fEXAS BUSINESS REVIEW A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS BUREAU OF BUSINESS RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS VOL. XX, NO. 8 September 1946 HIGHLIGHTS OF TEXAS BUSINESS PERCENT DECREASE PERCENT INCREASE AUGUST 1946 COMPARED WITH AUGUST 1945 Life insurance sales _______ ------------­Retail sales ____________ ---------------------­Bank debits -------------------___________ _ Farm cash income -----------------------­Livestock shipments -------------------­Cotton consumption -------------------­Pay roll~ -------------------------------------­Postal receipts ________ --------------------­ Employment ---------------------------------­Electric power consumption _______ _ Crude petroleum production _____ _ PERCt'.Ni INCF\EASEAUGUST 1946 COMPARED PERCENT DECREASE 10 20 30 40 50 60 70 80 90 WITH JULY 1946 40 30 -20 10 0 Retail sales -----------------------------------· Electric power consumption ______ _ Cotton consumption __________________ _ Pay rolls -------------------------------------­Employment ---------------------------------­ ' Postal receipts -----------------------------­Bank debits ----------------------------·-----­Life insurance sales ---------------------­ Crude petroleum production _____ _ Farm cash income -----------------------· Livestock shipments ___________ _ TEN CENTS PER COPY ONE DOLLAR PER YEAR Compliments of THE REPUBLIC NATIONAL BANK, DALLAS, TEXAS FIGURES FOR T~E MONT~ ' INDEX OF TEXAS BUSINESS ACTIVITY (1935-39=100)*-----­Index of department and apparel store sales (10) ________________________________________________________ _ Index of miscellaneous freight carloadings in Southwestern District (20) _____ _____ ________ _ Index of crude oil runs to stills (5l ---------------------------------------------------------------------­lndex of electric power consumption (15) ------------------------------------------------------------------L­lndex of employment (25) ---------------------------------------------------------:----------------'----­Index of pay rolls (25) ·---------------------------------------------------------------------------------------------­ TRADE Retail sales of 1,041 independent stores.-------------------------------------------------------------------------------­ Ratio of credit sales to net sales in department and apparel stores___________________ _ _______ _ Ratio of collections to outstandings in department· and apparel stores________________________ _ Postal receipts in 53 cities..·-------------------------------------------------··········-·---------------·---------------·····­PRODUCTION Lumber production in Southern pine mills (weekly per unit average in board feet) ______ _ Cotton consumption (running bales) -------------------------·-····-------------------------------------­Cotton !inters consumed (running bales) --------------------------------------------------------­Cottonseed crushed (tons) -----------~-----------------------------------------------------------------­Cement production (barrels) ----------·······-····-········-···-··-···········--·--------------------------------------­ Manufacture of dairy products (1000 lbs. milk equivalent) ___________________________________________ _ Man-hours worked in 512 manufacturing establishments.--------------------------------------------······-­Crude oil runs tci stills (42-gallon barrels) ----------------------------------------------------­Gasoline stocks at refineries (thousands of barrels) --------------------------------------------------------------­ Fuel oil stocks at refineries (thousands of barrels) ___________________________________________:___________ _ Building permits issued in 44 cities...·--·-····--------------------------------------------------------------------------­Construction contracts awarded -----------------------------------------------------------------------------------­ Construction contracts awarded for residential building__________________________________,___________ __ _ Number of loans made by savings and loan associations_______________________________________________ Amount of loans made by savings and loan associations___________________________________________________ Industrial electric p,ower consumption for 10 companies (thousands of kilowatt hours) Telephones in service (end of month) ··-'-----------------------------------------------------­Crude petroleum production (daily average in barrelsl -------------------------------------------­ AGRICULTURE Farm cash income________________________ ___ Shipments of livestock (carloads) ------------------------------------------------------------------­Rail shipments of poultry (carloads) -------------------------------------------------------------------------------­Rail shipments of eggs (shell equivalent) ----------------------------------------------------------------------­ Interstate receipts of eggs at Texas stations (shell-equivalent) ________________________________ _ FINANCE Loans, reporting member banks in Dallas District (thousand&) ________________________________ _ _ _ Loans and investments, reporting member banks in Dallas District (thousands) __ _:_ ________ _ Demand deposits adjusted, reporting member banks in Dallas District (thousands) ______ _ Time deposits, reporting member banks in Dallas District" (thousands) ________________________ _ Bank debits in 20 cities (thousandsl -----------------------------------------------------------------------------­Corporation charters issued (number) -----------------------------------------------------------­Ordinary life insurance sales (thousands) --------------------------------------------------~----------------­ TRANSPORTATION Revenue freight loaded in Southwestern District (carloads) _ ___________________ ________________ _ Export and coastal cars unloaded at Texas ports---------------,----------------------------------------­ Miscellaneous freight carloadings in Southwestern District (carloads) ____________________________ Air express shipments (number)_____________ ------­ LABOR Total manufacturing employment.----------------------------------------------------------------------------------­ Nonagricultural civilian labor force in 21 cities__________________________________:_ ________ _ _______ _ Unemployment in 21 cities.-------------------------------------------------------------------------------------------­ Placements in employment in 21 cities__________________________________________________:-_____ GOVERNMENT Cash receipts of State Comptroller ___________:____________ _: ______________________________________________________ _ Federal internal revenue collections ---------------------------------------------------------­ PRl CES Index of consumers' prices in Houston (1935-39=100) ________________________________________________ _ Index of food prices in Houston "(1935-39=100) _____ __ _ _______________________________________________ Aug. 1946 198.6 383.5 133.6 177.2 260.0 113.9 203.4 $38,415,008 53.1% 63.8% $2,542,563 195,578 18,899 1,340 30,220 977,000 87,847 3,361,006 44,678,625 15,219 14,756 $18,338,253 $65,913,262 $10,353,070 2,194 $8,175,192 260,389 754,831 2,119,700 1 $111,413,000 9,788 ,29 309 54 $695,000 $2,007,000 $1,473,000 $312,000 $2,574,335 331 $73,147 283,667 14,698 161,936 22,065 315,400 1,317,653 96,970 23,862 $29,761,004 -$66,341,245 139.8 168.8 July 1946 189.3 339.7 140.1 180.2 243.8 111.7 193.2 $32,701,842 48.5% 64.8% $2,585,817 189,489 17,567 2,502 8,996 977,000 106,346 3,136,784 45,604,000 16,066 13,142 $15,986,261 $55,464,997 . $22,423,800 2,309 $8,848,908 243,506 746,043 2.227,450 $123,212,000 11,897 41 432 33 $684,000 $2,020,000 $1,469,000 $311,000 $2,647,456 276 $75,268 262,187 13,588 158,14.3 20,230 308,300 1,312,966 103,849 24,438 $34,851,338 $?2,638,017 136.0 160.4 Aug. ' 1945 211.8 276.0 141.9 175.2 255.8 143.8 277.2 $27,143,690 113.8% 65.4% $2,488,841 190,434 17,496 1,297 35,641 715,000 110,383 4,213,972 44,029,000 18,707 12,835 $6,821,115 $13,489,740 $2,198,681 1,397 $4,004,557 285,829 .663,450 2,223,300 $89,720,000 8,385 23 630 45 $441,000 $1,888,000 $1,296,000 $261,000 $1,956,228 95 $39,528 287,913 9,574 175,404 13,029 367,900 39,899 37,057 $22,225,482 $57,607,273 127.2 140.6 . *The com posite index is made up of the indexes listed. All component indexes except employment and pay rolls are adjusted for seuonal variation, and all indexes are based on the &Terage month of the yean 11185-89. Numbera in parentheses following the component indexes indicate the weight of each index in the composite. The Business Situation in Texas Business activity in Texas during August turned sharply upward. According to the index of Texas Business Ac­tivity prepared by the Bureau of Business Research, the gain over July was 4.9%, compared with a 2.4% drop between July and August 1945. Furthermore, the dif­ference in the level of wartime business activity and the level of the earlier months of 1946 was narrowed con­siderably in August. Business in Texas last month was only 6.2% below business in the same month a year ago when the war ended. Measured against prewar (1935­39) standards, business activity was up 93.6% this past month. Following the Japanese surrender in August of last year, there was a sharp drop in Texas business during the months of September and October. The rebound in activity during November and December was cut short by a wave of strikes and other reconversion difficul­ties. Business moved uncertainly in the first five months of 1946. Small gains in one month were approximately offset by losses in the next. The present upward move­ment which began in July represents the greatest ad­vance since V-J Day and matches the best wartime gains for a two-month period. The sudden rise in business activity during August was reflected in the gains over July racked up by the sea­sonally-adjusted indexes of department and apparel store sales (12.9%) and electric power consumption (6.6% ). The employment index was also up 2.0% and the pay rolls index 5.3% for the month. Decreases in August were registered by crude oil runs to stills (1.7% ) and miscellaneous freight carloadings in the Southwestern District ( 4.6% ) after seasonal adjustment. A year ago the shifts in the principal indicators of Texas business were quite different. Then only depart­ment and apparel store sales and electric power con­sumption showed small gains of 5.7% and 0.7%, re­spectively, over their July indexes. Losses for the month appeared in miscellaneous freight carloadings (16.7% ), crude runs to stills (2.5% ), employment (0.7% ), and pay rolls (3.1 % ) . The first year of peace produced both great and small changes in the leading indexes of Texas business. The greatest rise from August 1945 to August 1946 was in the sales of department and apparel stores, which shot up 38.9%. Part of this advance can be traced to price increases, but the reappearance of civilian merchandise in some volume and the inclination to spend more and save less out of current income were also important factors. The 1.1 % increase in crude runs to stills and the 1.6% advance in electric power consumption over the past 12 months indicate the spring-back in the State's economy to peacetime conditions. Declines of 20.8% and 26.6% in the indexes of employment and pay rolls, respectively, give full weight to the disap­pearance of war industry in Texas. Compared to the prewar (1935-39) period, business in Texas this past month was very good. Department and apparel store sales were up 283.5%, electric power consumption 160.0%, pay rolls 103.4%, crude runs to THIS MONTH The Bureau of Business Research add~ current information concerning newspaper advertising linage to the retail trade section of the TEXAS Busr­NESS REVIEW and a monthly tabulation of veterans' loans to the finance section. Newspaper advertis­ing linage has long been considered a sensitive indicator of business · conditions, while G. I. loans reflect one aspect of the all-important switch from war to peace. These series are introduced to round out the general picture of business in Texas pre­sented each month in the REVIEW. --INDEX OF TEXAS BUSINESS ACTIVlTY AD.JUSTED FOR SEASONAL VARIATION PERCENT PERCEITT • stills 77.2%, miscellaneous freight carloadings 33.6%, and civilian employment 13.9%. Throughout the nation business during August showed the same upward movement. Full employment was an actual as well as a statistical fact, production generally approached its wartime peak, and trade was at record levels. Nevertheless, industry was still troubled with strikes and shortages of labor and materials. Uneasiness was expressed in some quarters concerning the acceler­ated rise in prices and the growth of inventories, par· ticularly of raw materials in the hands of manufacturers. Responsible governmental officials urged caution in the granting of loans, and the bankers in Texas and else­where were warning each other against extending credit on inflated values. No apparent progress was made toward the settlement of the issues of government control or labor-management relations during the summer. When attention is turned from the broad picture of business to specific Texas business indicators, further light is shed on the current business situation in the State. The retail sales of all types of independent stores in Texas rose 17.5% in August over July to reach a total 41.5% above the total sales for August 1945. Credit sales in department and apparel stores continued to rise in proportion to total sales, and the ratio of collections to total unpaid accounts continued to decline during the month. Postal receipts in the principal cities of the State were comparatively steady, down 1.7% for the month but up 2.2% for the year. There were a few bad spots in the production picture, but the number of gains in August was impressive. Modest increases for the month were recorded in lumber production, cotton consumption, electric power consump· tion, and telephones in service. The July-August increase of 7.1 % in the man-hours worked in 512 representative manufacturing establishments was significant. Among the big advances for the month were cottonseed crushings (235.9%), fuel oil stocks at refineries (12.3%), the value of building permits (14.7%), and the value of construction contract awards (18.8 %). Cement produc· tion was steady in the two months. Small decreases in production appeared in crude oil runs to stills, gasoline stocks at refineries, the number and amount of loans made by savings and loan asso· ciations, and crude petrolezim production. Larger de­clines characterized cotton linter consumption (46.4.7c), the manufacture of dairy products (17.4% ), and the construction contracts awarded for residential building (53.83) . Some of the gains and declines among the several production series were seasonal, but others represented important shifts in the State's economy as it moved from war to peace. For example, the increase in cotton con· sumption and the decreases in crude oil runs to stills and gasoline stocks at refineries were about the same between July and August this year as a year ago; while the upswing in the values of building permits issued and the construction contracts awarded may be attributed directly to the end of the war. It is significant that production generally in Texas is up substantially over what it was in August 1945. The only exceptions among the 18 monthly series issued by the Bureau of Business Research were cottonseed crush­ings (down 15.2 % ) , dairy manufacturing (down 20.4%), man-hours worked in manufacturing establishments (down 20.2%), gasoline stocks (down 18.6%), indus­trial electric power consumption (down 8.9%), and crude petroleum production (down 4. 7%). The largest gains from August 1945 to August 1946 were in the construction field: construction contracts awarded (up (388.6% ), residential building contracts awarded (370.9 % ), building permits issued (168.8%), the num­ber and amount of loans made by savings and loan associations (57.l % and 104.1%, respectively), and cement production (36.6%). All other advances for the 12-month period were less than 8%, except for the 13.8% rise in the number of telephones in service and the 15.0% increase in fuel oil stocks. Seasonal factors account for most of the July-August decreases among the agricultural series this year. Farm cash income was off 9.6%, shipments of livestock 17.7%, and rail shipments of eggs 28.5%. Last year at this sea­son the declines in these series were 0.04%, 12.9%, and 8.8%, respectively. In the late summer of 1945, how­ever, the shipments of poultry by rail soared (187.5%) and the interstate receipts of eggs dropped (61.5%). This year the movements were reversed-poultry ship­ments were down 29.3% and egg receipts were up 63.6%. Comparisons of the figures for August 1945 with those of August 1946 show clearly that Texas agriculture participated with industry and trade in the first flush of postwar prosperity. Farm cash income increased 24.2%, livestock shipments 16.7%, poultry shipments 26.1 %, and egg receipts 20.0%. The only decline was in egg shipments (51.0%). There was little change in the field of finance in the late summer months. Gains and losses were relatively small with the exception of the 19.9% jump in the num· her of corporation charters issued by the Secretary of State. The rapid establishment of new enterprises dur­ing the past few months is indicative of the times through which the State is now passing. Between July and August 1945 the changes in the several financial series were somewhat greater both up and down, a situation that may be traced largely to the sudden end of the war with Japan. Since V-J Day every Texas financial indicator carried in the REVIEW has made a sizable gain. Most outstand· ing have been the increases of 57.6% in the loans of reporting member banks in the Dallas District, 31.6% in the debits reported by the banks in the 20 larger cities of the State, 85% in the sales of ordinary life insurance, and 248.4% in the number of corporation charters issued. Smaller but no less significant were the 12-month gains in loans and investments, and demand and time deposits. The movement of commodities by land, sea, and air this past month reflected the late-summer boom in Texas trade, industry, agriculture, and finance. Gains of 8 to 9% for August over July were reported for revenue freight loaded in the Southwestern District, export and coastal cars unloaded at Texas ports, and air express shipments. Although miscellaneous freight carloadings in the Southwestern District did not show their usual seasonal rise, they were still up 2.4% for the month. Between July and August last year only one transporta­tion series (air express shipments) advanced. When August 1945 is compared with August 1946, revenue freight loadings declined 1.5% and miscellaneous freight carloadings 7.7%. On the other hand, export and coastal car11 unloaded and air express shipments recorded in­creases of 53.5% and 69.4%. The position of labor in the current business situation remained favorable during August. Manufacturing em­ployment rose 2.3% over the previous month's total, whereas last year it dropped 27.0%. The gain in the nonagricultural civilian labor force last month was nom­inal (0.4%). Unemployment in the 21 larger cities of Texas decreased 6.8% in August as compared with a 57.7% jump from July to August a year ago. Placements in the same cities eased off 2.4%, as against 11.4% last year. The 14.3% drop in manufacturing employment since August 1945 has been made up in other fields, although the number unemployed in the State last month was 96,970, according to the United States Employment Service, as against 25,305 in the same month last year. In this comparison the significance lies not in the per­centage increase but the small absolute number of un­ . employed in Texas. The receipts of government, both State and federal, remained high during August. Set alongside receipts and collections for August 1945, the State Comptroller took in 33.9% more last month than a year ago and the col­lections of the federal Bureau of Internal Revenue in this State were up 15.2%. Mixed trends appeared in the month-to-month comparisons. Last month the cash re­ceipts of the State Comptroller fell 14.6%, while federal internal revenue collections rose 26.0%. In 1945 August cash receipts of the State government were 1.8% larger than in the preceding months, while federal collections decreased 15.7%. The price situation in August was alarming to Texas consumers. In Houston the index of consumers' prices rose 2.8% over July to stand 9.9% higher than in August 1945. For food prices the increases were even more startling. From mid-July to mid-August the prices of food in Houston jumped 5.2%. This sudden advance brought the 12-months rise to 20.l %. In 1945 the prices of food and all consumers' items in Houston were slightly lower in August than in July, according to the indexes prepared by the Bureau of Labor Statistics, United States Department of Labor. TRADE Retail Trade (The movement of aoods Into the hands of consumers is one of die fundamental series of atatistlcal data on business activity, since for bualneu to he sound the volume of retail trade must be rood. Durina a period of rising prices, auch a& the present, an increase in aalea may result from a rise in prices as well aa from an increase in the amount of business. The fluctuations in retail credit ratios are Important conditlonlnr factors of the volume of trade. Newspaper lldv.rtlalna linaae and postal receipt• are secondary trade indicators.) The index of department and apparel store sales in Texas moved up 12.9% from July to August 1946, after adjustment for seasonal varation. The August index stood at 383.5% of the 1935-39 average, compared with a July index of 339.7%. The August figure sets an all-time record for Texas department and apparel store sales. The monthly increase in dollar sales of 24.9% reflected heavier-than-seasonal buying in August this year as compared with July, since these sales normally rise only 10.6% as a result of seasonal factors at this time. Total retail sales of independent stores in Texas also rose between July and August. The 1,041 reporting establishments had August sales 16.4% greater than their July sales. Every kind of business except the furni· ture-household group and the lumber-building materials­hardware group showed increases over July. Leading the gains were apparel stores, in which sales jumped 31.7%. Women's specialty shops, in the apparel group, exhibited the largest sales gain of any type of store, August sales being 39.4% above the July level. Other kinds of business reporting sizable percentage gains over July were automotive stores (21.8% ), department stores (19.5% ), jewelry stores (16.1 % ) , country general stores (10. 7% ) and food stores (9.2% ). The decreases in the two types of business which failed to show gains were relatively small in comparison with these gains: furni­ture and household stores, -2.2%, and lumber, build­ing material, and hardware stores, -5.5% . Compared with August 1945, sales in August 1946 were higher in every line of business and total sales RETAIL SALES OF INDEPENDENT STORES BY KINDS OF BUSINESS Source: Bureau of Buelne88 Research In co-operatlen with tbe Bureau of the Cenau1, U. S. Department of Commerce <====::===-======================================== Number Percent chanee of reportlnir Aug. 1946 Aug. 1946 establish­from from Business ments Auir. 1946 July 1946 TOTAL .... _ .. ___________.._________________ l,041 + 40.8 + 16.4 APPAREL ........... -................... _ ......... 180 + 30.6 + 31.7 Family clothinir stores .... _............. 3il'r + 18.7 + 18.S Men's and boys' clothing stores.... 46 + 46.6 + 26.:1 Shoe stores ------------------------18 + 24.0 + 84.0 Women's specialty shops .............. ~,.,.. + 26.9 + 89.4 AUTOMOTIVE* .................................... ' 97 +129.4 + 21.8 Motor vehicle dealers ____________..... 82 +141.4 + 23.9 COUNTRY GENERAL ...................... 80 + 22.6 + 10.7 DEPARTMENT STORES -------------61 + 34.8 + 19.6 DRUG STORES . .................................. 98 + 10.9 + 0.3 GENERAL MERCHANDISE .......... 31 + 20.1 + 6.0 /+ 23.l 0.7 :FILLING STATIONS --------------·--· 32 + FLORISTS _________________.._______ ........... 24 + 23.7 S.6 + $'OOD* .................... ---..--.. -------------186 + 21.9 + '9.2 Grocery stores (without meat) ........ 84 + 26.4 + lU Combination -stores (irroceri"" and meats) ........ ------------....... 82 + 18.5 + 10.7 Other irrocery and combination stores ................. ------------.. ·--------8 + 29.2 + 1.6 FURNITURE AND HOUSEHOLD• 85 + 60.8 -2.2 Furniture stores ........... ---------------76 + 48.6 + 0.2 ~EWELRY ____________..______.. _______ 28 +2u + 16.l .,UMBER, BUILDING MATERIALS, AND HARDWARE• .................... 160 + 42.0 -6.5 Farm implement dealers ---------18 + 14.9 ­ 16.4 Hardware stores ...........--------.. ·----48 + 37.:1 a.a Lumber and building material dealers .............. ------------------..--91 + 48.JI 6.0 EATING AND DRINKING PLACES* ...... ------------------------48 + + 18.0 7.8 Restaurants ________ ...... ------·-25 + 19.8 + 8.6 !I.LL OTHER STORES -----------------Sl + 16.9 + S.8 •Total includes kinds of busin•e other than the clasaiftcatlons liated. were up 40.3%. Gains in the sales of durable consumers' goods were outstanding in the 12-month period. Auto· motive stores increased their sales by 129.4%, furniture and household stores by 50.8%, and lumber, building material, and hardware dealers by 42.0%. Department store sales (up 34.8% ) and apparel store sales (up 30.6%) were second to durable goods stores in their sales increases. Sales increases were also shown in every crop-report· ing district of the State between July and August 1946. In the Western Cross Timbers area, where sales advanced 21.3%, and in the Lower Rio Grande Valley, where they were up 21.0'/o, the greatest monthly increases were shown. Other districts reported sales gains ranging from 4.2% in the Southern Texas Plains to 20.l % in the Black and Grand Prairies. The Lower Rio Grande Valley led all districts in the yearly comparison, with its increase of 66.6% in retail sales. Next largest gains showed up in the Southern RETAIL SALES OP' INDEPENDENT STORES BY DISTRICTS Source : Bure.au of ~usiness Research in co..operatfon with the Bureau of the Census, U.S. Department of Commerce Number Percent chance of ~~~~~~~~­reporting Aug. 1946 Aug. 1946 •tablioh­from from District ments Aug. 1945 July 1g45 TOTAL ····---·--···-··--····-···-·····1,041 + 40.3 + 16.4 ================== Northern High Plains (District 1-N) 54 + 38.3 + 11.9 Southern High Plains (District 1-S) .. 24 + 45.0 + 12.4 Red Bed Plains (District 2) ··---··--· 85 + 28.7 + 11.0 Western Cross Timbers (District 8) 33 + 40.7 + 21.8 Black and Grand Prairies (Dis­ trict 4) ----------·-·------·-'285 + 87.2 + 20.1 East Texas Timbered Plains (Dis-. trict 5) ------------·-----·-----·------· 98 + 89.7 + lU Trans-Pecos (District 6) ------------29 + 87.1 + 9.0 Edwards Platee.u (District 7 ) ·-------· 49 + 29.1 + 9.1 Southern Texas Prairies (District 8) 162 + 44.8 + 15.4 Coastal Pr!liries (District 9 ) --·------· 155 + 45.0 + 16.9 Southern Texas Plains (District 10) 25 + 89.9 + 4.2 Lower Rio Grande Valley (District 10-A --·---------·--------·-·-42 + 66.6 + 21.0 High Plains ( 45.0%) and the Coastal Prairies (also 45.0%), with increases in the remaining districts falling closely in line. Even the smallest gain, reported in the Edwards Plateau, was sizable (29.l % ) . In general, sales increases showed a tendency to vary directly with the size of city. Cities in the population group over 100,000 showed the greatest monthly gain in sales (20.3%), and the cities with population under 2,500 showed the smallest advance ( 4.2%). The 50,000­100,000 and the 2,500-50,000 city-size groups, however, showed almost the same change (13.1 % and 13.8%, re­spectively). Among the individual cities, Dallas led in the July to August 1946 sales increases with its gain of 29.4%. It was followed by Corpus Christi (23.4%), Beaumont and Abilene (both 23.l % ) , Wichita Falls (20.2%), and Houston (20.1 % ) , with smaller advances in all other cities. A similar pattern prevailed in the yearly comparison by city-size groups and cities. The largest cities (over 100,000) showed the greatest gain (42.4%), the next largest population group ranked second (39.4%), the RETAIL SALES OF INDEPENDENT STORES BY CITY-SIZE CROUPS AND CITIES Source: Bureau of Business Reaearch in co-operation with the Bureau of the Cen1'u1, U. S. Department of Commerce Number Percent chance of ~~~~~~~-~ reportine Aue. 1946 Aug. 1946 City-size group establish-from from and city menu Aug. 1945 July 1946 TOTAL ---------·---·---------·-·-·'1,041 + 40.8 + 18.4 ======== OVER 100,000 POPULATION ---· 194 + 42.4 + 20.S Dallas ______________________ .... _............... 28 + 45.6 + 29.4 Fort Worth ------------------------·-88 + 38.7 + 16.7 Houston __________________________.............. 40 + 64.4 + 20.1 San Antonio --·---·---·--·-----~---------38 + 89.2 + 14.6 50,000-100,000 POPULATION ............ 153 -+ 89.4 + 13.1 Amarillo · ·--·-·--·-·-------------· 19 + 87.1 + 16.2 Austin ---·--·--·---------------· 29 + 66.2 + 13.1 Beaumont ----------·-----·-------·---· 28 + 22.6 + 28.1 Corpus Christi --------·-------·-·------· 22 + 62.4 + 23.4 El Paso ________________________............... 14, + 88.() + 8.9 Galveston _________________ ............. 18 + 46.4 + o.s Waco ----·-------------------·------· 28 + 19.8 + 10.6 2,600-50,000 POPULATION _ .............. 496 + 38.5 + 13.8 . Abilene --------------·----17 + 47 .2 + 23.1 Jacksonville ________________............. 12 + 29.7 + 18.8 Lubbock ·--------------------------------· 13 + 54.2 + 17.7 Port Arthur --·----------·------------· 34 + 81.8 + 8.1 Plainview -·--------------------------12 + 31.3 + 6.( San Angelo ----·--·---------10 + 33.4, + 18.Z Temple ----------------21 + 16.6 + 8.6 Tyler ------------------·---11 + 40.7 + 18.S Wichita Falls --------------·---------· 17 + 10.4 + 20.2 Other --------------------·-· 849 + 48.S + 18.8 UNDER 2,500 POPULATION .......... 198 + 30.3 + 4.2 2,500-50,000 group third (38.5%), and the cities un· der 2,500 last ( 30.3 % ) . Austin, however, led the indi· vidual cities with its sales gain of 66.2%. Houston (54.4%) and Lubbock (54.2%) were the only other cities reporting gains above 50%, although all cities showed large gains. The trend toward more extensive use of credit in Texas department and apparel stores continued in August, when credit sales accounted for 53.1 % of total net sales in these stores. August marked the eighth consecutive month in which the ratio of credit sales to net i;ales has increased. In August 1945, 43.8% of the total sales were on credit, and in July 1946, 48.5%. While the use of credit has increased, the rate of collections has con· ­tinued to slacken. Between July and August 1946 the ratio of collections to outstandings declined from 64.8% to 63.8%, whereas a year earlier (August 1945) the ratio was 65.4%. The cost of granting credit, as indi· cated by salaries in the credit departments of depart-­ment and apparel stores, did not increase as much as did the volume of credit business. The ratio of credit salaries to credit sales in August 1946 was 1.0%, compared with a ratio of 1.3% in July 1946 and a ratio of 1.2% in August 1945. All of the cities represented also showed higher ratios of credit sales to net sales. Dallas, with a ratio of 67.1 %, Beaumont, 56.3%, Waco, 55.1%, and Fort Worth, 53.2%, reported the highest ratios of credit sales to net sales. The ratio of collections to outstanding ac· counts also followed the State pattern in the case of the individual cities reporting, except for San Antonio. TEXAS BUSINESS REVIEW POSTAL RECEIPTSCREDIT RATIOS IN DEPARTMENT AND APPAREL STORES (in percent) Percent change Ratio of Ratio of Ratio of Aug. 1946 Aug. 1946 credit sales collections to credit salaries Aug. July Aug. from from Number to net sales* outstandingst to credit salest City 1946 1946 1945 Aug. 1945 July 1946 of reporting Aug. Aug. Aug. Aug. Aug. Aug. + 2.2 -1.7 TOTAL -·-----·-···---$2,542,563 $2,585,817 $2,488,841Classification stores 1946 1945 1946 1945 1946 1945 26,750 30,009 26,141 + 2.3 -10.9 ·ALL STORES -···-···------57 53.1 43.8 63.8 65.4 1.0 1.2 Abilene Amarillo ---··-··----·· 57,160 56,561 58,266 -1.9 + 1.1 BY CITIES: 119,443 118,940 95,477 +25.1 + 0.4 Austin --·------··--·-­Austin ·----·---·-···--······-6 41.5 38.4 73.2 67.6 1.5 1.5 Beaumont ---------·-­45,630 49,673 46,067 -0.9 -8.1 Beaumont ---·-·-----·--3 56.3 51.8 61.4 70.0 1.1 0.9 Big Spring --··---·-­9,772 8,750 14,721 -33.6 + 11.7 Corpus Christi ----···-4 44,.5 35.7 81.4 77.2 1.4 1.8 Borger ----· ----------­8,122 7,622 7,903 + 2.8 + 6.6 Dallas --··--·-------···---8 67.1 56.6 61.8 63.2 0.6 0.8 Brownsville ------­9,550 12,264 10,955 -12.8 -22.l El Paso -------------·----8 43.2 34.7 56.1 59.7 1.6 1.2 Brownwood -··--·-10,505 11,946 18,474 -43.1 -12.1 Fort Worth ------·-·---· 4 53.2 ' 42.7 68.4 70.5 1.0 1.4 7,276 8,062 9,021 -19.3 -9.7 Bryan --------····-·---­ Houston ----·----··---··--6 50.5 42.7 65.7 65.5 1.6 1.6 Childress 3,001 3,563 7,762 -61.3 -15.8 San Antonio ··-----·---4 40.7 30.6 66.6 64.4 1.2 1.4 Cleburne -----·-----·­4,503 5,656 6,011 -25.1 -20.4 Waco ·-·----·----·----·---·--4 55.1 47.9 61.7 64.1 1.0 1.2 Coleman ---··-·----­2,848 3,745 3,914 -27.2 -24.0 Other _____: ______·----· 15 40.9 34.3 68.8 69.6 1.2 1.4 -12.0 -0.8 Corpus Christi .. 63,618 64,156 72,313 BY TYPE OF STORE: Corsicana ----------11,941 13,514 8,887 +34.4 -11.6 Departlnent s t o r e s Dallas ·--····---·-·-···--658,658 642,969 557,674 + 18.1 + 2.4 (annual sales over Del Rio --------·---· 4,460 5,452 6,515 -31.5 -18.2 $500,000) -------·---·--18 51.2 42.2 65.3 67.6 1.2 1.3 Denison ---------------­8,799 9,114 9,749 -9.7 -3.5 10,671 11,330 8,744 +22.0 -5.8 (annual sales under Edinburg -----·------' 4,766 5,692 5,427 -12.2 -16.3 98,112 7.0 Department s t o r e s Denton -----····---··-­ $500,000) -----·-----·-8 44.5 88.4 64.2 62.7 1.4 1.6 El Paso --·--······---­91,249 94,547 --3.5 D r y iroods -apparel Fort Worth -·--··­257,081 262,,571 237 ,690 + 8.2 -2.1 stores -----------·-·--4 34.6 31.0 2.1 Galveston ----··-·-·-­47,327 53,399 52,101 -9.2 -11.4 W om e n's specialty Gladewater ---------­3,628 4,076 3,755 -3.4 -11.0 -26.5 shops ·---------·----·----16 62.6 51.9 59.3 60.5 0.6 0.7 Graham -----------··-­3,023 4,111 3,306 -8.6 Men's clothing stores__ 11 43.5 34.3 69.8 66.4 1.0 1.6 Greenville ----------­8,992 11,500 9,460 -4.9 -21.8 Harlingen -----------­ 10,69 1 12,603 ' 15,265 -30.0 -15.2 BY VOLUME OF NET Houston ------------­434,362 417,774 401,108 + 8.3 + 4.0 SALES (1945) : Jacksonville ----·-­4,496 6,169 4,824 -6.8 -27.l Over $2,500,000 --·--· 18 56.3 46.4 63.1 65.0 0.9 1.0 Kenedy ----·--·---··-1.952 1,852 2,095 -6.8 + 5.4 $1,000,000-$2,500,000 14 42.0 34.8 67.9 68.2 1.0 1.3 Kerrville ___________ _ 5,015 4,919 5,100 -1.7 + 2.0 $500,000-$1,000,000 --13 40.3 34.6 68.8 68.1 0.9 1.0 Laredo -------·-··--·--14,944 16,210 20,163 -25.9 --7.8 Less than $500,000 .... 12 36.8 34.9 61.3 58.3 1.8 1.8 Longview __________ 13,022 16,028 14,343 -9.2 -18.8 Lubbock -··-·-·---­32,419 34,649 34,173 -5.1 -6.4 •Credit sales divided by net sales.. McAllen -------·---·-·-­8,242 9,075 7,294 +13.0 -9.2 tCollections during the month divided by the total accounts unpaid on Marshall 9,838 11,123 11,319 -13.1 ' -11.6 the ftnt of the montb. Midland ··-···-·----­10,692 12,447 14,879 -28.1 -14.1 isalaries of the credit department divided by credit sales. Orange --------------­11,574 13,430 14,687 -21.2 -13.8 Palestine -------------7,360 8,124 8,773 -16.1 -9.4 Corpus Christi, and Austin, which showed a higher rate Pampa -----·--··-·---·--8,452 10,651 11,006 -23.2 -20.6 Paris ------------------­9,192 10,432 19,042 -51.7 -11.9 of collections to outstandings than in August 1945. Pla inview ------------6,247 5,876 6,093 + 2.5 + 6.3 Corpus Christi had the highest collection ratio (81.4%) Port Arthur ____ 26,508 24,213 27 ,116 -2.2 + 9.5 of any city, and Austin was next with a ratio of 73.2%. San Angelo -----·· 23,085 23,912 25,436 -9.2 -3.5 Credit salaries as a percentage of credit sales varied from San Antonio ______ 2.48,810 260,427 265,364 -6.2 -4.5 a low of 0.6% in Dallas to a high of 1.6% in Houston Seguin ----····-······· 3,559 4,707 3,989 -10.8 -24.4 Sherman ............. . 11,065 11,776 13,972 -20.8 -6.0 for the month of August. Snyder ----------------1,808 2,225 1,996 -9.4 -18.7 Women's specialty shops led the department and ap­Texarkana ......... . 31,593 26,982 25,115 +25.8 + 17.1 parel store group in the percentage of total business Texas City --·------­7,564 8,259 7,128 + 6.1 -8.4 Tyler -----------··-·-­24,059 25,567 28,232 -14.8 -5.9 done on credit in August 1946. Credit sales in that Victoria ·········---­8,754 8,352 13,504 -35.2 + 4.8 type of store were 62.6% of net sales. The larger depart­ Waco --------·-----·---54,059 59,590 56,491 -4.3 -9.3 ment stores were next in line with a ratio of 51.2%, with Wichita Falls ____ 34,428 39,193 51,889 -33.7 -12.2 the smaller department stores, men's clothing stores, and dry goods-apparel stores following in the order named. For the most part, collection ratios in the various types Postal receipts in 53 Texas c1t1es declined 1.7% in of stores reflected a reduction in collections as compared August 1946 from July, but remained 2.2% higher than to outstandings. In men's clothing stores, however, the in August 1945. Only 12 of the 53 cities reported in­ratio of collections to outs tan dings this August ( 69.8% ) creases over July, and 12 reported gains over August was greater than in August a year ago ( 66.4%). 1945. Although total postal receipts were 2.2% larger On the basis of the breakdown of stores by volume than in August 1945, the majority (41) of the 53 cities of net sales, it is indicated that the ratio of credit sales reporting had smaller postal receipts in August 1946 to net sales tended to vary directly with the size of store. than 12 months earlier. Gains shown in the receipts of The largest stores reported a ratio of 56.3%, and the the larger cities of the State accounted for the over-all smallest group reported a ratio of 36.8% for August gain, counterbalancing the declines shown in numerous 1946. smaller cities. Gasoline sales in Texas established a new record dur­ing July 1946, according to information released by the State Comptroller. Taxable sales of motor fuel dis­tributors amounted to 174,919,050 gallons in July 1946, compared with 162,234,139 gallons in June 1946 and 136,293,547 gallons in July 1945. The July 1946 figure represented a gain of 7.8% over June 1946 and a gain of 28.3% over July 1945. Sales to the federal govern­ment had virtually disappeared in July 1946, when they amounted to only 12,724,905 gallons, as compared with 264,187,036 in July 1945, a decline of 95.2%. Govern­ment sales also declined between June and July this year (39.4% ). Reports from 27 State newspapers showed a 5. 7% increase in newspaper ad,vertising linage between July and August of this year, as compared with a 10.2% gain between the same months a year ago. Indicative of the high level of trade is the 30.9% jump in linage from August 1945 to August 1946. Wholesale Trade (Wholesale sales represent movement of goods to retailers, and when compared with the chanres in retail sales indicate whether stocks in the bands of retaiJers are being maintained at a constant level or are being allowed to increase or decrease. The information on inventories of wholesalers gives an indication of the availability of goods to retailers, which in this period of shortages is a signifi­cant factor in the business situation.) Sales of 132 Texas wholesale firms reporting to the Bureau of the Census went up 11% in July from June, with all the separate types of wholesale business except general hardware registering monthly increases. Great­est increases were in sales of wholesalers dealing in elec­trical goods (41 % ) , machinery, equipment, and sup­plies (23% ), tobacco and its products (20%), and drugs and sundries (15% ). Automotive supply dealers showed the smallest advance of 1 % . The decline in general hardware sales was quite small (1 % ) . In com­parison with July 1945, sales in July 1946 were higher in all kinds of business and the over-all gain was 44%. Electrical goods dealers and machinery, equipment, and supply dealers both showed percentage gains approach­ing 100%. Even the smallest increases (in drug and food stores) were as high as 25%. VVHOLESALERS' SALES Source : Bureau of the Census, U. S. Department of Commerce Number Percent change Busin"88 of reporting firms · July 1946 f rom July 1945 J uly 1946 from June 1946 T OTAL -·-··---··--·-·-:_···-··-·-----· 132 + 44 + 11 Automotive supplies -··-··--··-·--···· .. 13 + 52 + 1 Drugs and sundries (liquor excluded) 8 + 25 + 15 L iquor departments of other trades•_ + 64 + 4 Electrical goods ------········--··­···­ 25 +loo +41 Groceries and foods (except farm products) ·-·-·-·---··-· 49 + 26 + 4 General hardware ·-·---·----·-·­ 15 + 43 -1 Machinery, equipment and supplies (except electrical) ··-·-··--··----··· 5 + 98 + 23 Tobacco and its products ... ··-·············­ 4 + 54 + 20 All other ··-··--·----········-···---­ 9 + 40 +48 *Chiefly of the wholf'9•le drug trade. WHOLESALERS' INVENTORIES Source : Bureau of the Census, U. S. Department of Commerce Percent change July 1946 July 1946 from from Business July 1945 June 1946 TOTAL ···-····-······-················-··········--···-···-·-··-·-+ 29 + 4 Automotive supplies -··-··----·--·-·-··-··----········--+ 9 Drugs and sundries (liquor excluded) ....·---·-··--+ 11 + 8 Liquor departments of other t rades*···-··-·---···-··· + 25 +29 Electrical goods -····-··-··-·--·····-··--····-·-·-···-·-+120 +u Groceries and foods (except farm products) .... +. 22 +2 General hardware ·······--·-·········--··---------·--+ 28 + 2 Machinery, equipment, 8.nd supplies (except electrical) --··-·-···-·---·--··----··-+ 11 -8 Tobacco and its products ········---·---·-+ 94 -10 All other -·-······-·-··-··----··--····-----··---+ 89 +u *Chiefly of the wholesale drug tra~e. Wholesalers' inventories continued to move upward in July in most lines of business. Stocks of liquor de­partments (in other types of business) rose 29% to record the greatest monthly advance. Electrical goods stocks also showed a sizable increase (11 % ) , while other gains were smaller. Two lines of business showed declines from June 1946: machinery, equipment, and supplies (8%), and tobacco and its products (10%). In comparison with July 1945 all classifications of whole­salers had greater inventories this July. Electrical goods (120%) and tobacco products (94%) were the cate­gories in which the greatest gains occurred. Foreign Trade (Tonnage figures for export shipments from the principal porU of the State provide an accurate physical measure of the current volume of foreign export trade. Value figures for exports ancl lmporb, however, represent a more common measurement of foreip trade transactions.) Imports of general merchandise through the four Texas customs districts totaled $11,412,000 during June, an increase of 3.7% over the May total, but a decrease of 7.4% from June 1945. Last year between May and June imports through Texas ports fell 12.9%. All of the gains in import trade during June of this year were due to the gains for ports in the El Paso (16.4%) and Galveston (16.0%) districts, since ports in the Laredo District received 4.8% less merchandise and there was virtually no increase through the Sabine ports. In 1945 the 10% rise in imports through the Galveston District was the only gain for June over May. The outstanding change in the June 1945-June 1946 IMPORTS OF GENERAL MERCHANDISE (in thousands of dollars) Source: Bureau of the Census, U. S. Department of Commerce Percent chance June 1946 June 1946 June May June from from Customs district 1946 1946 1945 June 1945 May 1946 $11,007 $12,324 -7.4 + 3.7 TOTAL ,;,$;11:;_,4;;1~2=~~==============::=:=1·­··················· El P aso ·-·-··· .... -······­Galveston ··-··--·-·······­L a redo -·-·····--··---·· Sabine l,785 4,691 4,935 1,534 4,044 5,186 243· 936 4,233 7,140 15 +90.7 +lo,s -30.9 -93.3 +lu +is.o -4.8 -99.6 TEXAS BUSINESS REVIEW EXPORTS OF DOMESTIC AND FOREIGN MERCHANDISE (in thousands of dollars) Source: Bureau of the Census, U'. S. Department of Commerce · Percent change June 1946 June 1946 June May June from from Customs district 1946 1946 1945 June 1945 May 1946 TOTAL ··-···--·········-'$106,180 $94,539 $83,444 + 27.2 +12.3 El Paso .................... 3,191 2,872 1,644 + 94.1 +11.1 Galveston ----------------66,095 67,202 57,791 + 14.4 +15.5 Laredo ---------------------26,176 26,255 19,716 + 32.8 -0.3 Sabine ---------------------10,718 8,210 4,294 +149.6 +3o.5 c~mpa~isons was the 90.7% jump in the El Paso Dis­trict s imports. Exports of domestic and foreign merchandise from Texas ports amounted to $106,180,000 in June, compared with $94,539,000 in May and $83,444,000 in June 1945. These figures represented advances of 12.3 % for the month and 27.2% for the 12-month period. A year ago the end of the war brought a 57.1 % increase in June over May. The only district that did not participate in the general expansion of exports during June of this year was the Laredo District, where volume trade was about the same as in May. All four districts exported a great deal more merchandise in June 1946 than in the same month of 1945. Imports of merchandise by air in Texas were $360,697 in June, as compared with $216,143 in May, a gain of IMPORTS OF GENERAL MERCHANDISE BY AIR Source: Bureau of the Census, U. S. Department of Commerce 66.9%. Both the Galveston and El Paso Districts re­ported increases, but imports for the Laredo District lagged slightly ( 4.9%) because of lower imports at San Antonio. Fort Worth imports by air through the Galveston District jumped almost 20-fold between May and June of this year. Exports of merchandise by air totaled $2,803,677 in June, 50 % more than in May 1946. The three Texas districts showed the following increases: Galveston, 131.0%; Laredo, 34.1 % ; and El Paso, 60.9%. The 60.9% advance at El Paso and the 131.0% gain at Fort Worth were the largest increases for individual airports. Reports of the Galveston and Houston Maritime Asso­ciations indicate an export of 597,907 tons from that area during July compared with 585,147 tons in June, a gain of 2.2%. The Houston total was off 7.0%, but ex­ports from Texas City and Galveston picked up 5.2% and 8.6%, respectively. Declines in the exports of metals (55.6%) and flour (54.7% ) accounted for the lower Houston total. The addition of lubricating oil to Texas City's exports and larger shipments of flour were re­sponsible for that city's increases. In the case of Gal­veston, July exports were pushed up by gains in the shipments of flour (80.0%) and sulphur (234.3%). Notable declines in Galveston shipments occurred in wheat and corn. EXPORTS FROM GALVESTON, HOUSTON, AND TEXAS CITY . (in tons) Source: Galveston and Houston Maritime Associations, Inc. Percent change June 1946 June May from District and port of unlading 1946 19461 May 1946 Percent change July 1946 July June from Port and product 1946 1946 June 1946 TOTAL ...................................... $ 360,697 0 216,143 + 66.9 = Galveston ................................... . 163,362 55,526 +194.2 Dallas ..................................... . 46,731 49,894 -6.3 Fort Worth ........................... . 116,631 5,632 +1970.9 Laredo .................................... , .. . 137,886 144,971 -4.9 Brownsville .......................... .. 83,803 34,875 . +140.3 Laredo ................................... . 1,526 6,543 -76.7 San Antonio ......................... . 52,557 103,553 .-49.2 El Paso _..................................... . 59,449 15,646 +280.0 El Paso ................................... . 59,449 15,646 + 280.o EXPORTS OF MERCHANDISE BY AIR . Source: Bureau of the Census, U . S. Department of Commerce Percent change June 1946 June May from District and port 1946 1946 :lyfay 1946 TOTAL ..................................... $2,803,677 $1,864,047 + 50.4 c=======-========== Galveston .................................... 683,044 295,635 +131.0 295,635 . +131.0 Fort Worth ........................... -. -;;;68;;;-3,-;;-04;-;4----::-'.~=--_:_..:..::..:.:___ Laredo .................... , ................... 2,020,080 1,505.,911 +34.1 1,206,648 + 32.9 Brownsville ...........................-. 11,'iii60\03,<:58°"5---;-ru;-;;'-;;-=--_:_=-­J.aredo · ............. _.................... 45, 71? 57,114 -20.0 San Antonio .......................... 370, 782 242,149 + 53.1 El Paso ...................................... 100,553 62,501 + 60.9 El Paso .................................. --,1;;;;00"',5:«53;------;:;;~-_'._:..:..::..:.:~62,501 + 60.9 TOTAL ...................................... 597,907 585,147 2.2 .+ GALVESTON, TOTAL ........ 334,903 308,515 + 8.6 Carbon blac)< ........ ..................... 33 694 -95.2 Cotton .......................................... 18,568 16,979 + 9.4 Flour ............................................ 19,'1_83 10,993 + 80.0 Corn ...... :....................... ............. 4,987 24,724 -80.0 Metals .................... '...................... 321 1,220 -73.7 Rice .............................................. 2,359 10,668 -77.9 Scrap iron .................................. 332 4,980 -93.3 Sulphur ...................................... 117,030 35,007 +234.3 Wheat .......................................... 131,109 ·156,825 -16.4 Other .......................................... 40,381 46,425 -13.0 TEXAS CITY, TOTAL .......... 50,336 47,844 + 5.2 Flou'r ............................................ 9,919 8,740 + 13.5 Lubricating oil .......................... 1,023 Potash ........................................ 1,000 1,000 0.0 Wheat .......................................... 37 ,320 37,260 + 0.2 Other .................................. -........ l,074 844 + 27.3 HOUSTON,' TOTAL .............. 212,668 228,788 -7.0 Carbon black .................. ......... Cotton ............................. __......... Flour ............................................ Livestock .... -.............................. Lubricating oil .......................... Metals .......................................... Rice .................. -....... " ................ ­Scrap iron ................................... Sulphur ............................. ~----· Wheat ...................................... ,... Other ............................................ 8,426 30,509 10,030 677 2,512 6,216 4,266 139 599 45,559 103,735 11,139 30,136 22,145 630 1,667 13,991 5,796 1,660 4,151 45·,540 91,933 -24.4 + 1.2 -54.7 + 7.5 + 50.7 -55.6 -26.4 -91.6 ....:. 85.6 + 0.04 + 12.8 PRODUCTION Manufa.cturing (The volume of manufacturing activity in any Industrial area la a sensitive measure of the changes in business activity. The vol.. ume of durable goods manufactured tends to fluctuate more vio­lently than the volume of nondurable goods such as foods, and may serve to indicate changes in the b~tsiness situation at an early date. Since many manufacturing industries vary regularly with the seasons, this factor must be taken into consideration in interpretinc the changes from month to month.) Industrial production in Texas, as measured by elec­tric power consumption by industrial users, increased 6.9% for August in comparison with July. For the same period the man-hours worked in manufacturing estab­lishments included in the Bureau's sample increased 7.1 %. In the absence of a composite measure of manu­facturing activity, these two series serve as summaries of the trend of industrial production in the State. Industrial power consumption in August 1946 was 8.9% below August 1945, and man-hours worked in manufacturing establishments in August were 20.2% be­low August of last year. The decline in total manufac­turing activity since last August reflects chiefly the reduc­tion in output of war industry. Runs of crude oil to stills decreased 2.0% in August from the previous month; after adjustment for seasonal variation, the index of crude oil runs to stills prepared by the Bureau of Business Research declined 1.7%. Re­ finery operations are running at very near the levels of a year ago, having recovered completely from the sharp drop immediately following V-J Day. August 1946 runs were 1.5% greater than August 1945. Refinery stocks of gasoline decreased 5.3% in August in comparison with last month, and were 18.6% below August 1945. Distillate stocks were 8.9% above last month and 37.0% above a year ago, while residual stocks REFINERY STOCKS* (in thousands of barrels ) Source: The Oil and Gas Journal Percent change Aug. 1946 Aug. 1946 Section and Item Aug. July Aug. from from 1946 1946 1945 Aug. 1945 July 1946 TEXAS Gasoline -·-·--···--·--·-­15,219 16,066 18,707 -18.6 -&.3 Distillate --····-­··--··-·--·­ 8,214 • 7,546 5,995 + 37.o + 8.9 Residual -··--··--···--··--···--­ 6,542 5,596 6,840 - 4.4 + 16.9 TEXAS GULF COAST Gasoline ------------------­ 12,648 13,441 16,172 -21.8 -5.9 Distillate --------------­ 7,606 7,069 5,433 +40.0 + 7.6 Residual --------­---­ 5,784 4,8J3 5,867 - 1.4 + 20.2 INLAND TEXAS Gasoline -------­--------------·-­ 2,571 2,625 2,535 + 1.4 - 2.1 Distillate -------------------­ 608 477 562 + 8.2 + 27.5 Residual -----­-----------­ 758 783 973 -22.1 -3.2 *Figures shown for week endinl? nearest last day of month. were up 16.9% from last month but down 4.4% from a year ago. The cotton textile industry in Texas showed an in­crease in August over July, with an increase of 1.7% in spindles active and an increase of 2.2% in averaae b spindle hours. Cotton consumption in Texas mills in­creased 7.6% in August over July. In comparison with the same month a year ago1 August 1946 active spindles increased 1.4% and average spindle hours increased 5.7%. Cotton consumption was 8.0% ahead of August last year. There were 242,792 spinning spindles in place at the end of August 1946, of which 240,038 were active during the month. A year ago there were 242,392 spin· dies in place of which 236,048 were active. - CONSUMPTION OF COTTON AND COTTON LINTERS (in running bales) Source: Bureau of the Census, U. S. Department of Commerce Percent chanire Aug. 1946 · Aug. 1946 Aug. July Aug. from from Commodity 1946 1946 1945 Aug. 1945 July 1946 Cotton ··--·----····---··---18,899 17,567 17,496 + 8.0 + 7.6 Linters --------------------1,340 2,502 1,297 + 3.3 -46.t COTTON SPINNING ACTIVITY Source: Bureau of the Census, U.S. Department of Commerce Percent change Aug. 1946 Aug. 1946 Aug. July Aug. from from Item 1946 1946 1945 Aug. 1945 July 1946 Sp inning spindles in place* --·--------·--·­242,792 242,392 239,936 + 1.2 + 0.2 Spindles active ----··---­240,038 236,048 236,764 +u + 1.7 Average spindle' hours 368 360 348 + 5.7 + 2.2 *End of the month. - Cottonseed received at mills in Texas during August 1946 increased 6.9% over the receipts in August 1945. The seasonal increase was largely responsible for an increase of 35.2% from July of this year. The amount of cottonseed crushed during August was 15.2% less than a year ago, but at the same time stocks on hand at the end of the month were 14.2% below the same date a year ago. At the end of July 1946 stocks of cotton­seed at mills totaled 57,314 tons. During the month of August, 73,921 tons were received at the mills and 30,220 tons were crushed, which resulted in an increase of 43,501 tons in stocks on hand at the end of August. COTTONSEED PRODUCTION (in tons) Source: Bureau of the Census, U. S. Department of Commerce ---·.======c=====·==== Percent change Aug. 1946 Aug. 1946 Aug. July Aug. from from Item 1946 1946 1945 Aug. 1945 July 1946 Received at mills --------··­73,921 54,683 69,179 + 6.9 + 35.2 Crushed ____ ··-­·-·····--·--·---···­·­30,220 8,996 35,641 -15.2 +285.9 Stocks at end of month ..._101,015 57,314 117,737 -14.2 + 76.2 Wheat grindings for July 1946 were 10.2% below July 1945, but increased 18.7% from June 1946. A total of 3, 764,000 bushels of wheat were ground in Texas mills in July 1946, and 1,746,000 sacks of flour were produced. Flour production increased 1.1 %over a year ago, in spite of the 10.2% reduction in the amount of wheat ground. Flour production increased 16.6% over June 1946. WHEAT GRINDINGS AND FLOUR PRODUCTION Source: Bureau of the Census, U. S. Department of Commerce Percent change Item Unit July 1946 June 1946 July 1946 J uly 1946 July from from 1945 J uly 1945 J une 1916 Wheat ground 1,000 bu. 2,764 3,171 4,191 -10.2 + 18.7 Wheat flour ---------------1,000 sks. 1,746 1,497 1,727 + 1.1 +16.6 The production of dairy products declined during August compared with July. Creamery butter production decreased 17.2% from July, ice cream production 9.1 %, American cheese production 11.0%, and all other 45.1 %. The composite decrease in the manufacture of dairy products as measured by milk consumption was 17.4%. In comparison with August 1945, creamery butter pro­duction decreased 38.5%, American cheese 43.4%, and all other 24.5%. Ice cream production increased 14.2%. The decrease in all products was 20.4%. MANUFACTURE OF DAIRY PRODUCTS Product Unit Aug. · J uly 1946 1946 P ercent change Aug. 1946 Aug. 1946 Aug. from from 1945 Aug. 1945 J uly 1946 TOTAL MILK EQUIVALENT• 1,000 lbs. Creamery butter __ 1,000 lbs. Ice creamt ----·-----­1,000 gal. American cheese __ 1,000 lbs. All other -------­-----­1,000 lbs. 87,847 106,346 110,383 -20.4 -17.4 1,565 1,889 2,544 -38.5 -17.2 3,152 3,468 2,760 +14.2 -9.1 810 910 1,430 -43.4 -11.0 3,829 6,9'16 5,073 -24.5 -45.1 •Milk equivalent of dairy products was calculated from production data. tlncludea 1herbet1 and icea. Cement production of Texas plants totaled 977,000 barrels in August 1946, the same volume reported in July 1946, and 36.6% above August 1945. Shipments for August 1946 were 1,022,000 barrels, or 45,000 bar­rels more than production for the month, which resulted in a reduction in stocks of a like amount. At the end of July stocks of cement totaled 422,000 barrels, but de­clined to 377,000 barrels by the end of August. Stocks at the end of August were 48.l % below the same date a year ago. CEMENT PRODUCTION (in thousands of barrels) Source: Bureau of Mines, U. S. Department of Interior Percent change Aug. 1946 Aug. 1946 Aug. July Aug. from from Item 1946 1946 1945 Aug. 1945 J uly 1946 Production ----------------------977 977 715 +36.6 0 Shipments ------------------------1,022 993 715 + 42.9 + 2.9 Stocks ---------------------------377 422 727 -48.1 -10.7 Production of lumber increased 3.2% during August in comparison with July, according to data compiled by the Southern Pine Association. Average weekly pro­duction per unit was 195,578 board feet in August and 189,489 board feet in July. August production was 2.7% above a year ago, when 190,434 board feet were reported. Weekly shipments for August were 1.5% below July and 1.8% below August of last year. Unfilled orders at the end of August were 846,077 board feet per unit, which was 4.4 times the August shipments. The index of lumber production in southern pine mills was 67.7% of the prewar base period, 1935-39. LUMBER PRODUCTION IN SOUTHERN PINE MILLS (in board feet) Source: Southern Pine As sociation Per~ent change Item Aug. 1946 July 1946 Aug. 1945 Aug. 1946 Aug. 1946 from from Aug. 1945 J uly 1946 Average weekly pro­ duction per unit .... 195,578 189,489 190,434 + 2.7 + 3.2 Average weekly ship­ ments per unit ---­ 191,154 193,999 194,753 - 1.8 - 1.5 Average unfilled or­ ders per unit, end of month -----------­ 846,077 978,756 1,021,233 -17.2 -13.6 Construction (Because of the accumulated deficiency of buildin1 in all sections of the State, data on the volume of construction work are an ex­tremely important part of the business situation. Building permits or contracts awarded are generally used to measure building activity, but it must be kept in mind that data on both permits and contracts reflect the value of new work begun, rather than the volume of actual construction activity in a particular month. Loans by savings and loan associations reflect the financing of residential housing. At the present both building permits and contracts awarded are affected by government restrictions.) Construction contracts reported by the Texas Con­tractor increased 18.8% in August in comparison with July, and were 388.6% greater than in August 1945. The July contracts had represented an all-time high for construction contracts awarded in Texas and the August figures set another new record. Engineering contracts represented more than half the total contracts in August, and were almost four times the July volume. Other types of construction showed decreases from July as follows: residential contracts 53.8',!c and nonresidential 14.9%. Compared with August of last year engineering contracts increased 14 times, residential 370.9%, and nonresidential 202.6%. The total of all contracts increased 388.6% over August 1945. In August 1945 war contracts were decreasing rapidly in importance with a decline of 86.8% from July 1945, and have not appeared in any month of 1946. CONSTRUCTION CONTRACTS Source : Texas Contractor Percent chan1e Type of buildin1 Aug. 1946 J uly 1946 Aug. 1945 Aug. 1946 Aug. 1946 from f rom Aug. 1945 J uly 1946 T OTAL __________ $65,913,262 $55,464,997 $13,489,740 + 388.6 + 18.8 El).g ineering -33,292,156 N onresidential 22,268,036 Residential ---­10,353,070 W ar construe-tion ·····-----­---------------­ 6,864,607 26,176,590 22,423,800 ---------------­ 2,173,159 7,360,061 2,198,681 1,757,839 + 1,432.0 + 202.6 + 370.9 +385.0 -14.9 -53.8 ------~ :::::i TEXAS BUSINESS REVIEW Building permits issued in 44 Texas cities in August 1946, increased 14.7% from the July level, but since there is a seasonal increase in August the seasonally­adjusted index declined 2.6%. This index of building permits, which is compiled monthly by the Bureau, was 316.1 % of the prewar base period, 1935-39. BUILDING PERMITS City Aug. 1946 July 1946 Aug. 1945 TOTAL ---------··-------··­---·$18,338,253 $15,986,261 $ 6,821,115 Abilene -----------­---------------­ 186,840 160,315 35,095 Amarillo ----------------------­ 471,185 691,490 180,315 Austin --------------------------­ 1,302,940 1,875,193 380,710 Beaumont ---­---­---------------­ 404,284 320,989 212,270 Big Spring -·----------­------­ 45,475 90,900 84,875 Borger ---­--­--­------------------­ 53,000 25,900 17,800 Brownsville -----------------­ 112,079 79,855 25 ,290 Bryan ---------­------------------­ 198,846 209,239 50,225 Childress -----------------------­ 15,400 28,900 9,200 Cleburne -----··­--------------­-- 29,775 55,530 11 ,3 65 Corpus Christi --------­----­ 1,280,621 760,699 350,215 Cors icana -------------------­ 18,G50 20,050 5,300 Da llas ----.-------------------­ 5,927,191 2,899,377 1,376,121 Den ison --------.--------­-------­ 56,448 59,698 35 ,538 Denton ---­---­-----­-------­---­ 153,050 77,450 16,700 . Edinburg ---------------­-----­ 16,1 91 39,375 30,450 E l P aso ------------------------­ 336,335 230,262 129 ,959 F ort W or th -------------------­ 1,577,662 1,431,091 731,374 GainesviJle ------­-------------­ 68,450 38,265 10,1~5 Galveston ----------------------­ 166,633 301 ,447 56.020 Graham -­------­---------------­ 5,200 64,500 18,250 H arlingen -------­--­-------­ 81,700 310,700 66,120 H oust on ------------------------­ 1,640,159 1,153,055 1,385,635 J ackson ville ----­--------------­ 41,400 49,650 35,350 Kerrville ----------------------­ 70,950 91,710 32,725 Lubbock ------------------­------­ 436,402 791,401 215,023 McAllen ---------­---------­--­ 77,510 110,265 69,560 Marshall -------­---------------­ 88,650 304,618 26,995 Midland I ------------------­ 127 ,750 127,325 65,975 New Braun fels ---­---·---­ 78,3 90 62,226 12,760 Palest ine -------------------­-­ 110,970 26,888 6,825 P a m pa -------·--­--------------­ 87,300 72,790 12,500 P a ris ---------­-----------···---­- 35,761 25,585 30,109 P la inview -------------------­ 66,000 81,600 45,900 P or t Arthu r ------------­----­ 195,644 157,5 63 74,197 San Antonio -------------­ 1,586,090 . 1,400,483 388,320 Seguin -------------------------­ 30,900 25,625 9,500 Sherman ----­---------­--·---­ 72,576 80,126 57,2 95 Texarkana -----­-----------·--­ 75,655 105,970 36,680. T exas City ------------------­ 20,345 48,200 7,082 T yler ---------------------------­ 298,847 355,825 190,237 Victoria --·-·­---------­----­ 178,012 24,190 3,300 W aco -----------------­----------­ 348,083 915,486 231,820 W ichita Falls ---­-----------­ 162,904 204,455 49 ,950 Loans made by Texas building and loan associations in August 1946 were 57.1 % greater than in August 1945, but declined 5.0% from July 1946. The number of con­struction loans declined 17.8% from July, but loans for reconditioning increased 17.9%. The number of pur­chase and refinancing loans decreased 3.2% and 4.3%, respectively, from July, while all other loans increased 2.8%. All types of loans increased in comparison with August 1945 as follows: construction 161.7'/r-, purchase 32.6%, refinancing 66.7%, recondition 29.4'.1, and all other 142.7%. The amount of loans increased more in comparison with August 1945 than the number of loans, since the average size loan is much' larger now than a year ago. In August 1946 the average size loan was $3,726 and in August 1945 was $2,867. For July 1946 the aver-age loan was $3,832, hut in July 1945 wa:s $2,909. The total amount of loans in August 1946 was 104.1 % more than in August 1945, but since the average loan was somewhat smaller in August than in July of this year, the amount of loans decreased 7.6% which is more than the decrease in number of loans for the same period. LOANS MADE BY SAVINGS AND LOAN ASSOCIATIONS• Source:· Federal Home Loan_Bank of Little Rock Percent chance Aug. 1946 Aug. 1946 Aug. July Aug. from from Type 1946 1946 1945 Aug. 1945 July 1946 NUMBER, TOTAL_ 2,194 2,309 . 1,397 + 57.1 -6.0 Construction --------479 583 183 +161.7 -17.8 Purchase ------------------1,200 1,240 905 + 32.6 -3.2 Refinance ---------------135 141 81 + 66.7 -4.8 Reconditiqn ' ------------198 168 1113 + 29.4 +17.9 Other -----------------------182 · 177 75 +142.7 + 2.8 AMOUNT, TOTAL .. $8,175,192 $8,848,908 $4,004,557 +104.l -7.6 Construction ----------2,064,985 2,497,457 767,672 +172.5 -17.8 Purchase ---------------5,115,069 5,312,685 2,693,559 + 89.9 -3.7 Refinan ce --------------378,356 446,116 192,228 + 96.8 -16.2 Recondition 187,580 188,552. 197,275 4.9 -0.5 Other ----------------------429,202 404,098 163,823 +162.0 + 6.2 *There are 119 insured associations in Texas. Public Utilities (The consumption of electric power b)' incluatrlal concerns la a measure ot the volume of incluatrial activity, since it map t.e U• sumed that the amount of power uaed will be clirectlp relatecl t9 manufacturiq volume. Residential and commercial power conaump• tion shows a seasonal variation due to the chaqln• amouat of lightin• needed.) Electric power consumption in Texas was 9.3% more in August 1946 than in July 1946, but declined 2.9% from August 1945, according to reports received by the Bureau from representative power companies. There is normally a small seasonal increase in electric power consumption in August, but the increase of 9.3% was greater than usual. The Bureau's index of electric power consumption, adjusted for seasonal variation, increased 6.7% from July. Consumption of all classes of power increased in com· parison with the previous month, commercial 7.2%, in­dustrial 6.9%, residential 11.4%, and all other 19.3%. ELECTRIC POWER CONSUMPTION" (in thousands of kilowatt hours) Percent chanp Aug. 1946 Aug. 1946 Aug. July Aug. from from u.. 19 46 1946 / 1946 Aug. 1946 July 1946 TOTAL 482,898 543,557 -2.9 +9.8 ---------------------527,994 Commercial -------------109,358 102,057 101,362 + 7.9 +7.2 In dustrial ------------------260,389 243,506 285,829 -8.9 +u Residential ---------------78,951 70,864 67,592 +16.8 +u.4 88,760 -10.7 · +19.8 Other -~..·-------79,285 66,471 •Prepared from reporta of 10 electrio pow• oompanl• to die Bureau of Busine&I Research. In comparison with August 1945, commercial and resi­dential power consumption was up 7.9% and 16.8%, while industrial and all other were down 8.9% and 10.7%. Total electric energy production for public use, as re­ported by the Federal Power Commission, amounted to 683,820,000 kilowatt hours in July 1946, a decrease of 2.3% from the 699,911,000 kilowatt hours produced in July 1945. July 1946 production was up 9.5% from the preceding month. The number of telephones in service in 40 Texas cities continued the steady increase that has been characteristic of the last 12 months. There were 8,788 more telephones in service at the end of August 1946 than at the end of the previous month, and 91,381 more than at the same date a year ago. There were 746,043 telephones in use on July 31, 1946 and 754,831 on August 31, 1946, an increase of 13.8% over the 12-month period, an average of 1.2% per month. From July 31, 1946 to August 31, 1946 the number of telephones in service increased 1.2%. Out of the 40 cities only Mineral Wells showed a de- TELEPHONES IN SERVICE* Source: Southwestern Bell Telephone Company Percent change Aug. 1946 Aug. 1946 Aug. July Aug. from fromCit,. 1946 1946 1945 Aug. 1945 July 1946 TOTAL ·················-··· 754,831 746,043 663,450 +ia.s + 1.2 Abilene 9,968 9,941 8,721 +14.3 + 0.3 -------·-········-···­ Amarillo 18,983 19,010 18,920 + 5.3 -0.1 Austin 32,078 31,993 28,409 +12.9 0.3 ··-------------····· --- ------------------+ Beaumont ------------------9.9 0.4 21,207 . 21,132 19,305 + + Big Spring ····-·········· 3,496 3,486 3,396 + 3.0 + 0.3 Borger 3,800 S,749 2,591 +46.7 1.4 --------------·---..- + Brownsville 3,714 3,647 3,337 +n.a + 1.8 Cleburne 2,723 2,723 2,278 +19.5 0 --- -------------·-­ Corpus Christi --------24,089 24,001 21,650 +n.3 + 0.4 Corsicana ---·--------------4,076 4,005 3,326 +22.5 + 1.8 ---------·-·-·······-· Dallas 143,403 141,486 126,052 +13.8 + 1.4 Denison 5,276 5,195 4,495 +17.4 + 1.6 Edinburg 1,428 1,413 1,133 +26.0 +u -·----------··-···· -----········-·--­Fort Worth ··---·-----·--+14.4 71,776 70,998 62,734 +u Gainesville 2,7-28 2,688 2,728 0 + 1.5 -···------·--··­ Galveston 20,793 20,617 18,850 +io.a + 0.9 Harlingen 3,873 3,754 3,624 + 6.9 + 3.2 --·-----------·-·· -------··-------­ Houston .................... 167,164 165,272 144,520 +15.7 +u Kingsville 2,105 2,114 1,952 + 7.8 -0.4 ·····---··------­Laredo 5,080 4,988 4,688 8.4 1.8 ----------------------+ + Longview · ········-········ 5,646 5,578 4,992 +13.1 + 1.2 Lubbock 12,761 12,633 10,558 +20.9 + 1.0 Marshall 4;272 4,273 3,679 -0.03 ----------------·­ -----------------·-+16.1 ______( ____ ___ _ __ McAllen 2,973 2;907 2,444 +21.6 + 2.3 McKinney ----------····-2,340 2,301 1,954 +19.8 + 1.7 Midland 4,329 4,299 3,634 +19.1 + 0.7 Mineral 2,791 2,968 6.0 0.03 Wells ----------2,790 -+ ----------------···· Orange 4,114" 4,018 3,550 +15.9 + 2.4 Pampa .• ····~--·-'·'········ 4,491 4,465 3,797 +is.a + 0.6 Paris 4,965 4,880 4,749 ----·----~------------+ 4.5 + 1.7 Port Arthur ~............. 15,545. , 15,257 13,058 +19.0 1.9 + San Antonio · ............ 82,455 81,469 72,859 +13.2 + 1.2 San Benito ..:............. 1,379· 1,337 1,097 +25.7 + 3.1 •• 1 ___________ Sweetwater 2,20'1 2,199 2,123 + 4.0 + 0.4 Temple 4,468 4,420 4,010 +u.4 +u --·-----------·----­ Tyler 10,019 9,877 8,313 +2o.5 1.4 -----·-----------·-------+ Vernon 2,521 2,499 2,206 -----·-····----------+14.3 + 0.9 VictOria (318 4,282 4,148 + 4.1 + 0.8 -------------···--­ Waco 18,054 18,021 15,809 +l.4.2 + 0.2 Wichita 16,223 16,331 15,693 + 3.4 ­ ----·----·:·-----------~ Falls ------·---0.7 ----· •Figures shown for ihe end of the month. crease (6.0%) in the number of telephones in service in comparison with August 31, 1945. Four cities showed decreases from July 31: Amarillo { 0.1 %; Kingsville, 0.4//,,; Marshall, 0.03% ; and Wichita Falls, 0.77<" Natural Resources (The production of crude petroleum Is a major industry in Texas, and the changes in the volume of production have a direct effect upon the income produced in the State. Flgurea on the number of well completions by districts indicate the extent to which new sources of oil and gas are beinir developed and the areas of the State in which drilling operations are in proce•s.) The daily average production of crude petroleum in Texas was 4.7% less in August 1946 than in August 1945, and declined 4.8 % from July 1946. The August value of the index of crude petroleum production com­piled by the Bureau was 170.7% of the prewar base period, 1935-39. A total of 751 wells were completed in August, com­pared to 597 completions in July. The wells completed in August were as follows: oil, 443; gas, 56; and dry, 252. For the eight months of this year 5,305 wells have been completed, a 10.7% increase over the 4,791 wells completed in the first eight months of 1945. WELL COMPLETIONS Source: The Oil c>nd Goa JOt1nt0I Jan.-Aug . August• (all wells) District Total Oil Gas Dry 1946 1945 TEXAS ................................ 751 443 56 252 5,305 4,791 North Central Texas ·····-· 252 115 1 136 1,897 1,455 West Tex~ ----­------­-----------­ 192 153 1 38 1,136 1,206 Panhandle -----------------­------­ 24 12 12 0 217 377 Eastern Texas -------------------­ 89 47 23 19 494 219 Texas Gulf Coast ------------­ 150 96 15 39 1,163 1,086 Southwest Texas -------------­ 54 20 4 30 898 448 ._~ *For 5 weeks ending August 31. AGRICULTURE Income (The amount of income received by farmers is a composite measure of the proNperity of agriculture, taking into account both the volume of products sold and the prices received. Since the marketings of many products are concentrated in certain seasons of the year, it is important that the data be adjusted for seasonal variation in order to show the basic changes in the situation of agriculture.) Texas farmers received approximately $111,413,000 in August as compared with a revised total of $123,212,000 during July, according to estimates prepared by the Bureau of Business Research. This was a decrease of 9.6% for the month, but an increase of 24.2% over the $89,720,000 received in August 1945. Last year there was almost no change in farm cash income between July and August. Compared with the prewar (1935-39) period, income last month was up almost 200%. When seasonal factors were considered, the index of farm cash income in Texas dropped 31.8% in August from its Julv level. In other words, the actual decrease in dollars a;d cents (9.6% ) was several times as large as expected at this season of the year. All of the dis­tricts of the State except the Trans-Pecos (District 6) LOCAL BUSI NE - Percent change Percent change ABILENE Aug . 1946 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 CORSICANA Aug. 1946 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 Retail sales of independent stores Department. and apparel store sales Postal receipts -------­---­--­___________$ Building permits -----------·-·--·-··-----$ Telephones in ser vice ----------------­Air express shipments --------------­Bank debits to individu~l accounts 26, 750 186,840 9,968 125 + 47.2 + 20.5 + 2.3 + 432.4 + 14.3 + 119.3 + 23.1 + 33.7 -10.9 + 16.5 + 0.3 + 27.6 Postal receipts ---------------------------------­11,941 Building permits -----­----­--­----------­-----­$ 18,650 Telephones in service -----------------------­4,076 Bank debits to individual accounts (thousands) ----------------------------------­$ 7 ,242 + 34.4 +251.8 + 22.5 + 35.4 -11.6 7.0 + 1.8 + 6.8 (thousan ds) --------­--­--------­----­---­-·$ P lacements in employment ___________ Unemployment ----------­--------­AMARILLO fu!ta il sales of independent stores P ostal r eceipts ---­·-------­-------------·-----·$ Building permits ------­-------·----------$ Telephones in service -------------­----­Air express shipments --------­-­Bank debits to individual accounts (thousands) ---------­-------------------$ P lacements in employment --­-------­­Unemployment ---­----------------­ 23 958 "588 1,520 Aug. 1946 57,160 471,185 18,983 364 63,406 640 1,400 + 49.6 + 0.3 + 5.0 + 40.7 +253.5 + 6.6 Percent change Aug. 1946 Aug. 1946 from from Aug. 1945 July 1946 + 37.1 + 15.2 -1.9 + 1.1 + 161.3 -31.9 + 5.3 -0.1 + 36.8 + 21.3 + 39.1 + 11.5 -25.3 -:-­23.5 +391.2 DALLAS Retail sales of independent stores Department and apparel stol'e sales Aug. 1946 Postal receipts ----­---------------­-------------­$ 658,658 Building permits ---------------------­--------$5,927,191 Telephones in service -----------------------­143,403 Air express shipments --------------------­6,643 Bank debits to individual accounts ' (thousands) -------------------------------­-­$ 725,951 Placements in employment ------------­-4,330 Unemployment ----------------------------------­11,500 Percent change Aug. 1946 from Aug. 1945 + 45.6 + 44.8 + 18.1 +330.7 + 13,8 + 60.9 + 35.9 -42.1 -4.2 Aug. 1946 from July 1946 + 29.4 + 34.9 + 2.4 +lou + 1.4 + 13.3 -3.6 + 4.7 -27.7 Percent change AUSTIN Retail sales of independent stores Department a nd apparel store sales Aug. 1946 Postal receipts -----­--------------------------­$ 119,443 Building permits ------·--------­----------------$1,302,940 Telephones in service ----·------------------­32,078 Air express shipments -------------------­403 Bank debits to individual accounts (thousands) ---------­---------------­---­Placements in employment ------­----­Unemployment ----------­-------------------­84,916 913 2,813 Percent change Aug. 1946 from Aug. 1945 + 66.2 + 37.9 + 25.1 + 242.2 + 12.9 + 58.0 + 45.8 + 34.5 + 120.6 Aug. 1946 from July 1946 + 13.1 + 17.6 + 0.4 -30.5 + 0.3 8.2 + 6.6 + 1.2 1.3 EL PASO Retail sales of independent stores Department and apparel store sales Aug. 1946 Postal receipts ----­-----­-------------­----­-$ 91,249 Building permits ----------------------­-------­$ 336,335 Air express shipments -----------------­-1,217 Bank debits to individual accounts (thousands) _________________L_____ _________ $ 81,878 Placements in employment -----­-----­--797 Unemployment -------------------------------­2,700 Aug. 1946 from Aug. 1945 + 38.0 + 21.3 -7.0 +158.8 + 88.1 + 49.8 -27.0 +164.7 Aug. 1946 from July 1946 + 8.9 + 20.8 -3.5 + 46,l + 13.1 -3,9 + 37.2 -9.9 Percent change BEAUMONT Retail sales of independent stores Aug. 1946 Postal receipts --------·---------------·---------­$ 45,630 Buildini;: permits -----­-----··----·--·-·--------­$ 404,284 Telephones in service ·---·----·--­·--------­21,207 Air express shipments_____________ __________ 254 Ba nk debits to individual accounts (thousands ) ------­---------­-----------------­$ 61 ,029 Placements in employment (a rea) 2,411 Unemployment (a rea) ---------­--------­9,700 Percent change Aug. 1946 Aug. 1946 f rom from Aug. 1945 J ·uly 1946 + 22.6 + 23.1 -0.9 -8.1 + 90.5 + 25.9 + 9.9 + 0.4 + 59.7 + 14.4 + 11.5 2.7 -49.6 + 6.1 + 340.9 4.9 FORT WORTH Retail sales of independent stores Department and apparel store sales Aug, 1946 Postal receipts ---------­----··-----­-----------­$ 257,081 Building permits ·--------·---·------------------$1,577,662 Telephones in service -----------------------­71, 776 Air express shipments --------------------­2,059 Bank debits to individual accounts (thousands) --------­---------------------­-­$ 259, 708. Placements in employment ___________ 3,174 Unemployment ----­---­----------------------­---­9,600 Aug. 1946 from Aug, 1945 + 33.7 + 2_5.1 + 8.2 +115.7 + 14.4 + 32.0 + 34.1 + 18.0 + 61.9 Aug, 1946 from July 1946 + 16,7 + 27.3 -2.1 + 10.2 + 1.1 -6.1 -15.1 + 1.2 -6.8 CORPUS CHRISTI fu!tail sales of independent stores Depart ment and appa rel store sales Aug. 1946 Postal receipts -·----------··--------·-----------­$ 63,618 Building per mits ---------­-·-----------------$1,280,621 Telephones in service --------­--------------­24,089 Air express shipments -----­-------------­495 Ba nk debits to individual accounts (thousands) --------------------­-·-------$ 69,084 Placements in employment ---------­--­Unemployment -------------­---------------­729 3,100 , Percent change Aug. 1946 from Aug . 1945 + 52.4 + 45.5 -12.0 + 265.7 + 11.3 + 32.4 + 4.0 + 41.6 +244.4 Aug . 1946 from July 1946 + 23.4 + 16.0 -0.8 + 68.3 + 0.4 + 6.2 +r 6~0 + 8.2 GALVESTON Retail sales of independent stores Aug, 1946 Postal receipts ----------------------------------~ $ 47,327 Building permits -----------­--------­--------­$ 166,633 Telephones in service ---­--------------­----­20,793 Air express shipments ---­------­----­333 Bank debits to individual ·accounts (thousands) ----------­-----'­-------­--­-----­$ Placements in employment (area) Unemployment (area) 55,030 1,273 2,400 Percent change Aug. 1946 from Aug. 1945 + 46.4 -9.2 +mu + 10.3 + 56.3 + 23.0 -49.7 +5~0,0 Aug. 1946 from July 1946 + 0.3 -lU -44.7 + 0.9 + 19.4 3.8 + 5.7 0 -­ CONDITIONS Percent change Percent change HOUSTON Aug. 1946 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 SAN ANGELO Aug. 1946 AUR". 1946 from Aug. 1945 Aug. 1946 from July 1946 Retail ·sales of independent stores + 54.4° + 20.1 Retail sales of independent stores + 33.4 + 18.2 Department and apparel store sales Postal receipts -···--·­---·-·----------------------$ 434,362 + 24.9 + 8.3 + 24.4 + 4.0 Postal receipts -----­-----------------------$ Air express shipments --------------­ 23,085 226 -9.2 +100.0 8.5 + 2.3 Building permits ---­---------------------------$1,640,159 Telephones in service ---­------------------­167,164 + 18.4 . + 15.7 + 42.2 + 1.1 Bank debits to (thousands) individual accounts ---------­---------$ 24,454 + 52'.2 6.9 Air express shipments -----------------­ 3,433 + 95.9 + 10.9 Bank debits to individual accounts (thousands) ---------------------------­$ 695 ,593 + 27.4 + 2.0 Placements in employment (area ) Unemployment (area) ---------­------­ 3,637 18,300 -55.8 +266.0 -12.4 -1.1 Percent change SAN ANTONIO Aug. 1946 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 Retail sales of independent stores + 39.2 + 14.5 Department and apparel store sales + 38.3 + 14.5 . JACKSONVILLE Aug. 1946 Percent change Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 Postal receipts -------------------------------­-·$ 248,810 Building permits -----·-------------------------$1,586,090 Telephones in· service -----­----'­----------­82,455 Air express shipments -------------------­1,483 -6.2 +308.4 + 13.2 + 18.9 -4.5 + 13.3 + 1.2 4.9 Bank debits to individual accounts Retail sales of independent stores Postal receipts ----------------------------$ Building permits ____________________$ 4,496 41,400 + 29.7 -6.8 + 17.1 + 13.8 -27.1 -16.6 (thousands ) ------------------------------­$ P lacements in employment ----------­U nemp)oyment ----------------------------­ 207 ,301 2,288 15,750 + 28.8 -39.8 +530.0 5.0 -14.1 -2.8 Percent change LUBBOCK Aug. 1946 Percent change Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 Retail TYLER sales of independent stores Aug. 1946 Aug. 1946 from Aug. 1945 + 40.7 Aug. 1946 from July 1946 + 18.3 Retail sales of independent stores Postal receipts --­---------------­--------­---$ Building permits -----------------­-----$ Telephones in service ----------------­Air express shipments ---------­Bank debits to individual accounts 32,419 436,402 12,761 191 + 54.2 -5.1 + 102.9 + 20.9 + 161.6 + 17.7 -6.4 -44.9 + 1.0 + 6.7 Postal receipts ----------------­---------------­$ 24,059 Building permits -------­----­--­--­-----------­$ 298,847 Telephones in service ----------------------­10,019 Air express shipments --------------­----­447 Bank debits to individual accounts (thousands) ---------------------­--------­$ 31,959 -14.8 + 57.1 + 20.5 0 + 32.5 -5.9 -16.0 + u + 36.3 + 6.7 (thousands) ------------------------------$ Placements in employment _____ 38,157 505 + 45.7 + 1.4 0.6 1.0 Unemployment -------------------------------­ 1,400 +460.0 0 Percent chana:e ·',' WACO ' Aug. 1946 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 Percent change Retail sales of independent stores Department apd apparel store sales + 19.8 + 18.9 + 10.6 + 21.9 PLAINVIEW Retail sales of independent stores Postal receipts --­------------$ Building permits ----------------­$ Aug. 1946 6,247 66,000 Aug. 1946 from Aug. 1945 + 31.3 + 2.5 + 43.8 Aug. 1946 from July 1946 + 5.4 + 6.3 -19.1 Postal receipts ----------------------------­-----­$ 54,059 Building permits --------­----------------­$ 348,083 Telephones in service ------­-------------­18,054 Air express shipments -------------------­169 Bank debits to individual accounts (thousands) ---­---­------------$ 41,119 Placements in employment -------­768 -4.3 + 60.2 + 14.2 + 67.9 + 47.5 + 18.0 -9.3 + 62.0 + 0.2 + 6.6 2.9 -31.3 Unemployment ----------------------­ 3,500 +105.0 -12.5 Percent change Percent chance PORT ARTHUR Aug. 1946 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 WICHITA FALLS Aug. 1946 AuR". 1946 from Aug. 1946 Aug. 1946 from July 1946 Retail sales of independent stores Postal receipts __________:____________ $ Building permits ------------------­-$ Telephones in service -------­Air express shipments ---­---­26,508 195,644 15,545 160 + 31.8 -2.2 +163.7 + 19.0 + 49.5 + 8.1 + 9.5 + 24.2 + 1.9 -13.0 Retail sales of independent stores P ostal receipts --------------------------­--­$ 34,328 Building permits ----------------------­$ 162,904 Telephones in service ------------------­-­16,223 Air express shipments -----------­--263 +, H>.4 -33.7 +226.1 + 3.4 + 94.8 + 20.2 -12.2 -20.3 -0.7 + 11.0 Bank debits to individual accounts Bank debits to individual accounts (thousands ) ----------------$ Placements in employment (area) Unemployment (area) --------­ 29,276 2,411 9,700 + 27.5 -49.6 +340.9 + 12.7 + 6.1 -4.9 (thousands) -------------------------­$ Placements in employment ------------­Unemployment ----------------------­ 37 ,590 417 2,319 + 26.1 -7.1 +213.0 + 1.2 -12.4 + 28.7 and the South Texas Prairies (District 8) showed de­clines in income after seasonal adjustments were made. The 12-month gain for the State (24.2%) was shared, on the other hand, by all districts except the Coastal Prairies (District 9). During the first eight months of 1946, farm cash in­come in Texas totaled $669,292,000, or about 1.5% more than in the same months of 1945. District gains for the year ranged up to 28.9%, decreased down to 6.5%. Total income for the year to date is shown by districts in the accompanying table. Although the income from cotton doubled in August over July with the beginning of the new crop year and a record crop was harvested in the Valley, the increase did not make up for the drop in income following the wheat harvest. Then, too, the new crop of citrus fruits and vegetables did not begin to move to market in vol­ume during August. Despite the prolonged drought the outlook for the citrus crop was good. Rains and cooler weather also brought an improvement in growing con­ditions. Last year it was estimated that the canners paid the fruit and vegetable growers of the Valley about $15,000,000 for their crops. Almost all of the canned juice pack for last season has been sold. Wool and mohair were reported to be coming in fast in some sections of the State, but the supply was short in other areas because of the heavy freeze last fall and the large sales of goats during the early months of 1946. The generally favorable outlook for farm income in Texas this year paralleled the national situation. Govern­ment experts projected the gross national farm income at $26,000,000,000 for 1946, a total about 150% larger than the 1939 income. Prices (One of the elements that bring about changes in the level of farm Income la the price received for products. Changes in prices are of primary concern to the farmer and all businesses relying on the farm market.) Prices of Texas farm products moved downward slightly in August as compared with July but in most CASH FARM INCOME* Indexes, 1986-39-100, Amount, Jan.-Aug. &d.juated for lelUIOnal TarlaUon (in thousands of dollars ) District Aug. 1946 July 1946t Aug. 1945t 1946 1946 TEXAS ·····-···· 298.2 437.0 240.1 662,292 652,401 , 1-N .........,......... 482.2 628.6 321.1 84,043 75,117 1--S -···-··········· 542.3 561.1 370.7 38,757 48,356 2 331.7 442.4 214.9 58,414 62,186 3 ::::::::::::::~::::.~ 310.6 381.7 250.7 37,504 33,632 4 ·····-·-·········-· 100.8 230.7 76.1 71,032 71,335 5 ...-----------­-----­-97.8 432.4 80.3 30,537 42,967 6 -··········-·-­278.5 246.6 202.4 27,576 24,092 7 ···-···········-··­251.2 311.1 199.4 61,033 66,049 8 -······­········­308.5 261.8 ?55.8 78,130 72,524 9 ·-······-··--··­265.6 463.2 278.3 32,491 34,764 10 -···················· 460.9 678.2 309.6 27,149 26,676 10-A ··-·-········­_946.9 1,259.1 821.7 115,627 104,803 •Farm cash income as computed by the Bureau understates actual farm cash income by from 6 to 10%. This situation does not impair the accuracy "Of the indexes. t Revised. cases were considerably above prices prevailing in August 1945, according to the monthly survey of farm prices throughout the State made by the Bureau of Agri­cultural Economics of the United States Department of Agriculture. For the July-to-August 1945 period 8 commodities rose in price, 11 declined, and 2 remained unchanged. The sharpest rise was in hog prices (12.4% ), but the most important advance for the month was in cotton (10.5%) which reached its highest level since 1920. Other increases included cottonseed, potatoes, eggs, but­terfat, and turkeys. Grains were weaker and the prospect for a decline in wheat prices appeared good. Small de­creases in price were also reported for beef cattle, cows, calves, sheep, horses, mules, and chickens. Between August 1945 and August 1946, the prices of 15 principal Texas farm products rose and only 5 de­clined. Most of the advances were substantial. Cotton was up 60.0%, corn 31.7%, oats 32.4%, wheat 23.3%, barley 36.1%, beef cattle 24.6%, hogs 47.1 %, and but­terfat 34.2%. Increases in the prices of wool and eggs were nominal. The biggest drop was in the price of potatoes (46.6%) , although the prices of horses, mules, chickens, and turkeys all moved downward in the 12­month interval. PRICES OF TEXAS FARM PRODUCTS Source: Bureau of A~ricultural. Economics, U.S. Department or Agriculture Aug. July Aug. Commodity Unit 1946 1946 1946 Cotton ------------­-­ lb. $ 0.336 $ 0.304 $ 0.210 Cottonseed ------------­ ton 63.00 60.00 64.74 Corn ___ _________..._bu. 1.68 1.74 1.20 Grain sorghum --------­ cwt. 2.70 3.06 • . 2.06 Oats --------·-­-­bu. .90 .97 .68 Rice --------------­-------­ bu. 1.90 1.90 1.68 Wheat -­--­ ------­---­bu. 1.80 1.81 1.46 Barley --­-------------­ bu. 1.32 1.88 .97 Potatoes ---­------·-­bu. 1.26 1.20 2.84 Sweet potatoes -bu. 3.00 3.00 2.70 Beef cattle --· cwt. 14.10 14.80 11.82 Milk cows -----­---­· head 94.00 96.00 81.75 Veal calves -· cwt. 16.10 16.10 12.77 H ogs -­-----­----­----­--­cwt. 20.30 16.40 18.80 Sheep ------------------­cwt. 7.60 8.70 7.24 Horses -------­···· head 62.00 63.00 64.70 Mules ------­- head 74.00 81.00 82.1' Wool ----------------­ lb. .420 .420 .'18 Eggs -­-·--­----­--­---­ doz. .352 .342 .349 Butterfat ----­ lb. .640 .620 .477 Chickens --· lb. .249 .258 .262 Turkeys -· lb. .270 .268 .292 Marketings (The level of farm Income is affected not only by change• In prices, but loy the volume of products farmers send to market In a given month. Data on shipments of farm products must also be used to explain the changes In the level of farm Income from month te month.) Shipments of Texas livestock dropped sharply in August along with the rail shipments of poultry and eggs. Both movements were considerably above t~ose reported for August 1945, however. Interstate receipts of eggs by rail at Texas stations were up for the month and for the year. August shipments of livestock were 17.7% less than July shipments this year, whereas in 1945 between the same months there was a decrease of 12.9%. Market conditions in Texas as elsewhere were disturbed during this period first by the disappearance of O.P.A. ceilings and then by the promised return of meat price controls. From the marketing standpoint the situation in July and August was highly unstable. Calves and hogs moved in greater volume in August than in July, while the reverse was true for cattle and sheep. Last year between July and August hog shipments fell drastically (32.5%) and cattle shipments increased 1.3%. During the past month 9,788 cars of Texas livestock were shipped as against 8,385 in August 1946, a gain of 16.7%. The current state of the market is too con­fused, however, to show any definite long-run trends. SHIPMENTS OF LIVESTOCK (in carloads)• Source: Bureau of Business Research in co-operation with the Bureau of .AJrrlcultural Economics, U.S. Department of Agriculture ~===============================>================- Perqent change Aug. Aug . 1946 1946 from from Classification Aug. 1946 July 1946 Aug. 1945 Aug. 1945 July 1946 TOTAL SHIPMENTS__________________ 9,788 11,897 8,385 +16.7 -17.7 Cattle -----------------------------------6,316 6,731 4,847 +3o.3 -6.2 Calves ----------------------------------1,320 1,227 1,568 -15.8 + 7.6 Hogs --------------------------------------317 2()2 262 +21.() +56.9 Sheep ------------------------------------1,835 3,737 1 708 + 7.4 -50.9 INTERSTATE PLUS FORT WORTH -----------------8,965 11,239 7;753 + 15.6 -20.2 Cattle -----------------------------------------5, 783 6,328 4,514 +28.1 :---8.6 CalTes --------------------------------------1,255 1,160 1,445 -13.7 + 8.2 Hogs --------------------------------------312 199 248 +25.8 +56.8 Sheep -------------------------------------1 61.5 3,552 1,546 + 4.5 -54.5 INTERS'rATE MINUS • FORT WORTHt -----------------823 658 632 +30.2 +25.1 Cattle -------------------------------------533 403 333 +60.1 +32.3 Calves --------------------------------------65 67 123 -47.2 -3.0 Hogs -----------------~----------------------5 ' 3 14 -44.3 +66.7 Sheep ----------------------------------------220 185 162 +35.8 +18.9 =· •Rail-car basis: cattle, 30 head per car ; calves, 60; hogs, 80; and 1heep, 250. tlntrastate truck shipments are not included. Fort Worth ship­ments are combined with interstate forwardings in order that the bulk Of market disappearance for the IDORth may be shown, Shipments of poultry and eggs by rail decreased sub­stantially in August from July figures. Egg shipments were off 28.6% for the month, the number of intrastate carloads dropping from 77 to 31 and the number of interstate carloads falling from 355 to 278. A very small rise occurred in the intrastate shipments of chick­ens during August. Compared with August 1945, total shipments of chick­ens were up last month by 185%, with gains in both the intrastate and interstate movements. The total shipments of eggs (shell, frozen, and dried) were down 51.0%. Turkeys did not figure in the August 1946 totals. Al­though this year's turkey crop of 4,446,000 birds is enough to make Texas the leading producing state, it is 5% below the record-breaking 1945 crop, according to RAIL SHIPMENTS OF POULTRY AND EGGS FROM TEXAS STATIONS (In carloads) Source: Bureau of Business Research in cooperation with the Division Qf Agri• ultural Statistics, Bureau of Airrlcultural Economlca, U.S. Department of Agriculture Aug. July Aug.Classification 1946 1946 1945 TOTAL SHIPMENTS Chickens -------·-----------~-----·---·--------~-------­ 28.5 38 10 Turkeys ·----------·-----·------------------------·--------·­ ·----· 3 13 Eggs-shell equivalent• --------­--·------·--­308.5 432 630 Shell -----·--·--·--·-·--­--·--·------·-------~----­ 10.5 20 82. Frozen -----­·-----­-·-·-·----·----------------·------­ 9 22 46 Dried -------·---·-----------·-·---·---------·-'·---­ 35 46 57 INTRASTATE SHIPMENTS Chickens --·-·-----·-------------·-------·------------·-· 8 4 1 Turkeys ----------·-------------------------·-·-·---·-·-­Eggs-shell equivalent• .......________________ 31 77 4 71 Shell ---------------·-·----·----·----·----·----------­ 7 17 45 Frozen ------------­-----------------------------------­ 4 2 9 Dried -----·-·---·-----------·----------------·------­ 2 7 INTERSTATE SHIPMENTSt Chickens 20.5 34 9 Turkeys -·-­·------·--------------------·---------------­ 3 9 Eggs-shell equivalent• -------·------------------­277.5 355 559 Shell ---·-·---·--------·-------·----------·----·--------­ 3.5 3 87 Frozen -----·---·------------------·---·---------·­-· 5 20 37 Dried -----·--------·-·-----·----·------·-------­ 33 39 56 •Dried eggs and frozen ~gs are converted to a ahell-esrir equh•alent on the following basis: 1 rail-carload of dried eirirs-8 carloads of ahell eggs and 1 carload of frozen eggs=2 carloads of shell ea-ira. tThe destination above is the first destination as shown by the original waybill. Changes in destination brought about by cllveralon factors are not shown. the federal Bureau of Agricultural Economics. Uncer­tain feed supplies are responsible for the decrease from last year. Interstate receipts of eggs by rail at Texas stations totaled 54 cars this past month, a gain of 21 cars over July 1946 receipts and 9 cars over receipts in August a year ago. Shell egg receipts were up 5 cars for the month and 11 cars for the year. Receipts of frozen eggs were up 8 cars for the month hut down 1 car for the 12-month period. There was no movement of dried eggs recorded in July and August 1946 or in August 1945. INTERSTATE RECEIPTS OF EGGS BY RAIL AT TEXAS STATIONS (in carloads) Source: Bureau of Business Research In co-operation with the Division of Agricultural Statistics, Bureau of Airrlcultural Economics, U. S. Department of Agriculture Aug. July Aug. Type 1946 1946 1945 _, TOTAL RECEIPTS-SHELL EQUIVALENT• ------·--------·------·-----­ 54 33 45 Shell ·-·----·------·---·--------·--·-------------·------­ 32 27 2.1 Frozen ------------·---------------------------------·-----­ 11 3 12 Dried ......---------------------------·---·-·------·------·-­ -+ •Dried eggs and frozen eggs are converted to a shell-egg equivalent on the following basis : 1 rail-carload of dried eggs = 8 carloads of •hell eggs and 1 carload of frozen eggs = 2 carloads of shell eggs. Cold Storage in fluid cream (17.8%), American cheese (24.4%), (In both periods of shortages and surpluaes, the storage holdings of perishable food products are Important because of their effect on prices. The seasonal nature of farm production Is In part offset by the accumulation of stocks in periods of peak production to be withdrawn in periods of low production. Deviations from the normal levels of holdings will exert pressure on the price structure.) There was little change in the cold stora~e space oc­cupied in public cold storage warehouses between Au­gust l and September l of this year. The percentages of occupancy at the beginning of the month were 86% for coolers and 88% for freezers. A year ago the respec­tive percentages were 76% and 72%, but there was some decline between August l and September I. Private and semiprivate warehouses reported their cooler and freezer spaces 100% occupied at the begin­ning of September this year. Only 75% of the cooler space was occupied at the same time a year a~o. Cooler space in the meat-packing establishments of the State was 97% occupied at the start of the month, while freezer space was 84% occupied. Freezer occu­pancy was down somewhat from last year's figures (94% in September and August) but cooler occupancy was about the same. From August l to September l cooler occupancy in meat packing establishments jumped from 13% to 97%. Cold storage holdings of all items was less on Sep­tember l than a month earlier. Largest declines were COLD STORAGE SPACE Source : Production and Marketing Adminhtratlon, U. 8. Department of Agriculture Net piling Percent of space occupied apace• (1,000 Sept. 1 Aug. l Sept. 1 cu. ft.) 1946 1946 1945 Public cold storage warehouses: Cooler ------------­ 4,553 86 87 76 Freezer --------------------3,965 88 83 72 Private and semiprivate ware­ houses : Cooler -----------------­--­ 3I2 100 100 75 Freezer -----------­-----­ 71 100 Meat-packing establishments : Cooler --------------------------­----­2,453 Freezer ------­----------------­I,039 97 84 13 84 98 94 *Space survey October 1, 1943. shell eggs (21.9% ), and poultry (20.0% ). Last year between August and September the movements into stor­age were very different except for shell eggs (down 20.8% ) and poultry (19.9% ). COLD STORAGE HOLDINGS Source: Production and Marketing Administration, U.S. Department of Agriculture Percent change I ·-··--.-1 Sept. I 1946 from Sept. I I946 from Item Unit Sept. I I946 Aug. 1 Sept. I I946 I945 Sept. I 1945 Aug. I I946 Cream: Fluid ---­1,000 lbs. 500 608 30I + 66.1 -I7.8 Plastic ---­ I ,000 lbs. I ,063 I,IOl 223 +376.7 -3.5 Creamery butter _ I ,000 lbs. 1,633 I,699 2,997 -45.5 -8.9 American cheese.. 1,000 lbs. 3,538 4,682 4,950 -28.5 -2U Shell eggs -------1,000 cases I78 228 137 + 29.9 -21.9 Frozen eggs ___ I,000 lbs. 11,629 I2,592 16,833 -30.9 -7.6 Total poultry __ 1,000 lbs. 2,969 3,712 943 +2I4.8 -20.0 Cotton (The cotton balance sheet shows the baalc demand and supply factors affectins cotton, which Is an outatandlns element In the farm Income of the State.) The present and near months market positions are characterized by a supply situation which is growing tighter. The season started with a carryover of 3,638,000 bales less than last year. The September estimate was 891 bales less than last year, while consumption and exports during August were 208,000 bales greater than in August a year ago. Normally the great reduction in the supply of Ameri­can cotton and the resulting rise in price would have slowed down both exports and consumption. Unofficial data in September to date indicate there has been no let­up in consumption, though the maritime strike may have caused some decrease in exports. Cotton prices during September gained substantially over the August, primarily because of the continuing strong demand and the reduction of the government estimate of production from August to September by 119,000 bales. COTTON BALANCE SHEET FOR THE UNITED STATES AS OF SEPTEMBER I, 1946 ( fiirures in thousands of running bales as noted) · Carryover Imports to Final Consumption Exports to Balance as of Aug.1 Sept. 1* ginnings Total to Sept. 1 Sept. 1 Total Sept. I Year 1937-I938_______________________________ 4,498 8 16,098 20,604 604 220 824 I9,780 I8 11,825 28,376 201 561 762 22,614I 93S-1939--------------------------------I I,533 I 939-1940 __________________________________________ 13,033 I3 12,380 25,426 63I 215 846 24,580 1940-I94L_________________________________ 10,596 IO 12,772 23,378 655 65 720 22,658 I94I-1942__________________________I2,376 43 10,710 23,129 874 5 879 22,250 § 925 23,693 § H ,028 24,618 925 I942-I943-------------------.---------------------I0,59() I943-I944___________,______10,687 § I2,558 23,245 842 § 842 22,403 11,483 22,223 841 IOOt 941 21,282 1944-I945------------------------10,727 I3t 1945-1946_______:_________1l,I60t 9t 10,062 2I,23I 740t 275t I,OI5 20,116 I6,693 856 367 I,223 I5,470I946-I947 7 ,522 § 9,I71 •In 500-lb. bales. t New York Cotton Exchange. tDepartment of Commerce. §Not available. FINANCE Bank Credit (Since bank credit is essential to all business, the condition of the commercial banks and the Federal Reserve Banks is a significant Indicator of the state of business. Changes in the volume of credit the banks bave outstanding reflect the state of business. The con­dition of the Federal Reserve Banks in like manner reflects the con· dltlon of credit available to commercial banks.) There was little net change in the earning assets of weekly reporting member hanks in the Dallas Federal Reserve District during August, and at the end of the month total loans and investments stood at about $2 billion. The tendency toward a larger volume of loans, noted in other recent months, continued during August. At the end of the month loans amounted to $695 million, an increase of $11 million during the month and a rise of 57.6% during the year. Holdings of Treasury bills, notes and United States bonds were unchanged during August, and the decline of $24 million in holdings of Treasury certificates of indebtedness probably reflects the retirement of part of an issue of certificates of in­debtedness on the first of the month. There was a small increase in demand deposits of these banks during August, while United States Government deposits continued their downward trend and amounted to $193 million at the end of the month. The Federal Reserve Bank of Dallas reduced its hold­ings of United States Government securities $7 million during August, hut discounts and advances to member SUMMARY STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS (in thousands of dollars) Source: Board of Governors of the Federal Reserve System ·================-=======-------===~~~-..,,........; --~-­ Percent chanll'• Auir. 28 Aull'. 28 1946 1946 from from Item Aug. 28 1946 July 31 1946 Aug. 29 1945 Aug. 29 July 31 1945 1946 ASSETS Gold certificate · reserves 487,471 483,879· 466,178 + 4.6 + 0.7 U.S. Government securities 900,704 907,667 -------------- 871,745 + 3.3 -0.8 Discounts and ad­vances ---------------------6,340 3,840 200 +3070.0 +65.1 Other cash -------.-·---------11,055 11,012 9,954 +u.1 + 0.4 Other assets 101,882 99,404 78,089 ---------------- +3o.5 + 2.5 TOTAL ASSETS ...... 1,507,452 1,505,802 1,426,166 + 5.7 + 0.1 LIABILITIES Federal Reserve notes 602,773 601,479 605,590 - 0.4 + 0.2 Deposits ------------­-------­ 797,734 799,668 745,331 + 7.0 _; 0.2 Other liabilities 84,393 82,320 56,913 +48.3 + 2.5 TOTAL LIABILITIES ........ 1,484,900 1,483,467 1,407,834 + 5.5 +.0.1 Capital paid in Surplus -------·----------------­Other capital ac­counts ----­-------------­--­ 6,705 11,977 3,870 6,699 11,977 3,659 5,943 7,332 5,057 +12.8 +63.4 -23.5 + + 0.1 0 5.g TOTAL LIABILITIES AND CAPITAL ACCOUNTS ............ 1,507,452 1,505,802 1,426,166 + 5.7 + 0.1 -·- hanks rose $2,500,000 to a total of $6,340,000 at the end of the month. The volume of Federal Reserve notes of that Bank in actual circulation remained relatively stable during August, and amounted to $603 million at the end of the month. CONDITION OF WEEKLY REPORTING MEMBER BANKS Source: Board of Governors of the Federal Reserve System ' Percent change Aug. 28 Aug. 28 Aug. 29 1946 1946 1945 from from from Aug. 29 July 81 Au!l'. l Item 1945 1946 1945 ASSETS Loans and investments ····················-········ + 6.3 - 0.6 - 0.1 Loans --··············································-··········· +57.6 + 1.6 -8.9 Treasury bills ............................................... -36.3 + 2.0 +12.7 Treasury certificates of indebtedness .... -12.0 Treasury notes .............................................. -34.5 United States bonds .................................... + 4.0 - 6.2 0 0 + 0.7 + 2.2 -0.5 Other securities ·······················-···-···········-· +27.3 Reserve with Federal Reserve Banks .... + · 4.8 -1.4 + 1.8 + 8.8 + 5.3 Cash in vault ············---~---·····················-····· 0 + 8.3 +18.2 Balances with domestic banks ................ -11.8 ._ 6.5 +lo.8 LIABILITIES Demand deposits adjusted ........................ +13.7 + 0.3 + 3.4 Time deposits ·····························-·····-·········· +19.5 + 0.3 + 2.8 United States Government deposits ........ -32.3 - 9.0 -15.4 Interbank deposits: Domestic banks ··················'····················· - 7.7 - 1.6 + 8.3 Foreign banks ............... L....................... +33.3 +3a.a -25.0 CAPITAL ACCOUNTS ···························· +13.8 + 0.7 +u Bank Debit.a (Since the bulk of business transactiona are settled by check, changes in bank debits to individual accounts represent changes In the volume of transactions and are a basic meaaure of business activity.) Bank debits in Texas usually decline in August, but this year they exceeded $2.5 billion and were only slightly less than the peak volume reported in July. Debits during August were 31.6% above those in August 1945 and only 2.8% below those in July this year. The upward trend in bank debits in Texas has been con­tinuous over the past year and this Bureau's index, which has been adjusted for seasonal factors, rose to a new peak of 340.l in August as compared with 258.5 a year earlier. During August each of the reporting centers showed gains over the same month last year and all cities except Austin and Beaumont reported gains of more than 20%. Largest gains occurred in San Angelo, El Paso, and Abilene, where the increases amounted to about 50%. Corporations (The Issue of corporation charters measures the additions to the business population and reflects the state of optimism or pessimism of businessmen.) According to information furnished by the Secretary of State, there were 331 new corporation charters issued during August with a total capitalization of $11,109,000. The number of charters issued in August may he com­pared with 276 in July and 95 in August 1945. Mer­chandising firms, which accounted for almost one-third of all new corporate charters issued this year, accounted for 107 of the charters issued during August. BANK DEBITS• (In thousands of dollars) 8oGrce: Board of Governors of the Federal Reserve System Percent chan"e Aug. 1946 Aug. 1946' Aug. July . Aug. from from Cley 1946 1946 1945 Aug. 1945 July 1946 TOTAL ·····-····-·· 2,674,335 2,647,456 1,956,228 +31.6 -2.8 = Abilene ---­----­-·­---­ 23,958 23,898 16,011 +49.6 + 0.3 Amarillo ------- ---­ 63,406 71,660 45,568 +39.1 -11.5 Austin -------­------­ 84,916 79,653 58,245 +45.8 + 6.6 Beaumont --­------­ 61,029 62,743 54,740 +11.5 -2.7 Corpus Christi .... 69,084 65,143 66,429 + 4.0 + 6.0 •Corsicana -----------­ 7,242 6,782 5,350 +35.4 + 6.8 Dallas ----------------­ 725,951 752,827 534,034 +35.9 -3.6 El PB,'lo ··-·-·······­ 81,878 85,245 54,652 +49.8 -3.9 Fort Worth ---·­--­ 259,708 305,746 193,656 +34.1 -15.1 Galveston --------­ 55,030 57,202 44,749 +23.0 -3.8 Houston ----------­ 695,593 682,115 546,105 +27.4 + 2.0 Laredo --------­ 15,175 14,827 11,745 +29.2 + 2.3 Lubbock ----------­ 38,157 38,399 26,188 +45.7 -0.6 Port Arthur ·····-· 29,276 25,980 22,956 +27.5 +12.7 San Angelo ······-·· 24,454 26,270 16,070 +52.2 -6.9 San Antonio ----­ 207,301 218,192 160,939 +28.8 -5.0 Texarkanat -----­ 21,509 21,030 16,979 +26.7 + 2.3 Tyler ------------------­ 31,959 30,246 24,126 +32.5 + 5.7 Waco --­-----­---------­ 41,119 42,367 27,882 +47.5 -2.9 Wichita Falls __ 37,590 37,131 29,804 + 26.1 + 1.2 •Debits to deposit accounts except interbank accounts. tincludes two banks in Arkansas, Eighth .District. CORPORATION CHARTERS ISSUED BY CLASSIFICATION Source : Secretary of State Aug. July Aug. Claesltlcatlon 1946 1946 1945 DOMESTIC CORPORATIONS Capitalization (1,000 dollars) ....11,109 12,862 1,706 Number ---------------·--········­ 331 276 ·95 Banking-finance --------·----·········--··· Construction ------­---------------·· 4 13 4 12 4 • Manufa_cturing -----------------···­ 54 39 13 Merchandising --···-·······-····-----· 107 81 20 Oil -----------------------­ 8 5 Public serTice --···-····-···--·-­· 29 4 4 Real estate ·-·--····-----·--···----------­ 29 19 11 Transportation -·········-··--···-­·· 13 10 4 All others ------·----------···-···· 40 61 34 No capital stock ---­ -----····--·· 35 38 ...:_* FOREIGN CORPORATIONS Number ---------------·-------------­29 13 •Not tabulated separately. CORPORATION CH.ARTERS ISSUED BY CAPITALIZATION Source: Secretary of State Aug. July Aug.Capitalization 1946 19;16 1945 Over $100,000 ------­------------------­ 20 18 $5,000-$100,000 ----------------·····---­209 164 54 Less than $5,000 -----------------­ 58 55 88 Capitalization not specified ·-·····-----­ 9 No capital stock ------------···­ 35 38 *Not tabulated in 1945. Life Insurance Sales (Since the sales of life insurance are relatively aenaltlve to the changes in consumer income, they may be used aa a measure of the consumer market.) Sales of ordinary life insurance in Texas amounted to $73 million during August. That amount was 3% less than the amount sold in July this year but 85% above that sold in August 1945. Failures (The number of failures and the amount of llahilitlee vary In• versely with the prosperity of business and reflect in a simple and direct manner what Is happening to business.) According to Dun and Bradstreet, Inc., there was one business failure in Texas during August. Liabilities of the failed firm amounted to $89,000. This failure raised the total in Texas for the first eight months of the current year to 5. BUSINESS FAILURES Source : Dun and B~adstreet, Inc. Aug. 1946 July 1946 Aug. 1945 July 1945 Number Liabilities* --------------------------­--------­Assets* Average liabilities per failure*_____ 1 89 72 89 2 148 185 74 0 0 0 0 0 0 0 •In thousands. --­-­ Veterans' Loans (At the present time there is considerable intere-st in the volume of government guaranteed or insured loans to veterans as a factor in the business and economic adjustment to peacetime conditions.) At the end of August the sum of $72,043,310 had been loaned to veterans in Texas. This figure represented 14,969 individual loans, of which 12,230 (81.7%) were home loans, 857 (5.7%) were farm loans, and 1,882 (12.6%) were business loans. The average value of these various types of loans guaranteed or insured by the government were as follows: home loans, $5,206; farm loans, $3,173; and business loans, $2,954. From July to August of this year the number of loans went up 29.6% and the total value of all loans rose 31.3%. Since the war with Japan ended a year ago, the number of loans has increased 11-fold and their total value 14-fold. TRANSPORTATION Rail (The movement of goods by rail Is fundamental to all ltualnH• operations, and changes in the number of frelrht cars loeded nllect basic changes in the volume of husineaa. The commodity Jl'OUP8 are significant for the information they give on specific buluatrl... The miscellaneous group includes manufactured rooda, la an• generally considered a measure of the volume of trade. Mll'ChalMllff l.c.I. shipments include the same type of roods ablpped In a..U. Iota. Cars unloaded for export reflect the chanres In the volume el exports.) The physical volume of freight loaded in the South­western District increased by 21,480 carloads or 8.2% during the month of August over July. This was ac­complished despite the major decline in shipments of grain and grain products, down 37.6%, and a drop in livestock shipments of 4.1 %.Three categories of freight­ore, coke, and forest products-reflected substantial gains of 49.8%, 17.3%, and 24.3%, respectively. The continued car shortage remains the chief handi­cap of shippers. Right now the railroads are hauling more freight than at any time during the war and the peak of demand is estimated to be some months in the future. The federal government has recently taken emer­gency action designed to alleviate present operating conditions by ordering certain categories of cross-country freight diverted from rails to ships, and steps are being taken to speed up the flow of scarce materials needed to repair old freight cars and build new ones. A further action has been taken by the Interstate Commerce Com· mission which threatens receivers of carload shipments of freight with a rail embargo if steps are not promptly taken to speed up unloading of carload shipments of freight. The successful carrying out of this program should result in the quick release of additional cars and reflect in further gains in freight loadings in this district for the future. The index of miscellaneous freight carloadings com­piled by the Bureau of Business Research increased 0.7% from last month, after allowing for normal seasonal variation. In comparison with August 1945, the index REVENUE FREIGHT LOADED IN SOUTHWESTERN DISTRICT (in carloads) Source: Car Service Division, Association of American Railroads Percent chanire Aug. 1946 Aug. 1946 Aug. J uly Aug. from from Item 1946 1946 1945 Aug. 1945 J uly 1946 TOTAL ···-····--···················· 283,667 262,187 287,913 -1.5 + 8.2 Grain and grain products 21,186 33,928 22,946 -7.7 -37.6 Livestock 11,267 11,745 10,854 3.8 -4.1 -------···-------------------+ Coal 26,825 24,647 24,911 + 7.7 + 8.8 Coke 745 -----------------------------------635 715 + 4.2 + 17.3 ----·····-·· ···-·· Forest products 25,322. 20,379 20,802 +21.7 +24.3 Ore ----------------------------------·---2,572 1,717 2,588 -0.6 + 49.8 .Merchandise 33,814 33,972 29,693 l.c.1 -··-------------+13.9 -0.5 Miscellaneous -----------------161,936 158,143 175,404 -7.7 + 2.4 EXPORT AND COASTAL CARLOADS UNLOADED* Source : Car Service Division, Associat ion of American Railroads Percent chanll'e Aug. 1946 Aug. 1946 Aug. July Aug. from from Port and t7]le 1946 1946 1945 Aug. 1945 J uly \946 TOTAL ··-···--·-···· ..... 14,698 13,588 9,574 + 53.5 + 8.2 Beaumont ••··•·••••••••·-·r 182 750 86 +111.6 -75.7 Galveston 9,056 7,05! 5,717 ----------·-----·--+ 58.4 + 28.3 -----------···­ Houston 3,828 4,215 2,683 + 42.7 -9.2 Pert Arthur 857 6nl ··----------499 + 71.7 + 24.0 Texas City 775 875 589 -11.4 -----------------+ 31.6 EXPORT, TOTAL .. 14,442 13,244 9,534 + 51.5 + 9.0 Beaumont 182 750 86 + 111.6 -75.7 Galveston 9,056 7,057 5,717 -----------------+ 58.4 + 28.3 Houston 3,828 4,215 2,683 ------------------+ 42.7 -9.2 Port Arthur -------------601 347 459 + 30.9 + 73.2 Texas City 775 875 589 ------------- --· + 31.6 -11.4 COASTAL 256 344 40 ------------------+540.0 -25.6 Port Arthur 256 344 40 +540.0 ---------------25.6 •Excluding coal. decreased 7.7%. The index in August 1946, after ad­justment for seasonal variation, stood at 135.2% of the 1935-39 average. Ex port and coastal carloads unloaded continued at a high level with more freight moving through Texas ports in August than in July of this year. The increase was 1,110 carloads or 8.2%. Galveston and Port Arthur turned in gains of 28.3% and 24.0%, respectively, while Beaumont showed a substantial decline amounting to 75.7%. Texas City and Houston experienced lesser de­clines. Compared with August of last year, total cars unloaded at the five ports increased by 53.5% with all ports registering increases. Port Arthur was the only port where coastal freight was unloaded. There the August 1946 cars totaled 256, compared with 344 for July and only 40 a year earlier. Air Express (The total volume of commodities shipped by air express ia only a very small percentaire of all commodities moved, but the rapid increase In the use of this type of transportation makes lta irrowth of general interest to business.) Virtually all reporting cities showed an increase in the volume of air express shipments for the month of August over July, the total increase for August being 9.1%. The air ports of entry, Brownsville, Dallas, El Paso, Fort Worth, Houston and San Antonio, continued to account for the majority of shipments to the extent of about 85%. Little emphasis can he given to percentage changes in this category of express movement because of the small number of shipments involved. Total ship­ments during July were still below the May 1946 peak of 23,608. AIR EXPRESS SHIPMENTS (in number of shipments) Source: Railway Express Agency Percent change Cities Aug. 1946 July 1946 Aug. 1945 Aug. 1946 from Aug. 1945 Aug. 1946 from July 1946 TOTAL ........-------······ 22,065 20,230 13,029 + 69.4 + 9.1 Abilene --­--···--------------­ 125 98 57 +119.3 + ·27.6 Amarillo ----------­------­-· 364 300 266 + 36.8 + 21.3 Austin --------------·-·----,-·- 403 439 255 + 58.0 -8.2 Beaumont --·---------····· Bi!T. Spring ----·-···------­ 254 58 222 52 159 29 + 59.7 + 100.0 + 14.4 +' 11.5 Brownsville 3,095 2,826 1,559 + 98.5 + 9.5 Corpus Christi ----·--.­ .495 466 374 + 32.4 + 6.2 Dallas ------~-­-··· ···----­--· -­ 6,643 5,865 4,128 + 6Q.9 + 13.3 ' El Paso ----­---------------­ 1,217 1,076 647 + 88.1 + 13.1 Fort Worth ------------­ 2,059 2,192 1,560 + 32.0 -6.1 Galveston ·------­---------­ 333 279 2.13 + 56.3 + 19.4 H ouston ·····---------------­ 3,433 3,096 1,752 + 95.9 + 10.9 Laredo ---------------------­ 466 284 175 + 166.3 + 64.1 Lubbock ---------­---------· 191 179 73 + 161.6 + 6.7 Midland -------·----------­ 119 97 29 +310.3 + 22.7 Port Arthur ------------­ 160 184 107 + 49.5 . -13.0 San Angelo -------·--·--·· 226 221 113 +loo.o + 2.3 San Antonio -----·-······· 1,483 1,559 1,247 + 18.9 -· 4.9 Texarkana -------·--------­Tyler -----···--·--------------­Waco , 62 447 169 70 328 160 44 • 107 + 40.9 + 57.9 -11.4 + 86.3 + 5.6 Wichita Falls ---­....... 263 237 135 + 94.S. + ·11.0 •Airport opened February 1946. LABOR Employment (Employment statistics are amonc the moat Important Indicators of Texas bualneu and economic activity. The estimates of total employment In Texas manufacturlnc Industries include all em­ployees, both production workers and others. The Bureau's statistics of nonmanufacturfnc Industries also comprise all employees. How­eYer, the statistics ef manufacturlnc employment and manufactur­lnc pay rolls are baaed on production and related workers only. Proprfeters, officers of corporations, and other principal executives are escluded from all the aeries.) Employment in Texas hit a new high for 1946 in August, increasing 2.0% over July, the previous high month, according to reports collected from 1,805 estab· lishments by the Bureau of Business Research in co­operation with the Bureau of Labor Statistics, United States Department of Labor. The trend has been upward since April of this year. Nationally it was estimated by the Bureau of the Census that for July over 60 million Americans were employed, and unemployment dropped to a new low for 1946. The employment increase for the month was general, applying to all groups except three: paper products, dyeing and cleaning, and hotels, in which decreases occurred. Food products and commercial products had the largest increases of 8.9% and 9.0%, respectively. Seasonal factors partially explain the employment in­crease in food products manufacturing. Total employment in August of this year was 1.4% below what it was in August 1945. Comparisons with ESTIMATES OF TOTAL MANUFACTURING EMPLOYMENT (in thousands) Sonrce: Bureau of Business Res.,,.rch in co-operation with the Bureau of Labor Statistics, U .S. Department of Labor Percent change In'dustrial group Aug. 1946 July 1946 Aug. 1945 Aug. 1946Aug. 1946 from from Aug. 1945July 1946 TOTAL -----------------------315.4 308.3 367.9 -14.3 + 2.3 Food ------------­64..7 62.6 58.6 +lo.4 + 3.4 Textile mill products and other fiber manufactures ------------­8.4 8.4 7.6 + lo.5 0 Apparel and other finished textile products ------­23.2 22.2 22.2 + 4.5 + 4.5 Furniture and finished !um­ her products -­--­----­11.1 10.8 10.7 + 3.7 + 2.8 Lumber and timber basic-products __""'__ ___________ 27.7 27.2 26.0 + 6.5 + 1.8 Paper and allied products --­--­3.8 3.8 3.5 + 8.6 0 Printing, publishing, and al­ lied industries -------------­-----­17.6 17.6 14.7 +19.7 0 Chemicals and allied products 18.7 17.5 20.3 -7.9 + 6.9 Products of petroleum and coal -------------------­-­--·­·-----···· 39.6 39.3 39.4 + 0.5 + 0.8 Stone, clay, and glass products 10.1 9.9 7.5 +34.7 + 2.0 Iron and oteel and their prod­ ucts ------­-········­---···­--·-­----­17.2 17.0 24.8 -30.6 + 1.2 Transportation equipment. ex­ cept autos ---·--­----­22.7 22.5 81.5 -72.1 + 0.9 Nonferrous m..tals and their products -------··--···---­'il.7 9.5 9.1 + 6.6 + 2.1 Machinery, except electricaL 29.7 2!i.1 33.2 -10.5 + 2.1 Miscellaneous industries -··-­4.0 IAll others ---------·-­7.2 3.8 7.1 3.1 5.7 +29.0 +26.3 + + 5.3 1.4 = 1945 continue to indicate some large employment in­creases and other large decreases, reflecting the change· over from war activity to greater civilian production and services. The largest employment increases since August 1945 have been in stone and clay products (56.5%) and textiles (20.1 % ) . The largest employment decrease has been in other manufacturing (52.5%). Total manufacturing employment in Texas in August was estimated at 315,400 by the Bureau of Business Re· search, in co-operation with the Bureau of Labor Sta­tistics, United States Department of Labor. This repre­sents a significant increase of 7,100 persons (2.3%) over July 1946. Largest increases were in food (2,100 per· sons) and chemicals and allied products (1,200 persons). According to the United States Employment Service, the nonagricultural civilian labor force in 17 major Texas districts increased 1.0% between July and August of this year. Small decreases were registered in Longview (0.8% ) and Waco (0.6%), while all other areas re­mained stable or increased up to 3.2%( Fort Worth). Pay Rolls (Pay roll figures are generally recognized as algniflcant ln.Ucaten of income and purchasing power by both economlata anti bualne••••• Emphasis on the maintenance of purchasing power u a coal fer tU country's postwar economy gives particular Importance to theae ~ at this time.) Pay rolls in Texas rose 5.3% from July to August 1946 to reach the highest level of the year, according to reports collected from 1,805 employers by the Bureau of Business Research in co-operation with the Bureau of Labor Statistics, United States Department of Labor. Pay rolls also rose from May to June and from June to July. This steady increase is largely the result of wage increases and employment increases throughout the var· ious groups surveyed. Only hotels, insurance companies, laundries, and retail trade groups showed slight de· creases from July to August. Machinery (except elec· trical) showed a major increase of 25.0%. Compared with a year ago, pay rolls were 5.8% higher in August of this year, excluding six aircraft and shipbuilding establishments which declined 66.2%. As indicated in the accompanying table, 12 of the 23 pay· roll groups have increased from 25% to 78% over a year ago, but some groups have declined during the same period. Hours and Earnings (Statistics on hours and earnings show clearly the effects of the shift of the State's economy and the general upward move­ment of wages since V-J Day. Average hourly earninc• are -­puted by dividing the total number of man-hours worked In re• porting establishments into total pay rolls.) Average weekly hours worked in manufacturing estah· lishments remained approximately the same in August as in July, with eight of the industrial groups working more than 42 hours and six of the groups less. The longest work week (48.6 hours) was still in the food products industry. Apparel and miscellaneous manufacturing were the only groups reporting less than 40 hours as an TEXAS BUSINESS REVIEW PRELIMINARY COMP ARISON OF EMPLOYMENT AND PAY ROLLS IN lDENl'lC.AL ESTABLISHMENTS Source : Bureau of Business Research in co-operation with the Bureau of Labor Statistics, U.S. Department of Lnhor EMPLOYMENT PAY ROLLIS Number Number of Percent change Amount (weekly) Percent chanJZ"e of wage earners* reporting --Aug. 1946 Aug. 1946 Aug. 1946 Aug. 1946 establish-Aug. J uly from from Aug. July from from Industrial group ments 1946 1946 Aug. 1945 July 1946 1946 1946 Aug. 1945 July 1946 TOTAL --···------····-········-··-····-···--·····-·· 1,805 137,631 134,919 1.4t + 2.0 $6,128,802 $5,822,866 + 5.8t + 5.3 = MANUFACTURING Food products ----­171 12,230 11,232 + 3.7 + 8.9 532,828 467,020 + 32.9 + 14.1 Textiles ----­18 4,710 4,677 + 20.1 + 0.7 161,188 155,973 + 78.9 + 3.3 Apparel 39 3,649 3,477 + 12.2 + 4.9 94,163 86,071 + 38.7 + 9.4 Finished lumber products ---­26 1,856 1,793 + 6.4 + 3.5 63,341 61,717 + 25.1 + 2.6 Forest products 21 2,527 2,477 + 8.6 + 2.0 85,374 78,627 + 28.2 + 8.6 Paper product& 9 1,400 1,441 + 4.6 2.8 61,252 62,235 + 38.7 1.6 Printing and publl•bing ---­38 1,447 1,424 + 25.5 + 1.6 77,167 72,725 + 35.9 + 6.1 Commercial products -------­82 5,357 4,915 + 3.0 + 9.0 259,792 244,425 + 0.5 + 6.3 Petroleum refining ---·-··-········------···· 44 22,879 22,824 + 5.3 + 0.2 1,300,56~ 1,278,638 + 3.5 + 1.7 Stone and clay products ------­37 3,549 3,462 + 56.5 + 2.5 126,383 116,671 + 60.7 + 8.3 Iron and steel products ___.___ 38 4,562 4,503 + 4.0 + 1.3 195,477 190,881 + 7.3 + 2.4 Nonferrous metal products ---­13 4,596 4,512 -2.6 + 1.9 229,358 224,685 -8.7 + 2.1 Machinery (except electrical) --­47 9,764 9,443 -23.8 + 3.4 508,058 406,552 -14.2 + 25.0 Other manufacturinir --------18 12,092 11,723 -52.5 + 3.1 597,145 555,430 -61.3 + 7.5 NONMANUFACTURING 53 8,391 8,372 + 19.2 + 0.2 490,491 482,048 + 13.5 + 1.8 Dyeing and cleaning 137 139 + 16.8 1.4 4,820 4,730 + 36.6 + 1.9 19 ~.665 2,715 -0.3 1.8 61,363 62,806 + 7.0 2.3 Hotel1 ···-· 104 1,814 1,787 + 17.6 + 1.5 78,888 81,509 + 26.9 3.2 11 557 591 -3.5 + 5.8 12,778 13,416 + 5.9 4.8 Insurance Laundries ··-------------­ 271 8,286 8,199 -5·1.2 + 1.1 327,975 356,809 -41.8 + 4.5 Public utilities -----------····­ Quarrying 24 1,848 1,822 + 14.2 + 1.4 89,258 84,136 + 17.5 + 6.1 521 16,980 16,978 + 13.8 + 0.0 472,059 475,717 + 30.6 0.8 Retail trade -----------­ 160 4,239 4,226 174,419 174,361 + 26.8 + 0.0 Wholesale trade + 14.4 + 0.3 •Does •not include proprietors, firm members, officers of corporations,. or .other principal executives. Manufacturini: employment comp·rises production and related workers; nonmanufacturing employment comprises nil employees. tExcluding 6 aircraft and shipbuilding establishments which declined 58.1 % in e111ployment and 66.2% in pay rolls from Aug-ust, 1945. lCash payments only; the additional value of board, room, and tips cannot be computed. average work week. In the comparison of August 1946 the employees in petroleum refining, machinery, and with August 1945, four industries reported longer work­other manufacturing were receiving lower weekl y pay ing hours-food products, textiles, apparel, and paper in August 1946 than in August 194.S. products, while all other industries showed declines which ranged from 0.5 hours (machinery, except elec­ MAN-HOURS WORKED IN IDENTICAL MANUFACTURING trical) to 12.l hours (other manufacturing) . ESTABLISHMENTS In six of the nonmanufacturing industries the average Source: Bureau of Business Research in co-operation with the Bureau of Labor Statistics, U. S. Department of Labor work week was less in August 1946 than in August 1945. However, only public utilities ( 41.8 hours) and retail Number Percent chanlle trade ( 41.9 hours) reported less than a 42-hour week. of reportinll Aug. 1946 Aug. 1946 Hourly earnings increased in all manufacturing and establish­from from Industrial group menUs Aug. 1945 July 1946 nonmanufacturing industries in August 1946 over August 1945, with the exception of machinery and other manu­TOTAL ·····-········-································· 512 -20.2 + 7.1 facturing, which reported decreases of 0.1 % and 5.5%, ======= + 9.6 + 13.5 Food products ···-························-····-· 134 respectively. The sharpest increases were in textiles +46.9 + 2.1 Textiles ·······-····-·······-·-··········-····-···-· 14 (21.3% ) ; finished lumber products (20.8% ) ; paper + 18.5 + 4.7 Apparel ···-····· ········-··-·····-···-···-30 products (19.9% ) ; and stone and clay products Finished lumber products ................ 22 + 3.2 + 4.3 + 2.5 + 5.2 (19.0% ). All other industries reported increases rang­Forest products ·····----··········-········· 20 Paper products --------····--····-············· + 15.8 ing from 8.0% (laundries) to 18.1 % (crude petroleum -4.4 '+23.9 + S.1 products). -6.1 + 8.3 Printin!l" and publishinir ···-······-··--32 Commercial products ----········-······· 76 -10.6 + 1.5 The weekly take-home pay in most industries continued Petroleum refining ------~·-··-·-----· 35 Stone and clay products .................... 34 +36.3 + 3.1 above last year's levels; this means that reductions in -13.4 + 0.6 Iron and steel products ···-····-····-· 34 . the length of the average work week have been offset -14.7 + 1.0 Nonferrous metal products ···········-· 12 by wage rate increases. Most notable examples are tex­Machinery (except electrical) ----42 -21.6 +25'.3 tils ( 47.1 % ) ; apparel (23.2%) ; paper products Other manufacturing ------·······-··· 18 + 7.6 -61.8 (32.2% ); and dyeing and cleaning (22.9% ). However, TEXAS BUSINESS REVIEW HOURS AND EARNINGS• Source: Bureau of Business Research In co-Qperation with the Bureau of Labor Statistics, U . S. Department of Labor· ' Anraire Aver&1r• hourly Averase weekly Percent chan1te weekly hours earninira (in cents) earnin&'• (in dollars) Aug. 1946 from Auir. 1946 Aug. Aug. Aug. Aug. Aug. Aug. , Weekly Hourly WeeklyIndustrial group 1946 1946 1946 1946 1946 1945 hours earnine-s earninp MANUFACTURING Food p roducts ----------­48.6 48.3 75.4 68.7 36.64 33.18 + 0.6 ·+ 9.8 + 10.4 Textiles ------------------­·41.1 33.9 81.9 ' 67.6 33.66 22.88 + 21.2 + 21.8 + 47.1 Apparel -­39.7 86.6 66.6 69.3 26.00 21.11 + 11.5 + 10.6 + 23.2 Finished lumber products_____ 44.2 45.0 . 76.1 63.0 33.64 28.35 -1.8 + 20.8 + 18.7 Forest produd{I --------­-46.5 47.8 74.4 63.8 34.60 30.50 -2.7 + 16.6 + 13.4 Paper products 46.4 41.2 96.1 79.3 43.18 32.67 + 10.2 + 19.9 + 32.2 Printinir and publishlns ----­40.9 41.7 119.6 106.0 48.92 44.20'• -1.9 + 12.8 + 10.7 Commercial products -----­44.3 . 46.2 106.7 95.8 47.27 44.26 -4.1 + 11.4 + 6.8 Petroleum refininir ---------------­40.4 47.1 139.6 124.6 66.40 63.64 -14.2 + 12.1 8.8 Stone and clay products__________ 41.9 47.2 85.1 71.6 35.66 33.75 -11.2 + 19.0 + 5.7 Iron and steel products_______ 43.2 45.3 102.9 89.9 44.45 40.72 4.6 + 14.6 + 9,2 N onferrous metal produ~ts ----­44.3 47.5 109.8 96.5 48.64 46.84 -6.7 + 13.8 + 6.1 ,Machinery (except electrical) ____ 44.3 44.8 109.4 109.6 48.46 49.06 -1.1 0.1 1.2 Other manufacturin1r -----­39.2 61.3 126.9 133.2 49.36 68.33 -23.6 -6.6 -27.8 NONMANUFACTURING Crude petroleum production ___________:___ 42.2 46.8 139.6 118.2 68.92 66.32 9.8 + 18.1 + 6.5 Dyein11: and cleaning __________ 48.6 46.2 73.3 62.6 35.65 28.92 + 6.0 + 17.1 + 22.9 Hotels -------­48.8 47.8 38.6 34.2 16.91 16.35 8.4 + 12.9 + 3.4 Laundriea -------­---­-46.0 44.6 47.0 43.5 21.62 19.36 + 3.4 + 8.0 + 11.7 Public utilit ies --------­-41.8 47.8 109.1 94.'9 45.60 45.36 -12.6 + 15.0 + 0.6 Quarryinir -----­43.7 47.4 110.5 99.5 48.29 47.16 7.8 + 11.1 + 2.4 Retail trade ----­41.9 42.2 71.7 64.3 80.04 27.13 0.7 + 11 .5 + 10.7 Wholesale trade -----------­44.7 45.4 89.7 80.0 40.10 36.32 1.5 + 12.1 + 10.4 *Figures do not cover proprietors, ft.rm members, officers of corporations, or other principal executives. Manufacturing data cover .production and and related workers ; nonmatiufacturin2' data cover' s,11 employees. Man-hours (The report• which the Bureau receives on employment Include every employee who worked any part of the week. Thia means that changes in the number of employees In an industry do not always measure the changes in the volume of output. Changes In the number of man-hours worked, however, are closely associated with the rate of manufacturing activity, and may be used as a measure of the volume of production.) Total man-hours worked in 512 manufacturing estab­lishments rose substantially (7.1 % ) in August 1946 NONAGRICULTURAL CIVILIAN LABOR FORCE Source: U. S. Employment Service Percent change Aug. 1946 Aug. July from Area 1946 1946 July 1946 TOTAL ____________________l ,317,653 1,812,966 + 0.4 Abilene ---------------------­ 18,379 18,191 + 1.0 Amarillo -----------------­ 27,400 27,400 Austin -­---------­ 43 200 42,959 + 0.6 Beaumont-Port Arthur-Orange 85:.m 85,357 + 0.1 Brownsville -----------­ 13,245 13,246 Corpus Christi -------------­ 63,500 63,600 Dallas ------------206,630 206,630 El Paso -----­----­49,250 Fort Worth ----­---121.490 49,226 117 600 + 0.1 + 3.2. Galveston-Texas City ------­ 52,494 62:494. Houston-Baytown --------­ 804,418 303,836 + 0.2 Longview --­ 24,600 24,800 -0.8 Lubbock ---­. --------­ 26,163 24,928 + 0.9 San Antonio ---------­ 172,000 172,000 Texarkana ----------­ 41 500 41,500 Waco --­-------­ 46:200 46,600 -0.6 Wichita Falls 82,802 32,802 over July 1946. This may be the indication that. Texas production has rounded the corner. It must be noted, however, that total man-hours are still 20.2% below the level of August 1945. Two industries showed striking gains-food products (13.5% ) and machinery (25.3% )-over July figures; while every other industry except other manufacturing (which includes aircraft and shipbuilding) showed gains ranging from 0.6% (iron and steel products) to 8.3% (commercial products). Changes in man-hours worked by industries between August 1945 and August 1946 continue to show the effects of the shift from wartime to peacetime produc· tion. However, the reduction has been modified by recent monthly gains in all industries, although five industries were still below comparable 1945 figures: commercial products ( 6.1 % ) ; petroleum refining (10.6%) ; iron and steel products (13.4%) ; nonferrous metal products (14.7%) ; and machinery (21.6%). Detailed percentage changes in all industrial groups are shown in the accompanying table. Industrial Relations (Although no statietical data are available on industrial disputes In Texas, a knewledge of current developments in industrial rela­tions is necessary te an understandin11 ef the State's labor picture.) The 77-day work stoppage of commercial construction in Houston estimated at over $50,000,000 came to an end the last week in August. Most work, however, was not resumed until after Labor Day. The agreement in· eluded a clause establishing a closed shop after a 90-day period of grace, according to press reports. The 92-day Corsicana cotton mills strike ended without a verbal or written contract, when the union members voted to re­turn to work. The Port of Corpus Christi was shut down nearly 24 hours when six Bascule Bridge tenders struck demand­ing union recognition. Approximately 150 tugboat operators in Galveston also struck concerning union recognition. Warehouse employees at the tin smelter also struck demanding union recognition. UNEMPLOYMENT Source: U . S. Employment Service Aug. July Aug. Area 1946 1946 1945 TOTAL -----------------------­-­----------------------·-·-·---­96,790 103,849 39,899 Abilene -----------------------------------------------..... 1,520 1,426 .c.ao Amarillo ---------------------------------------------­ 1,400 1,400 285 Austin -------------­----------------­--­-----------------·------­ 2,813 2,851 1,275 Beaumont-Port Arthur-Orange -----------­ 9, 700 10,200 2,200 Brownsville -------------­------------------------­ 1,628 1,525 285 Corpus Christi ----­-----------------------------~­ 3,100 3,100 900 Dallas ---------------------------------------­11,500 15.,9 00 12,ooe El Paso ------------------­----------------------­-----------­ 2, 700 2,995 1,020 Fort Worth -------------------­-------­ 9,600 10,300 5,980 Galveston-Texas City --------------------------­ 2,400 ' 2,400 400 Houston-Baytown ------------------------­18,300 18,500 5,000 Longview ------·------------­------------------­ 2,350 2,850 500 Lnbbock --------------------------------------------------­ 1,400 1 1,400 250 San Antonio -----------­-----------------------­15,750 16,200 2,500 Texarkana ------­-------------------­-----­ 6,800 7,000 4,475 Waco ----­---------------­----------------­---­ 3,500 4,000 1,708 Wichita Falls ----------------------­----­---------­ 2,319 1,802 741 Unemployment (Estimates of unemployment in various areas of the State are currently made by the district supervisors of the United States Employment Service. Data on the payment of unemployment benefits aleo provide a rough measure of unemployment in Texas, although only employees in establishments employing 8 or more werkers for 20 or more weeks per y:?ar are covered. Veterans' claim action& and disbursements are less inclusive, but throw light on the important problem el veteran re-employment. The number of placements reported hy the United States Employment Service indicatea the relationship of the supply of and the demand for jobs In various parts of the State.) Unemployment in 17 Texas labor market areas con· tinued to decline (6.8%) from July 1946 to August 1946. United States Employment Service figures esti· mated August unemployment at 96,790, as compared with 103,849 unemployed in July. It should be noted that unemployment in August 1946 was still above that for August 1945 (up 142.6%) as only 39,899 were listed as unemployed in August of last year. Four areas reported no change for the July-August period, while the Dallas area continued to show the most substantial decrease (27.7%) in unemployment. There was also less unemployment in Dallas in August this year than in August 1945. Wichita Falls is still showing increased unemployment, with a sharp rise of 28.7% over last month's figures. Unavailability of ma· terials is given as the cause. Abilene and Brownsville were the only other areas for which unemployment moved upward during August from July. The 16 labor market areas (Dallas excepted) con· tinued to show marked increases in unemployment over August 1945, as can be seen from the accompanying table. The amount of benefits paid out by the Texas Un­employment Compensation Commission declined in August for the third consecutive month. August pay­ments of $971,274 left a balance of $155,532,400 in the Unemployment Trust Fund. Employers' contributions during the month were $2,075,355 and exceeded dis­bursements by $1,104,081 (113. 7%). Placements in employment in the 17 labor market areas, measured by the United States Employment Serv­ice, dropped 2.4% from July to August 1946. The Abilene, El Paso, and Texarkana areas showed the greatest percentage gains, while the Amarillo, Browns· ville, Houston-Baytown, San Antonio, Waco, and Wichita Falls areas all showed declines ranging from 12.4% to 31.3%. Placements are still 35.6% under August of 1945, although five areas have shown substantial increases over last year. PLACEMENTS IN EMPLOYMENT Source: u. s. Employment Service Percent change Area Aug. 1946 July 1946 Aug. 1945 Aug. 1946 Aug. 1946 from from Aug. 1945 July 194.6 TOTAL ------------­-------­-­23,862 24,438 37,057 -35.6 -2.4 Abilene __.._ _____________ 588 . 418 560 + 5.0 + 4,0.7 Amarillo ---------­-------­ 640 837 857 - 25.3 -23.5 Austin ------­--------­ 913 902 679 + 34~5 + 1.2 Beaumont-Port Arthur- Orange -----------------­ 2,411 2,273 4,785 -49.6 -6.1 Brownsville -----------·­--­ 119 148 439 - 72.9 -16.8 Corpus Christi -------­ 729 674 515 + 41.6 + 8.2 Dallas -----­--------------------­ 4,330 4,134 7,472 -42 .1 + 4.7 El Paso ------------­----­ 797 581 1,092 -27.0 +37.2 Fort Worth ---------­-3,174 3,135 2,689 + 18.0 + 1.2 Galveston-Texas City.. 1,273 1,204 2,533 -49.7 +5.7 Houston-Baytown ----­ 3,637 4,154 2,226 -: 55.8 -12.4 Longview ---------­-----­ 666 709 302 + 120.5 -6.1 L ubbock ___________, 505 610 498 + 1.4 - 1.0 San Antonio --------Texarkana. ----------­-­ 2,288 607 . ,, 2,664 506 3,801 1,509 -39.8 -59.8 -14.1 + 20.0 Waco ------------------------­ 768 1,118 651 + 18.0 -31.8 Wichita. Falls --­--­----­ 417 476 449 - 7.1 - 12.4 FEDERAL INTERNAL REVENUE COLLECTIONS Source : Office of the Collector, Internal Revenue Service, Treasury Department August July 1-Aug. 31 District 1946 1945 Percent change 1946--47 1945-46 Percent change TEXAS .·-------·------­--------·-----­---·-------------­-------· ----$ 6·6, 34°1,245 $ 57 ,607 ,273 +15.2 $118,979,263 $125,950,882 -5.5 Income -----------------------------·------------------­Employment -------­----------------­---------·-----­Withholding -------------------------·----­Other -----------·­-------------------------------------­ 13,483,39 1 6,987,675 33,109,060 12,761,118 10,259,517 5,596,136 25,351,414 16,440,205 +31.4 +24.9 +30.6 ~22.4 30,969,813 10,805,205 53 ,176,41l 24,027,833 22,153,191 10,334,853 61,519,836 31,943,002 --­ +39.8 + 4.6 . -13.6 -24.8 GOVERNMENT Federal Finance (Federal collections of income, pay rolJ, and excise taxes vary directly with the level of business prosperity. During the war period federal taxation has likewise become an important determi~ nant ef cencral business activity.) Federal internal revenue collections in Texas amounted to $66,341,245 in August, the second month of the fiscal year and were 15.2% above collections for the corre­sponding month of last year. Compared with July, total collections showed a decline of 5.5%. Income taxes increased 39.8% from July to August, and Social Se­curity taxes were up 4.6%. These increases were, how­ever, offset by decreases in withholding taxes (13.6% ) and miscellaneous taxes (24.8% ). The First (or South Texas) District collections totaled $34,798,275 and were 7.9% greater than for August a year ago, but showed a decline of 12.3% from the previous month. The Second (or North Texas) District reported August 1946 collections of $31,542,970. This amount was 24.4% above August a year ago and 20% above the July total. State Finance (Statistics on State finance are closely connected with changes in the level of business activity. State occupation, production, use. and sales taxes and license fees vary directly with chan~ing business conditions.) Cash receipts of the State Comptroller for August, 1946, the final month of the 1945--46 fiscal year, were $29,761,004. The grand total of receipts for the year was $344,65LM7 compared with $279,071,895 for the year before. The gain of 23.5% over the previous year included higher receipts from all sources and left in the general revenue fund a surplus of $25,000,000, according to a statement released by the Office of the Comptroller. CASH RECEIPTS OF STATE COMPTROLLER Source: State Comptroller of Public Accounts Sept. 1-Aug. 31 Aug. Percent 1946 1945-46 1944-45 change Item T OTAL CASH RECEIPTS ·-·----·---$29, 761,004 $344,651,6<17 $279,071,895 +23.5 TOTAL R E VENUE RECEIPTS --·------~-27,731,904 304,994,126 254,318,537 +19.9 Ad valorem, inheritance, and poll taxes ------­ 341,370 31,077,216 21,284,934 +46.0 Occupation , groBS re­ ceipU, and production taxes ------------­ 5,308,761 59,577,618 59,227,255 + 0.6 Use and sales tax ___ 9,407,862 96,137,552. 71,524,789 +34.4 L icense fees and mainte-­ nance taxes -------­ 425,281 10,209,120 8,956,004 + 14.0 Income from public la!'d! and buildini;:s -----­--­ 908,544 16,807 ,521 10,386,262 +6L8 Interest -----------­ 3,123,989 10,910,953 7,610,279 +43.4 Miscellaneous revenues _ 709,793 15,867,794 13,077,396 +21.3 Contributions and aid 7,506,304 64,406,352 62,251,518 + 3.5 NONREVENUE RECEIPTS ------­ 2,029,100 93,657,521 24,753,358 +60.2 The greatest increases were made in income taxes from p~blic lands and buildings (61.8%) ; nonrevenue re­ceipts ( 60.2% ) ; ad valorem, inheritance and poll taxes ( 46.0% ) ; and interest ( 43.4%). ' PRICES Wholesale Prices (Changes in the prices of commodities are of fundamental Im· portance to businessmen, since the level of prices has an important eff~ct on profits. The index of wholesale prices compiled by the United States Bureau of Labor Statistics is the moat comprebenelve measure of price changes published In the United States.) The Bureau of Labor Statistics index of wholesale prices, based on the average month of 1926, stood at 124.3 for the month of July 1946. The increase in prices in. July .over the previou~ month was 10.1%, compared with an mcrease of 1.7% m June, 0.7% in May, and 1.2% in April. The rise in wholesale prices from July 1945 to July 1946 was 17.4%, considerably more than the 6.4% in­crease reported from June 1945 to June 1946. The greatest increases over the 1926 average in whole­sale prices of the commodities included in the table continued to be represented by farm products and lum­ber. Prices of farm products rose 12.l% durin"' the month and _incr~ased 21. 7% during the 12-month p~riod. Lumber pnces m July were 77.3% above the 1926 base· the July increase over the previous month was slighi (0.77c ) but the index was 14.3% higher than in July 1945. Food prices, with increases of 24.2% from June to Ju!y and 31.2% over July a year ago, showed greater gams than any other commodity listed. By far the largest part of the year-to-year increase in food prices was rep­resented by the sharp rise in wholesale prices which took place in July. . Prices of hides and leather products rose 15.4% dur­mg the month, compared with a rise of only 1.7% in June and 0.5% in May. The increase from July 1945 was. 19.7%. Wholesale prices of textiles increased 3.4% durmg the month and building materials 1.7%. All commodities other than farm products, considered as a - INDEXES OF WHOLESALE PRICES IN THE UNITED STATES (1926 -100) Source : Bureau of Labor Statistics, U. S. Department of Labor Percent chance July 1946 July 1946 July June July from from Group 1946 1946 1945 July 1945 June 1946 ALL COMMODITIES ~---124.3 112.9 105.9 + 17.4 +10.1 Farm products ---------------157.0 140.1 129.0 . +21.7 +12.1 Foods ---------··--·---140.2 112.9 106.9 +su. +2'-2 Hides and leather pr oducts 141.2. 122.4 118.0 + 19.7 +lu Textile pr oducts -----------113.2 109.2. 99.6 +13.7 +u Building materials ------132.1 129.9 117.6 +12.4 + 1.7 Cement --------104.0 102.6 99.4 +u +u Lumber 176.0 155.1 +lu + 0.7 ------------·--177.3 All commodities other than farm products -·---------117.0 106.7 100.7 + 16.2 + 9.7 All commodities other than farm products and food 108.8 105.6 99.7 + 9.1 + s.o TEXAS BUSINESS REVIEW I group, stood 17.0% above the 1926 average during July; and all commodities exclusive of both farm prod· ucts and foods showed an increase of 8.8% over the base period. Although monthly indexes of August and September prices are not yet available, the index of all wholesale commodity prices as of August 31 was 128.2, compared with 124.1 reported for July 27. On September 7, the index was 122.0, a decline of 6.2 points from the previous week and 2.1 points below the July 27 index. Consumers' Prices (All Income figures must be used in connection with a measure of chanaes in consumers' prices, since the purchasinl' power of Income is more significa.nt than the agp-egate amount in dollars. The increasing cost of living, as measured. by indexes of consumers' prices, is of vital importance to all businessmen and consumers. The Bureau of Labor Statistics warns users of the index that it ahowa only partially the wartime effects of changes in the quality and availability of consumer goods.) The index of consumers' prices in Houston rose 2.8% in August over July to a point 9.9% above the August 1945 level and 39.8% above the 1935-39 average. The food index number in Houston reached 168.8 in August, an increase of 5.2% over the previous month and 20.1 % above prices a year ago. Food prices for all cities had an index of 171.2 in August, compared with 165.7 for July and 140.9 for the corresponding month a year ago. These figures represent a percentage increase of 3.3% from July to August and 21.5% for the 12­month period. The consumers' price index for moderate-income fami­lies in all large cities was 143.7 in August, a general increase of nearly 2% over July and 11.1% higher than the index for August of last year. The clothing price index was 159.7 on August 15, which was 1.1% above the July index and 9.1 % higher than the index for August 1945. The fuel, electricity, and ice index stood at 113.7, 0.4% above July and only 2.1% above the index for the comparable month a year ago. Housefurnishings were up 58.1 % from the 1935-39 average; the increase from July to August was 0.8%; and the year-to-year increase was 8.3%. The index for rents on August 15 stood at 108.7% of the 1935-39 average. INDEXES OF CONSUMERS' PRICES JN THE UNITED STA'l'ES (1 935-39 ::;: 100) Source: Bureau of Labor St atistics, U. S. Department of Labor Percent change Aug . 1946 Aug. 1946 Aug. July Aug. from from Group 1946 1946 · 1945 Aug. 1945 July 1946 ALL ITE MS ····--··········-······· 143.7 141.0 129.3 + 11.1 + 1.9 165.7 140.9 Clothing -·-··-···-·····--·--····-·--159.7 157.9 146.4 + 9.1 +u Rent ···--··---·····-···-·····--·-·-·-·-108. 7 Fuel, electricity, and ice ... 113. 7 11'3.3 111.4 + 2.1 + 0.4 Housefurnishings ----···--·-· 158.1 156.9 146.() + 8.8 + 0.8 Miscellaneous ........................ 129.0 127.8 124.5 + 3.6 Food ···-········---·····--··-··----···--171.2 + 21.5 + 3.3 + 0.9 •Index for rent not computed. TEXAS BUSINESS REVIEW Published nionthly by the Bureau of .J3usiness Research, College of Business Administration, The University of Texas, Austin 12, Texas Material contained in1 this publication is not copyrig hted and may l,e reproduced freely. Acknowledgment of source w ill be appreciated. En,ered as second class matter on May 7, 1928, at the poet 0ffice at Austin, Texas, under the Act of August 24, 1912. Subscription $1.00 per year. J. Anderson F it,gerald ·-············-·--·-----·-----------·---·-·--·----·D~an STAFF OF THE BUREAU OF BUSINESS RESEARCH Robert W . French J ohn R. Stockton Clara H. Lewis Director Statistician Editorial Assistant E ls ie Watters Elmer H . J ohnson Lor a ine Campbell Office Manager Industrial Geographer Research Assistant Helen Woodcock F. W. Knight Evelyn Balagia Secretar11 Field Representative Library Assistant Marjor ie Campbell B.L.S. Representative Business Research Council J. Anderson Fitzgerald Everett G. Smith (ex officio) J ohn Arch White Robert W. French E. Ka rl McGinnis (ex officio) George W. Stocking Cooperating Faculty A. B. Cox W. J. Hudson Cotton Transportation Keith Davis W. Nelson Peach Employment and Pay Rolla Finance Assistants Doris Coffee, Joe Darsey, Peggie Doole, Ada' Fenlaw, Mary Fisher, Morris Floyd, Sol Frnnklin, Edwin Gell, Mary Grann, Wayne Hall, Audrey Jackson, Calvin Jayroe, Mar jorie Kidd, Carroll Kinker, Ernest Litzler, Clar ence Martin, Neal Mc­Donald, Ma ry McLain, June Perry, Richard Ridgway, Ila Taylor, Virginia Teel, Dona ld Tolliver, Elsie Van Haselen, David War d. 'CONTENTS Highlights of Texas Business·--·-----·-···-·---··--·-·-------·----------·---1 Figures for the Month ..·--·--··--·--·------------·-------·---·-·--------·--·-----2 The Business Situation in Texas ....... -----·------·-----·--·-·--··------3 Trade , Retail Trade ···-·······-·······-·····-··-·····--··-·---····--··-----------··-·--------5 Wholesale Trade ··-···-·-····------···------·-··--·----------··----·---------8 Foreign Trade ........ ·······-············--·········-····-····-·---·---·--------------8 Production Manufacturing ·-····-·····················--····-·····-··---·····-···········-··-··-·--·--· 10 •Construction -······---·-·-··-·---·-····----··-----------··----·-----··-------11 Publie U t ilities ------·---···-··-··--··--··-----·--------------------------12 Natural Resources --·-·-··--·-·----···-·----------·------·-···-··--·-----1 3 Local Business Conditions ------·-----------··-----·---·---··---------------14 Agriculture Income ----··----···-··---------------··----·-----------·---13 Prices -··--·-····---·--------·-·-·····-··--·-··--·-------·-16 Marketings -----------···---.---·-------·-----··------16 g~it,,;>to~_'.'.~_:__:::::=:==~~:::::.-:-..::.===::~:::::==-~=-:=:=·.~:== t~ Finance Bank Credit --····--··--··-----·····-···-···--·---·---·-·····-····-----··--···-··--·-· 19 Bank Debits ----·-·--------·-····--·---------------·-19 Failures ··---··-----.:.·-------------··-------19 Corporat ions ---··-···-·-···-···-··--------·--···---·-··-----------------------19 Life Insurance Sales ·-··-----------··-----···--------------------------20 Veterans' Loans ·---···-----····-·····:···-····-··-············--····-····--···-·······--20 Transportation · ' R ail ------·--············--·-···--······-··--··---·-··-···------------------------20 Air Express ······-·-···---·-······---·--····-----·-----·---------------------------21 Labor Employment ···-········--···---···-·----·----··--.---····---······--··············-· 22 Pay Rolls ·-----··-·······----·----···-···-····-··-·····--···'·-··········-············--·----22 Hours and Earnings --·-·-------·--·--·--···-·-····-··---··············---22 Man-hours ··---·---·--····---·--···-······-···-····---·-·-------·-----------------·-24 Industrial Relations ·····-···-···------·---··--·-----------------·--·····---24 Unemploymeiat ---··--·-·------·····---·····-············----25 Government F ederal Finance ---·-···-········-····--··--------··----·-·-·--····----------26 State Finance ···················-··----·-·-·--·-·--·--·---------------·-·-·--·------2 6 Prices Wholesale ]'ric"' -----·----~-·---------·-···---------·-----------··--·-2 6 Consumers' Prices -------------------------------------------------------26 Barometers of Texas Business----.-----------·---------------------·----28 BAROMETERS OF TEXAS BUSINESS - INDEX OF SOUTHERN PINE PRODUCTION I INDEXES OF EMPLOYMENT AND PAY FU.LS IN TEXAS