 17,799 17,313 •Revi1ed. 5 -------------47.8 94.9 54.1 6,074 5,734 6 ___________________143.4 153.0 127.8 10,471 11,882PERCENTAGE CHANGES IN CONSUMPTION OF 7 ______________137.0 152.7 118.7 25,598 20,273ELECTRIC POWER 8 ---------------65.6 84.4 68.5 13,350 14,450 July 1940 July 1940 9 ----------------92.5 140.3 79.3 10,207 9,352 from from 10 ------------40.6 52.2 36.6 8,393 9,737 July 1939 June 1940 ________137.0 10-A 252.1 125.2 15,096 19,018+ 8.2 + 9.4 Commercial ---------------------------­6.2 3.2 STATE --------75.9 100.l 73.5 160,784 159,699Industrial ---------------------­ + 5.5 + 5.3 Residential -----------------------------­ All Other ---------------------------­ 6.4 + 1.6 •Revised. 0.8 + 1.9 TOTAL -------------------­ JULY RETAIL SALES OF INDEPENDENT STORES IN TEXAS July, 1940 Year 1940 ,.---'-----, Number Number Percentage of Percentage Chance of Chan~e Firm.1 July 1940 July 1940 Firm• Year 1940 Re· from f rom Re· from portinc July 1939 June 1940 portinc Year 1939 + 5.0 4.1 1,103 + 3.8 TEXAS -----------------------------------------------------------------1,168 STORES GROUPED BY LINE OF GOODS CARRIED: + 9.7 2.9 105 + 2.9 APPAREL ----------------------------------- 112 0.4 4.3 26 + 0.7 Family Clothing Stores -------------------------------26 + 7.8 2.6 34 + 1.7 Men's and Boys' Clothing Stores.------------------------------------38 + 2.2 -16.4 18 + 0.4 Shoe Stores -----------------------------------------19 + 15.4 0.8 27 + 4.5 Women's Specialty Shops--------------------------------------------------29 + 5.4 + 2.5 117 + 9.2 AUTOMOTIVE* ------------------------------ 120 6.9 + 9.7 41 4.4 Filling Stations --------------------------------------------------------42 + 5.9 + 2.9 72 + 9.4 Motor Vehicle Dealers-------------------------------------------------------------74 + 2.0 + 0.3 106 + 2.5 COUNTRY GENERAL -------------------------------------------------114 + 6.8 -11.9 55 + 2.2 DEPARTMENT STORES -------------------------------------------57 + 2.6 + 3.6 153 + 3.1 DRUG STORES ---------------------------------------------------------------------------165 DRY GOODS AND GENERAL MERCHANDISE________________________ 22 -5.5 -13.6 21 + 1.1 + 15.6 1.9 24 + 3.8 FLORISTS ---------------------------------------------------------------26 3.6 1.6 181 0.6 FOOD* ---------------------------------------------------------------194 -3.4 4.0 57 + 1.8 Grocery Stores ------------------------------------------------------------61 -3.8 0.7 117 1.8 Grocery and Meat Stores.-------------------------------------------------------125 + 7.5 + 0.9 55 + 5.1 FURNITURE AND HOUSEHOLD*-------------------------------------------59 + 11.8 + 4.7 44 + 5.0 Furniture Stores ---------------------------------------------------------48 -15.5 -15.2 6 + 9.5 Household Appliance Stores------------------------------------------6 + 3.6 -29.4 40 + 2.6 JEWELRY ---------------------------------------------------------44 + 2.2 -3.6 203 + 1.0 LUMBER, BUILDING, AND HARDWARE*-------------------------------211 + 4.0 +24.9 12 + 6.3 Farm Implement Dealers·---------------------------------------------------12 + 5.2 4.1 63 +10.1 Hardware Stores --------------------------------------------64 Lumber and Building Material Dealers___________________________ 130 0.2 -3.9 123 1.7 4.7 + 1.4 27 0.6 RESTAURANTS -----------------------------------------28 ALL OTHER STORES___________________________________ 16 0.1 -21.9 16 + 7.1 TEXAS STORES GROUPED ACCORDING TO POPU­LATION OF CITY: All Stores in Cities oL_ Over 100,000 Population 237 + 8.3 7.7 224 + 3.7 50,000-100,000 Population ------------------------------------109 + 4.7 7.9 102 + 2.8 2,500-50,000 Population ------------------------------------------------------484 + 1.3 + 2.7 454 + 4.0 Less than 2,500 Population________________________________________________ 338 + 0.9 + 2.3 323 + 4.8 •Croup total include1 kinda of business other than the classifications li1ted. Non: Prepared from report1 of independent retail 1tore1 to the Bureau of Buainess Reeearch. coOperatin& with the U.S. Department of Commerce. EMPLOYMENT AND PAY ROLLS IN TEXAS JULY, 1940 Estimated Percentage Change Estimated Percentage Chnoge Number of from from Amount of from from Workers June July Weekly Jun e July Employed* 1940 1939 Pay Ro ll 1940 1939 MANUFACTURING All Manufacturing Industries___________________......_·----------·... 133,637 0.9 + 5.2 $2,615,387 + 2.3 + 9.3 Food Products Baking____________________________ _____ 6,601 + 0.4 + 7.1 147,459 + 0.3 + 19.7 Carbouated Beverages_ _________ 3,391 + 1.0 + 8.7 77,660 + 3.2 + 17.6 Confectionery_________________________________________ 435 3.1 +18.8 4,231 6.6 + 15.1 Flour Milling....-----------------------------------------------1,676 + 2.1 + 2.8 35,230 3.3 + 6.5 Ice Cream____________________ ________________ 1,098 + 0.5 +19.8 19,404 + 3.3 +26.8 Meat Packing_______ 4,127 1.5 + 3.4 95,665 + 1.4 + 6.2 Textiles Cotton Textile Mills_____________________ _ 6,034 + 2.5 + 9.1 77,494 + 11.4 +16.6 Men's Work Clothing__________________________ 3,444 +23.2 -13.8 34,156 + 27.1 -11.3 Forest Products Furniture__________________________________ 1,536 0.5 -1.1 37,570 + 7.9 +29.6 Planing Mills______________ ­1,876 + 0.5 6.9 31,781 + 0.7 -13.l Saw Mills__________ 16,305 + 1.2 + 19.6 200,432 +10.6 +26.3 Paper Products____________________ :t: 1.5 + 9.4 :t: 5.0 +12.9 Printing and Publishing Commercial Printing____________________________ 2,268 2.7 4.5 50,435 1.4 4.3 Newspaper Publishing_____________________ 4,459 1.8 + 3.6 114,870 4.0 + 2.9 Chemical Products Cotton Oil Mills_______________________ 1,864 + 9.0 + 16.2 19,580 + 13.4 +24.2 Petroleum Refining_____ 20,367 + 0.2 -0.2 655,400 + 1.5 + 5.3 Stone and Clcy Products Brick and Tile....______________________ -27,184 3.2 2,082 1.0 + 6.4 + + 10.8 Cement_____________ ­1,068 4.1 + 2.1 26,330 6.5 + 2.8 Iron and Steel Products Foundries and Machine Shops 11,100 -2.1 5.4 287,352 0.9 9.2 Structural and Ornamental Iron__ 1,937 + 4.3 + 6.7 35,632 + 3.4 + 4.0 ----------+ + NONMANUFACTURING Crude Petroleum Production---------------------------------31,329 0.5 1.8 980,514 + 0.2 3.8 Quarrying ------------------------------------------------:t: + 2.7 2.5 :t: + 5.0 + 4.9 Public Utilities--------------------------------------------:t: + 0.4 + 4.3 :t: + 1.6 + 7.1 Retail Trade...-----------------------------------------175,944 5.8 -+ 4.2 2,987,163 4.6 + 5.9 Wholesale Trade.-----------------------------------------------57,794 1.1 + 3.1 1,801,289 1.9 +16.3 Dyeing and Cleaning____________________________________________________ 2,504 + 1.0 6.1 35,535 0.7 + 1.5 Hotels__________________________________________________ ___________________________ 13,716 1.5 3.7 167,631 + 0.1 + 9.6 10,044 + 2.9 + 3.2 126,077 + 2.7 + 6.5 Power Laundries..-------------------------------------------------------------­ CHANCES IN EMPLOYMENT AND P AY ROLLS IN SELECTED CITIES AND FOR THE STATE Employment Pay Rolls Percentage Change Percentage Change June 1940 July 1939 June 1940 July 1939 to to to to July 1940 July 1940 July 1940 July 1940 1.5 -11.0 2.0 § Abilene -------------------­Amarillo ------------------+ 1.8 +32.5 + 2.4 +47.9 - Austin -------------------+ 0.7 3.6 2.7 2.6 Beaumont ----------------2.4 2.3 1.2 + 4.1 1.0 1.3 0.5 + 1.7 Dallas -------------------­ 2.6 7.4 + 15.9 El Paso -------------------+ + + 5.5 Fort Worth --------------t + 1.3 0.1 + 2.5 Galveston § -15.3 + 3.7 + 1.4 Houston + 0.7 + 7.1 + 0.9 + 10.9 -0.2 0.6 + 1.4 + 11.5 Port Arthur ------------+ -2.6 1.5 San Antonio ------------5.6 2.1 + Sherman + 0.1 + 5.3 1.6 +26.3 Waco -3.8 2.9 1.4 2.8 Wichita Falls -----------1.8 7.0 2.1 -0.1 STATE ---------------------­ + 0.1 + 2.2 + 1.1 + 5.4 *Docs not include proprietors, firm members, officers of corporatioos, or other principal e:r.ecutive1. Factory employment excludes also office, 1ale1, technica~ and proft'ssional personnel. These figures are subject to revision. tLess than 1/20 of one per cenl. tNot a.vailn.ble. §No change. Prepared from reports from repreaeotative Te:r.as eatabli1hmentt to the Bureau ef Bu1ine11 Research coOperatin1 with the United Statte1 Bureau of Labor Statistics. POSTAL RECEIPTS July July Jun e 1940 1939 1940 Abilene ---------------------------17,992 16,611 16,021 Amarillo ----------------------------32,968 30,170 31,939 Austin --------------------------76,741 59,701 67,510 Ballinger --------------------------1,733 1,775 1,530 Beaumont ------------------------25,841 24,003 24,815 Big Spring -----------------------6,142 6,516 5,319 Brownsville ------------------------5,577 5,579 5,381 Brownwood -----------------------5,989 5,820 4,993 Childress ---------------------------2,503 2,365 2,183 Cleburne --------------------------3,308 3,231 3,049 Coleman -------------------------2,147 2,004 2,206 Corpus Christi --------------28,601 25,610 25,732 Corsicana ------------------------5,164 5,668 5,294 Dallas -------------------------------346,649 307,642 332,454 Del Rio --------------------------3,600 4,089 3,535 Denison ---------------------------5,853 5,219 5,720 Denton ------------------------------6,995 6,315 7,025 El Paso ---------------------------48,783 45,223 43,249 Fort Worth -----------------------135,078 118,492 127,198 Galveston ---------------------------31,004 29,030 30,412 Gladewater ----------------------2,705 2,890 2,643 Graham --------------------------2,420 2,370 2,419 Harlingen --------------------------6,212 5,617 5,146 Houston ---------------------------246,614 223,532 245,609 Jacksonville --------------------3,499 3,209 3,259 Kenedy ---------------------------1,298 1,252 1,134 Kilgore ---------------------------5,504 6,298 5,310 Longview ---------------------------9,695 8,635 7,567 Lubbock -----------------------------16,842 15,402 16,688 Lufkin ---------------------------4,988 4,484 4,067 McAllen ----------------------------4,794 4,014 3,830 Marshall ----------------------------6,066 5,975 5,839 Odessa ----------------------------7 ,366 5,698 5,065 Pampa -------------------------7,754 6,505 5,813 Paris --------------------------1,651 4,804 4,997 Port Arthur -------------------13,619 12,657 12,923 San Angelo ----------------------11,661 11,098 10,551 San Antonio ---------------------124,231 110,632 116,054 San Benito --------------------2,650 2,723 1,817 Sherman -----------------------7,411 7,316 7,378 Snyder ------------------------1,074 1,339 1,454 Sweetwater ----------------------4,968 4,844 4,657 Tyler -----------------------------15,392 14,649 13,998 Waco --------------------33,668 29,684 31,094 Wichita Falls ----------------24,726 22,956 21,843 TOTAL -------------------------1,359,476 1,223,646 1,286,720 NOTE: Compiled from reports from Texas Chambers of Commerce to tlu! Burea u of Business Research. PETROLEUM Daily Average Production (In Barrels) July 1940 July 1939 June 1940 Coastal Texas• ------------------------187,000 223,950 227,950 East Central Texas ----------------71,510 96,800 79,950 East Texas -----------------------389,290 373,000 372,250 North Texas --------------------86,240 88,300 103,050 Panhandle -----------------------------64,190 69,500 65,700Southwest Texas --------------180,220 223,400 231,000 West Central Texas -----------------29,830 32,350 32,800 West Texas -----------------------186,490 236,800 230,400 STA TE -------------------------------1,194,770 1,344,100 1,343,100 UNITED STATES ___________________3,585,490 3,545,600 3,779,800 Imports -----------------------------------254,457 179,964 220,571 *Includes Conroe. NOTE: From American Petroleum Institute. Gasoline sales as indicated by taxes collected by the State Comptroller were: June, 1940, 125,744,000 gallons; June, 1939, 116,307,000 gallons; May, 1940, 117,517,000 gallons. BUILDING PERMITS July I940 July I939 June 1940 Abilene ----------------------------$ 52,885 $ 34,195 $ 56,095 Amarillo -------------------------177,760 94,936 183,332 Austin ---------------------------478,889 640,003 443,861 Beaumont ----------------------193,174 148,721 160,069 Big Spring ---------------------9,387 9,325 20,778 Brownsville ------------------------18,365 15,095 78,426 Coleman -------------------5,790* t 9,645* Corpus Christi_____________ 782,662 221,505 248,947 Corsicana ---------------------15,680 16,412 23,545 Dallas --------------------------------1,297,536 788,873 1,478,250 Del Rio ----------------------8,886 18,300 24,045 Denton -------------------------43,155 56,775 50,855 El Paso ------------------------227,595 119,484 133,960 Fort Worth --------------------436,610 454,997 312,057 Galveston -------------------------123,978 120,559 178,006 Gladewater -------------------1,170 8,230 10,875t Graham --------------------4,815 15,460 14,732:!= Houston -------------------------2,076,220 1,238,905 1,189,950 Jacksonville ----------------------17,250 5,925 7,350 Kenedy ---------------------------0 400 300 Kilgore -------------------------29,200 32,850 73,100:!= Longview -------------------88,175 5,980 61,710 Lubbock ------------------------171,646 223,561 248,399 Lufkin --------------------------39,301 16,750 25,884 McAllen ---------------------------20,070 14,955 12,000 Marshall ------------------------36,143 49,934 42,953 Midland ---------------------36,294 71,515 41,575 Odessa ------------------------------85,105• t 141,700* Pampa -----------------------------34,700 57,930 75,636:!= Paris -------------------------------16,485 28,460 7,758 Plainview ---------------------13,050 13,500 350 Port Arthur ---------------79,808 83,879 99,184 San Angelo ---------------------62,303 22,100 32,742 San Antonio ---------------------826,210 355,739 441,009 Sherman -----------------------17,025 50,296 48,785Sweetwater -----------------13,180 9,700 10,920t Tyler -------------------130,000 40,316 54,773 Waco ------------------------------669,04911 129,528 123,667 Wichita Falls --------------------94,758 67,475 120,920 TOTAL __________________ $8,333,414 $5,282,568 $6,136,798 • Not included in total. tNot available, lDoes not include public works. fflncludes figures for buildings at Baylor University. NOTE: Compiled from reports from Texas chambers of commerce to the Bureau of Business Research. JULY, 1940, CARLOAD MOVEMENT OF POULTRY AND EGGS Shipments from Texas Stations Can of Poultry Live Dre1Sed Cars of Ee-gsfDeetination• Chicken1 Turkeys Chickens Turkeys July July July July July July July July July July ~Im ~Im ~1m ~1m ~ 1m TOTAL -------------2 2 28.0 18 5.5 ----87.5 56.5 Intrastate ---------0 0 0.0 0 0.0 --20.0 23.5 Interstate 2 2 ---------28.0 18 5.5 ----67.5 33.0 Origin Receipts at Texas Stations TOTAL ---------___ _ 9.0 26.5 Intrastate ---------___ 9.0 25.5 Interstate ---------___ 0.0 1.0 *The destination above is the 6rst destination as shown by the original waybill. Change1 in de1tination broueht about by diversion orders are not shown. fPowdcred ee-gs and canned frozen eggs are converted to a shell egg equivalent. NOTE: These data are furnished the Agricultural Marketing Service, United States Department of Agriculture, by railroad officials through agents at all sta­tions which orii:inate and receive carload shipments of poultry and ege:s. The data are compiled by the Bureau of Business Research. BANKING STATISTICS (In Millions of Dollars) July, 1940 July, 1939 June, 1940 Dalla1 United Dallu United Dallaa United Diatrict State1 District Statel District Statea DEBITS to individual accounts_________ ___ $ 769 $30,864 $ 957• $40,104* $ 1,008* $41,649° July s, 1940 June 28, 1939 May 29, 1940 Condition of reporting member banks on-ASSETS: Loans and investments-tota 520 23,586 514 21,951 522 23,524 Loans-total________ 268 8,462 255 8,089 266 8,475 Commercial, industrial, and agricultural loans 175 4,438 167 3,833 176 4,367 Open market paper________________ 2 301 2 303 2 322 Loans to brokers and dealers in securities______ 3 380 5 648 3 478 Other loans for purchasing or carrying securities___ 13 471 15 543 13 481 Real estate loans_____ 22 1,199 21 1,161 22 1,189 Loans to banks 1 40 51 1 46 Other loans____ 52 1,633 45 1,550 49 1,592 Treasury Bills________ 27 757 28 431 27 627 Treasury Notes__________ 40 2,063 48 2,112 40 1,926 U.S. Bonds___________________________ 81 6,382 81 5,880 84 6,528 Obligations fully guaranteed by U.S. Gov'L--------47 2,405 46 2,148 47 2,399 Other securities_______________ 57 3,517 56 3,291 58 3,569 Reserve with Federal Reserve Bank_ 147 11,636 113 8,479 139 11,203 Cash in vault____ 10 478 12 455 11 488 Balances with domestic banks__ 295 3,277 248 2,756 299 3,285 Other assets-net_______________________ 29 1,147 29 1,241 30 1,305 LIAiBILITIES: Demand deposits-adjusted__ 484 20,510 449 17,220 481 20,287Time deposits____ 137 5,331 137 5,327 136 5,312 U.S. Government deposits 29 536 32 555 31 581 Inter-bank deposits: Domestic banks_ 258 3,577 208 6,747 260 8,431Foreign banks_ __ 1 685 600 1 707 Borrowings__________________ 1 1 Other liabilities_ _______________~---4 710 5 808 4 739 Capital account 88 3,774 85 3,715 88 3,747 NOTE: From Federal Reserve Board. *Five weeks. JULY SHIPMENTS OF LIVE STOCK CONVERTED TO A RAIL-CAR BASIS* Cattle 1940 1939 Calve• 1940 1939 Hog• 1940 1939 Sheep 1940 1939 Total 1940 1939 Total Interstate Plus Fort Worthn_________ 2,614 2,874 741 1,319 565 646 712 986 4,632 5,825 Total Intrastate Omitting Fort Worth____ 327 530 93 86 13 23 29 188 462 827 TOTAL SHIPMENTS___________ 2,941 3,404 834 1,405 578 669 741 1,174 5,094 6,652 TEXAS CAR-LOTS* SHIPMENTS OF LIVE STOCK-JANUARY I-AUGUST 1 Cattle 1940 1939 Calves 1940 1939 Hoga 1940 1939 Sheep 1940 1939 Total 1940 1939 Total Interstate Plus Fort Worthn______ Total Intrastate Omitting Fort Worth______ TOTAL SHIPMENTS________ 24,421 2,854 27,275 31,468 5,063 36,531 5,818 668 6,486 6,649 954 7,603 4,838 142 4,980 5,384 349 5,733 5,874 209 6,083 5,698 550 6,248 40,951 3,873 44,824 49,199 6,916 56,115 *Rail-car Basis: Cattle, 30 head per car; calves, 60; hogs, 80; and sheep, 250. Fort Worth shipments are .combined wit_h interstate fo~wardings in or.der that the bulk of market disappearance for the month may be shown. .NoTE: These data ~re furn1sh~d the Umt~d ~tates .Agr~cultural Marketmg Service, U.S. Dept. of Agriculture by railway officials through more than },500 station agents, representrng every live stock sh1ppmg pomt m the State. The data are compiled by the Bureau of Business Research. LUMBER CEMENT (In Board Feet) (In Thousands of Barrels) July 1940 July 1939 June1940 July 1940 July 1939 June 1940 Texas Plants Southern Pine Mills: Production -----------522 667 672 Average Weekly Production per unit ____ ______________272,164 Shipments ---------------538 535 594 297,371 290,575 Stocks ------------------~ 883 820 898 Average Weekly Shipments United States per unit -------------------------318,710 304,697 297,913 Production --------------------12,299 12,644 12,514 Shipments _________________13,552 Average Unfilled Orders per 11,755 13,216 Stocks _______________22,752 unit, End of Month__________905,077 22,366 24,074 709,930 649,282 Capacity Operated ______ 56.0% 57.9% 58.9% NoTE: From Southern Pine Association. Non: From U. S. Department of Interior, Bureau of Mines. JULY CREDIT RATIOS IN TEXAS RETAIL STORES (Expressed in Per Cent) Ratio of Ratio of Ratio of Numb er of Credit Salee ColJections to Credit Salaries Stores to Net Sales Outstanding• to Credit Sales Reporting 1940 1939 1940 1939 1940 1939 All Stores--------------------------------------------------------68 65.7 64.4 39.3 37.9 1.5 1.8 Stores Grouped by Cities: Abilene----------------------------------------------------------4 57.6 56.0 29.3 28.7 2.7 2.8 Amarillo--------------------------------------------------------------3 57.l 57.0 42.5 44.9 2.3 2.6 Austin--------------------------------------------------------------------------6 57.6 57.0 45.5 43.7 1.8 1.5 Beaumont-----------------------------------------------------------3 69.2 69.6 36.8 38.9 2.1 2.5 Dallas---------------------------------------------·-----------------·---·-----10 71.6 70.8 40.7 38.8 1.1 1.7 Fort Worth----------- -------------------------------------------------5 66.l 63.6 40.8 36.5 1.2 1.4 Houston-------------------------------------------------------7 63.5 62.l 41.6 39.3 1.9 1.9 San Antonio__ _ ______________ _ ________ _____ ----------------------------------·---· ----5 59.8 57.2 40.4 39.5 2.1 0.9 Waco-----------------------------------------------------------------------------5 61.5 59.4 26.6 27.7 2.2 2.3 All Others---------------------------------------- -----------------------·----·-----·---------------20 57.9 57.1 35.0 36.7 2.2 2.3 Stores Grouped According to Type of Store: Department Stores (Annual Volume Over $500,000) _____________ ____ _____ 18 66.3 65.4 53.8 50.2 1.3 1.6 Department Stores (Annual Volume Under $SOO,OOO) __________ _______ ____ 13 58.3 57.6 30.8 32.5 2.5 2.6 Dry Goods-Apparel Stores___ _ _ _ _____ _ __________ __________ _____ 6 59.4 58.0 39.6 4.0.3 2.5 2.2 Women's Specialty Shops----------------------------------------------------· 14 64.0 60.9 33.1 32.4 1.5 1.8 Men's Clothing Stores______ _ _ ________ _ _______________·--------------------------­ 17 68.3 66.3 39.5 39.8 2.0 2.2 Stores Grouped According to Volume of Net Sales During 1939 : Over $2,500,000____________________________________________ ______________ 9 69.0 66.7 42.l 40.4 1.3 1.6 $2,500,000 down to $1,000,000____________ _ ______________________________________--­8 61.0 62.5 42.0 37.5 1.5 1.8 $1,000,000 down to $500,000_________ ___________________ _______ _ __________ 10 59.2 57.6 38.5 38.5 1.6 1.9 $500,000 down to $100,000___________________ ___________________________________ 31 55.3 55.6 36.9 36.0 2.5 2.3 Less than $100,000______ _______ ___________ __ ___ _ ______________ _ _____________ ________ _ __ 10 49.4 51.9 36.1 37.l 4.5 4.6 NOTE: The ratios shown for each year, in the order in which they appear from left to right, are obtained by the following computations : (I) Credit ealei divided by net sales. (2) Collections during the month divided by the total accounts unpaid on the first of the month. (3) Salariea of the credit depart­ment divided by credit sales. The data are reported to the Bureau of Business Research by Texas retail •tores. TEXAS COMMERCIAL FAILURES COTTON BALANCE SHEET AS OF AUGUST 1 July 1940 July 1939 June 1940* (lo Thousands of Running Bales) 23 18 Number ----------------------------36 Governm ent Liabilitiest ______________ __________ $3,250 $ 377 $ 191 Estimate Assetst _____________________________ __ $3,883 $ 166 $ 226 Carryover as of Balance Aug. 1 Aug. 1 Aug. 1 Average Liabilities per $ 16 $ 11 1934---1935 -------------------------7'746 9,195 16,941 Failure -----------------------------$ 90 1935-1936 ------------------------7,148 11,798 18,946 *Revised. 1936-1937 ------------------------5,397 12,481 17,878 tin thousands. 1937-1938 ---------------------4,498 15,593 20,091 NoTE : From Dun and Bradstreet, Inc. Two firms which were reported as commercial failures in July had assete 1938-1939 --------------------------11,533 11,988 23,521 and liabilities of over Sl ,000,000 each. 1939-1940 _______________________13,033 11,412 24,445 1940-1941 -------~-----------------10,596 11,429 22,025 TEXAS CHARTERS July 1940 July 1939 June 1940 The cotton year begins Aug. I. Domestic Corporations Capi ta!iza tion• __________ _________________$4,387 $1,411 $1,960 COMMODITY PRICES Number ------------------------------------88 104 97 July 1940 July 1939 June 1940 Classification of new corporations: WHOLESALE PRICES: Banking-Finance -------------------------3 7 2 U. S. Bureau of Labor Manufacturing ------------------------16 13 13 Statistics (1936=100) 77.7 75.4 77.5 ----~----------­ Merchandising --------------------------19 28 24 23 5 FARM PRICES: Oil ---------------------------------------------14 Public Service -------------------------2 0 4 U. S. Department of Agricul-Real Estate-Building -----------------9 10 9 ture (1910--14=100) --------95.0* 95.0 -------89.0 Transportation ------------------------5 2 4 U. S. Bureau of Labor All Others --------------------------------20 21 36 Statistics (1926=100) 66.5 62.6 66.2Number capitalized at less than RETAIL PRICES: $5,000 -----------------------------------37 54 36 Number capitalized at $100,000 Food (U. S. Bureau of Labor or more ------------------------------6 5 2 Statistics 1935--1939=100) 97.4 94.3 98.3 Foreign Corporations (Number) ____ 21 21) 21 Department Store (Fairchild's Publications, Jan. 1931=100) ----92.9 89.3 92.9 *In thousands. NoTE : Compiled from records of the Secretary of State. *Preliminary. TEXAS BUSINESS REVIEW JULY RETAIL SALES OF INDEPENDENT STORES IN TEXAS Number Percentage Change in Number Percentage Change in of Dollar Sales of Dollar Sales Firms July 1940 July 1940 Firms July 1940 J uly 1940Re· from from Re· from from porting Jul y 1939 June 1940 porting July 1939 June 1940 - TOTAL TEXAS ---------····-·--······-·------1,168 + 5.0 4.1 Temple -------------·-·····---------·-·---8 3.2 -4.3 TEXAS STORES GROUPED BY Waco -----------·--------------------------28 + 0.5 -11.6 PRODUCING AREAS: All Others ··--·-·----------------------102 6.1 + 2.8 + 8.3 1.5 DISTRICT 5 ---------------------------122 0.9 + 1.6 DISTRICT 1-N -----····-····--··----69 + 14.5 0.9 Bryan -------------·----------------------5 + 3.6 + 12.4 Amarillo ------------------------14 -1.9 1.3 Clarksville -------------------------5 + 7.8 + 3.1 Canyon ---------------------------------6 Henderson ---·-------------·-·-------·-5 + 32.1 + 27.9 Pampa ------------------------------------10 + 19.9 0.7 + 15.3 + 8.6 Longview -------------------------------6 + 22.7 +29.8 Plainview --------------·-·-··-----------14 -11.0 -10.7 Marshall ------------------·---------8 + 6.7 -5.5 All Others ------------------------···--·· 25 Palestine ----------------------·-··· 6 + 6.4 -0.2 + 3.9 + 6.6 DISTRICT 1-S ---····--··----------21 -Texarkana -----------------------·-·--5 + 5.5 +20.5 Big Spring ------------------------------6 8.3 + 19.0 + 5.4 -7.1 Tyler -----·----------------------------·---13 3.7 + 0.2 Lamesa ---------·-···-----------···--···----5 All Others ·----------------------------69 8.0 -4.6 Lubbock -------------------------------6 + 12.8 + 8.4 -2.5 -29.8 DISTRICT 6 ---------------·-··---··--35 0.7 -14.7 All Others -----------------------·-·· 4 -5.1 -4.8 El Paso ------------------·-·-·--·----23 0.4 -15.1 DISTRICT 2 -------·-·---------------95 All Others ·-------------------------·--12 6.2 -6.8 + 0.3 + 4.8 Abilene ---·-·---------------------------· 16 DISTRICT 7 ·-----·---------------58 + 5.3 + 4.3 Snyder --··-·····-····-··-···--·-·--·--5 -19.9 -13.9 + 4.5 + 0.5 Brady ------·--·--·--·------------------7 -11.8 -7.8 Vernon -----------------------------6 San Angelo --------------------------13 + 4.5 + 14.0 Wichita Falls -------·-------··--·-·-14 + 1.0 -15.5 -11.0 4.8 All Others -----·-··------------------38 + 8.6 -1.6 All Others ------·····----······--·-------54 DISTRICT 8 ·--------------------------223 + 9.4 + 5.4 + 6.2 + 1.7 DISTRICT 3 -----·-··-------·--------45 Austin ------------------------------22 + 3.4 -2.8 Breckenridge ---------------------------7 4.6 + 0.9 Beeville ---------------------------·-·-7 -29.4 +36.3 Brownwood --·------------------8 + 3.2 3.3 9.1 + 7.4 Brenham -------------------------·-5 -10.2 -10.8 Eastland ----------------------------5 Corpus Christi --------------------14 -6.6 1.0 All Others ----·-·---------------------25 + 9.3 + 2.3 Lockhart -------------------·-·--------·-8 -5.8 + 3.5 DISTRICT 4 ---------------------268 + 5.0 7.4 San Antonio ---·---------------·-66 + 18.2 + 7.8 Cleburne ---------------·--------------8 + 2.6 + 5.1 San Marcos ----------------·----------9 + 14.5 + 8.9 Corsicana ···-----------------------8 + 8.7 + 0.6 All Others ---·------------------------92 + 12.1 + 13.1 + 8.2 6.8 Dallas -----------------------------42 + 11.6 + 3.2 DISTRICT 9 -------------------·--·--163 + 7.8 -8.6 Denison ···-------·----····------------9 -2.1 6.0 Beaumont -----------------------------20 +10.7 -8.6 Ennis ----------------------------6 Galveston -----------------------------19 -0.2 -13.9 Fort Worth -----------------·-··-51 + 8.9 -12.5 -14.7 + 12.8 Houston -------------------------------54 + 7.5 -8.4 Taylor -----------------------------6 Port Arthur ---------------------20 + 11.8 -8.2 Victoria -------------------------7 -3.1 -18.1 PURCHASES OF SA VIN GS BONDS All Others --------------------------43 + 12.5 2.9 DISTRICT 10 ----------------------69 -3.7 + 7.4 July July Jan . 1-Auc. 1 1940 1939 1940 1939 Brownsville -----------------------13 -5.5 + 6.5 Abilene ___________$ 47,494 $ 50,831 $ 214,410 $ 129,655 Harlingen ---·--·----------------------8 -20.2 + 6.1 Laredo -------··--·---···--·--·-6 8.2 + 4.6 48,750 45,825 265,969* t Austin -----------­88,181 54,544 456,881 269,887 Amarillo --------------­ All Others ----------·-·---------------42 + 7.7 + 9.0 Beaumont -----------­23,775 63,525 398,468 333,545 Big Spring ----------­14,606 13,819 82,669 64,482 Brownsville ·-----­6,544 2,400 64,614 63,375 Brownwood -------­3,956 1,575 50,513 44,139 Dallas ---------------­191,944 431,456 1,806,695 1,716,150 Del Rio -------------­1,725 563 14,701 3,657 Denison -------·--------­11,025 10,350 101,289 85,350 Denton ------------­1,163 13,294 t t El Paso -------------­58,350 54,825 646,370 532,612 Fort Worth -------­94,238 152,344 662,678 675,895 Galveston --------­56,100 35,606 380,025 245,044 Gladewater ----------­1,762 14,138 67,218 67,971 Harlingen ----------­7,838 13,575 45,089 44,532 Kenedy --------------­38 75 t t Kilgore -------------­16,088 19,106 78,957 84,357 Longview ------·-­18,131 28,125 202,463 167,833 Odessa --------------­2,531 10,350 t t McAllen ---------­3,975 3,844 54,113 46,163 Pampa -----------­2,657 4,463 t t Port Arthur --------­10,069 38,869 227,194 154,876 San Angelo ---------6,600 9,638 134,718 87,431 San Antonio _______ 158,156 241,669 1,273,463 995,289 San Benito ---------­656 2,494 28,426 15,957 Sherman ----------­10,256 5,362 69,132 57,057 Tyler -------------­14,925 12,769 217,462 200,381 Waco ---------------· 84,281 68,925 493,160 327,674 TOTAL _________ 985,814 1,404,359 7,770,708 6,413,312 *Not inch1ded in total. tNot available. NoTE: Prepared from reports of independent retail stores to the Bureau of Business Research coOperating with the U.S. Department of Commerce.