·TEXAS BUSINESS REVIEW Issued monthly .by the BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS AUST IN , TEXAS Voi. 1 No. 3 June 24, 1927 General business 'conditions. throughQut Texas and the South­ west dis.played moderate activity ~n May. Due to seasonal influences and the further development of some unfavorable factors which entered the · bu.siness picture over· the past . two or three months,· the record of May is not all that could be hoped for. It .should be remembered, however, that the business situation has improved steadily each month since the first of the year and that the underlying conditions are sound. When compared with April, the Mav record is only',"fair," but in comparison with May of 1926 it was "good.,, · . · · · . The agricultural situation is' somewhat spotty. Reports show a sharp deterioration 'in the grain and corn crops, and the ' harvest so far is rather light. Continued drouth throughout the western part of the State checked the growth of' 'Cott0n and caused the cattle and sheep ranges to become ·rather dry. · Recent rains which fell over the entire State brought reli.ef to this situation so.. 1?.hat_ t.h.e June repo·rts a-re quite like­ ly .to he-mor-e .favorab1e-~-· Novt 'that rains have. fallen, the most perplexing questions about the cotton crop are will the plants all "grow to weed." and how great will be the insect. damage that is likely to occur during the cooler :weather, Considerab'le cotton has been planted since the rain so that final acreag·e'. figures may-be greater than was indicated early in the year. Although range conditions deteriorated ~harply in .the month ca.using range animals to · ~ose flesh, the livestock industry remains favorable. Beef pric.es were good all during the month~ On the other hand, hogs and sheep 'prices declined slightly. · Dairy products moved to market in large volume at ra~r. price.·s.• . Wool and mohair prfoes strengthened while JPlltry products fell off. . • .·. Building J?.ermits for the .month held up remarkably well when seasonal influences are· considered. Pr9duction and shipments of lumber from the distrfot were about equal to tho·se of April. Daily output of petroleum was at re·corcl rate, but field operations were · curtailed as a re­sult of low prices of crude. , Shipments of truck crops from the Valley fell short of the April loadings. Toma.toes and watermelons are beginning to move from . other sections of the State and with the . advance of the season shipments are likely to increase. . Farm work made 'good progress where conditions were not too dry. Threshing of grain is getting into full s~ing, bu~ the yield is re­ported as rather light, especially in the western areas. Cotton chopping is weU under way, and growers are experiencing little difficulty in ob..: taining field labor. . . Trade at wholesale &nd ·retail.. ~ontiriued ac"tivc although s9mo districts !'eport sales as rather slow. Thirteen department stores report­ing to the Federal Reserve Sys.tern show an inoreaso of 1. 3'.1o in retail sales for -May over the same month last year. The Dallas district ahd tho San Francisco district reported retail sales above those of last year in TEXAS BUSINESS REVIEW in May; the other ten districts show losses ranging from l.8fo to 9.2;1c. Textile mills were very active during ·the,month. C~nsumption of raw cotton vra::; 15% greater in May t}:ian in' Ap-fi{.· _. __ · The credit situation remains oasj' and there are few un:­fn.vorable factors in the financi~l struct;ure to bring about any radical change. Bank debits are in large 'volUJlle, and depasits are about what they have been in recent weeks. The n\lllloer of new enterprises receiv­ing charters is equal to that of a year agb, and the number of commer­cial failures is considerably less. Financi&l and Banking Debits to individual a ccounts in the Eleventh Federal Re­serve District reflect a seasonal decline from April, bu~ they aro 6. 6%.groater thn.n in May 1926. Total debits in 17 principal cities as reported by the Foder.al. Reserve System for the five vveeks ending Jurie 1 amounted .to $836,000,000 compared to $875,000,000 in April and $784,000,000 for ·May of last yoar. · Seasonal influences and curtailment in the oil industry, coupled with falling prices of _all commodities pos­sibly account for most of tho decline from April. · During the month, tbtal lo~ns at member banks decrease~ $5 ,000,000, or from $321 ,000,000 the first ·week to $316,000,000 for tho vreuk unding May 25. Government socurities held by mombt:.)r 'banks showed a slig,ht decrease qv0r the month. Deposits fluctuated within rather narrovir limits from week to week; .demand deposits ·trended dovmward, while time de:posits gained, At the en_d of tho month; demand deposits had fal­len to $270,000,000, and time deposits .stood at $108,000,000. .. : ·May ehanges with 'compar,isons*' fin $1,.000 )° · . May, 1927 April,· 192_7 ... Mayt. 192.-6 Bank ·wbits ( 17 citie's) , $836,000 $B75,QOO $784~000 ·'Government Securities ·. Owned 59,657 60,000 Reserve Bank Loans (end of. month) 4',922., 4.,473 9, 1.02 *From Federal lteserve System The dovmward trencl of ·commerdial failures in Texas which has been in evidence since last December was checked in May~ t:.nd ·the business mortality n .te turned :::harply upward. R.· G. Dun and Company re­port 47 f ailures 11ri th liabilitics of $833.,000 ·in May, compared ·to only 38 insolvencies with liab.ilities of $701,000 in April; however, the nl.tm­ber of failures is considerably below the. 91 failures in May of last year. Small companies .again made uptbll8 greater number of de­faults. Of the 47 failures, only three had liabilities of more than $50,000; th8 others were under $35,000. The tendency for the smri.ller and weaker companies to be forced out of business has· been noticed for several months; but it should be remembered that many of the ·new chart0rs granted each month are to small corporations c.nd the tcndcncy ,ma~ be norm'.11 . . Commercial Fq.ilures* May , 1927 April , 19?1 Nwnber 47 ~8 Liabilities $833 ,000.: : $701 ,000 Assets . 352,000 206,000 *From R. G. Dun and Company TEXA'S -'BUS!NESS..REVIEW ' ~ . l :: Stock Prices That industrial conditions. in Texas and the Southwest con­·ttinucd favorable in May is indicated by a further rise in industrial stock priceG. Prices have been steadily upward since the latter part 0f January and nearly every business day witnesses new record highs. Despite some unfavorab.le factors operators and investors .for the advance hav'e been in control of the market. At the present time.;..:t.here a.re some bearish symp­toms, notably high broker;:i ' loans· and war. rumors in Europe, but the under­lying factors in busi.ness a·re .sqund and ,industry is well sustained. Dur­ing the month, the capital stock .of cne of the companie.s in the .series composing the Bureau of Business Research index was split two for qne, and adjustment was made . to cate f.or., the change. Using the average. week­ly high for· trhe. years 1923'-'24i-2fr as equµ.l ·to 100, the Bureau index of seven indu:strials lfifod on the. .N$'N York Stock E~change advanced 4 poin~s to a new high record. The 4 points in May· added tp the advance of ,the first fout months of the year makes a total rise of 24 ·po'ints so .f~r _in 1927 . ' ' ..----.. . .' . . · 1. ; tndustrial.-.· , St9c~ Index Ave r~ge ~.igh,: · May '\.'Ap ril March February . l 92}3-2472,5'.. . . ·:. ·:.1 · 100.' . · ·.. ~ : ... ; : 141 : . ',,137 .·:.Y 130 123 '11 1 In constructing this index, the University of Texas Bureau of Business Research aimed to sele-ct companies which are representative of industriJl ·cdnditioris in Texas·and other Southern States and at· the same t~me listed on the New YorkStock Exchange where quotations' are available for ·a. 'number of years back. Inc·luded in the index arG .two sul-' phurs '· one st.eel~ one soft-drink c'ompal:ly •' one chemical' and two oils. ' Tho w~ekly hig~ of ·each stock.was averaged· for the month, and .the .aver­age of all s~~bn· stocks for th~'.yeats 1923~24-25 is the base equal to 100. · The foHowing ~nJ the companies included in the li'st as they are listed on the New York Stock Exchange: ' coco Cola, Freeport-Texas, Gulf States Steel, Tennessee Copper and Chemical, Texas Company, Texas Pacific Coal and Oil, : and Texas Gulf Sulphur. Texas Charters Tho number of hew enterprises receiving charters in the State in May was oqual to that of April but considerably sm~ller ~han tho· number .in March. Charterl:! wore granted to 186 corpo:rations vnth a '· Te~as · Charfors :: . .....,..Mtty, '1g27 April, 1927. May,·192i .< • Number chartered. -,. , .. · : 186 1'86 · · ·.. ·2-19 .: Capitalization, (irJ. ,$~,'ooo)"· ....... $16.771.36 · $13;938 -.. ;$'; ,395 ! · C1assificati·o:n,. of n?w·cdtpo.rations: ., ..,.... · ,..,. _ i 1 · Manu:fa~turing : · . :" .. •. ·: .. ,5· . l~ :: ... ----·-··~-'3:4· i B~king and F.inarice · ' .: ..., , . .18' · ' : · , i 2 · · 11 Re~l Et&.ate. and Btiilliiing . 26 ·· :: · .. 22 · 17." 36 '·~~ii.6 'Servicq· . ·. ·: ..'.:',·..,._,:·~~.~ 1·'···::·1···"" . ~~· ·i·: '.... ... ... General · · : ' ·. ...· .' iot · :'-'; ... p3 : ·. i'3i~· . Fore ign Perm,its . 32 ..:.: ,... ,'. · ·. 22 '" 36 · t'tAtfJ.taliza.tion of $16,136,000, as compared to the same number of com­ · TEXAS .;3USI~SS, REVIEW . panies with a capitalization of i14,.000,000 in April. Twenty-nine o•m­panies increased their capitalization a ·totul ~f. : $48 ,000 ,000, and 32 outside companies received permits to do business within the State. There were only 5 m.a.rn.<.factiiring companies chartered in May against 11 in April, The ni.:im1J8r of bank and finance organiaation went up from 12 to 18, and real estate fir:11s in0reased from 26 to 28. A year ago in May, there were 17 banks and finance companies, 17 real estate firms and 36 oil corporations. Building · ' . .......... . Building permits in Texas £or May were slightly ~bove those of April. Alth0uo-h~ tlieiiicrease was rathe:r ismall, it indicates that the 0 buil ding industry rnade satisfactory progress; and the decline wb:j.Ch had been expected by many in the t:rade q{d not occur. Accord.ing to reports of 25 cities ta the University· of Te~D.s Bureau of Business Research, permits v•ent UT) frorr, $10 ,,;4'7 ,600 in April to $10,530,000 in May. · ~il~i~. .. May April No. Amount No. Amount Abilene . ' 60: $372 ,925 ' 80 $389,848 ·-Amar:i.llo 464,468 ·174 667,290 Austin 4.6 96 ,1.!14 37 31 ,742 Beaumont 192 340,664 205 761,598 Brownsville 15 275,000 18 210,000 Corpus Christi . 9.9. . 644 ,065· .. 57 351 ,655 .. .. ·-" ,. Corsicana 9 35,500 14 45 ,790 '. Dallas 345 733,423 300 576', 703 Del Rio 12 21,963 13 9 ,270 I ,'1 El Paso 61 63,515 52 100,578 Fort Worth 289 1,262,133 .. -~4.9 1 ,.386 ,43·1 Galveston 247 .. 199·;·9·94· 207 681·' 963 Houst on 477 1,993,332 · 2,805,829 Laredo · 22 340,jOO 29 131,110 Lubbock ·, ·' 15 40,225 33 107,285 McAllen 67,480 556,780 Marshall 59 26,848 ;~,108 Paris 14,040 61,378 ' Port Arthur 109 132 ,240 124 117,611 · Ranger 4 13,000 2 6,500 San Angelo 102 219 ,939 103 244 ,973 San Antonio . 262 2,935,470 355 906,635 Sherman 12.,450 43 ,950 Waco 18 41,085 45 155,335 Wichita Falls 69 165,065 .. 296,393 TOTAL $10 J 512 ;418 $10,~66,755 Greater activity was shovm during the ·rnonth 'i rt the South Central and South Coastal sections of the .State.., although Fo'rt Worth again had .more than a million dollars in permits for the fourth conse­cutive month. San Antonio rermits reached nearly three million dollars against less than a million in April. On the other hand·, Beaumont, Gal­veston'., El Paso, and Lubbock show material losses. Fur;t,her curtailment is shown in the Northern and Western parts of the 'state, but other sec.. TEXAS BUS1NE'ss REVIEW tions arc about what they have ·been for. several months. Constructio.n costs remained about the· same as the April fi­gure. S. W. Straus and Company i.n their May report say that "tha trend is still downward except in tho Pacific and Southwestern States. Keen competi'tion ~or; steel &tnictural busi:ness has brought price weakness in that market.'i Building material pti'ces based on 1913 as equal to 100 reported by :Che Bureau o'f Labor Statistics increased from 165 in April to 165. 6 in May. A year ago in May, the index stoot:i at 171. 6. When com­pared with the wholesale price of .all commodities, building materials are stiii relatively high. Lum'Qer ... Activity in the ·1u.mber industry of the Southwest continued in May about on the same levels as tha.t of April but at a decline from March. C~rtailment· is to be expected at this time of the year due to seasonal influences and operations should be reported f"rom that stand­point. The detHine in building which was anticipated during the early. · part of the year has failed to materialize, and the lumber busine'ss has held up in sympathy with the large volume of construction in that indus­try.. ! The Lumber Situation* in M Feet. · iiay April Preliminary report . ( l 64 . mi1i's ) { 110 . mills) Average productio~ per mill . 2,258 · .. 2 ,869 Average shipmen.ts per mill . 2,349 2 ' 819 . Average unfil.led orders, pe r week _2 ,134 2,151 Final repq~t o(. 192 m~lls Total produqt ion 439., 870 412 ,472 Total shipment s 460,588 438 ,446 Total Stocke,· end of month 1,218 ,391 1,205,135 Unfilled Orders 463 ,831 433 ,287 *From the Southern Pine Lumber Mfsociation . Average unfilled orders on the books · of 104. saw· mills re­porting to the Sou~nern Pino Lumber Association were 2,134,000 feet com­pared to 2,151,000 feet in'April. Shipments were 2,349,000 feet against 2,819,000 feet, and production averaged 2,258,000 feet per mill. The ap­parent decrease in production is due to the fact that May had only four weekly reports whereas April ha.d. five, and six additional mills reported for the previous ·month. · Cement Production of portland cement in Texas mills continued at an active rate in. May. During the month, 462,000 barrels were manu­factured, a decrease of 7,000 barrels from the record month of April, but an increase of 8,000 barrels over the output in'May of last year. During the first five months of the year, a total of 2,175,000 barrels were produced, compared to 2,040,000 barrels in the same period last year, an increase of 6.6%. In the face of increased TEXAS BUS,INES.S REVIEW . production, shipments:. are running considerably higher than those . of last year, and stocks on hand are low. Stocks were reduc.ed from 452 ,000 barrels on April 1 tq 3H,OOO barrels on May l. Cement Statistics* May, 1927 April ,:1927 .May. '1926 Production, barrels 462,000 469,000 454,000 I Shi pments , barrels 573,000 ' 491,000 447,000 . !I Stocl,<:S , barrels 314,000 425,000 515,000 *From the Department of Commerce t.: . .: . ·petroleum The ·six cuts ·in the _price of crude petroleum which were put into effect during March and April are··begin'rling to show in that in­dustry. While production c,ontlnues-at record rate and st-orage space is ·­a serious problem, activity in nevi .fields fell off sharply in May. · Very litt.le was-.~G.complished by .the .iarg~r p.roducet.s in_the~.r. attempt. ~o . o~:r:-... tail production, "out the low 'pric1f of' .' crude has had ~-tendency to reduoe the number of new wells brought in and output over the next few months is likely to fall off. Stocks of crude in the three states of Arkansas, Louisiana., and Texa~ were estimate.d _at about 90,QOQ,QQO barrels, ...Pr... near the amount fo;r the previous month. . The Pe-treleum Situation* May, 1927 April, 1927 May,· 192~~.. ProdJction·, barrels 21,300,000 20,405,00Be from 68~ ,000 barrels in April 'to 6!31,00d barrels in. May • . Cotton Consumed Textile mills in the State were very active during the month. Most mills were running at full time and several companies operated night shifts • . New orders booked for May were considerably ahead of those for April, and goods ·shipped were in larger ·volume than last .. . month. Thirteen .identical mills reporting -to the Bureau of Busi­ ness Research of the.University of .. Texas used a total of 5 ,984 ba.·les· of· cotton in May compa:r;ed to 5 ,,8915 bale's in Apri'l. · During March the record month so far this year, 15 mills consumed 7,259 bales. Assuming that the 2 mills not reporting this month used about the same number of bales in May as they did in March, total cr.>nsumption of raw cotton was -near record TEXAS BUSINESS P.EVIEW levels during the past month. The cotton textile industry over the en­tire country was very active in May and present indications poi nt to con­tinued progress in that industry. During the month, the thirteen mills reporting manufactured 4,497,000 yards of cloth and spun 551,000 pounds of yarn. Cotton goods sales amounted to 5,204,000 yards against 2,714,000, an increasG of 92%. Unfilled orders on the books of the thirteen companies at thG end of May totaled 11,088,000 yards, compared to •,135,000, an increase of 115%. At the present rate of production, unfilled orders are equal to 75 days out­put. The thirteen millG reporting are about 65% of the industry in Texas. Texas Cotton Manufacturers' Reports (Thirteen identical mills ) May, 1927 April, 1927 Bale!:! of cotton used 5,984 5,895 Yards of cloth produced 4,497,000 4,030,000 Pounds of yarn produced 550,661 537,520 Sales of cotton goods, yards 5,204,000 2 ,714,000 Sales of yarn, pounds (1 mill) 159 ,165 159 ,1 65 Unfilled Orders, cotton goods 11,088 ,000 5,135,000 Active spindles 141,000 126,000 Spinners' Margin Spinners' margin, as determined by the University of Texas Bureau of Business Research fell 3 points in May, reaching the lowest point in 8 months and almost equalling the l8vel of May, 192 5. 17ith the exception of tvl:arch, · tho ratio has been downward at the rate of 3 or 4 points a month since last October when the hie;h point of 200 was reached during the last week of the month. The decline in May was again due largely to the advance in cotton prices, although yarn prices were marked up more than 1-d a pound in the last two weeks of the month. American middling cotton in Liverpool wont up from 8.53-d during the first week of May to 9.14-d in the last week, and .A.merican 32-twist .cotton yarn in Man­chester advanced from 13. 75-.d to Ui-d. Cotton prices haveJ trended upward over the past six months at a greater rate than have cotton yarn prices resulting in a decline of the spir.J'lers ' maq;in. The ratio is approaching normal, and further declines are likely t• be smuller. As the rati o fall 0 demand for cotton slackens and prices are weakened . Spinners' Margin 1927 1926 1925 JE;nuary 174 HO 174 February 170 160 168 March 173 156 165 April 168 155 166 May 165 153 163 June 157 152 '. July 158 147 August 160 153 SeptertJ.ber 166· · "153 October 194 157 November 187 163 Dece.mber 186 162 ,, ., ' TEXAS BUSINESS REVIEW... Spiriners-1 .margin . refers .t~ ·.thE'. .r~iio . betvr~~n·:the_.·~zj.ic~. ~f .. 11.JTlerican 32-twist cotton ya:rri in ManchesteI;·:and_'.th~ Liver-pocil :p:d,.qe: ?f middling Americ~n cotton. Norma.l~y, the price of 32-twist should be 60% above the . spot price of American 1rQ:i,ddl.i:(lg qotton. . . , , ,,. .·.. ·. · .. . . I'~ 1~rices change so·. ~h9:t":the ratio in'i1reases. the. spinner~' ~ margin of prof.it is incr~ased·and thereby th~ demand for cotton is. . · , -, strengthened. O:t1the othor. hand, 1~hen thE;J rat~o decreases, .the spin~ers,.i margin iS also relativ0i.y decreased, an.d then the. d~mand'for cotton.fal~s. i. .t· . l, ": AgriC1litut~ · Agriculture in Tex~s, B;lthoug!i .shoy.ri:qg -. an improvement over: the· condition last fall, is somevrhat spotty and.the f~rming sitl1atiq~ i;s not all that could be hoped for. .Cool weat:her:·,;[itn light ·rrosts in ~o~e parts of the State in the early weeks of April, followed by·· dry wea:e~ei; all during May· checked the growth ··of cotton and·.caus.ed. the grain' crops ;to deteriorate •. As a result, the wheat and oat cr·ops. :ripened oudicr thaii usual and the yield is rather li[;ht. The growth· bf.corn was checkedi some sections of the State reported the stocks turnin( yellow before tasseling Threshing of wheat and oats.is . progressing rapidly~'but the 'yield'l.s low and eome of the grain is shrunken. · · . Accor.ding to ;the .r..eport..o.f the Uni-tad··States··. Depar.t·m.ent of Agriculture, the condition of winter wht:lat iI1., Texas on June 1 foll to 41/o of normal, compared to a 10-year-AV.e.~ag;e. ~f-~ 'i-2~. for that date. A condi­ tion of 41% indicate::: a yield of 16,90Q,OOO bu~hels. ~.e;ainst. a harvest of 33 ,dOO ,000 bushelS last year. The; condition of rye . ciec.lin~d ~o 36% .of · normal, compared to a· 10-year average(of 77%~ indicating a 'yi~ld of but 81,000 bushels against a harirest of 380:000 btish~ls in 1926 • .' The. report states that "in Texas in spite of irilp'-rovi3ments ·i:µ' a fev-r sections the crop as a whole has deterior~ted arici' 'a1)aridonmerr(,'.i/ri11 be heavy." · · ' Ship1::ents 1of fruits and vegeta~les passedthe peak last r.:onth, and loadi:Ogs '•'over. the next few m6pths ar.~ lik~ly to be smaller and at reduced price$. cucu:rhberl?, watermelons, ' cahta,l.oupes ~.and t .omatoes moved to market in 'large 'folume, and the first full carload of peaches went out of tlie nv·al1ey'.'.nei:i.r·tJ:1e erid. of·the. month. Carlot~·. of potatoes W•:Jre also it6reased, while th~ movement of such. crops as lettuce, spinach, cauliflower,· and citrus fruits was, almost negligible. · · ·Pric~·s· of cotton 'a.n.~ t~1e ·grains coi:tinued the ~pward trend which began about tho middle o:f*IAp'ril. Corn futures f~r September in Chicago closed the month at $1. 05, an· increase of ;30¢ a bushel over the low point of March. Oats went up more th~n 10¢' a bu.shol, a11d wheat ad­ vanced 15¢' to 20¢' a bushel during the month.' . Cotton advanced steadily on news of the :Mississippi flood, and the serious drouth in :1.vest Texas. At the end of the mon~h, quot·a hons 9{ futures for . the. new crop were up to last year1 s levels. However, part of the gains were 1ost ·when rains foll g:.morally over the entire State. Thu composite price of all com­ modities according to the Bureau of'"Labor Statistics Nill from 145 in April to 144 in May, wherJas tho fa;nnproducts index incroased from 136.7 to 137.4.. A year ago, th0 fa'rm' products indux wus. 144.2 rind the index of all conunodities was 152. Carlot Ship~:ients of Fru:\ ts and Vegotables · May sh.ipments or: fruits and vogetables i'el.l off sharply from th8 heavy April loadingr:. During the month, 3,973 cars were loaded against 5,406 cars in April. Figurus for comparison in . previous years are not available but an examination o:' the d·a.ily reports indicates TEY..AS BUSINESS RE,VIE':T . . . that a seasonal dvcline is quite likely to occur at this time · Sr.u1lLr shipments of onions account for r.1.0st of the d0CNuse. !luring the nonth, only 747 ca.rs werf3 ,shipped, whereas 2 ,340 cars, were loaded in April. Marked increases in loadings of tomatoes, watermelons~; and potatoes part­ly offset the loss. Pr.ices recorded few changes during the month and were generally, Clowpvrard. WatermEklons followed tho opnosite tendency and price:-: were upward m'ost' of th0 time. Produce is arriving in the larger markets from other sections of the country, and prices are likely to decline over the next few months. .' . 1· •• Texas Fruit and V'.3getable ·s hi 1pments* · In Carloads May .April.. $pinach 87 Cabbage 62 53.8 Grapefruit 1 3 .,... 1 Sweet PotaW at times; . and prices were generapy dovmwa."ra. At the end of' the month, handy weight. hogs on the Fort Worth market were selling for 9.25~ against 9.75¢: a month earlier; prime beef .steers were steady at 9.50¢ to 9.55¢, the same as the previous month. Calves brought 9.40¢ as eompared with 9. 50¢ in April and muttons dropped from 8.25¢ to 7. 75¢ over .the month. Lambs fell .off over a cent a pound, or from 13.75¢in April to 12.50¢ in May. l -Livestock Rece i pt s ·at For t Worth* · May, 1927 April, 1927 May, .1926 Cattl e 93 ,178 80 ,000 107,315 Cal ve s 19,468 13 ,000 i 3 ,194 Hogs · :30 ,228 43 ,000 17,209 Sheep ', 96,300 6e<~OO , 105~419 *Fr om the Fort Tiorth Stock Yards Qompany.. ::_·,· . ·: Copie~ of the TEXAS BtrS:t:NE!SS REVIEYf will be 8ent on request.