Volume VIII, Number 4 Entered as second-class matter on May 7, 1928, at the poet office at Austin. :\Jay 29, 193.:t. Texas, under the Act of August 24, 1912. Business Review and Prospect MODERATE declines in commercial and industrial activity, the serious droulh situation in the Mid­west, and the restrictive legislation now pending in Congress have brought about a less hopeful spirit in the business world than at any time since last fall. Present indications are that the seasonal decline in business activity will continue at least through July. Whether another important upturn will materialize early next fall depends upon the attitude of the Government toward modifying existing business fetters; or to put it another way, upon what the attitude of the Government will be regarding the legitimacy of private profits, based on fair competition. Currently there is much confusion regard­ing our whole economic set-up, and this situation has not as yet been helped by the recent Darrow report and the rejoinder by the N.R.A. Certain issues, however, have been brought to a focus, and it is possible that clearer thinking on economic problems may gradually evolve in the coming months. Responsibility for the future policy of the Government with regard lo vital economic and social problems rests with the American people, as has repeatedly been pointed out by leading Administration officials, especially by Secretary Wallace. There arc signs that the GovernmPnt definitely is attempting lo shift from public initiative to private initiative in the Recovery program. Among these signs are Administration support of: 1. The amendment of the Securities Regulation Act of 193.3 in an effort to remove some of the barriers to private investment; 2. Plans for direct Government loans to industry and for encouraging private loans to industry by what amounts to a partial Government guarantee of these loans; 3. Easing of N. R. A. restrictions with a sharp pro· jected contraction of its whole code program which some people had said was interfering with recovery; 4.. A plan for insuring loans for home repair and home building in an effort to attract private capital to the construction industry now dormant; 5. A balanced budget for the fiscal year 1935-36; and opposition to those who advocate greatly increased Governmental expenditures as a way out of the depres· s10n. Should it become increasingly clear that a program in\'olving the foregoing features is definite!\ s1ringing into action and that reasonable profits for private enter­prise not only will be tolerated but will be encouraged by the Government, steady im pro1·ement might be ex­pected. Longer-time planning could then be undertaken by industry, and the resulting accelerated acti1·ity in mining, construction, steel and machinery making, and transportation wou Id gradually absorb a large proportion of the estimated 10,000,000 who are still unemployed. With the growth in activity in the heavy industrie;-, there would also be a growing demand for those engaged in the multitude of service occupations all of 'rhich in turn would react favorably upon industries producing goods for direct consumption. The Administration is still in a very farnrable position to help promote the sequence of events mentioned aboYe; for, despite the current slackening of business actiYity and morale, both of these elements still arc at a high level compared with the depression low. Therefore, no11· that the emergency pha;-es of the economic situation ha\e largely been taken care of it is to he hoped that a longer-time policy ma1· be formulated basPd upon principles which have de1·eloped from past experience and from lo['ical thinking. The problem is lo adapl established principles to the new situation in which this country and the entire world finds itself. Although con­fidence in the Administration has been considerabh­shaken in recent weeks, it no doubt could readily b~ restored once the great body of responsible citizens. saw that gradual improvement through established in:-titutions rather than the millenium through some untried scheme is heing sought. Although not entirelv PXPmpt from the df'dine in con· fidence and in business ar-ti1it1 1rhic·h is rcportPd lo exist i:·1 the country al large. ('U!Tf'lll conditions as IH'll as the near-term outlook appear brighter in TPxas than in most sections of the country. Thi" situation may be ascribed to the fact that the supply of all basic commodities in this Stale: farm crops, lin'stock and liYestock products, and oil promise lo be about normal while prices are trending upward. Such dedinf' in total production of form products as may occur is expected to be fulh­offset by benefit payments under the A. A. A. Retail sales during April were below those of March but considerably above those of April last year in spite of the fact that Easter fell in April a year ago whereas this year it came in :\-larch. Collections too were much better than last year. New passenger car registrations not only exceeded by 82 per cent those of a year ago but were e\·en some­what greater than in March of this year when sales made a new high record for several years. Cotton mill activity did not make the uniformly favor­able showin~ which ·has been noted in previous months. Consumption of cotton and production of cloth were both substantially hil!her than in April last year, but the figures on sales of cloth and unfilled orders were materially below those of a year ago. Commercial failures were not half so numerous as in April last year, while liabilities of the bankrupt firms \\ere onl~· half as large. Checks cashed by the member banks reporting to the Dallas Federal Reserve Bank were 62 per cent greater than in April last year; deposits also showed a sub­stantial rise. Emplonnent and payrolls in Texas continue to make a farnrabl~ showing. Reports from L915 establishments representing every $ection of the State showing a total of l OO,B32 employees for the week ending Mav 12, a gain of nearly 1 per cent over the number reported by identical firms i1{ :\larch of the current year, and 15.2 per cent o,·er the number reported in April 1933. PaHolls aggregated S2,114,923 for the week, 2.1 per ('ent above those in March and 16.5 per cent greater than in April last year. Business statistics making less farnrable showings in comparisons 1rith April last war were: Portlant cement, Texas charters, building permits, and li,·estock ship­ments. F. A. BcECHEL. For complete data, see statistical tables at the end of this publication. Financial Washington developments continue to dominate the financial news. Although none of the pending major hills affecting the nation's money and banking system has heen enacted during the past month, all of the Administration measures have made progress. The pro­posal to authorize direct federal loans to industry is still in the committee stage with indications that Congress will finall v em power the R. F. C. to grant such loans up to some S300,000,000 and the Federal Resen ·e Banks will be permitted to extend an additional Sl40,000,000. The controversial stock exchange control bill has finallv heen passed by both houses of Congress, but in slightly varying form. The measure, now before a conference committee, is certain to become law Yery shortly and to earn · most of the teeth requested by the President. After holding out for some weeks, the President ca pitu­l11ted to the siln~r bloc-inflation group, on Mav 22, sent a message to Congress requestin;z a sih'er purchase law. The proposed law, in general, would giYe the President the ri;zht to nationalize the silver bullion in the l:nited Stales whit·h is estimated at 250.000.000 ounces. and would dirf'd the purchase of silve~ in .the world n;arket with the ultimate object of maintaing one-fourth of the 1wtional monetan· reserve in silver and three-fourths in gold. :\fJ time limit is placed on these open market purchase;., which. according to present gold resen ·es, 1rnulcl a;zgre;zate some 1,400,000,000 ounces. It has h1·en n·1·ealr.d that the Treasurv has for some weeks hren purchasing si her, apparently utilizing the dollar stabili­zation funds for that purpose. It is YP.t too early t0 generalize as t0 the ultimate object of this 1w11·eq sih·er law. It mav be a simple sop to the sih·er hloc. repeating the follies of 18'18 and 1890, or it ma\· hf' that .\Jr. Roosevelt is lookirw forn·ard to the ad~ption of bimetallism or srn1-metal,lism, more likely the latter. In am e1·ent. the immediate inflationan effect of sih er purcha~ing is. likely to be quite small, .as was pointt>d out in the April issue of the ReYiew. It is of interest to note that the $2,000,000,000 stabiliza­tion fund created bv the Gold Resen-e Act of 1934, was formalh· set up b): the Treasury on April 27. Of the total appropriation, 8200,000,000 has been put into a cash fund for immediate use, and there is some evidence that it has recentlv been used to purchase silYer bullion. Banking statistics reYeal a continuation of previously obtaining trends. Federal ReserYe Bank loans to member banks declined from S43,000,000 on April 11, to $34,­000,000 on .\fay 16, the IO\rnst Yolume since the early \·ears of the SY;tem. Total monev in circulation showed but little ch~nge during the n~onth, aggregatinft S5,­3.J4.000,000 on .\1av 16. The gold f1011· into the United Statf'S has dwindled in recent 11·eeks to a mere trickle, net imports for the fiY e weeh ending Mav ] 6 amounting to S34, 775,000. During this period. the Treasury has continued to sell some of its free gold holdings to the Federal Resen-e Banks, and there are indications that small amounts of gold haw been sold abroad. Commercial bank lending continues to shrink. Total loans of the reporting member banks haYe declined rather sleadilv from S8A02,000,000 on December 27, 1933, to Sfl. l 2l.OOO,OOO on '.\1ay 9. This latter figure compares with Sl 7,423,000,000 as of October 2, 1929, indicating a shrinkage of some 53 per cent. Total securit\' holdings of the reporting member banks, however, ha\·e grown from 88,264,000,000 on December 27 last, to $9,207,­()00,000 on .\Ia1 9. The gain of almost a billion dollars is accounted for 11·holly by increased holdings of federal gn1·ernment obi igations. :Meanwhile, the excess reserve balances of the member banks continue to pile up, as of .\Jay 20 being estimated at the record breaking total of SJ. 700,000,000. To many people, the failure of bank credit to expand during the past few months of rising business activity i3 both disappointing and inexplicable. The President has assured his constituents that business recovery is dPfinitely established and his assurance might seem to have been borne out by rising indexes of production and consumption since January. It is of course very doubtful whether business recovery is really here, indeed, genuine recovery is probably impossible under the present admin­istration reform program. Further, much of the increase in business activity can be attributed to the enormous emergency expenditures of the federal government which sooner or later must cease. l\evertheless, the undoubted improvement in business might reasonably be expected to have resulted ere this in a material expansion of bank credit. Such at least appears to be the attitude of the Administration as is evident by the increasing pressure on commercial banks to grant easier credit. But not on! y have bank loans failed to expand thus far, they have actually continued to shrink as is indicated by the figures presented above. The anomaly, however, is more apparent than real. Even assuming that a genuine business recovery has been established for some months, it would be quite normal to find bank loans shrinking. During the early part of a recovery period, the trend of loan liquidation from the preceding depres­sion continues. For some time, this continued liquidation might easily exceed the new bank lending, which ordi­narily is relatively light. New lending tends to be light at first because most good business concerns come out of a depression period in an unusually liquid position and themselves possess the necessary cash to finance their early expansion. Further, in the early phases of a recovery period, most business men are more than ordinarily cautious and, accordingly, are inclined to expand operations gradually. Particularh is thi;; true toda\· under the hid1t'r cost~ imposed 11,: the ~. R. A. code;; ·11·hil'h lessen theL pros]Wd 5 fur profits. :\lost of tlw loan applil'atiuns. thcrefnre. come from less 11·ell rated concerns and can be das;;ified a~ distress loans, which the banks quite properh· hesitate to grant. Past experience seems lo indicate that this lag in bank nedit expansion is quite normal. :\Ir. Clnle L. Rogers. in an article in The Annalist of . .\pril 20, 193-t present;; some interesting figures on this lag in bank credit expansion. In the first year of recoYery follo\ring the seYere depression of 1893, business actiYitY increased 28 per cent while bank credit expanded 3 per cent: in the year following the panic of 1901, business acti,·ity increased 25 per cent while bank credit expanded 2 per cent; and in the year 191.:1-15, business actiYitY increased 37 per cent while bank loans increased 16 per cent. In the reco\ery period following the se,·ere depression of 1920-21, bank commercial loans continued to shrink for 18 months after business actiYity had begun to expand. Some lag in bank credit expansion might therefore be reasonably expected at the present time. Granting that real recovery is now established, which is exceeding!~· doubtful, bank commercial loans might well continue to decline for some months. Once started. howe,·er. bank credit expansion tends to increase at a . cumulatiYe rate and to proceed to the full limit of the existing resen ·es. \\'ith the present enormous excess resern•s, it is clear that the expansion process could deYelop rapidly and result in a material credit inflation. J. c. DOLLE'!:. Petrole11m The problems which beset the petroleum industry are problems which cannot be limited just to this industry; rather these are problems that are circumscribed only by the extent of the whole of modern industry in the make-up of modern economic life. It is apparent that the problems of the petroleum industry cannot be con­sidered wholly from the point of view of any one nation or of any one section; this does not mean that certain nations or certain sections may not have a greater stake in the petroleum industry than sertain other nations ur sections. Certainly Texas has a greater stake in the petroleum industry than any other State of the Union; the proven reserves of petroleum in Texas make it apparent that the stake of this State in the petroleum industry will continue for some years to come. Recent trends in petroleum production and refining make it appear obvious that the stake of Texas in the petroleum industry will gain considerably in the immediate future. Moreover, recent trends in the consumption of petroleum products make it apparent that such products, of which there is an increasing variety, can play an even greater part in modern economic life than has ever been true of the past. During the fi,·e-year periodSPECTACCLAR RISE 1921-25 Texas produced about OF TEXAS' PRODCC. 19 per cent of the nation's out· TIO:\ OF OIL put of crude oil; in 1933 Texas was supplying nearly 4.5 per cent of the national pro­duction. MoreoYer, the total amount of crude oil pro· duced in Texas at the beginning of 1933 amounted to 20.4 per cent of the total output of the nation up to that time. It is true that this latter percentage was exceeded by both California and Oklahoma: but begin­ning in 1923 and in each year since Texas· production has stood first. And in 1933 production of crude oil in Texas equalled more than the combined production of both Oklahoma and California. These rnrious data reemphasize the important stake Texa;; ha" in the petroleum industry. The ke1· tu the petroleum'.\IARKET DD1A\DS, indu~tn is the outlet for its THE KEY TO THE product:;. .-\s late as 1899 PETROLEC~ 1\DCSTRY more than ha!L or 51.6 per cent of the products deri,·ed from the crude oil refined in that year, \1·ere kerosene: in the same year gasoline and naphtha constituted 12.9 per cent of the crude oil refined; while gas and fuel oil made up l..J. per cent and lubricants 9.1 per cent. In that year, total production of crude oil in the l -nited :3tates amounted to 5/JJILOOO barrels. or ahoul 5 .(J per CC'nt that of the total annual national production ;)O \ears later. That kerosene:' was rclati,·eiy so FROM l\:EROSE\E important a deriYali\ e of t·;·ude TO GASOLI\E oil in 1899 is not surprising; but it is rather surprising that as late as 191 -1 the percentage of kerosene to total petroleum derirntiYes was considerably greater than that of gaso­line. In 191-! of the principal petroleum products kf'rosene made up 2-Ll per cent and gasoline 18.2 per cent. By the close of the World War, ho"·eyer, gasoline Yolu1m' was double that of kerosrne, though it was not until re('enl year;; that !!asoline ex('eeded the amount of gas and fueJ° oil prodm'.ed. In 1930 lubricants made up 3. 7 per cent of the Yolume of principal petrnleum products: kerosene accounted for 5.3 per ceuf; gas and fuel oil furnished -1-0.2 per cent, and gasoline 42 per cent. \'\"11ile changes in demand made possible the out­lets for these products, it is rlC'cessary to rmphasize that technical de\·elf)pmenls in the refining industry made it pc.s;::ible and 1Jrat"1 i('al lo provide these products in the prrcenlages noted. Looked at from a wider \VIDEl\l\G MAHl\:ETS perspel'liw, the changes in FOR GASOLL\E production of the various petroleum produl"l~ assume en•n greatpr significance. According lo data prese11led before the February meeting of the American Institute of Mining and Metallurgical Engineers, the consumption of gasoline in the world during the _pa,;l It' ll \ears ha;; inneased from 23 7,212,000 barrels to 530.52-1.000 barrels-or a gain of 123 per cent in the decade. When these data are broken down, it is interestin(Y to note co111paralive changes a111ong the vari­ous parts'"'or the world. Ten \ fars ago the United States consumed II per cent of all gasoline used : in 1933 this percentage 1rn~ reduced to 12 per cent. During this ten­year period th<> consumption of gasoline in the United Stales increased from 185.003,000 barrels to 3fU,565,000 barrels, or a gain of IOCJ per cent from 192-1 to 1933. During the same period the gain outside the United States \\"HS 185 prr cent. from 52,209.000 barrels to UB,9S9.000 barrels. Outside the United States, Europe COMPARATIVE is the largest consumer, and its per· CONSUMPTION centage of increase from 1924 toOF GASOLINE 1933 amounts to 180.7 per cent. l\orth America, exclusive of the United States, comes next in order, but the percentage gain here w~s but 115.8 per cent. Asia, as a wholc>, constitutes the thll"d largest gaso· line market outside the United States; the percentage gain in Asia in this period is a striking one-366.3 per cent. In 1924 the United States export·U~ITED STATES ed 29,138,000 barrels of gasoline,EX.PORTS OF or 55.8 per cent of the total con­GASOLINE sumption of all countries outside this country; in 1930 the United States exports ?f gaso· line had risen to 65,460,000 barrels, but from this figure the Yolume dropped to 29,186,000 barrels in 1933. This latter amount is slightly larger than the volume exported in 1924 but it constituted only 19.8 per cent of the total consum~tion of countries outside the United States. A world perspective ofCHANGING TENDENCIES the petroleum industry asIN COMPETITIVE of many other industriesPRODUCING NATIONS reveals trends of unmistak­able importance for consideration in the near future. I~ petroleum production as in wheat, the U. S. ?· R. c?nsh· lutes one of the dominant unknowns, possessmg as 1t ap­parently does, large reserves of oil and cer~ainly a great natural capacity for low-cost wheat product10n. In recent years U. S. S. R. exports of both petroleum products and "·heat have been influential factors in the world markets for these commodities. Paralleling the rapid develop­ments in oil and wheat production in the U. S. S. R. since the War have been the transformations occurring in the Far East. The Far Eastern countries have taken increasing amounts of wheat in the past few years; the fact of increased imports of raw cotton from Texas by Japan is well known ; and the data quoted in a preceding paragraph show the rapid growth of the gasoline market in the Far East. ELMER H. JoHNSON. Cotton It is becoming more genera II y understood that the in­fluem·e of the fPdnal cotton program is not rrslricted to the coll on p:ro11 ing region. ancl it i~ hoped that other n•p:io11,-in tht' l 'nited Statt's 111ay realize this before it is too lalt' lo 1.1re\ t•nt the far-reaching consequrnces of forc­ing the South 011 lo a sPlf-~ufTil' iency ba:;;is in cotton pro­dudio11. Tht' South is told by high authority that it must df'l'ide 11 hetlwr it "·ant" nationalism. free trade, or a middle t'Olll":'l'. The fad,_;_ of cot1rse. arr that it is not within the p1mn of the South lo make that choice. If it \1·ere. high tariff walls 11·011ld han' been lmrered long ago. Th<:' Federal prng1«1m of restriction of cotton produc­tion is undouhtedh pulling forrig11 producers in a stronger competitive position in world markets by aiding them to get the advantages of volume in both the pi:Q.duc­tion and marketing of their cotton. Is it not a fac_t_also that com peling fibers are being given preference in ~uf markt't in that they are free from any processing t~!S? Do not thf'st' f aC'ls, coupled with the highly natjQ.f'!~l_isti~ program being carried out, make the real choice of._tfi.e cotton producing South, whether it will carry the burden of this nationalistic program or whether it will pass atl o"r a part at least, to other regions through comp!tirive production of other commodities in order to put itselfOri a more nearly self-sufficient basis? · -· · If regional self-sufficiency must be the choice of the South under the present program, then its leadership in agriculture, trade, and industry must take advantage of every resource to provide our own food supplies and utilize completely the many advantages which the South­ren states have for the further development of manufac­turing. Make no mistake, even this self-defense program Sl'INl\ERS Spinnl'r~ ratio margin advanced during MAHClN April from l<>2 to U>5, an indication of ,.;Lrl'11gtlll'11i11g dc111a11d. Tlw a\erage pencl' margin for April n·111ai1wd the ~anw a" Mardi at I. llld, compared with :1.(>9d for Apri l la"l year. could easily be thwarted by centralizing control of our natural resources and of our industrial organization and development in the Federal Government. It should be emphasized that a program of regional self-sufficiency is not the choice of the South. Moreover, the devaluation of the dollar provided the real oppor­tunity for avoiding such a program, first, because it pro­vided a substantial base on which to lower high tariff waTis.--The-N. R. -A., however, has since then practical!y eTlrrilnated that opportunity unless there should be fur­ther--devaluation of the dollar. Second, cotton being large!_y an export commodity, was-in position speedily to gain the full benefit of the increased price due to the devaluation of the dollar through the stimulation of ex­ports which would have readily brought the domestic prieeup-to the full depreciated value of the dollar. The fact-is, that depreciation does explain most of the ad­vance in the present price of cotton. ·under the circumstances, the logical program for the South would have been unrestricted cotton production and" trade as opposed to the 10-cent loan which tended to thwart exports due to the devaluation of the dollar and the-program-of restricted cotton production. A. B. Cox. Total supply of cotton i11 the United COTTON Stales May l \\a~ l 0,00.'>.00U bales com­BALANCE pared with l0,B95,00U bales 1\ pril 1 and SHEET 11,742,000 bales on i\Ia, 1 last \ear. The decrease in supplies of cotton in th~ Cnited. States on May 1 and of American cotton in and to European ports compared with May l last year was L 7 D ,000 bales. Calculated changes in the index price based on these changes in supply indicate an advance dul' lo -1-56 points over the price 011 April 1 last year. When changes in the index number and the spinners margin are put into the price calculation, the calculated cents price for :\ew Or­lea~s middling % inch cotton is 1:3.97 cents. This very high calculated price is due to the quick advance of cot­ton as a result of the decline in the value of the dollar on the one hand and the continued low index on the other. Based on the calculated price of last l\Iay, the calculated price now is 9.20 cents. This figure is in line with the Bureau supply-price chart indication of about 9.50 cents. The percentage method of calculation indi­cates a price of 12 cents. Livestock and Poultry LIVESTOCK Livestock shipments from Texas to Fort Worth and interstate points dur­ing April fell below those of the corresponding month in 1933 for the first time during the current year. Total shipments of 8,052 cars compared with 8,794 cars during April last year declined 10 per cent. Only one class of animals, cattle, showed an increase and that was only 5 per cent. Respective carload shipments of the various classes of livetock compared with April 1933 were: cattle, 6,659 and 6,358; calves, 651 and 873; hogs, 395 and 765; and sheep, 347 and 798. It will be noted that only about half as many hogs and sheep were shipped from the State as in April last year and about 25 per cent fewer calves. For the first four months of the year, however, total shipments of 18,513 cars were still above the 17,907 cars of the corresponding period last year. This is the season of the year when large shipments of cattle and calves are made to the Flint Hills of Kansas and the Osage country of Oklahoma for summer grazing. Shipments to Kansas this year were much larger than in April a year ago, but there was a decline in shipments to Oklahoma. A number of significant changes occurred in ship­ments of livestock to important markets in comparison with last year. Fort Worth, for example, received only about one-third as many sheep and half as many hogs as during April last year, and shipments of Texas cattle to Los Angel.es were 80 per cent below those of Apr!l last year while no Texas calves or sheep reached tlus market during the month. Receipts of hogs from out-of-state points totalled 277 cars against 106 cars in April 1933. The bulk of these receipts came from points in Kansas, ;\ebraska, and Oklahoma. Compared with last year considerable variation is to be noted in the number of animals shipped from the different sections of the State. This situation probably reflects differences in range and forage conditions. Fewer cattle were shipped from the Panhandle section than in April a year ago, but in Sorth Texas east of the Cap Ruck a considerable increase in shipments occurred. There also was a large increase in shipments of both cattle and sheep from the Trans Pecos country, while a marked decrease in shipments of cattle, calves, and sheep occurred from the Edwards Plateau. Interstate rail shipments of poultry andPOULTRY eggs during April totalled 162 carsAND EGGS against 204 cars la~t ) Par, a decline of 20 per cent. Of poultry alone there were HO cars com­pared with 122 cars in April last year. Egg shipments of 82 cars were the same aO" in April a year ago. As u5ual, the bulk of the poultn shipments were destined for New York, Massachusetts, and Illinois. In addition to the foregoing points, a considerable proportion of Texas eggs was shipped Lo Louisiana and Tennessee. Almost as many cars of eggs were brought into Texas LIST OF PliBLICATIONS from other tales as were shipped out. Interstate receipts of the during April of G7 cars were more than double the 29 Bureau of Business Research, The University of Texas cars received in April 1933. Kansas accounted for Austin, Texas 6~ cars, Illinois 3, and Wisconsin ] . Northern eggs .Hetlwds jor the Study uj Retail Relationships, William brought into Texas at this season of the year are placed J. Reilly, Ph.D....... ---·-··-· ---·-··--· __ -·--·-·-·--------··--------·-········ 1.00 in cold storage. A System of Accounting Procedure for Livestock Ranches, Frederick \V. Woodridge____________________________------··-------····--·· 1.00 An Analysis oj Credit Extensions in Twenty-three Texas Department Stores by Occupational Groups, Arthur . H. Hert...........·-·-·--·------···-·--··-----·-·-······--··--------·····----··········--·· 1.00 Subscription to the The Natural Regions of Texas, Elmer H. Johnson......._________ LOO Directory of Texas .Hanufacturers, F. A. Buechel and \!artha Ann Zivley..........--------·--------·---··------·-----------·--······ 1.00 TEXAS BUSINESS REVIEW Eight Years oj Livestock Shipments in Texas, 1925-32, Part l, Cattle and Cah·es, F. A. Buechel..._................... 1.00 $1.00 per year The Basis of the Commercial and Industrial Development of Texus, Elmer H. Johnson__ ______ __ ______ _________________ _ ___ 2.00 A Balance Sheet Analrsis oi Texas State Banks as of December 31, ]929, Herschel C. Walling, C.P.A. and J. E. Russell (Mineographed) ------------··---------··-·-··· .50 Graphic and Statistical Summary of Hog Movements in COTTON MANUFACTURING IN TEXAS Texas, F. A. Buechel (Mimeographed I ------------·--··--·-··· .50 The Dairy Manufacturing In dustry in Texas, F. A. Buechel Apr. Mar. Apr. 1~fimeog:raphed I _____ -----------------------·------·--·-----------····-····· .50 1934 1934 19S3 Bales of cotton used..·-····-··· 6,844 6,803 5,121 Yards of cloth: APRIL CARLOAD MOVEMENT OF POULTRY A D EGGS Produced ·······-····-··-····-· 6,648,000 6,930,000 4,888,000 Shipments from Texas Stations Sold ·········-···-···-··-·-·-·--· 3,266,000 5,199,000 8,086,000 Unfilled Orders ·····-------11,216,000 12,858,000 15,686,000 Cars of Poultry Live Dressed Cara of Egc1 Active spindles ···-···-····-··· 178,301 179,909 142,100 Chickens Turkeys Chickens Turkeys Spindle hours ···-···---·--····51,209,000 54,318,000 40,935,000 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 NoTE: Reported to the Bureau of Business Research by Texas Cotton Mills. TOTAL ··-··--··--15 22 65 93 1 8 132 125 Intrastate ·····----·-· 1 1 50 43 Interstate ····--···· 14 21 65 93 1 8 82 82 Interstate Shipments 'Classified PETROLEUM New York __ _____ 6 17 29 46 2 12 10 Daily Average Production Illinois --·-·····-__ 9 1 2 10 7 Massachusetts .. .... 2 14 1 1 3(In Barrels) New Jersey --·-· .... 6 5 1 13 1 Pennsylvania ___ .... 5 13 1 7 Apr. Mar. Apr. Louisiana __ ______ 2 21 25 Connecticut ···-.... 4 3 1 1934 1934 1933 Panhandle ···-···-····-··-····-----· 55,150 55,300 46,488 Missouri -··-····-.... 1 2 1North Texas ··-··--········--··-····· 56,600 55,400 52,050 Georgia ·····-·--.... 4 9West Central Texas...____________ 26,550 26,750 23,000 l\fich.igan ········-.... 3 2West Texas ···-···-····-···-···-·· 138,350 135,850 160,175 California ····-···· 5 4 1 3 1 4East Central Texas ···-···-··-·-45,900 43,650 58,512 Alabama ----··-·· .... 2 1East Texas ···-····-·-·-····-····-.... 454,050 432,250 283,638 Florida ----··--··· .... 2 1Southwest Texas ··--------··-···-· 48,750 46,050 49,162 Rhode Island _ .... 2 1 1Coastal Texas ···-·-------···-··-162,350 160,250 154,187 Ohio -·--·-··--······ 2 STATE ·-·-·-· . ····-·-·-···-··--·---· 987,700 955,500 827,212 Tennessee ········-.... 11 1UNITED STATES ····--··-····---2,417,100 2,351,650 2,083,487 Maryland ............ 1 2 1 1 Imports .. _ ···-··········-····--·-·-··-·· 111,786 108,143 132,857 1ississippi --··-.... 1 Oklahoma ····-·-· .... 3 NOTE: From American Petroleum Institute. Virginia -·····--·· .... 2 South Carolina.. .... 2New Development in Texas North Carolina ..... 1 ebraska ···-···--.... 3 1 Apr. Mar. Apr.1934 1934 1933 Iowa ··--·--···--· 4 Permits for new wells_____________ 375 Receipts at Texas Stations Wells completed . ···-···-····-····· 944 688 383 678 389 TOTAL .................... 118 68 Oil Wells -·-·-··-···--···-····-····-· 686 510 251 Intrastate -··---·····-·· .... 51 39Gas Wells ····-···-···-····-····--···--22 18 7 Interstate ····-····-.... 67 29Initial Production (In Interstate Receipts Classified Thousands of Barrels) ···-····· 2,709 2,098 792 Kansas ·-·-·-------·· 63 29 , Gasoline >'ales as indicated by taxes collected by the State Illinois ··-·-····-·· _ 3 Comptroller: \larch, 1934, 69,368,000 gallons; February. 1934, Wisconsin _____ .... 1 58,677,000* gallons; \larch, 1933, 56,991,000 gallons. · NoTE: These data are furnished the U. S. Department of Agriculture, Diviaior. of Crop and Livestock Estimates, by railway c.ffi.cials through agents at all station• NoTE: From The Oil Weekly. which originate and receive carload shipments of poultry and eggs. The data•Revieed. ue compiled by the Bureau of Busine11 Rue.arch. TEXAS RETAIL DEPARTMENT STORE SALES• LUMBER Percentage Change in (In Board Feet)Number Dollar Sales of Year-to-date Apr. Mar. Apr. Store1 Apr. 1931 Apr. 1931 1934 from 1931 1931 1933 Report· from from Year-to-date Southern Pine l\1ills: ini Mar. 1934 Apr. 1933 1933 Average Weekly Production Abilene ----·-----------------------3 -11.3 +21.5 + 32.7 per Unit 217,057 215,471 182.856 Austin ---------------------------8 -13.9 + 3.0 + 16.1 Average Weekly Shipments per Unit ____ Beaumont _--------------------------4 -13.6 + 8.4 + 26.3 ---201.336 203,190 225.244 f'.orsicana _------------------------3 -10.4 + 21.9 + 29.5 Average Unfilled Orders per Unit, End of Month ________ Dallas ------------------------------8 -11.5 +20.5 +32.0 779,984 782,866 596,584 EI Paso -----------------------------3 -21.2 + 11.0 +31.7 NOTE: From Southern Pine Association. Fort Worth ----------------------6 -10.3 + 9.4 +25.7 Galveston ---------------------------4 -10.0 -5.4 + 14.5 Houston __ --------------------------9 -11.6 + 10.8 +36.0 BANKING STATISTICS DALLAS RESERVE DISTRICT* Port Arthur _ ---------------------3 -24.7 -12.3 +34.1 (In Millions of Dollars) San Angelo ·------------------3 -20.9 + 5.2 +23.2 Apr. Mar. Apr. San Antonio -------------------5 -7.0 + 12.4 +28.9 1931 193 1 1933 Temple ________ --------------------3 -11.4 +29.0 +33.2 Debits ______ ------------------------_____ 628* 491 ..388Tyler -----------------------------------3 -20.0 +26.6 + 61.4 Condition of reporting ?',fa y 2 ~far. 28 May IO Waco ______ -------------------------4 -12.9 +27.5 +41.8 member banks on 193 i 1931 1933 Wichita Falls -------------------3 -13.0 + 7.4 + 26.5 All Others ___________ _____________ 16 Deposits (total) ------------------------393 401 335 -14.0 + 21.3 + 46.8 Time ------------------------------------121 122 123 STATE __--------------------------88 -12.4 + 13.2 +31.3 Demand ---------------------------------272 279 212 Department Stores (Annual Borrowings from Federal Reserve _____ 2 volume over 500,000) _____ 17 -12.5 + 11.9 +30.5 Loans (total) ------------------------------186 187 215 Department Stores (Annual On securities -------------------------61 64 67 volume under $500,000) ..31 -18.2 + 10.2 + 28.7 123 148 All other --------------------------------125 Dry Goods and Apparel Government Securities Owned_________ 159 170 93 Stores __________________________ .13 -12.4 + 3.6 + 19.0 Women's Specialty Shops _ 12 -15.4 + 17.7 + 30.1 *F'ive weeks. NoTE: From Federal Resf'-:e Board. Men's Clothing Stores _______ 15 + 5.7 + 26.5 +40.5 •The c1assification by towns includes all of the stores reporting 11 indicated in BUILDING PER HTS the classification by types of stores. NOTE: Reported to the Bureau of Business Research by Texas Department Apr. Mar. Apr. Stores. 1934 1931 1933 Abilene 4,360 970 502 MAY EMPLOYMENT IN TEXAS CLASSIFIED BY CITIES* Amarillo -----------------------52,797 8.378 4,965 Austin -------------------------------67,116 85,406 123,025 Beaumont 15,233 17,690 8,407(Week ending May 12) Brownsville ----------------------2,970 17,135 415 No. of ---------------------- Brownwood 325 Workeu Percenta1e Chance Eatab -from from Cleburne -----------------------980 1.165 lish· May Apr. May Apr. May Corpus Christi ------------------25,790 13,215 35,440 menta 1934 1934 1933 1934 1933 Corsicana -------------------------730 27,450 1,750 Amarillo -------42 1,053 1,147 947 8.2 + 11.2 Dallas ------------------------264,641 347.551 188.757 Austin ----· -----31 843 801 738 + 5.2 + 14.2 Del Rio ------------------2,677 26,430 1.985 Beaumont --------· _ 73 4,197 4,008 Denison --~ 4,400 12.500 725 3,285 + 4.7 + 27.8 -· -------------------------­Dallas ----------..265 15,849 15,705 13,838 + 0.9 + 14.5 EI Paso ---------------------18,550 11,525 9,297 EI Paso --86 3,374 3,344 2,863 + 0.9 + 17.8 Fort Worth -----63,800 78,600 388.000 -·--·-----------­ Fort Worth __ 134 9,124 9,278 8,233 1.7 + 10.8 Galveston -------------------55.252 36.624 27.339 Galveston -25 1,256 1,224 1,501 + 2.6 -16.3 Harlingen ·------------1,183 5.600 4.582 Houston -----------221 16,719 16,668 13,310 + 0.3 + 25.6 Houston -----------------------------262,845 201.840 182,678 Port Arthur _______ 12 6,344 6,812 5,216 Jacksonville 2,000 1,000 6.9 + 21.6 -------------------­ San Angelo ---·---17 300 290 231 + 3.4 + 29.9 Laredo ----·-·-------------· -·-----1,000 1,200 1,000 San Antonio 250 6,812 6,694 6,512 + 1.8 + 4.6 Longview ------------------105.000 39.000 44.300 Waco -------58 1,749 1,701 1,517 + 2.8 + 15.3 Lubbock --·-· --·------------·----7.375 7,706 2.085 Wichita Falls --59 1,412 1,311 1,112 + 7.7 + 27.0 McAllen --------------------·-' 750 550 3,075 Miscellaneous . 642 31,800 31,106 28,219 + 2.2 + 12.7 Marshall -----------------------3,673 7,725 11.910 STATE ____________ l,915 100,832 100,089 87,522 + 0.7 + 15.2 Palestine 17,012 14.336 Total Payroll 2,144,923 2,071,522 1,814,679 + 2.1 + 16.5 Pampa ---------------·-----------12,600 6,250Paris _____ 9.020 10,094 3.172 *These figures do not include workers on the Federal Emergency Pro1ram. Plainview ----------33.2.50 9,200 27.000 Port Arthur ------------13,819 11 ,406 6,920 San Angelo 4,750 16,7.50 3,852 ---------·­ STOCK PRICES an Antonio 48,122 66.281 77,610 Apr. Mar. Apr. ----------------------­ San Benito 2,430 238 1934 1934 1933 herman ------------------------6,739 3.868 4.830 Standard Indexes of the Securities nyder ----------------------------100 Markets: Sweetwater 860 1,000 420 ----------·---------­ 421 Stocks Combined ____ -----------79.6 77.1 47.5 Tyler -----------------------------42.817 55,074 270.916 351 Industrials -------------------------88.3 84.9 48.8 Waco --------------------------80,387 15,067 30.307 33 Rails ---------------------------------------49.3 48.7 26.3 Wichita Falls -----------------9,109 4.995 6.847 37 Utilities ---------------------------------76.3 75.3 63.5 TOTAL ----·---------------------1,242,137 1,263.979 1,474.276 NOTE: From Standard Statistics Co., Inc. Non: Reported by Texas Chambers of Commerce. COMMODITY PRICES CEMENT (In Barrels) Apr. Mar. Apr. 1934 1931 1933 Apr. Mar. Apr. 1931 1931 1933 Wholesale Prices: Texas Mills U. S. Bureau of Labor Production 354.000 433.000 372,000Statistics (1926 =100) 73.3 73.7 60.4 Shipments 316.000 3'16,000 347,000r108.1 108.2 83.8 The Annalist (1913 =100) Stocks 617.000 579,000 666,000 --l 64.5* 61.5* 80.8* Dun's --$161..33 163.42 133.49 United States Bradstreet's --9.16 9.17 $ 6.98 Production _______ 6,544,000 5,257,000 4,183.000 Farm Prices: Shipments 6.498,000 4·.618,000 4.919,000 U.S. Department of Agricul-tocks ___ _ _ ____________ 21.468,000 21,401.000 20,542,000 tme (1910-1914 =100 I 711.0 76.0 53.0 Capacity Operated __ 29.6% 23.0o/o 18.9% U.S. Bureau of Labor Statistics (1926 = 100) 59.6 61.3 44.5 Non: From U. S. Department of Commerce, Bureau of Mines. Retail Prices: Food (U.S. Bureau of Labor Statistics l <1913 = 1001 107.3 108.5 90.4 TEXAS CHARTERS Depa rtment Stores (Fairchild's Apr. Mar. Apr. Publications l (Jan. 1931=100) 89.4 90.0 69.4 1931 1931 1933 Capitalization 1,331,000 1,264,000 2.401.000 •On gold basis based on exchange quotationa for France, Switzerland, Holland, and Belgium. umber 113 139 123 Classification of new corporations: Oil _____________ ---·· ___ __ _ --·-30 36 34 TEXAS COMJ\IERCIAL FAlL RES fanufacturing _____________ 10 21 26 Banking-Finance __ _ _ 4 6 8 Apr. Mar. Apr. Real Estate-Building _______ --14 7 9 1931 193·1• 1933\ Transportation ---------------1 3 2 umber 19 21 44 '.Vferchandising ____ _ --·--37 36 21Average Weekly Number 5 4 11 General ____ _____ _ _________ _ 16 30 23 Liabilities 235,000 s 435,000 470,000 Foreign Permits 36 29 25 Assets _ 109,000 321.000 133.000 umbtr capitalized atAverage Liabilities per less than 5,000__ --·-·-___ _ 48 62 45Failure s 12,368 s 20,7}4. 10,691 umber capitalized at 100.000 or more --·---·--__ 1 1 6 •Five weeks. 'tHPvi<:.Pd to induc.lc the El Paso area. NoTE: From Oun & Dradstrect, Inc. NOTE: Compiled from records of the Secretary of State. COITON BALANCE SHEET FOR THE UNITED STATES AS OF MAY 1 (In Thousands of Running Bales Except as Noted) Final Ginnings Carryover Imports Report Consumption Exports Balance Aug. l to May l* Mar. 2ot Total to May l to May l Total May I 1926-1927 -----·---------------3,543 311 17,755 21.609 5.530 9.474 14.801 6.805 1927-1928 ---------------------3,762 285 12,783 16,83(} 5,307 6.186 11.493 5.337 1928-1929 ---·------------------------2,536 368 14,297 17.201 5.306 7,191 12.500 4,701 1929-1930 -· --------------------------2,313 311 14,548 17,172 4.,848 6,121 10,969 6.203 1930-1931 ---------------------------4,530 69 13,756 18.355 .3 .899 5,906 9,805 8,550 1931-1932 --------·------------------6,369 82 16,595 23,046 3.927 7.397 11,324 11.722 1932-1933 --------------------------------------9,682 96 12,702 22,481 4,218 6,521 10.739 11,742 1933-1934 --· ---------·-----------------------------------8,176 112 12,660 20,948 4,4-58 6,485 10,943 10,005 The col ton yenr begins August I. *In 500-pound bales. fCin-run bales, counting round bales as half bales. APRIL SHIP.ME TS OF LIVESTOCK CO VERTED TO A RAIL-CAR BASIS+ Cattle Calves Hogs Sheep Total 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Total Interstate Plus Fort Wortht 6.659 6,358 651 873 395 765 347 798 8,052 8,794 Total Intrastate Omitting Fort Worth --· 6M 611 330 224 5 24 122 31 1,121 920 TOTAL SIIIP IENTS _ 7,323 6,999 981 1,097 400 789 469 829 9,173 9,714 TEXAS CAR-LOT+ SIJIPME TS OF LIVESTOCK JA UARY 1 TO MAY 1 Cattle Calves Hoge Sheep Total 1931 1933 1934 1933 1934 1933 1934 1933 1934 1933 Total Interstate Plus Fort Wortht ___ 13,149 11,469 2,363 2,206 1,369 2,119 1.632 2,113 18,513 17,907 Total Intrastate Omitting Fort Worth 1.816 1,583 893 694 26 165 421 226 3,156 2,668 TOTAL SIIIPME TS -· 14,965 13.052 3.256 2,900 1,395 2,284 2,053 2,339 21.669 20,575 fFort Worth shipments are combined with interstate forwardings in order that the bulk of market disappearance for the month may be ehown. !Rail-Car Ba111is: Cattle. 30 head per car; calves, 60; hogs, 80; and 1heep, 250. OTE: These data are furnished the United States Bureau of Agricultural Economics by railway officials through more than 1,500 station agents, representin1 every livestock shipping point in the State. The