The University of Texas Entered u 1econd-class matter on May 7, 1928, at the poet office at Auetin, Volume IX, Nos. 6~ September 30, 1935 Texas, under the Act of August 24, 1912. Business Review and Prospect T HE LAST ISSUE of the REVIEW dated June 29 began with the statement: "Indications are growing that the period of normal summer dullness will be shorter and milder this summer than a year ago." A number ef factors were cited in support of this opinion, and events during the summer have fully vindicated the survey presented at that time. Moreover, it is becoming increasingly clear that the forces which were then noted as making for sustained business recovery are becoming more and more effective, and new construc­ tion factors not discernible a few months ago are making their appearance. Despite the undoubted improvement which has taken place in business "visibility" and sentiment during the past three months, the outlook for the intermediate and longer term is by no means altogether "crystal elear." The foreign political situa­ti:on is just now casting an ominous shadow over the business horizon. Sfatistical data for June and July not found in this issue will be fur­nished upon request. reflecting the improved farm in­come and outlook. It is to be hoped that out of the Although for the moment attention is. being focused upon the Italo-Ethiopian situation, equally menac­ ing possibilities are latent in the aspirations of Germany and Japan. Statesmanship of the highest order is needed among all the industrial nations of the world if another world catastrophe is to be avoided. Behind these political and military disturbances which are so prominent at present are silent economic forces which must be more accurately appraised and directed in the future than they have been in the past two decades. Economic war which has existed among the commercial nations of the world since the treaty of Versailles must be replaced by friendly international trade relations if lasting prosperity is to be restored in the world and military conflict averted. In a word, fundamental causes of world distress must be discovered and acted upon with greater wisdom than has prevailed during the past fifteen years or more. Barring a major war, the various individual indexes combine to give a favorable general picture. During the months immediately ahead the consumer's goods in­dustries may be expected to increase their contributions to aggregate production. For the longer term, the capital goods industries are likely to continue with growing momentum the improvement which began early in July. This situation is already being reflected in car loadings, electric power production, and steel production. The agricultural situation, particularly the animal industries, including meat, dairy, poultry, wool and mohair prdouction, is especially promising. During the next year or more these industries are likely to witness increasing output at lower unit cost of production with widening margins of profit to farmers. Prospective returns from cash crops such as cotton and wheat also promise to be well above the depression low. Allied industries including food processing plants, ,manufac­turers of building materials, farm i m p 1e m e n t manufacturers, and transportation agencies already are critical international situation there may emerge an order of statesman­ ship c a p a b l e of appraising the causes underlying world economic maladjustments and of adopting policies which will gradually make for more harmonius international relations and the restoration of trade based on sound economic principles. And within our country there remains to be accomplished the solu­tion of the unemployment problem on the basis of sound economics and not upon temporary and superficial expedients. This problem requires state~men who not only are capable of analyzing the problems but who are willing to subordinate partisanship to human welfare. The longer-time economic outlook in this country and throughout the world is dependent upon how successful the people of industrial nations are in securing this type of statesman. In agriculture, industry, and trade, Texas has more to gain from an enlightened national and international economic policy than any other state. This situation arises from the fact that Texas is not merely a national factor, but a world factor in the production ·of such im­portant commercial products as cotton and petroleum. F. A. BUECHEL. For Texas Data, See Statistical Tables at the End of this Publication. TEXAS BUSINESS REVIEW Financial The closing clap; of Congress witnessed the hurried enactment of many controversial measures including the utility holding company bill, the A.A.A. amendments, the Guffey coal bill, the Banking Act of 193.S, and the "soak-the-rich" tax bill. Of these laws, the three first mentioned seem headed for early tests as to constitu­tionality before the Sup..cme Court, with the odds favor· ing the voidance of the b~t two. The taxation bill, which, as a budget balancing device, is pathetically futile, seems significant on two counts: first, it reveals the utter impossibility of providing for the cost of the "more abundant life" by means of heavy taxes imposed upon the wealthy few, and, second, it affords some slight foretaste of the enormous tax burden which must sooner or later be imposed in order to pay for the lavish spend_­ing of the past few years. The Banking Ac:t of 1935, as approved by the Presi­dent on August 23, is considerably modified from its first draft. Among its desirable features are: the drop­p;ng of the Secretary of the Treasury and the Controller of the Currency from the Federal Reserve Board, the pro­vision permitting the Reserve Board to raise the legal reserve requirements of the member banks up to 100 per cent, and the placing of federal deposit insurance oh a slightly more practicable basis. On the other hand, the Act places the central banking system more com­pletely under political control and seriously lowers the lending standards of the federal reserve banks. The President's appointment of Marriner Eccles to serve as Governor of the reconstituted Federal Reserve Board indicates his continued intention to pursue the managed credit and currency will-o-the-wisp so enthusiastically endorsed in 1933. Monetary and banking trends have remained almost unchanged since the last issue of the TEXAS BUSINESS R)':VIEW which appeared in June. The total quantity of money in circulation, adjusted for seasonal variation, continued to expand slowly, rising from $5,563,000,000 on June 12 to $5,605,000,000 on September 18. Al­ together, the monetary circulation has increased some $250,000,000 since the first of the year, which suggests either a growing need for money with which to conduct business or currency hoarding, more probably the former. The monetary gold stock of the country likewise has continued to grow, increasing from $9,016,000,000 on June 12, to $9,240,000,000 on September 18. Total gold imports into the country, which have aggregated some $868,000,000 during the first eight months of the year, are certain to be greatly augmented in the next few days as the result of a renewed flight of capital from the Continent to New York. This latest capital flight which between September 9 and September 23, has involved the engagement of more than $132,000,000 in gold for New York, originated from fear that the present Dutch cabinet would be forced out of office in favor of a devaluation government. The resulting gold exports have seriously impaired the gold reserve position of Holland and, if continued, might shortly force that country from the gold standard or to debase .the guilder. More recently, the capital flight has been st11nulated by fears of a European war, much of the gold engaged f?r export representing private hoards formerly held m London. The position and credit policy of the Federal Reserve System remains practically unchanged. The member banks, with total borrowings of $9,638,000 on September 18, continue to be virtually out of debt to the central banks. Industrial advances of the federal reserve banks in recent weeks have ranged around a total of $30,­000 000 an insianificant sum in comparison with normal bor;owi~a fro~ commercial banks. Fede-al reserve note circ~lation has expanded by some $250,000,000, most of which probably represents replacement of national bank notes now in process of retirement. The federal reserve banks continue to follow an extreme easy money credit policy, and there is no indication of any immediate change of direction. Rediscount rates have been set at the record low level of 2 and 2% per cent, and the reserve banks continue to carry a huge inventory of government obligations purchased in the open market in 1932 and 1933. Excess reserve balances of the member banks have continued to grow during the summer months, reaching the amazing record total of $2,820,000,000 by mid­September. This figure is the more impressive when it is remembered that these excess reserves are the same as idle cash in the vault to the owing commercial banks, all of which could be loaned at a moment's notice. Despite the continued presence of this huge loanable. fund, commercial bank credit stubborn! y refuses to expand. Total secured loans of the reporting member banks declined from $3,040,000,000 on June 12, to $2,990,000,000 on September 11. Over the same period, total "other loans," representing chiefly advances to business men for working capital needs, also decreased slightly from $3,230,000,000 or $3,218,000,000. Holdings of United States obligations, however, expanded from $8,099,000,000 to $8,273,000,000, reflecting the con· tinued financing of the huge federal deficit by com· mercial banks. It is now apparent that the failure of bank loans to expand is not the result of the refusal of commercial bankers to extend credit to deserving business borrowers, but rather results from the lack of any effective demand for such credit. Any material increase in the demand for commercial credit will develop only from expanding business activity, and even here a considerable lag can be expected between rising business activity and increas· ing bank loans. That business recovery is being retarded by the tremendous growth in federal regulatory legisla· tion and by a growing fear as to the future of govern· ment credit cannot be denied. In this connection, the President's recent statement to the press that a "breathing spell" for business is now at hand can hardly be regarded as reassuring as the statement implies both an acknowl­edgment that business has been held hack by "reform" legislation and that there is more yet to come. Banking trends in the Eleventh District during the year have paralleled rather closely the general trends for the country as a whole. Net demand deposits of the reporting member hanks in this district have expanded sharply, and excess reserve balances have continued to grow. Secured loans have contracted noticeably and "other loans" have shown little change. Investments in government obligations have grown steadily, reaching a total of $204,000,000 in August. Clearly, commercial banks in the Eleventh District are encountering the same general difficulty in placing their loanable funds as are banks in the north and east. J. c. DOLLEY. Petroletim Point of View.-The economic importance of Texas oil resources and the Texas oil industry cannot be indicated just by citing statistics or by using any statistical methodology yet devised. Quantitative data, however, may be utilized to present more definite im­pressions of certain features of the qualitative aspects of the industry. It is necessary in the first place to view the modern oil industry in the perspective of economic scientific development, especially in the period since the inception of the Mechanical Revolution during the middle of the Eighteenth _Century. The birth of industry in the modern sense waited upon and was made possible by the discovery of how to generate and utilize mechanical energy in a large way­beginning with the use of coal, followed by the develop­ment of hydro-electric power and still later the use of the internal-combustion engine. 'Large use of mechanical power in the regions com­prising world market areas is the essential basis-the mainspring of the world's work to a degree not usually appreciated. And while the industrial plant or factory is commonly regarded as the representative expression of the modern Power Age, yet it would be difficult to ·overestimate the economic, social, or political signifi­cance of our modern transportation systems which so effectively bring together the world's producing and market areas. Moreover, it is just as desirable to keep in mind that large use of energy resources at a low rate of expenditure is the key to any complete interpretation of either the value or the utilization of natural resources possessed by any country or region. Comprehensive and reliable st.udies of energy reserves and the feasibility of their utilization are today of incalculable value in intelligently directing or planning the course of industrial develop­ ment of a country or a state. And it may be kept in mind that ours is an industrial age. As a background for ensuing articles in this series the following are presented in broad outline. World Aspects.-Of the total production which now amounts to more than 26.5 billion barrels of oil the United States has contributed nearly two-thirds or 64 per cent of this vast quantity. In the light of the best geologic knowledge available, the total ultimate reserves of the rest of the world greatly exceed those of the United States. Indeed, it is estimated that originally the United States contained only one-third of the world's tory of the United States has been more thoroughly explored for o:I than has that of any likely oil producing country of any size. Moreover, estimates of oil reserves can be at best only shrewd guesses. Of proven oil resources amounting to about 25 billion barrels, the United States possesses nearly 50 per ceni of the total; in the United States proven oil reserves amount to about twelve times the present annual pro­duction of this country. Texas' Position.-Texas is furnishing now more than 40 per cent of the current production of the united States; Texas has about 50 per cent of the proven oil reserves of the nation ; or some 25 per cent of the porven oil reserves of the whole world. The total ultimate oil reserves of Texas are thought tc be very large; oil reserves of Texas, in brief, are a function of a large number of factors, including the inclusive groups of formations represented in the geo­logic column, the diversity of strata, the structural aspects of the various geologic regions and the wid~ geographic extent of the State's territory. Moreover, the fact that Texas is the only major oil producing State whose proven reserves exceed its total past produc­tion is one of no little significance to the oil industry of the nation as well as to Texas. Production.-Similar to the case of other minerals, oil production affords a striking example of geographic concentration. The large proportion of the oil produced to date has been furnished from a few fields, whether in the United States or elsewhere. Of foreign fields the great Baku area in Russia is a striking example. In the United States such major fields as Yates, Kettleman Hills, Oklahoma City, East Texas, and Conroe come readily to mind-but it is rather remarkable that the United States fields above named were all disco\·ered .,.,ithin a five-year period (1926-1930). It is all the more remarkable to note that the discoveries in this fi\·e-year period amounted lo more than one-third of all the oil which has eYer been found. i\'ewness of Modern Oil lndustry.-lt may be sur­ prising to note that it was not until after 1914 that the volume of gasoline refined in the Cnited States exceeded that of kerosene. The rapidly growing demands for oil products occasioned by the World War first brought about systematic efforts on a wide scale to find oil reserves; paralleling these movements came the system' atic application of geologic principles to oil finding: oil reserves. It should be kept in mind also that the terri-After 1926 came the use of geo-physical methods. TEXAS BT:JSINESS REVIEW Outlook.-ln the United States the rate of discovery of new fields has already fallen off; further exploration in the nation and in Texas is likely to be attended by higher costs. In the field of oil production deeper drilling is con­sidered of utmost importance in many sections of prob­able oil producing regions. The deepest well in the world which is now being drilled in Texas has reached a depth of more than 12,000 feet. Deep drilling in Texas or California today stands in great contrast to the shallow wells of the early developed Appalachian fields or even those of northeastern Oklahoma. Also various improvements in production technique have already proven beneficial in increasing the percentage of reco; ery from oil reservoirs. Continuation of two . other significant trends may be looked for: One of these is the further application of improved chemical technique in oil refining; the other, further developments in the mechanical technique of internal combustion engines. For instance, a French Peugeot automobile is said to run about 40 miles to the gallon of gasoline! There are reasons for believing that the Diesel engine today may be on the threshold of a development comparable to that of the ordinary gasoline (Otto) type after 1900. ELMER H. JOHNSON. Cotton Undoubtedly the most important development in the world cotton situation for the cotton year 1935-1936 to date has been the change in policy of the United States government towards the cotton problem. The shift from a holding policy by means of purchases and loans above market price to a policy designed to encourage marketing of the cotton is significant and will greatly strengthen the position of American cotton in world markets. Better price parities with foreign cotton and a free marketing policy will stimulate both exports and consumption of American cotton at home which ought to strengthen prices in spite of the increased production both at home and abroad. One must not get the impression that this change of policy towards marketing this year's cotton crop on the part of the Government will solve the cotton problem. The seriousness of the situation is revealed by the fact that the Administration has had to resort to outright subsidy for the cotton growers in order to ease over an increasingly difficult problem. This subsidy which is in the form of a guaranteed price is equal to the difference between the price of middling % -inch cotton in the ten designated markets on the day the farmer sells and 12 cents. On September 20, for example, the average price of middling Ywinch cotton in the ten markets was 10.58 cents. The subsidy payment for farmers who sold cotton on that date would be 1.42 cents regardless of the quality of the cotton or the prices they received. Subsidies will be given only to cotton growers who agree to cooperate in the Government's cotton program for 1936. This subsidy in conj unction with rental and benefit payments will probably secure the cooperation of most all cotton growers. The momentous decision of the Government in the case of cotton, therefore, lies just ahead. Will the erroneous doctrine that planned short crops bring the farmers more money than large crops, continue to shape Government cotton policies? High values of occasional short crops due to unforeseen condi­ tions furnished the base for this doctrine. Is it not evident that we cannot have planned restricted pro­duction without planned restricted consumption? Have not the results of the last two years demonstrated that planned restricted production in the United States is offset very largeh by planned expansion abroad? Stated more concretely, what has been the net result of the cotton restriction program? American cotton production during the last two years has been reduced 8, 700,000 bales. WorId carryover of American cotton as of August 1 has been reduced 4,175,000 bales from the all-time high August 1932. World carryover of all cotton is down about 4,000,000 bales from the all-time high of August 1932. Foreign production has been increased to about 3,000,000 bales annually. Data from the U. S. Department of Agriculture and other reliable sources indicate a world crop of all cotton this year of about 26,000,000 bales, with the United States pro­ducing about 44 per cent of it. Prices of American cotton in gold have advanced very little. The fact is, the price of American cotton in Havre, France, during this September will average lower than during any September during the depression with the exception of September 1933 when it was approximately the same as now. This means, of course, that dollar devaluation and not the cotton restriction program has caused the rise of the price of cotton in this country. In other words, our planned reduction of supply has been offset by planned increased production abroad, planned reduction of consumption of American cotton both in the l'nited States and abroad, increased use of substitutes, and a greatly increased potential production of all cotton producing countries in the world. Will the Government continue to try to solve the cotton problem by the Defeatist program of drastically cur· tailing production? Would it not be wiser to use the subsidy and the measure of control secured to improve the quality of our cotton, and lower costs if necessary by subsidized increased production where that is necessary to accomplish the desired results? A. B. Cox. The indicated supply of cotton in theCOTTON United States September 1 was 17,986,000BALANCE bales compared with 16,337,000 bales Sep­SHEET tember 1, 1934. The indicated supply in the United States is thus 1,649,000 bales more than this date last year. Stocks of American cotton in Euro· pean ports and afloat to Europe are 497,000 bales less than on September 1, 1934. The effective supply of American cotton is 1,152,000 bales more than last year, including Government stocks. During the first seven years the average points change in the index price of cotton to each change of 100,000 bales of supply has been 22.84 points. If these figures hold good for this year, the index price of cotton based on the above change of supply should be 14.72 cents. When this index price is adjusted by the U. S. Bureau of Labor Statistics Wholesale Price Index of 80.5, and the spinners margin, the indicated price of middling % -inch spot cotton in New Orleans is 12.22 cents. The Bureau's supply-demand chart indicates a price of about 12 cents. On the other hand, price calculations based on average percentage change in price due to percentage change in supply indicate a price of between 10 and 10.50 cents. SPINNERS Spinners ratio margin on American cot- MARGIN ton based on the price of 32-twist yarn prices in Manchester and the price of middling % -inch cotton in Liverpool was 161 compared with 156 in July and 154.6 in August, 1934. The average pence margin for August was 4.01 d compared with 3.90 d for July and 3.94 d for August last year. These figures forecast increased consumption of Ameri­can cotton. Livestock Shipments Livestock shipments from Texas to Fort Worth and interstate points during August totalled 4,822 cars against 12,818 cars during the similar month last year, a drop of 57 per cent. The wide disparity between marketings this year and a year ago reflects on the one hand the huge Government purchases of livestock plus commercial marketings as a result of the drouth a year ago and, on the other, the reverse tendency this year of holding back livestock because of abundant feed and pasture and the prospects of favorable prices. Cattle shipments of 3,388 cars were less than one-third those of last year; calf shipments, 812 cars, less than one-half; and hogs, 226 cars, slightly .more than one-half. Shipments of 396 cars of sheep, however, were about 61 per cent greater than during August last year probably because the Government's sheep buying program had not gone into effect at that time. Subsequent reports will doubtless reflect the Government's sheep buying program which began about September or October a year ago. Substantial increases over a year ago occurred in shipments of cattle and calves to such feeding states as Illinois, Nebraska, Oklahoma, Iowa, and Indiana, but there were huge decreases in shipments to large markets. The outlook for the livestock industry appears to be the brightest in years. Not only will the volume of marketings soon begin to make more favorable showings, but the quality will be better as a result of adequate feeding, costs of production will be lower, and the level of prices higher. The income outlook from wool and mohair also is promising. Should industrial activity continue to improve as now seems probable, a strong sustaining force for prices of livestock and livestock products would be established even with the gradually increasing marketings which are expected to occur during the com;ng months. POULTRY Rail shipments of poultry and eggs to AND EGGS interstate points totalled 55 cars during · August, of which 17 cars were poultry and 38 cars were eggs. In August a year ago a total of 57 cars was shipped out composed of 28 cars of poultry and 29 cars of eggs. Only 4 cars of eggs were received from other states, 3 of which came from Kansas and 1 from Missouri. Last year 14 cars were shipped in during August, 10 coming from Kansas, 2 from Illinois, and 1 each from Missouri and Oklahoma. Retail Trade and Credit WHY THE CREDIT MEN OF TEXAS SHOULD CO-OPERATE WITH THE TEXAS BUSINESS REVIEW By ROBERT A. Ross Credit Manager Neiman-Marcus Company Dallas, Texas Your TEXAS BusINESS REVIEW is the official publication of the Bureau of Business Research of The University of Texas. This bureau, through its director, Dr. A. B. Cox, has evidenced a sincere desire to cooperate with the Associated Retail Credit Men of Texas by devoting a section of this publication to Retail Trade and Credit. No other organization within our knowledge has such complete facilities for assembling and analyzing infor­mation relating to Texas retail business and marketing. This information gathered from principal towns and cities over the State gives us an accurate comparison of our operations with others engaged in similar lines in this trade territory where conditions are closely com· parable. It provides a closer and truer measure than is available through national agencies and trade journals where information is gathered from many commercial centers over the United States where conditions may sub­stantially differ from those in our own field. An adequate amount of space has been set aside in the Retail Trade and Credit division of this publication for interesting articles by Retail Credit Men on timely subjects. Your official family and your board of direc­tors are most anxious that these articles present original thought so that Retail Trade and Credit will come to be known for its originality and each issue wilt be prized _ .. -by progressive credit men who are fortunate enough to have it come to their desks. Last, but not least, the Retail Trade and Cerdit division of this publication is, through the cooperation of the Bureau of Business Research, designed following the suggestions of the Retail Credit Men of Texas to supply the information of most interest to retail credit men. As such, it is your publication and certainly you will want to put your whole heart and your best thought into inaking it a pub! ication that will be recognized for its merit by the retail credit fraternity the country over. GENERAL RETAILING (General credit is given to the following publications for ideas and quotations which are difficult to credit in the detail of usin<>: Retailing; Th e Retail Ledger; National Retail Dry Goods As~~­ciation Bulletin; The Bus1:ness Week; Th e Credit World; and Time.) Telling the En:;lishman: David Ovens, President of N.R.D.G.A., was in England this summer, telling them how we do it. Among other things he said: "American retailers have found out many vital things in the last few years. We have found that we could pay good wages, work our people shorter hours and still make more money than under the old system. We found out that we could obey certain fundamental fair trade practices and still get along." Just among ourselves this statement seems to be a pious hope rather than a complete actuality. Have you watched motor cars this year? They have achieved real volume and are still going. Department stores may complain that these increased sales were made on "money out of our pockets." But in the competition of industries no such alibi has any weight. The auto­mobile industry has secured its business because of good management. It offers a product that is beautiful in appearance and which has high quality for the price. The City a.nd the Retailer. According to Dr. Miller McClintock, director of the Bureau of Municipal Re­search of Harvard University, municipal control of retailing is growing very rapidly, often to the extent of actually entering into competition with it. Chief among the evils which the investigators found in municipal laws were those governing business licenses, traffic regulations, and sanitation. Numerous instances have been found of cities setting up public markets in which space is rented at extremely low figures, thereby permitting outside retail business to be badly undersold. Costs of business licenses have been raised to so high a point that they far surpass the amounts needed for administrative and inspection work, and tend to be­come a mechanism for regulating business, not just for identifying. Traffic rulings have also been a sore subject. Fre­ quently It has been seen that parking laws have been definitely arranged to favor one group of business over another. Similarly, this has been done with the arrange­ ment of one-way streets. Most retailers, it appea,rs to Dr. McClintock, have been too busy, or too fearful to take definite action on public problems. They could have political power, but they have neglected to obtain it. Why not simplify terms? During the period of the N.R.A. it was stated that store discounts were absolutely necessary. Reductions in terms were greeted with the most violent protest. It appears now, however, that some stores are offering to buy in the apparel trades at net terms, provided that they get their own price. In re­buttal the manufacturers propose to put· all prices on a net basis. The Government and consumer cooperatives. "The average workingman who thinks of joining a Goopeartive thinks only of saving for himself the retailer's small net profit. He does not take due account of the fact that retail cooperative societies unite to form wholesale cooperatives, and that these wholesale cooperatives go into manufacturing and the production of raw materials, and that the great cooperative movement of the world is moving on to put into the pockets of the consumers that vast fund known as the profits of business. This is known to be a very concrete fact in those countries where a large part of the people supply their needs through their cooperative societies. "The distinguishing feature of the cooperative system is that it exists for the common good. All land, build­ings, or goods acquired become the common property of all the members. Every economy in distribution or manufacture, and every advance in efficiency made within the society benefits every member of it, instead of going to swell the profits of some one person."-Bulletin 598, U. S. Department of Labor. Says Retailing regarding this subject: "A movement looking toward the establishment of consumer selling cooperatives throughout the county is being considered in Washington by the consumer sections of numerous New Deal bureaus. It is not contemplated that the cooperatives should go into the general merchandise field, but rather should confine themselves to special commodities, such as gasoline, coal, milk, etc. "Numerous New Deal agencies, of course, have already been engaged in putting out information with regard to All Stores·---·-..----·-··-----·---·-·----·-----..........................--......-...............-....... Stores Grouped by Cities: Abilene ----------·--·-·-------·----------------------------·---------·------.......-..........------­Austin_____···----·---·-·-----····----··--·--·------·-·--------------.......-......-.................. Beaumont....__ ---·---------.........-........_................-....-....-..........._..___... Dallas ___···------· .........·-------........................--..------------------------·-------.. Fort Worth·--·--·---------·-·---·---·------..........____..............----------------------­ Houston_ ________ ..___ ___,,__ ____ ...._......-....-.........._....................................-­San Antonio __ __ ·-·-------·-----..·-------------.................----------...........---------­Waco_ __ __ ,.._----------·-------··......-..................................-...-...............-........ All Others --·-··-·----·---·-------------·-·--------..-..................._......_.................. Stores Grouped According to Type of Store: Department Stores (Annual Volume over $500,000) ..............._... Department Stores (Annual Volume under $500,000) ................. Dry Goods-Apparel Stores_......-........._...._.._.........-............_.._......... ~~:.:'Bo~~~~a~~~r~:~.~.::::::::::::::=::::=::::::::::=::=::=::=::=:::::::::::::: Stores Grouped According to Volume of Net Sales During 1934: $3,500,000 down to $2,000,000 ..............-......................_...........-...­$2,000,000 down to $1,000,000.....-..................-......................._.._..__ $1,000,000 down to $300,000_......-........................_..__......-------------­ Less than $300,000 ·--·-·-------·-·-·---------·----·--·-··------···-------------·------·-· •The classifica tion by cities includes all stores reporting as indicated -in the c NOTE: The rations 11hown for each month, in the order in which they appear f month. (3) Salaries of the credit department divided by credit salee. ·. The data u e reported to the Bureau of Business Reseilrcb by Texas retail store... • ith ~ at~ the care and feeding of cooperatives. The A.A.A. con­ latTIJ) sumers unit has been especially active in this. ln11 "Most of those interested in the movement do not be­:ison1 lieve that if it materializes in any big way that the govern­mental agencies will go beyond the field of disseminating i, "1lt information with a view to stimulating the development i]le.11\in of cooperatives." Remember, retailers, when coop­miaU 111 eratives "materialize in a big way" it will be too late fact tli to do anything about it. ~hoill!li Chain Store Taxes. Eighteen states now have chain ativ~ ~ sfore taxes, with probably one more to follow. Cali­llaleriak fornia is about the highest with $500-a-store tax on all he WO~ over ten stores. Statisticians figure that the new tax oruu~ would put prices of foods and other necessities up 5 to ' This i 10 per cent; 135,000 consumers have petitioned that the ies~fm act be suspended until a referendum can be held. It 3ll11onp will be interesting to see what happens, because sales taxes and chain store taxes are now pretty well estab­ve S)slill lished. The Texas chain store act now being considered id, hii by the Legislature seems to carry a tax of $750 a store pro~ for all stores over fifty. This seems rather high. So bution ~ long as consumers are not directly and dramatically 1dewilli! affected, they do not care much what is done in the name of go~ of taxation. But if they decide that such taxes are ktin l~~ definitely raising the cost of living, they may react as they have been doing in Detroit and other cities, in some movelli!l form of definite boycott. :r sell~ BUILDING onsidere! DumeJQi'; Your store building. There is considerable evidence ilia!~\ that the capital goods industries are spending a consid­ rchanlR J erable part of their surplus funds for new buildings and ospitUI equipment. This is being done not only as a safeguard against inflation, but to avoid taxation as well. So far as retailing is concerned, the best of the stores still need air-conditioning, and the average store needs a lot of l'* AND AUGUST CREDIT RATIOS IN TEXAS RETAIL STORES* (Expressed in Per Cent) ,-----Ratio of Credit Sales to Net Sales~ ,---Ratio of Collec tions . August .1935 1934 July 1935 1935 June 1934 1934 August 1935 19H July 1935 -­61.l 58.8 58.0 56.4 60.1 58.3 32.7 30.7 34.9 - 57.8 54.4 52.7 48.3 52.4 50.5 23.3 21.4 26.9 - ?6.9 59.6 54.4 54.7 54.9 58.2 37.6 36.2 38.2 -­~ 57.7 57.4 52.4 61.6 58.0 34.7 32.8 37.0 -­61}.3 __ 55.6 68.3 53.9 67.6 56.2 66.0 53.4 67.3 55.3 64.6 52.9 32.1 29.6 32.0 27.4 34.4 31.5 -(i().3 -­58.1 -­66.0 --53.7 56.4 55.0 62.3 51.2 54.7 54.5 57.7 51.5 56.1 53.9 56.0 48.5 60.9 57.3 58.7 55.2 60.0 55.7 56.6 53.9 38.l 36.5 28.9 30.2 30.7 36.9 26.5 28.8 40.0 37.9 28.6 33.4 --­(i().7 ::_, 57.8 59.0 51.2 57.9 54.9 57.4 ®.7 59.2 60.7 57.9 57.0 33.7 26.2 31.3 25.3 36.0 28.2 _ ru ~ ~ ~ ~ ~ ~ ~ ~ _ (i().8 57.4 58.7 54.0 61.0 59.1 :n.9 30.9 33.8 - 67.7 67.4 63.0 61.1 65.9 62.5 36.5 34.5 38.1 ,j'3J:.'.-63.9 62.7 62.3 61.9 64.3 62.4 35.0 32.4 40.4 ~ ~ ~ ~ ~ ~ ~ ~ ~ -56.0 -1'.3 50.2 53.7 50.l 51.5 47.5 48.9 54.9 57.3 44.6 54.0 36.7 28.7 38.6 28.6 40.7 31.7 modernization. If it is good business for manufacturers to put surplus funds into new equipment in the hope of preserving the money, then it appears that it would be equally wise for retailers to do likewise; particularly since money may be borrowed from the F.H.A., possibly to be paid off in inflated dollars! Escalators. New installations of escalators in Chicago constitute impressive evidence on the subject. These companies include: Marshall Field; Carson, Pirie, Scott & Co.; Mandel; Davis; and Sears Roebuck. Lighting. Jewelry, whether of the costume type or the really precious stones, requires a high intensity illumina­tion of at least 50 foot-candles in order to bring out the sparkle and refraction of the cut stones. Furniture, on the other hand, should not be displayed under more than 15 foot-candles of illumination. The reason is that in the average home the foot-candle intensity is even below 15. In between are the yard goods and notions which require about 20 to 25 foot-candles of illumination to ·display them properly. With less light many of the details and patterns in the goods would be lost to the casual observer. The street floor should be lighted to a higher intensity than any other general floor area because it must look cheerfully inviting to the prospective customer entering the store from the daylight outside. The lobby imme­diately off the street should have as high an intensity as possible so that the contrast between the bright sun­light and the interior of the store is not too great. Why not have your lighting checked by a good company? LABOR The retail labor situation remains somewhat acute. As the N.R.A. codes were abandoned, there was a tend­ency for stores to lengthen hours, and, sometimes, to to Outstanding8--\ ,--.--Ratio CJf Credit Salaries t'' Crt~dit Sales~ June August July June 1934 1935 1934 1935 1934 1935 19.H 1935 1934 32.4 35.4 35.9 lJ lB 13 22 lh lJ 24.0 26.7 25.4 2.6 3.2 2.7 3 .. 5 2.5 2-7 36.8 39.0 41.3 1.4 1.5 1.6 2.1 1.4 1.4 33.6 35.4 38.6 2.0 2.2 2.4 2.8 1.9 1.9 33.5 35.0 36.7 1.4 1.5 1.7 2.0 1.4 1.7 30.8 32.9 32.4 1.8 1.8 1.9 1.9 1.6 1.8 33.4 40.5 35.3 1.9 1.9 2.5 2.4 1.9 1.7 38.4 37.1 41.4 1.1 1.4 1.4 L7 0.9 1.2 27.6 31.7 29.5 1.6 1.8 1.7 2.6 1.8 1.9 28.9 33.5 36.2 2.6 2.7 2.7 3.1 2.2 2.2 33.6 36.5 35.7 1.5 1.6 1.8 2.0 1.5 1.6 25.9 29.0 32.9 2.7 2.9 2.6 2.7 2.2 2.4 28.3 29.9 34.8 3.0 3.0 3.2 3.5 2.6 2.8 31.5 34.5 38.l 1.4 1.5 1.7 2.2 1.4 1.5 34.5 37.2 37.3 2.0 1.9 2.6 2.8 2.0 2.1 32.5 37.4 37.7 1.3 1.5 1.5 1.9 12 1.3 33.5 35.8 35.2 1.5 1.6 1.9 1.9 1.6 1.6 37.0 41.0 41.3 2.2 2.2 2.3 2.5 1.8 1.9 32.3 31.5 38.8 3.3 3.9 3.4 3.9 2.5 3.0 :::.1Iii or 1tore1. ( ) c d" l d' 'd db ( ) ~tbt1 ~:.are obtained by the following computations: I re lt sa es 1v1 e y net saJes. 2 Collections during the month divided by the total H'C'ount!< unp.:i i rt on the first of the :~,~­ reduce wages. Added to this is the tendency for retail stores, even the largest, to stay open at least one night a week. Under these circumstances it is obvious that retail labor would feel that it had just cause to object. In addition, there is the fact that organized labor has strengthened itself in nearly all departments, and that expansion into the open field of retail labor has always looked attractive to labor organizations; its accomplish­ment was only awaiting the opportune day. Retail labor's short strike experience is very encourag­ing to date. I11 the big A. and P. lock-out in Cleveland last year, the strikers forced a re-opening of the stores despite threats to move out, and a guarantee of no dis­criminat:on against the union. Today, the Retail Inter­national, which is concentrating its chain store agitation in Cleveland, has the dubious satisfaction of knowing that A. and P., Fisher Brothers, and Krogers are all pretty much worried. In the protracted strike in New York's James Butler stores last spring, employees won every decision before regional and national labor boards before the death of N.R.A. left them with a hollow victory. Now there is prospect of another strike in the Butler and Reeves chains in New York City. In the department store field, the record is even rosier. The two-month strike at the Boston Store in Milwaukee led to an agreement to review wage scales and finally resulted in more pay to the workers. In New York the six-week strike in Ohrbach's, led to immediate benefits in the form of pay increases and the adjustment of other grievances. The same was true for S. Klein's and for many other smaller stores. Retail labor is engaging the attention and help of Consumer and Women's organizations and is creating considerable feeling in this matter. At a mass meeting of 1,000 people in New York City, Congresswoman O'Day said, "Stores which are unethical in their labor practices will eventually go to the wall because of modern women's attitude toward industrial conditions." Retailing suggests that in the final analysis it will probably be the consumer, not the store nor the union who will decide what stores will do about their labor regulations. There is as yet no retail leadership in this matter of labor policy. The first serious trouble arose about a year a11:0 and there have been plenty of warnings, but so far no policy and no leadership has come into view. PERSO\i\EL AND TRAINING Dr. Nystrom says: "Retail salesmanship today is almost a lost art. Retailers are certain to turn once more to the thorough reorganization of education for their employees. During the next twelve months it is expected that unusual efforts will he made to n·build sales morale and ability lo the rxtent that it existed before the df'pression began." Miss Jean Mackay, training supen ·isor for Harrods, Ltd., London, England, says: "Four out of five sales people are too passive and let the customers run ram­pant, dictate the selling technique, and handle the sales. "Most everybody complains about the poor quality of salesmanship behind department store counters. Few stores are willing to 'spend money to correct it. How much better trained is your sales staff today than it was two years ago? What is the size of your training department?" Dr. Elizabeth D. McDowell of Columbia University says, "A harsh, rasping quality of tone plus a downward inflection with explosive driving stress, and short, snappy phrases, has few rivals in building up antagonisms." CREDIT The Federal Housing Administration threw a bomb into the camp of the retail credit men and finance com­panies when it announced a policy of aiding the selling uf household equipment on the basis of "nothing down­5 years to pay--don't bother about the credit risk." Since 1900, finance companies have learned from b=tter experience that installment buyers should: first, make a substantial down payment; second, pay up within a year or two on all moderately priced house­hold equipment; third, expect to lose the article if the terms of the contract were violated. These companies say that the F.H.A. threatens to undo all of the educational work which has been done over the years. and this at a time when so many stores are reaching over into the installment field with new "soft" items, with too generous terms and with no experience. Retailers must keep themselves informed on this new credit situation. You remember the 2 per cent for cash plan of Straw­bridge-Clothier in Philadelphia. Of course, some of the competing stores labelled this plan nothing but a polite price-cutting scheme, and they cut their prices accord­ingly to meet this threat. Some manufacturers resented the idea and withdrew their products. Here is that side of the story as Retail Ledger presents it: "While we agree that the practice is not 'price­cutting,' we do not agree at all that the new policy is sound, or likely to he permanent. First, it is not a fact that charge business is more costly to a good store than cash business, because the real expense of billing, credit administration, and interest is offset by compensating advanta~es in lower sales resistance, larger average transactions, a loyalty to the store which makes high­pressure advertising unnecessary and generally a more balance.cl: dependable business little affected by spurty compet1t10n. In the second place, competitors imme­d~ately offset any price advantage of the 2 per cent discount scheme by cutting their prices at least that much or loudly claiming to do so. No average customer can find a 2 per cent cut in prices, hut it sounds im­pressive in advertising." The Thr_ee Payment Plan. Kennedy's in Boston reports succes8 ~,·1~h a three payment plan, no money down, the total paid m three equal monthly payments. There is no carrying charge-no suggestion of installments. The charge customers' list increased 200 per cent; new, lower income brackets were opened; and the store lost no prestige. All three-pay accounts are handled as carefully as ~egular credit, and in fact, more so. Buyers are carefully impressed when they sign, with the responsibility to pay. E.G. SMITH. COMMODITY PRICES TEXAS CHARTERS Aug. Aug. July August July June 1935 1934 1935 1935 1934 1935 1934 1935 1934 WHOLESALE PRICES: Capitaliration • .Sl,520 $2,200 $3,097 Sl,940 $2,471 $1,890U. U. Bureau of Labor Number ----------------------131 119 153 108 122 130Statistics (1926 = 100) 80.5 76.4 79.4 Classification of new . { 126.7 117.7t 123.6 The Annalist (1913 =1001 ......... 74.3* Corporations: 69.0* 72.6* Oil -----------·-··---······-·-35 34 47 33 27 35 Dun's ................... ....................... -... $170.86 $169.19 $171.51 Public Service....... 1 Bradstreet's ................. -................. $ 10.01 $ 9.48 $ 9.92 Manufacturing ........ 19 16 26 21 21 19 FARM PRICES: Banking-Finance .... 4 3 8 3 3 5U.S. Department of Agricul-Real estate-building 10 13 8 7 8 5 lure (1910-1914 =100) .............. 106.0 96.0 102.0 Transportation ........ 8 2 5 1 4 6 U.S. Bureau of Labor Merchandising 29 28 33 23 29 33 Statistics (1926 =100) 79.3 69.8 77.1 -------------General ... ··-----·--··--26 23 26 20 30 26 RETAIL PRICES : Foreign Permits ......... 28 32 41 20 23 25 Food (U. S. Bureau of Labor Number capilalized at Statistics, 1913 =100) .............. 122.3 111.8 121.7 less than $5,000 . 58 56 54 40 46 52 Department Stores (Fairchild's Number capitalized at Publications, Jan. $100,000 or more 3 4 8 4 5 6 1931=100) ............... -................. 85.7 87.7 85.2 *In thousands. •On gold basis based on exchange quotations for France. Switzerland, Holland; NoT&: Compiled from r,.cords of the Secretary of State. Belgium included to March 12, 1935. tReviscscarch by Texas reta il stores. TEXAS BUSINESS REVIEW COITON BALANCE SHEET FOR THE UNITED STATES AS OF SEPTEMBER 1 (In Thousands of Running Bales Except as Noted) Government Carryover Imports Estimate as Consumption Exports Balance Aus. l lo Sept. l* of Sept. l* Total to Sept. I to Sept. l Total Sept. l 1928-1929 ------·----------------------2,536 25 14,439 17,000 526 :<~J 779 16,221 1929-1930 ----------------------------2,313 25 14,825 17,163 559 226 785 16,378 193(}....1931 -------------------------------4,530 6 14,34-0 18,876 353 366 719t 18,157t 1931-1932 ----------------------------------------6,369 7 15,685 22,061 425t 211 636t 21,425t 1932-1933 ·····--··· ·--------------------------~---·--------9,682 7 11,310 20,999 404t 452t 856t 20,143t 1933-1934 ----------------------------------------------8,176 12t 12,414 20,602t 589 531 1,120 . 19,482t 1934-1935 ---------------------------------------7.746 11 9,252 17,009 419t 253t 672t 16,: 37t 1935-1936 ..... --------=-------------------------------------------7,138 8 11,489 18,635 408 241 649 17,986 The coiton year begio1 Auru1t 1. •In 500-pound balc1. tReviscd. AUGUST SHIPMENTS OF LIVESTOCK CONVERTED TO A RAIL-CAR BASIS+ Cattle Cal•ee Hoes Sheep Total 1935 1934• 1935 1934* 1933 1934 1935 193t 1935 1934• Total lnteretate Plus Fort Wortht____________________ 3,403 10,.319 812 1,810 226 444 3% 2~5 4,837 12,318 Total l11trastat~ Omitting Fort Worth_________ 788 1,715 75 152 8 10 120 76 991 1,953 TOTAL SHIPMENTS --------------------------4,191 12,034 887 1,952 234-454 516 321 5,828 14,771 TEXAS CAR-LOT+ SHIPMENTS OF LIVESTOCK JANUARY 1 TO SEPTEMBER 1 Cattle Calves Hoc• Sheep Total 1935 1934* 1935 1934* 1935 1934 1935 1934 1935 1934• Total lnteretate .. Plus Fort Wortht.._____________ . 28,068 36,675 4,979 6,412 2,363 2,880 2,856 3,645 ZS,276 49/:il3 Total intrastate Omitting Fort Worth.________ 7,941 7,161 1,187 1,689 111 52 420 667 9,659 9,569 fOTAL SHIPMENTS-------------------------36,009 43,836 6,166 8,101 2,474 2,932 3,286 4,313 47,935 59,182 •Includes shipments of cattle and calves purchased by Government. tFort Worlh shipments are combined with mlerstate lorwardinga in order thlt the bulk of market diuppearance for the month may be shown. fR1ul·Car Haeis: Cattle, 30 head per car; calve1, 60; hogs, 80; and 1heep. ISO. NuT& : 'l'he1e data are furni1hed the United Stille• liureau of Agricultural Ecouomics by railway ofliciale throuch more thin J,500 station a1eata, repre.eatio( eyery Uwe1u)Ck sh1µpan1 yoint in the State. The data are .compiled by the Bureau of Bu1ine11 Rffearch, BUILDING PERMITS August July June 1935 1934 1935 1934 1935 1934 Abilene___________ ____________________________. $ 16,054 $ 1,145 $ 19,857 $ 6,175 $ 6,670 $ 7,601 Austin______________________________________ 251,234 194,514· 252,236 94,427 319,4-00 65,697 Beaumont.·---------------------------------------------· 93,252 74,749 41,192 39,254 43,261 19,489* Big Spring -----------------------------------------------5,.S85 1,956 7,540 979 14,145 1,662 Brownsville._______________________________________________ 940 3,900t 25,150 1,640 500 2,190 Brownwood-------------------------------------------------·-·· 75 15(} 5,000 1,000 Corpus ChristL..-------------------------------------------·· 33,040 21,655 74,405 18,505 35,180 28,361 Corsicana·--------------------------------------------------------------­25,186 1,990 11,985 6,575 500 75,405 Dallas·---------------------------------------------------------------------­494,313 278,741 517,017 20'2,944 378,819 294,973 Del Rio·--------------------------------------------------------------------6,129 . 2,290 1,805 840 2,180 1,075 Denison._______ _______________________________________________ ___________ _ 5,800 60,000 3,000 3,000 1,600 El Paso·-------------------------------------------------------------···. 48,681 35,001 22,188 13,035 96,296 9,281 Fort Worth..·---------------------------------------------------------· 545,080 101,430 221,400 53,308 192,703 84,770 . 27,453 Galveston..·-----------------------------------------------------------36,843 39,623 27,210 27,608 133,938 Harlingen....___________________ _ ______________________ _ _______________ . 1,516 1,505 24,215 2,230 450 3,690 Houeton._.,.----------------------------------------------------------· 765,380 268,350 597,315 259,395 551,115 368,745 Jacksonville.-------------------------------------------------------------2,450 8,075 2,200 1,500 100 Laredo -----------------------------------------------------------------------­1,800 600 7,275 285 4,950 1,000 Longvif!!W....----------------------------------------------------·-· 61,000 89,000 54,000 74,850* 71,000 163.~ Lubbock.______________________ .___ ______________________________________ _ 12,609 8,610 17,229 26,708 31,476 10,189 McAllen..-~-----------------------------------------------------------6,250 6,100 1,700 6,400 625 Marshall . ____________________________________________________________ . 22,808 18,151 10,653 1,478 8,122 1,346 Palestine -------------------------·------------------------------·· ------12,290 9f>72 18,235 13,024 38,1.39 26.650 Pampa·-------------------------------------------------------------------­10,800 11,150* 19,900 7,500* 18,310 6,900 Paris --------------------'----------------------------------------------­ 2,480 1,120 8,585 3,135 6,035 37,361 Plainview_______________________________________________ __ ____________ _ 50,000 ... 25,000 25,000Port Arthur_ _______________________ _________________________ ________ _ 50,602* 10,023 33,220 15,948 89,616 9,741 Ranger·--------------------------------------------------------------­ ... 350 57,852 San Angelo --------------------------------------------------------------· 10,492 2,129 14,000 3,536 14,37(} San Antonio_______________________________ __ ______ _______________________ 264,447* 69,091 137,222* 53,358 119,616* 82,923 San Benito·--------------------------------------------------------------·· 1,600 1,471 976 38,064* 785 510 Sherman.·--------------------·-------------------------------------· 17,835 9,555 16,835 2,560 237,471 17,717 Snyder..----·----------------------------·-------------------------------500 21,050 300 Tyler______________ _____________________________________________________ . 95,843 94,383 309,996 60,096 89,918 92.895 Waco ---------------------------------------------------------------·· 40,615 31,509 76,691 19,919 54,773 11,287 Wir.hita Falls---------------------------------------· 35,825 90,812 38,715 29,321 15,327 16,829 TOTAL.--------------------------------------------------$2,978,579 $1,679,930 $2,630,853 $1,105,149 $2,504,695 $1,662,D67 tRevi1ed. •noi~s not include public worb. Non: Reported to the Bureau of Buinem B.aearcb by Texa1 chambers of commc:-rce. TEXAS BUSINESS REVIEW COTTON MANUFACTURING IN TEXAS 1 9~5 August 1934 1935 July 1934 1935 June 1934 Bales of Cotton Used ____ ____ _______ ---------------­----­-----------· 1,885 2,669 1,455 2,220 1,578 2,632 Yards of Clot h : Produced -------­----------------·····---­-------------------··---·······--·­2,205,000 Sold --­----­--------­--------------------"-------------­--­---------------------·· 2,019,000 Unfilled Orders ------------­--------·-····------­-----­-----------------­1,701,000 Active Spindles ------­-­--------­--------------­----------------------------· 95,168 Spindle Hours --­-------------­--------·---­····--------­------­-------------­14,812,000 2,378,000 2,858,000 3,842,000 125,933 25,441,000 1,682,000 1,518,000 2,346,000 69,976 11,792,000 2,196,000 2,16.3,000 4,295,000 126,683 23,980,000 1,717,000 1,700,000 2,571,000 91,100 13,229,000 2,553,000 1,675,000 3,555,000 127,636 29,987,000 :'\oTE: Ht·portc-d to th i· Rurra u o f Business Research by 13 Texas cotton mills. SEPTD1BER EMPLOYMENT AND PAY ROLLS IN TEXAS CLASSIFIED BY CITIES AND EMPLOYMENT GROUPS No. of Work.en Percentage Change Average Weekly Wace Eatab· from from per Worker liah· Sept. Sl·pt. Aug. Sept. Aug. ~<'pt. Sept. Aug. ments 1935 1934 1935 1934 19:l5 1935 193-1 1935 Abilene -----------------------------------------------------------------------23 1,363 1,364 1,358 0.1 + 0.4 Amarillo --------------------------------------------------------22 500 489 487 + 2.2 + 2.7 Austin _______ ------------------------------·--··-···············-····-------···---19 635 651 637 -2.5 -0.3 Beaumont ---·----····--·---··-------······---··-·····---·-···-··········-··---···---····· 31 2,884 3,099 3,068 -6.9 -6.0 Dallas ---·-···-·----··--------------················-······--·---------198 10,926 10,962 10,844 -0.3 + 0.8 Denison -···-------···-----·-····---·--···-··--···--·-·-·····----------··---------10 667 546 60·2 + 22.2 + 10.8 El Paso ··-···-··-······----·--··--·-···-·····----····------------61 2,081 2,178 2,135 4.5 2.5 Fort Worth ·---·-·-··-···--·---·--·-------·--··----------·-·-····-------72 4,749 5,001 4-,763 5.0 0.3 Galveston -······-·····················-------·-··-··--·-·····---··---16 686 753 691 8.9 0.7 Houston ·-···-··--··--------······-----·-------···-····-···------·--------190 14,897 15;206 14,741 2.0 + 1.1 Laredo --------·-·-··-------·----·······················--····--···-··------8 169 165 180 + 2.4 6.1 Port Arthur ----····-------·------··-···-·--······-···············-------·-···-12 7,879 7,565 7,448 + 4.2 + 5.8 San Angelo ----·--------------···--·····-··········-··-·······----·---·--···-27 223 213 220 + 4.7 + 1.4 San Antonio ---·------·---····-----··-···········-----------·····-·············-·-----··---140 5,234 5,169 5,234 + 1.3 0.0 Sherman -------··-··-··-----····-·-······--·········-··----------------------16 354 359 374 1.4 5.3 Waco ..... .. ··-----------------···-·--·-····-···········-···-·-···------------32 1,347 1,335 1,280 + 0.9 + 5.2 Wichita Falls ---·----··---------···-·····--··--·-····-···········------------38 1,113 1,111 1,187 + 0.2 6.2 Miscellaneous -·----··------··-····--·-····-········--·-----------····-····-····-503 10,374 11,166 10,276 7.1 + 1.0 STATE -·-----------·····---····---------·--·····-······---·--···----···--·····-1,418 66,081 67,332 65,525 1.9 + 0.8 Bakeries ·-------·-----·----··----·······-·---···········-···---------------17 1,125 1,237 1,003 9.1 + 3.9 $17.33 $18.75 $15.73 Brick, Tile, Terra Cotta....---··-······-·········-··----------······-------· 9 278 247 289 + 12.6 3.8 9.27 9.35 10.06 Cement Plants -------····-------··---·····-··-·····--···-····-···---····-··-6 743 718 787 + 3.5 5.6 20.28 19.26 21.71 Commercial Printing.--------······-···---------·····----------·-·········-··· 23 532 517 536 + 2.9 0.7 23.10 23.05 22.14o Confectioneries..·-----··-----------··--------··------······----··--------·--···------···· ---9 301 304 251 --1.0 + 19.9 13.04 13.28 12.63 Cotton Compresses __ _______ __ ________ __ __ ···-------··--------···--·---·-····-------------5 713 1,027 617 -30.6 + 15.6 15.57 11.56 14.01Cotton Oil Mills_ ________________________________________________________________ 11 300 488 267 -38.5 + 12.4 11.76 10.85 11..W Cotton Textile Mills ·--··----------------······-·····-···------···--··-···· 8 772 1,077 855 -28.3 9.7 12.42 10.90 12.3.5 Crude Petroleum Producing 11 552 583 566 -5.3 2.5 25.74-29.32 28.99 Electric Railway Car Shops..·-·-···--·-·······-···-····-········----------6 157 145 152 + 8.3 + 3.3 21.89 22.99 23.22 Electric Railway Maintenance and Operation_______ ______________ 5 1,651 1,613 1,665 + 2.4 0.8 24.95 25.05 25.14 Flour Mills -·--·----------------······-············------···-····--·-··········-····-7 368 410 384 -10.2 4-.2 20.02 19.04 20.01 Foundries, Machine Shops____··-····--------··········-··-··-······---····-32 2,399 2,181 2,489 + 10.0 3.6 21.10 20.40 22.43 Furniture Manufacturing ···--·-·---------··-····-······---------····· 7 547 444 516 + 23.2 + 6.0 16.28 14.27 16.32 Hotels ·--------------------····---·-·······--·················-··-··-··----------30 2,294 2,135 2,271 + 7.4 + 1.0· 11.74-11.24 11.64 Ice Factories ·--------······-----··-------------------·-··------···-··---·--·--····---··-·· 53 1,122 1,124 1,312 -0.2 -14-.5 20.39 22:.26 20.20 Laundries, Dry Cleaning ········-···-·················--·-------·-·---········ 30 1,232 1,209 1,230 + 1.9 + 0.2 13.82 14.26 13.10 Meat Packing, Slaughtering.....·--··---·····-·····-··--·-·-······-···-9 3,160 3,668 3,071 -13.8 + 2.9 22.04 20.43 21.60 Men's Clothing Manufacturing...·--------·····----··---------------·-·· 6 755 609 688 + 24-.0 + 9.7 11.79 11.81 11.57 Millwork ·-----···-----·-·-·-----------------------------------------------------····· 12 382 296 360 + 29.1 + 6.1 18.40 18.11 19.41 Newspaper Publishing ----------------------···----------------------16 1,510 1,582 1,459 -4.6 + 3.5 30.52 30.77 30.32 Paper Box Manufacturing _ ·-··--____ -------------------------------------------5 129 107 BO + 20.6 0.8 12.28 12.80 12.46 Petroleum Refining -----------------------------------------------------·--·-· 25 13,866 13,586 13,875 + 2.1 0.1 26.81 26.57 27.40 Power and Light Companies.·--·-----·--······-········-·····-··-·-·······---34-7 8,674· 8,645 8,643 + 0.3 + 0.4 27.34· 26.30 27.16 Quarrying _---····-··--···---------------·········----···--·--------···------·····--18 693 1,006 814 -31.1 -14-.9· 16.43 23.96 15.36 Railroad Car Shops..·---··-·····-·········--··············----------------····· 18 2,282 2,419 2,208 -5.7 + 3.4 25.90 24.99 26.65 Real Estate ..........------·---·-·· ··--························------······-·········--··-6 75 82 73 -8.5 + 2:.7 19.65 19.29 19.10 Retail Stores -----·---------····--····--······-·---------·-------···-···---··-····-331 9,44-1 9,292 9,080 + 1.6 + 4.0 18.05 17.64 18.15 Saw Mills ···---------········-················-···-····-·------··-·-················ 7 810 1,187 788 -31.8 + 2.8 14.76 9.18 17.31 Structural Iron Works.......-----········-··---····-···-···-·········-····· 8 484 449 551 + 7.8 -12.2 19.38 15.69 21.28 Wholesale Stores ···············--·-········---------··----·-····--·-············· 166 3,966 3,892 3,969 + 1.9 -0.1 26.10 24.82 25.13 Women's Clothing Manufacturing.....--------·-------------·--·-···-7 243 259 172 6.2: +41.3 10.07 12.09 10.05 Miscellaneous -------·····----------------------------------------·----168 4,525 4,794 4,374 5.6 + 3.5 18.91 17.41 19.02 STATE ----·-····-·-------------------------------------------------·---------··· 1,418 66,0!ll 67,332 65,525 1.9 + 0.8 $22.21 $21.49 $22.38 TOTAL WEEKLY PAYROLL• ---·--··--·-·------------·-··--··-----$1,468 $1,447 $1,467 + 1.5 + 0.1 •Jn 1holl!1ands. NoTE: Heporlr.J to the Bureau of Business Research, coOperating with the U'liled States Bureau of Labor Statistics.