VOLl:ME VI, l\CMBER 3 April 29, 1932 STANDARD STATISTICS COMPAl\Y in its April 18 issue states: "The Federal Reserve banks have now publicly confirmed recently reported plans to enter upon a striking program of enlarged purchases of Government securities, and have put the program into effect through the acquisition of $100,000,000 of those securities last week (ending April 13). "Surrounding conditions, in our judgment, give this latest attempt to stem the tide of liquidation and depres­sion through the effective use of central bank credit facilities greater potentialities for ultimate success than were initially possessed by any previous credit aid plans." Total holdings of United States securities by the Federal Reserve System were increased by $93,000,000 during the week ending April 20 and are now $1,078,­000,000, a gain of $479,000,000 during the year so far. The purpose of the present campaign of the Federal Reserve System is to place more money on the market with the hope that it will find its way into productive business and industry, stimulating buying and thus increasing commodity prices, a situation which is believed to be a necessary antecedent to a sustained upward swing in business. More direct and drastic action for stimulating trade and industry than that undertaken by the Federal Reserve System is being proposed. Professor Sumner H. Slichter of Harvard University in the New Republic of April 20 advocates a huge construction program by the Federal government financed by a bond issue of a billion dollars and involving the building of new roads, new post offices, improvement of rivers and harbors, irrigation dams and the like. The argument is that it would both ameliorate the labor situation and furnish needed public facilities at exceeding! y low costs. Attention is called to a fourth winter of unemployment looming not far ahead of us with the probability that there will be from six to nine million men out of work. "Between now and that time," Dr. Slichter says, "it is imperative that vigorous and courageous steps be taken to revive industry. If nothing has been done, if leadership has not been shown by either political party, if the public enters that fourth winter with a deepened sense of hopelessness and despair, the demand will no longer be for moderate and controlled inflation and we shall find ourselves back in one of the old fashioned cheap money fights of the 19th century. "A public construction program of a billion dollars would not in itself put more than one-eighth I possibly one-tenth ,I of the unemployed back to work, but it is probably as large a program as could be satisfactorily managed on short notice. Its principal effects would be indirect. By halting the drop in prices and by putting a little more profit into business, it would giYe many enterprises the courage to do some long deferred spend­ing. This in turn would gradually cause consumers to spend more rapidly and the upward spiral would be started." Amoag those who are opposed to the application of any form of artificial stimulation for the restoration of commerce and industry and who belieYe that liquidation should be allowed to foll ow its natural course is H. Parker Willis formerly secretary of the Federal Resen·e Board. In criticising the Board's present policy of huge purchases of Government obligations Dr. Willis says: "Has the time not come when we ought for our own sake to drop the eternal talk about 'deflation' as though it were some capricious demon stalking through the land seeking whom it may demur? Is it not absolutely essen­tial that we tell ourse!Yes the truth about the current dreams of reinflating, instead of saying each to the other with out tongues in our cheeks that we really haYe no intention of permitting 'inflation,' but merely expect to halt 'deflation'? Was there enr a time when it was clearer that the 'deflation' that is actually in process is nothing more or less than the process of relieYing bank portfolios of slow and bad paper, and that what we are trying to do is load them up again with questionable assets, whether we choose to call it inflation or by some other name? Once we bring ourseh·es to admit the obvious truth of this Yiew of the facts much of the danger inherent in the situation would pass of its own accord. "We seem to stand at the cro~sroads in such matters at the present moment. whether Yiewed from the stand­point of bank policy or of political movements in \\"ash­ington. Had we not better pause before plunging further and consider where all this is certain to lead us?" FINANCIAL Apparently the general condition of the commercial banking system and the money market has improved materially as compared with the critical December­January period. Throughout February and March, the number of bank failures continued to decrease and short term money rates became easier and easier. The volume of money in circulation declined steadily from a daily average of $5,680,000,000 for the week ending January 9, to $5,423,000,000 on April 13, an aggregate reduction of some $250,000,000 in about three months. The out­ward Aow of gold tapered off during February, and March actually showed a net gain of some S35,000,000 in gold stock. As might be expected, these developments have brought about lower short term money rates. Call loan renewals averaged 2.5 per cent, four to six months com­mercial paper 3.8B per cent, and ninety day banker's bills 2.08 per cent for the week ending April 9, as opposed to 3.1 per cent, 3.88 per cent, and 3 per cent respectively for the week ending January 9. These easier rates have been encouraged by the .\ew York Reserve Bank which has several times reduced its buying rate for banker's bills, and, on February 26, lowered its discount rate from 3 V:! per cent to 3 per cent with a yet further reduction in prospect. For the past six weeks or so, the reserl'e banks have also been purchasing large blocks of Government securities in the open market, their holdings of these securities increasing by no less than $100,000,000 in the week ending April 13. This general imprrJ\·ement in the banking situation can he credited largelv to the recently enacted emergency banking legislation. The Reconstruction Finance Corpo­ ration has actually loaned large sums in its short life, but it is probable that the mere existence of this huge reservoir of credit, together with the possibility of credit extension under the Glass-Steagall Bill, has done more to revive confidence in the banking system than the actual loans made. However, despite the improvement shown, commercial hanks continue to he very cautious in their lending and the bond market appears to be far from stabilized. The greatest disturbing element just now appears to be the Federal Congress. The certainty of further taxation in order to balance a top-heavy budget, coupled with uncertainty as to just where these taxes will fall, is exercising a depressing influence on business acti\ ity and security markets alike. For example. the prospect of heavy surtaxes on incomes is causing a marked shift of funds into tax exempt bonds, thus causing the prices of Government bonds to rise and the prices of taxable securities to decline vet further. The situation is further compli r:ated b~· unfo"rtunate proposals such as paying a ne\\" soldier's bonus of $2,.J00,000,000 in fiat money and setting up a huge guarantv fund for federal resen e member banh. These proposab in the face of a huge treasury deficit of some s2,.soo,ooo.ooo, tend to under­ mine ~onfidence in the dollar and ha\·e li>d to sharp rises in the franc rate:> and to a rene1rnl of gold exports. The banking situation in the Eleventh Federal Reserve District, as indicated by the data below, shows but little change during March. The slight decrease in debits to indi\·idual accounts and in bank loans over February figures suggests some further falling off in business activity. On the other hand, the position of commercial banks appears to he impro\·ed in that most loans from the Federal Resen e Bank have been liquidated and hold­ings of Government bonds have increased materially. The statement of the Dallas Reserve Bank also shows a decrease of approximately $2,650,000 in federal re­serve note circulation during the month of March. {In l\'lillions of Dollars) Mar. Feb. Mar. 1932 1932 1931 Debits to Individual Accounts. _______ $451 457 781' De-posits (total) --··-------·----------------­Time ____ -----·---------------------·­----·­ 373 129 373 129 431 151 Demand __ . ··----------·------------····-·-­ 244 244 280 Borrowings from Federal Reserve Loan (total J -----------·--·----··-------·--­On Securities ..... ___ .. ------------­__ 1 262 77 6 270 80 313 91 All Others ________ ···-­··----------·---­ 185 190 222 Government Securities Owned 91 86 91 *fivt.• weeks. STOCK PRICES Cncertainty as to just what Congress would do to the tax bill and the provisions contained therein for levies on s?curity transfers together with increasingly unfavor­able reports caused the stock market to experience a general downward trend during March. The average price of stocks was little more than half that for the average in 1926, as indicated by the fact that the index of the security markets prepared by the Standard Statis­tics Company on the basis of 421 stocks registered 53.2 in the closing week of March in terms of the average for 1926 as equal to 100. In the third week of September 1929, this same index registered 228.1. The index of 421 stocks combined made a gain of 0.5 per cent in March, the average for the month being 56.8 as compared with 56.5 in February and 121.6 in March 1931. Rails were particularly weak, and were the only group to show a loss in average price for the month as compared with February; they also showed the largest decline as compared with March a year ago. Mar. Feb. Mar. 1932 1932 1931 The Standard Indexes of the Security 1arket: 421 Stocks Combined -------------·· 56.8 56.5 121.6 351 Industrials -·· ----· -----·--·-·----53.8 52.9 111.8 33 Rails ··-·-----··--·-32.l 34.2 97.2 37 Utilities _____ --·---·--···-··---93.4 92.8 188.9 COMMODITY PRICES \Yholesale commodity prices continued on the down· 1rnrd trend during March. Only farm prices, as indi­cated by the index prepared by the United States Bureau of :\gricultural Economics, improved during the month. :\one of the indexes of wholesale commodity prices listed helo1,· showed wry large declines, however, and any im­ ============================·;-_··--··_··--:::.::;_-_-_-_-· provement in farm prices either because of "·eather con­ditions or improved business sentiment is like!\' to be reflected in better showings all along the line in these indexes. :\1ar. F<-b. :\far. 1932 1932 1931 Bureau of Labor Statistics________________ _ 66.0 66.3 76.0 The Annalist ····-···--·-----­--·­-···--··-····-­ 91.1 92.3 109.3 Fann Price Index*-----------·-·--------·-­ 61.0 60.0 91.0 Dun's ·­·-···-----·--------·--·---·­-----·-·--··· 138.32 8139.53 $152.53 Brad&treet's ------------------·-·-·-·---­ 7.15 7.32 9.23 •Bureau of Agricultural Economics. COMMERCIAL FAILURES If encouragement may be derived from a falling off in bad news, the record of commercial failures in Texas furnishes some basis for optimism. Not only did the number of firms which went into bankruptcy during the month of March decline by 3.7 per cent from the month previous to a figure 15 per cent below that for the corresponding month in 1931, but the total liabilities of the failing concerns also showed substantial declines. Average liabilities per failure of the 79 firms which failed during March amounted to only Sl6,316, or 23 per cent less than during the previous month. AYerage liabilities per failure in March a year ago amounted to $19,000. The small size of the firms which failed during March is reflected in the total liabilities, for they \\·ere only $1,289,000 as against $1,734,000 in February and $1,767,000 in March 1931. The average weekly number dropped from 21 in February to 20 in March. Grocery and meat stores accounted for 17 of the failures for the month, while dry goods and clothing stores included in the bankruptcies numbered 11. There were 8 each of drug stores, men's wear shops, and auto­mobile supplies and garage shops; and 7 general stores closed their doors. During the first quarter of 1932, 324 commercial failures were reported; this number represents an increase of 7.6 per cent over the total for the correspond­ing period in 1931. The failing concerns have been somewhat larger this year than last, liabilities for the firms which have failed in 1932 so far averaging S20,593 as compared with $19,133 in the first three months of 1931. The increase in the size as well as the number of failing concerns resulted in an increase of 16 per cent in the total liabilities imolved. Weekly reports from R. G. Dun and Company are summarized below: Mar. Feb. Mar. Firsl Quart e r 1932 1932 1931 1932 1931 Number --­----­ 79 82 93 324 301 Liabilities (000) $1,289 1,734 1,767 6,672 $5,759 Assets (000) ---­ $672 745 814 $3,129 $2,917 Average Liabilities per Failure .... 16,316 21.146 19,000 $20,593 19,133 Average Weekly Number -----­--­ 20 21 19 Stales: these firm~ had total liahilitif'~ amountint: to S9:),/ (i0.000. In Ft>l1rnan . Dun·~ rq1ortPd 2.1:)2 failure~ with liabilities of ;;;;;:.t..9lHl.OOll. whil1' in \larch 1931 there \\ere 2.(>0-l failurrs 01 ·int: :3W.:)9(i.lHHl. In the first thret' months of the 1ear. 9.1-ll firm::; ha\ e gone into bankruptcy in the l"nitPd States. and their total liabilities amounted to :321.5..520.000: last war in the corresponding period, onh· 8.-183 firms failed: O\ring 8214,610,000. AYerage liabilities per failure ha\e increased by 19 per cent owr the amount in the first three months of last year and equalled :330,1-H for the first quarter of 1932. TEXAS CHARTERS The Secretary of State granted charters to 168 corpo­rations during the month of \larch. This total repre­sents a gain of 0.6 per cent oYer the pre\·ious month, an increase which is insignificant, not onh· in terms of actual number of companies but also expressed in terms of the usual seasonal gain from February to :\larch. Then, too, the a\·erage size of the companies \ms smaller, and total authorized capital stock amounted to only S3,342,000 as compared with 85..315.000 in the preYious month and S6,167,000 in }larch a year ago. The number of firms with capital stock of less than S5,000 remained relatiw h· the same, but the number capitalized at Sl00,000 or more dropped off sharply from 11 in February to 7 in :\larch, as compared with 13 in }larch a year ago. Except for the merchandising group. all groups showed declines as compared with :\larch 1931. Only 35 oil companies were incorporated during \larch. 11·hile the number of real estate and building firms dropped to 14 and only one transportation firm was included. Manufacturing firms accounted for 19 of the charters, and nine new banking and finance concerns became corporations during the month. During the first quarter, 488 companies with authorized capital stock of Sl 1.491.000 recei\·ed charters as compared with 517 firms with capital stock totalling SlS.522,000 for the corresponding period in 1931. Charters granted by the Secretary of State 11·ere as follows : Mar. Feb. )far. First Quart f'r 1932 1932 1931 1932 1931 Capitalization (In Thou­sands of Dollars) _ 3.342 5,315 ...,6.167 11.491 15.522 umber ···-····· ·-··-·-168 167 224 488 577 Classification of new corporations: Oil --·--·-··-----···· ···­Public Service Manufacturing ___ 35 19 36 18 54 33 96 63 107 3 82 l!anking-Finance __ 9 8 17 20 44 Real Estate- Building Transportation ___ 14 1 23 2 31 2 51 7 68 11 :\Ierchandising ___ 55 45 39 153 141 General ..... 35 35 48 98 121 Foreign Permit 27 35 48 92 115 Dun's Review reports that during the month of :\larch Permits to operate in Texa;-11·f're granted to 21 out-of­2,951 firms went into bankruptcy in the entire Cnited State corporations: la;-t m. buildin::r permits ::rain<:>d (>l per c<:>nt O\'er tlw total of S2.35.f.2(13 recordt>d in Febru­ary. In the three years 1927-1928-1929. the merage o-ain between February and ~\larch amountt>d lo about S4 per ce!~l. Last y.ear in '.\larch. building permits amounting to S4,287,393 were issued. . During the fir~t quarter, bui_Iding, permits to~alhng $8,148,000 were issued, as agamst Sl3,6H.OOO. 111 the corresponding three months of 1931. This year s total represents a decline of 42 per cent from that for last year. . . According to the F. \\t. Dodge Corporation. contracts awarded in Texas during March totalled S.f.330.000. of which public \rnrks and utilitie~ accounted for ~L/6_1.­ 000. non-residential building SL 702,000, and residen tial building $3,450,000. Last year in March. residential buildino-contracts awarded amounted to S3,450.000. non­residenGal building to S5.21 l.OOO. and public \rnrks and utilities Sl 2,83] ,000, making a total of 821.193.000. . Total contracts awarded during the first quart<:>r Ill the 37 eastern states \1·ere only 34 per cent of the total for the corresponding period in 1931, according Lo the F. \V. Dod!!e Corporation. This authority estimat<:>• that the outl~ok for the second quarter of 1932 indicates a total contract n1lume between 5 and 15 per cent higher than that reported for the fi rsl quarle!· . Prices of building materiab dropped steadih through­out ~'larch. the Annalist's index of wholesale building material p,rices registering the ne\\· low of 107.9 on March 29 and a,·eraging 103.l for the month as com­pared with 108.7 in February. In the report for .\larch published by the F. W. Dodge Corporation, the opinion is ex pressed that the leYel of wholesale building material prices is likely to sink further oYer the next few months. CEMENT An increase in activity equal to about the normal sea­sonal gain took place in Texas Portland cement mills during March. Output totaled 301,000 barrels. "·hich was 8.6 per cent higher than that reported for Febn·an, though more than a third under production for .\larch a year ago. For the first quarter, output totaled 922.000 barrels, as compared with 1.097,000 barrel;, in the first quarter of 193]. Shipments from Texas mills, howen·r. gained ~harply over the prereding month. Shipments at :-m0.000 barrels exceeded output by 76,000 barrels and \\ ere rn per ('('Il l hi::rher than the shipments reported a month Parlier. In spite of this good sho\\·ing, shipments for the first quar­ ter totaled only 877.000 harrds and laf'kPd 22 per crnt of coming up to thosf' for the t'<11-rf';;pn11di11!! tlnf'e nwnths a year ago. Stocks on hand at thr clo"e of thr first quarter this year amounted to. 711.0!J(J l1arrek or practicalh· the same as those reported for the corrrsponding period in 1931. The sharp gain in shipments during March caused a drop of 9 per cpnt in stocb on hand at the close of .\Iarch as compared \\·ith the preYious month. In the Lnited State~. production increased H/6.000 barrels to .J.i=l'J/.000 barrel;; for .\larf'h. as comparrd \\'ith 3.971 ,000 barrels in F ebruar\'. Shipments also made a TEXAS BUSINESS REVIEW substantial gain, from 3,118,000 barrels in February to 3,973,000 barrels in March, and 7,192,000 barrels in March last year. But shipments were ~o far below pro­duction that stocks on hand at the end of the month in­creased to 27,530,000 barrels, or only 7.2 per cent under those for last year. The gain in output is reflected in the increase in capacity operated from 18.7 per cent in Feb­ruary to 21.3 per cent for March. Last \ear in March, cement mills were operating at 36.9 per c~nt of capacity. The United States Bureau of Mines reports the follo\\·­ing data for the Texas cement mills: (In Thousands of Barrels) Mar. Feb . Mar. First Qu arter 1932 l9J2 1931 1932 1931 Production ___________ 304 280 489 922 1,097 Shipments ______________ 380 256 456 877 1,124 Stocks ______ ------­-------­ 771 847 773 771 773 LUMBER Southern pine mills stepped up their production sched­ules during March to the extent that average weekly pro­duction per unit rose to 171,316 feet, a gain of 15 per cent over the average weekly output per unit in the previous month. Though shipments per unit continued well above pro­duction, shipments gained only 2.6 per cent during the month, and weekly shipments per unit averaged 202,100 feet during March. Last year in March, ayerage weekly shipments per unit amounted to 285,749 feet. Unfilled orders per unit increased sharply during the first four weeks of March, reaching 598,657 feet on March 26, the highest bookings recorded in the year so far. On April 2, however, average unfilled orders per unit had dropped back to 566,677 feet, and at this figure were 33.8 per cent under those at the close of March last year. The Southern Pine Association reports the follo1,·ing data for the reporting southern pine mill": (In Board Feet) Ma r. Feb. !\far. 1932 1932 1931 Average Weekly Production per Unit __ -----------------------------­ 171,316 148,666 270,626 Average Weekly Shipments per Unit ___ --------­_ ------------­ 202,100 197,046 285,749 Average Unfilled Orders per Unit, End of Month _____ 566,677 542,449 856,4-14 PETROLEUM It remains to be seen what long run effects the recent rise in the price levels of crude and refined products will have upon the oil industry as a "·hole. Tllf' problem is by no means as simple as it appears on paper: it is not only a problem connected with the conserrntion of oil reserves in the main oil-producing states, but is also a problem closely related to refining processes and to the quality and efficiency of the finished products of crude oil. Moreover, the whole industry is closely tied in with the factors that have to do with the current economic situation not only of this country but also of the com­mercial world. For instance, the imports of crude oil and oil products into Great Britain in 1931 were con­siderably lower than they were in 1930; however, the imports into Great Britain in 1931 from the Dutch \Vest Indies. from Russia and Rumania were considerably larger-than in 1930. In addition to the relationships of the prices of crude oil and oil products to the general price level there are many other factors which bring about local variations in the prices of the finished prod­ucts. :\loreover, any considerable rise in prices of gaso­line may be expected to result in the consumption of larger quantities of third class gasoline products. From the standpoint of production, curtailment fea­tures haYe kept the average daily production in 1932 to about the same level as for the corresponding period of 1931; however, a year ago production figures 11·ere in­creasing rapidly to the high average they maintained throughout May, June, July and through the first half of August. At the present time, there is much less un­easiness among the people of the oil industry as to the possibilities that crude production will run wild for any period of time. For the week ending April 16, the East Tex as field stood out as the leading producing district in the l'nited States: for that week the East Texas dailv ayerage production , was 343,414 barrels: the total o.f Oklahoma's daily aYerage production for the same week was 394,985 barrels; the total for Texas was 866,115 barrels, and that for California was 518,000 barrels. Dailv crude oil runs to stills at refineries in the United States during 1932 have been somewhat below those for the corresponding period of 1931 ; however, since the close of the first week in March there has occurred a rather important rise in the daily crude runs to stills. The quantities of gasoline stocks at refineries in the Lnited States for 1932 haYe very closeh-paralleled those for the corresponding period of 1931: in both cases there occurred a steady rise throughout January, Februarv, and March. In 1931 there occurred during the middle of April a turn dowmrnrd in the quantities of gasoline stocks at refineries, a trend which continued until the middle of October, when stocks began to increase. In oil field operations a number of new things are occurring. Wildcatting activities are increasing in Lou­isiana and Arkansas; new territory is being opened in Oklahoma and in Kansas. Considerable new drilling is occurring in southern Texas and in the Gulf Coast coun­try. East Texas shows a large increase in new locations and this district possesses 5,000 completions. In California the State Department of Natural Re­sources has begun a suit against the operators of the Dominguez Field to prohibit further waste of natural gas in that field; this inten·ention has been undertaken through the California gas conservation law. In 1931 Texas produced one-fourth of the total of natural gas consumed in the Cnited States; in addition to this amount, it has been stated from a reliable source that Texas wasted, by allowing it to flow into the air, more gas than the State produced. Daily average production of petroleum, as reported by the American Petroleum Institute, was as follows: On Barrels) Mar. Feb. Mar. 1932 1932 1931 Panhandle ------------------------47,880 49,037 53,663 No11h Texas -----------------48,760 48,100 58,762 West Central Texas ---------24,440 24,150 25,288 West Texas ---------------------179,130 176,163 235,562 East Central Texas ---------55,110 52,438 48,963 East Texas ----------------------324,330 315,137 88,100 Southwest Texas -----------52,690 51,875 72,012 Coastal Texas ----------------109,100 112,412 151,287 STATE -----------------------------841,440 829,312 733,637 UNITED STATES ________2,152,140 2,143,275 2,222,663 Imports -------------------------------286,300 237,750 230,607 New field developments, according to the Oil Weekly, were as follows: Mar. Feb. Mar. 1932* 1932 1931 Permits for New Wells. _______________ 664 508 '146 Wells Completed ----------------------753 499 337 Oil Wells ----------------------------------·---596 401 165 Gas Wells -----------------------------------18 13 13 Initial Production (InThousands of Barrels) _______________4,331 3,017 556 •five weeks. Gasoline sales in Texas, as indicated by taxes collected by the State Comptroller, totaled 53,570,000 gallons in February, as compared with 55,289,000 in January and 54,653,000 gallons in February 1931. COTTON World cotton problems and abnormalities existing for the past two years seem now to be in a position to re­establish normal relationships with the coming of the new crop. Slightly higher relative prices which pre­vailed for American cotton in 1929-1930 caused con­siderable shifts from American to Indian cotton. These shifts in demand were calculated to force a readjustment, but the short crop in India and the large crop in America the past year are forcing the readjustments much more rapidly than might have been the case otherwise. l\or­mally Indian cotton sells for about 80 per cent of Amer-· ican. It is now actually selling for more. The result is that there is now wholesale shift from Indian cotton back to American. Although the world percentage con­sumption of American cotton has been gaining on Indian for some time, it will take at least one new crop to bring about complete readjustment because of the wide dis­parity between relative stocks of Amnican and Indian cotton. According to Garside of the New York Cotton Exchange, world mid-season stocks of Indian cotton thi~ year were 2,322,000 bales less than two years ago, whereas world stocks of American cotton on January 31, 1932, were 7,403,000 bales more than they were on the same date two years ago. No definite acreage figures are yet available for the 1932-1933 crop. The intentions to plant other crops as reported by the United States Department of Agri­culture indicate that the cotton acreage reduction in the United States will be small. On the other hand, cotton acreage reduction in some other countries will be larger. Advices from Egypt, for example, indicate large reduc­tions. SPINNERS MARGIN When calculated in terms of percentage, the spinners margin or ratio \ridcned from an average of 172 in Feb­ruary to 118 in March. The pence margin widened slightly also, or increased from slight! y O\ er -id in Feb­ruary to an average of -L2ld for :\larch. On April 7, it declined to 4.18d. Strengthening of margins in :\iarch were due to declines in the price of cotton taking place at a greater rate than the decline in the price of yarn. In March 1931, the ratio margin was 161 and the pence margin was only 3.75d. Spinners l\fargin refers to the ratio between the price of American 32-twist cotton rnrn in Manchester and the Liverpool price of middling -American cotton. :\ormal­ly, the price of 32-twist should be 5 7 per cent above the spot price of American middling cotton. If prices change so that the ratio increases, the spinners margain of profit is increased and thereby the demand for cotton is strengthened. On the other hand, when the ratio de­creases, the spinners margin is also relatively decreased, and then the demand for cotton falls. 1932 1931 1930 1929 1928 January -----------------------------176 166 148 152 149 February ----------------------------172 162 154 151 151 March --------------------------------------178 161 154 148 150 April -------------------------------------____ 170 148 150 149 May ----------------------------------------____ 173 148 152 149 June -------------------------------------____ 178 152 151 143 July ------------·------------·--------------______ 180 154 148 147 August ____________ --------------------___ 213 160 151 154 September ---------------------------______ 211 156 148 152 October -------------------------___ 196 158 149 148 November ---------------------------------______ 188 156 151 152 December ------------------------______ 184 158 150 151 COTTON BALANCE SHEET Cotton in the United States continues to dominate the world's cotton supply situation. On April L the l"nited States had 12,606,000 bales compared with 9,425,000 bales on the same date last year, and 7,018,000 bales two years ago. Consumption in the United States and exports from the United States since August 1 amount to 10,424,000 bales. Exports account for 6,854,000 bales. Supplies of cotton in the l" nited States this year on April 1 were 3,181,000 bales more than last year. Dur­ing the previous seven years on April 1, the total changes in supply equal 10.360,000 bales, and the sum of the corresponding points change in price equals 2,971 points, or 28.68 poinb for each change of 100,000 bales in supply. \Vhen this ratio of change of 28.68 points in price to 100,000 bales change in supply is applied to the heavy increase in supply of 3;181,000 bales less 357,­000 bales decrease in stocks afloat to Europe and in Euro­pean ports this year as compared with last year, a New Orleans price adjusted for spinners margin of only about 4 cents is indicated. On the other hand, the change in price per change of 100,000 bales in those years when the supply was above average was only 20.27 points. When worked out on this base, the New Orleans spot pril'e indicated is 5.79 cents. When the pril'e is calculated on the average ratio of percentage change in pril'c due to percentage change in supply, the indicated \ ew Orleans spot price is 6.40 cents. When read from the supply price curve, the in­dicated price is 6.30 cents. The range of price indicated from applicable figures available is 5.79 cents to 6.48 cents. COTTON BALANCE SHEET IN THE UNITED STATES AS OF APRIL 1 (In Thousands of Running Bales) Yea r 1924-1925 1925-1926 --------------------------------­ 1926-1927 1927-1928 1928-1929 1929-1930 1930-1931 1931-1932t • In 500-pound bales. tRevised . !Prelim inary. Carry­over Imports* 1,556 247 1,610 244 3,543 273 3,762 267 2,536 283 2,313 244 4,530 51 6,369 66 TEXTILE SITUATION Cotton consumption in the United States during March was 489,000 bales, compared with 450,000 bales in Feb­ruary and 491,000 bales in March last year. Consump­tion from August 1 to April 1 in the United States was 3,570,000 bales, compared with 3,384,000 bales last year. On the other hand, consumption in the United States for January, February, and March amounted to 1,373,000 bales, compared with 1,379,000 hales for the same period last year. Undoubtedly the most signifiicant facts in the textile situation relate to the goods markets. According to the Association of Cotton Textile Merchants of l\ew York, sales for five weeks in March were only 165,850,000 yards, whereas production was 285,252,000 yards. In March last year, sales were 295,334,000 yards, compared with production of 272,697,000 yards. Stocks at the first of April were 259,231,000 yards, compared with 239,654,000 yards at the beginning of March and 273,­664,000 April 1 last year. Unfilled orders decreased during March 26.4 per cent to 27H, 163,000 yards com­pared with 373,951 ,000 yards April ] last year. COTTON MANUFACTURING IN TEXAS With the re-opening during March of one Texas cot­ton mill which had been closed for eight months, output of the 21 Texas cotton mills reporting to the Bureau of Business Research increased by 9 per cent to 3,663,000 yards, as compared with 3,360,000 yards a month ago. There 1rns a corresponding gain in the number of cotton bales used in the Texas mills from 3,702 hales in Fcb­ruarv to 1. J,')() hales in March, or I 2 rwr ('f' llt. These increases are substantially greater than the aver­age seasonal gain owr the past six years for both the amount of cotton used and the yards of goods produced. Final Ginnings Total 13,6-'i 15,442 16,123 17,977 17,755 21,571 12.783 16,812 14,297 17,116 14,548 17,105 ----~?aeump~Export! T ota l Ra lance 4,086 6,842 -i·o.928~4,514 4.381 6.439 10,820 7.157 4,712 8,649 13,361 8,210 4,782 5,719 10,501 6,311 4,674 6,746 11,420 5.696 4,316 5.771 10,087 7,018 13.756 18,337 3,384t 5,518t 8,902 9,425 16,595 23,030 3.570 6,854 10,424 12,606 The cotton year begins on August 1. Ho11·ever, these increases were accompanied by a gain of 9.5 per cent in unfilled orders at the close of the month. Cnfilled orders at the close of March totaled 3,979,000 yards, the highest bookings since last November, and compared 11·ith 3,633,000 yards at the close of February. At the end of March last year the same cotton mills in­cluded in these totals had orders booked ahead amount­ing to 5,212,000 yards. Activity in Texas cotton mills was as follows: Mar. 1932 Bales of Cotton Used .. 4,150 Thousands of Yards of Cloth: Produced 3,663 Sold ...... --·-··-··· 2.208 Unfillood Orders .. 3,979 Active Spindles ... 141,662 Spindle Hours (In Thousands) 37,179 ····-··· Fob. Mar. First Quarter 1932 1931 1932 1931 3,702 5,073 12,132 14,195 3,360 4,131 10,152 10,912 3,068 3,644 9,018 9,530 3.633 5,212 143,426 163,352 34,401 44,378 Unfortunately, sales of cotton cloth have not been holding up, and the decline in sales during March amounted to 28 per cent as compared with those for February. At only 2,208,000 yards, sales during March were almost 1,500,000 yards less than output for the month and were 39 per cent under sales in March last year. During the first quarter, a total of 12,132 bales of cotton was used as against 1-1, 195 bales during the cor· responding period in 1931. The decline in output was somewhat less, total production during the first three months amounting to 10,152,000 yards as against 10,­ 912.000 yards last vear, while sales totaled 9.018.000 yards as compared 1~·ith 9,530,000 yards during -the 'first quarter of 1931. AGRICULTURE Crop conditions in Texas as of April 1 were none too favorable according to the report of the U. S. Bureau of Agricultural Economics. Soil preparation and planting were delayed by rains during the winter and by cold weather in March. Frosts and freezes during March did considerable damage to growing field crops and fruits. Subsoil moisture supplies are above normal but surface moisture is low due to lack of rains during March and to high drying winds. Rain is needed for all crops and pasture and to replenish stock water, especially in the South. Pastures were set back by the March freeze and shipments of cattle and sheep were delayed. Condition of the oats crop at 70, potato crop at 60. and peach crop at 23 compan~s unfavorably with 86 per cent, 63 per cent, and 45 per cent respectively last year. Condition of the Texas wheat crop at 76 is much below that of last year at 90 and the ] 0-year average (1921-1930) of 78. Successive freezes, high winds, and deficient rainfall were particularly destructive in the Panhandle. Subsoil moisture is abundant, however, and enough rains to furnish surface moisture may produce a crop larger than is now expected. A production of 35,500,000 bushels of winter wheat in Texas is now in­dicated compared with 57,433,000 produced in 1931. For the United States 457,970,000 bushels of winter wheat is forecast, compared with 787,465,000 harvested last year. The supply of farm labor in Texas is reported at 127 per cent of normal and the demand at 53, indicating a ratio of supply to demand of 240 per cent, compared with 230 a month ago, 192 a year ago, 129 two years ago, and 102 three years ago. FRUIT AND VEGETABLE SHIPMENTS Fruit and vegetable shipments from Texas during March totalled 6,993 cars, a gain of 2.8 per cent over February loadings and an increase of 0.5 per cent as compared with 6,957 cars in March 1931, according to records compiled from daily reports of the United States Department of Agriculture. In spite of the fact that the freeze early in March set the strawberry crop back about two weeks, 13 cars of strawberries were shipped during the month. the highest number for any March since 1928. The movement of strawberries was expected to be in full swing by mid­April. Valley shippers were enabled to continue shipping grapfruit this year until \larch 28, after which date all fruit had to be sterilized before shipment for fear of fruit-fly infestation. Total loadings of grapefruit for the month amounting to 1.34 7 cars were therefore far more than the 38 cars shipped during March last year. since shippers had twent\· more days this year beforr the quarantine went in to effect. Mixed citrus af'counted for 190 cars this year; no loadings of mixed citrus were recorded in March 1931. Loadings of cabbage, at 1.110 cars, were unusually low for March, due in a mea~ure to the fact that loadin!!s started somewhat early this season; last year in :VIarch. 2,663 cars were shipped. Spinach shipm1'nt,-totalled 1,723 cars, a gain of 6.() per cent o\ er loadings for March last year. Seven tr-seven carloads of on inns. the fi r~t for the season, a·nd 233 cars of pot a toe~ were abo ~hipped. and substantial gains in carrot. bert. and strinµ-bean loadings were made as compared with last Year. \lixed yegetables totalling 1,464 carloads \\·ere also shipped. Fruit and vegetable shipmenh. a~ rnmpiled from dailY reports from the Cnited States Department of Agricul­ ture.' were : (In Carloads) :.\lar. Feb. :\far. 1932 1932 1931 Mixed Vegetables -··--·---­----·-------­___ ---· 1,464 Spinach . _ ·-·--·---·-­---·---------------------1.723 Cabbage • _ --·----------· ·---·-·----· --·-._. l.llO Grapefruit .. _ ·-··--­_ -·-------­____ --·--· 1,374 Sweet Potatoes ______ . __ --·--·-·­--·-­____ 71 1.683 1.590 1.431 1.211 75 1,713 1.614 2,663 38 103 CauliAower -·--·---------·-·-------------­ 4 Strawberries -----------·--------------·-----------·­ 13 1 6 Onions ___ ------·­-------··--·----------·--­ ·--­____ 77 30 Lettuce ___ _ ·--------·-------·-­---·---·-· ·----­ 1 11 Tomatoes -·--·-----------·--·--------------·--·· ··---­ 1 Oranges Potatoes _____ ·-----·---------------·----------.. -·---·­__ -· -----·--··-----------­------· 67 233 27 2.5 1 54 Green Pea .... -----·--------------·­-----------­ 2 3 Mixed Citrus ------·---·------·---·--·------·· --· ____ 190 ll6 Can·ots ..... _.. ----­---­__ -------------· -------­ 290 278 228 Beans-Snap, Lima, and String -·----··------­Beets ------··-------·-·--------···---­--·---_______ 126 155 55 158 24 331 Greens --· ------------··---------·-------------­ 91 147 76 Turnips and Rutabagas --··---------------­Apples -·----­----·-·--------------------·----··----·--­ 9 61 1 TOTAL -···--­____________ _________________________6,993 6.805 6.957 Fruit and vegetable prices impro,·ed during :\larch, ,probably because of the unseasonabh· cold weather. The index of fruit and Yegetable prices prepared by the United States Department of Agriculture registered 73 for March as compared with 68 in February: in \larch last year, this index stood at 109. POULTRY AND EGGS Total interstate rail shipments of poultn and eggs during March amounted to 272 cars com pared "·ith -! 73 cars in March 1931, a decline of -!.) per ce:1t. The de­cline in the total was due to the small e'!g shipment,. of which there \\·ere only 80 cars shipped to other states. compared \rith 298 cars in }larch last \·ear. Inter;;tate poultry shipments of 192 cars \rere la.rger Jaq month than the 175 cars in the corresponding month a war ago hY 10 per cent. In :March 1931. Texas e~.'!S \\ere ~hipped to 25 states, \1·hereas in :\larch this Year onlY fourtren outside states were reached. . During the first quarter of the \ear. t1Jtal intrrstate rail shipments of poultry and eg,'!s a~;!rt'l.!ati·d ";" '.)G cars compared with l ,OGP, car,; durini! thr r·"rr";;pondini!' period a \'ear ai!'o. a decline of 30 per r·c•:it. Both prnd­tn· and egg shipment~ ~hrmcd a decl ine for the tlnee months period as compared ''"ith Ja5t ,·ear-the former from 551 to 449 cars and the latter from .)17 to 287 cars. The decline in inter~tate mcreasc in production. ho\\e\er. It is probable that because of the prevailing IO\r prices for these commodities consumption on farms and in the local urban centers was increased. Receipts of eggs from other states during :'.\larch to­ taled 12 carloads, 10 from Kansas and 2 from Illinois. Last year 4 cars were brought in from Kansas and 1 from Missouri during that month. It is customary to import eggs from other states during the spring months of March, April, and May for storage in the shell. MARCH CARLOAD MOVEMENT OF POULTRY AND EGGS* Shipments from Texas Stations Cars of Poultry Live Dressed Cars Chickens Turkeys Chickens Turke y" of Eggs Destination 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 New York -·-----····-· 36 29 60 37 4 10 94 Illinois 1 4 19 14 16 27 Massachusetts 1 11 25 2 3 9 1ew Jerseyt ------------16 14 2 7 Pennsylvania 32 15 4 19 Louisiana -·--------------3 1 7 47 Connecticut 2 7 10 1 4 Missouri -----------------1 10 Georgia 2 12 20 Michigan ···--·-----.... 1 1 3 5 7 California ---------2 9 1 3 5 Alabama ---------­ 10 Florida 9 4 Rhode Island 1 4 Ohio -----------------1 8 Tennessee -------------4 Maryland -··--·--_ 2 Mississippi ---------2 Oklahoma 1 North Carolina 1 3 South Carolina --------4 6 Delaware -----------­ 1 Indiana --------------------1 West Virginia -·---·-2 Nebraska ----------3 Kansas ------------5 Interstate _________ 40 48 150 123 2 4 80 300 Intrastate --------4 26 105 TOTAL 48 150 123 2 4 106 405 ···-··-··-----44 Receipts at Texas Stations Origin 10 4 Missouri -------­ Kansas -----------_ 1 2 Interstate ---·-----­ Illinois --·------­ 12 5 lntra>tate ··------­ 30 76 42 81TOT AL ----········----·­ *These data are furnish("d the U. S. Department of Agriculture. DiviAion of Crop and Livestock Estimates, by railway officials through agents at all stations which originate and receive carload shipmenu of poultry and eggs. The data arc compiled by the Bureau of Busines!I Research. fThe 1ew York terminals of the Erie, Pennsylvania, and Lackawanna Rail­roads are in 'ew Jereey. LIVESTOCK CONDITION AND MOVEMENTS The outlook for grazing in Texas this year is not as bright as it was a year ago due to March freezes and lack of top soil moisture, according to the report of the United States Bureau of Agricultural Economics as of April ] . Subsoil moisture is plentiful, however, so that a few warm showers would produce marked im­provement in ranges, especially in the :\orthwest, where spring grass had not started before the occurrence of un­seasonably cold weather in March. Ranges in South Texas recciYed a senous setback as a result of the cold weather. The decline in condition of ranges is reflected in the condition of cattle. Before March 1 cattle were in bet· ter condition than a war ago. The deterioration has been greatest in the Southern district, where the damage to grass through freezing weather was the most serious. As a result the mowment of grass-fat cattle will prob­abh· be delaYed a few weeks. Sheep haYe held up Yerv well during the past 30 dars. notwithstanding unfarnrable climatic conditions. Growtl~ of sheep and lambs and the peak of the ~rass-fat move· rnent will be delaved from one to two weeks. The following ~eport of the United States Department of Agriculture for Texas as of April 1 gi\·es the condi­tion of ranges and livestock with comparisons: Condition of Ranges Condition of Livestock Per Cent of Normal Per Cent of ~formal Cattle Sheep & Goats Cattle Sheep Goat1 April 1, 1932._______ 79 78 80 82 78 One Month Ago ........ -­One Year Ago...._____ 82 88 85 90 80 86 83 89 81 87 5-year Average --·····­ 84.4 86.8 84.0 87.0 86.2 Total interstate rail shipments of Texas liYestock dur­ing March amounted to 2,467 cars compared with 2,900 cars during the corresponding month a year ago, a de­cline of 15 per cent. All classes of liYestock shared in the decline. The 407 cars of sheep moved out of the State compares with 501 cars during l\farch, 1931, a drag of 19 per cent. Hog shipments declined only 3 per cent with 155 cars shipped out of the State, compared with 160 cars in March last year, but the 254 cars of calves represented a drop of 32 per cent from the 376 cars shipped out of the State last March. The falling off in cattle shipments was only 11 per cent with inter· state shipments of 1,651 cars in ?11arch against L863 cars during the corresponding month last year. Receipts of hogs from other states of 222 cars repre· sented a marked increase oYer the 121 cars receiYed from other states in March last year amounting to more than 84 per cent. The bulk of the receipts came from Mis­souri, Oklahoma, Kansas, Iowa, and New Mexico. During the first three months of the year total inter· state rail shipments of Texas livestock a~ounted to 6,195 cars, a decline of 15 per cent from the 7,313 cars shipped out of the State during the corresponding period last Year. Shipments of sheep in the first quarter totaled 1,036 cars, a gain of 19 per cent oYer the 867 cars shipped during the corresponding period last year; hog shipments for the period amounted to 545 cars last year against 331 cars, a drop of 40 per cent; calves declined from 956 cars last year, to 621 cars for the first quarter of the current year. or 35 per cent : while cattle ship· ments for the period dropped 15 per cent from 4,945 cars to 4,207 cars. Receipts of hogs aggregating 890 cars froi:n other states during the first quarter showed an increase of 70 per cent over the 527 cars during the same three months last year. With the exception of cattle and calves brought into Texas from the states adjacent to Tex as, especially :\ew Mexico and Oklahoma, receipts of livestock in Texas other than hogs were negligible. TEXAS SHIPME TS OF LIVESTOCK FOR MARCH * ( umber of Head ) Canle Calves Desti nation 1932 1931 1932 1931 Fort Worth _______________ -----------------------------------------------------15,093 26,494 4,875 7,761 Los Angeles --------------------------------------------------------------6,360 1,022 556 346 Other California Points___________________________________________________________ 4,586 830 177 2 Denver -------------------------------------------------------1,527 1,312 317 1,523 Other Colorado Points---------------------------------------------------------------297 1,161 524 5 Chicago --------------------------------------------------------------------1,022 86 14 East St. Louis ---------------------------------------------------------189 Other Illinois Points_____________________________________________ 430 50 120 Wichita -----------------------------·------------------------------------------------------1,005 1,926 533 1,710 Other Kansas Points---------------------------------------------------------5,078 6,344 2,629 3,617 New Orleans ---------------·--------------------------------------------657 483 1,224 1,505 Other Louisiana Points-----------------------------------------------------36 22 Kansas City ---------------------------------------------------------------------------7 ,568 10,179 1,515 2,575 St. Joseph ---------------------------------------------------------------------435 183 44 Other Missouri Points -------------------------------------------------------644 1,193 230 Omaha ---------------------------------------------------------------------------------------753 439 259 50 Other Nebraska Points_____________________________________________________ 330 452 745 Oklahoma City --------------------------------------------------------------832 604 30 Other Oklahoma Points --------------------------------------------1,863 1,144 1,531 648 Arizona ------------------------------------·------------------------------------------251 1,055 65 54 Iowa ________ -----------------------------------------------------------------------------300 423 306 1,060 New Mexico --------------------------------------------------------------------288 471 351 517 0ther States -----------------------------------------------------------------------50 252 105 Total Interstate Plus Fort WorthL---------------------------------------49,544 55,901 15,256 22,541 Total Intrastate Omitting Fo11 Worth_____________________________________ 12,128 20,216 10,057 13,123 TOTAL SHIPMENTS --------------------------------------------------------61,672 76,117 25.313 35,664 Shipments Converted to a Rail-Car Basist Cattle Calvee Swine 1932 1931 1932 1931 1932 193 1 Total Interstate Plus Fort WorthR.___________________ 1,651 1.863 254 376 155 160 Total Intrastate Omitting Fort Worth____________ 404 674 168 219 36 109 TOTAL SHIPMENTS ------------------------------­2,055 2,537 422 595 191 269 TEXAS RECEIPTS OF LIVESTOCK FOR MARCH* (Number of Head) Cattle Calves Origin 1932 1931 1932 1931 Fort Worth -·-----··-----------·----------------------------------------------1,586 2,647 613 548 Other Colorado Points -----------·---------------------------------------------­77 96 Other II Ii noi s Poin ts ---·---------·--·--·---------------------------------·--------­ 16 14 Wichita ___ -·--·------------------------------------------·---------------------------­Other Kansas Points --------------------------------------------------------------146 38 20 40 Other Louisiana Points_________________________________________ 160 265 15 Kansas City _________ ---------------------·----------------·---·--------------·------­Other Missouri Points ------·------------------------·-·---'-·-------------------17 88 Omaha --------·-----------------------------·------·--------------------------------­ Other Nebraska Points_____________________________________________________ _ 37 Oklahoma City -----------------------------------------------·------------------------93 Other 0 klahom a Points ___________ ·------·-----------·-----·-------·----------------582 1,267 89 Iowa -----·--·------------------------··-----------------------·-·------·-----------------------128 66 New Mexico -----------------------------------------------------·---------·-----------­479 1,770 749 1,024 Other States ------------------------------------------------------------·--------------------40 60 Total Interstate Plus Forth Worth+ -------------------------------------------3,324 6,348 1,471 1,627 Total Intrastate Omitting Fort Worth§ __________________________________ 10,766 19.986 9,517 10,747 TOTAL RECEIPTS ----------------------------------------------------------------14,090 26.334 10,988 12,374 Receipts Converted to a Rail-C3r Basist Cattle Calves Swine 1932 1931 1932 1931 1932 1931 Total Interstate Plus Fort Worth:j:_____________ 110 212 25 27 222 121 Total Intrastate Omitting Fort Worth§_______ 359 666 159 179 38 73 TOTAL RECEIPTS -·-------------------469 878 184 206 260 194 *These data are furnished the United States Bureau of Agricultural Economics by railway officials through more than stock shipping point in the 5tate; the data are compiled by the Bureau of Business Research. tRail-car basis: cattle, 30 head per car; calves, 60; swine, 80; and sheep, 250. tlncludes receipts at "other" Texas f!Oints from Fort Worth. §Represents all intrastate receipts, except those received at Fort Worth. UFort Worth shipments are combined with interstate forwardings in order that the bulk of market disappearance wine Sheep 1932 1931 1932 1931 10,000 6.885 67,026 96.201 2,215 4.096 524 1,602 2,280 819 2,320 260 4,407 4,166 180 103 40 163 12,964 19,590 874 5,707 1,638 289 2,109 5,018 110 619 8 12,395 12,763 101,873 125,182 2,894 8,689 24,482 7,856 15,289 21,452 126,355 133,038 Sheep Total 1932 1931 1932 1931 407 501 2.467 2,900 98 31 706 1-033 505 532 3,173 3.933 Swine Sheep 1932 1931 1932 1931 163 2,146 429 608 616 2,109 66 65 90 2,375 2,224 4,455 141 150 307 4,411 2,503 204 so 1,394 3,620 1,358 135 416 738 147 142 120 17,743 9,700 2.951 788 3,056 5,817 15.502 4,835 20,799 15,517 18,453 5,623 Sheep Total 1932 1931 1932 1931 12 3 369 363 62 19 618 937 74 22 987 1,300 1,500 station agents, representing every live· for the month may be shown. PUBLICATIONS OF THE BUREAU OF BUSINESS RESEARCH NEW PUBLICATIONS Proceedings of the First Texas Business Planning Con­ference will be issued in mimeographed form shortly. All of the papers prepared by the outstanding Texas business men who took part in the conference will be included in the Prooceedings, copies of which may be reserved by writing to the Bureau of Business Research. Among the papers contributed by business and re­search men are those written by W. L. Clayton, of An­derson, Clayton and Company, Houston; John H. Noble, of Armour and Company, Chicago, Ill. ; J. Perry Burrus, of Dallas; Frank M. Surface, Assistant Director, Bureau of Foreign and Domestic Commerce, Washington, D.C.; John T. Orr, Dallas; H. J. Struth, of the Oil Weekly, Houston ; Wallace E. Pratt, of the Humble Oil and Re­fining Company, Houston; Harry G. Black, of the Texas RESEARCH MONOGRAPHS l~o. l. "The Possibilities of Cotton Manufacturing in Texas. by Rudolph Grossmann. Price, 50c. No. 2. "A Jlforket Analysis of the Cattle Industry of Texas," by George M. Lewis. Price, $1. No. 3. "What Place Has the Advertising Agency in Market Research?" by William J. Reilly, Ph.D. Price, $1. No. 4. "Methods for the Study of Retail Relmi<>n­ ships," by William J. Reilly, Ph.D. Price, $1. No. 5. "A System of Accounting Procedure for Live­stock Ranches," by Frederick W. Woodbridge. Price, $1.50. No. 6. "An Analysis of Credit Extensions in Twenty­three Texas Department Stnres by Occupational Groups," by Arthur H. Hert. Pri•,e, $1. No. 7. "An Analysis of Shipme.•ts of Texas Sheep and Goats," by George M. Lewis. Price, $1. No. 8. "The Natural Regions of Texas," by Elmer H. Johnson. Price, $1. Wire and Nail Manufacturing Company, Galveston ; H. G. Safford, Vice President, Missouri Pacific Railroad, Houston; F. A. Buechel, Assistant Director, Bureau of Business Research, The University of Texas; E. 0 . Siecke, State Forester, College Station; Donald C. Barton, Hous­ton; John A. Norris, State Board of Water Engineers, Austin; E. P. Schoch, Director, Bureau of Industrial Chemistry, The University of Texas; A. L. Ward, Texas Agricultural Workers Association, Dallas; Paul T. San­derson, Texas Longleaf Lumber Company, Trinity; A. L. Reed, Dallas; W. E. Talbot, Managing Director, South­western Development Company, Dallas; Erle Racey, Tracy-Locke-Dawson, Inc., Dallas; and A. B. Conner, Director, Texas Agricultural Experiment Station, College Station. MIMEOGRAPHED STUDIES "Economic Importance of Manufacturing and of Its Leading Lines in Texas," by Rudolph Grossmann. Price, 50c. "Graphic and Stmistical Summary of Hog Movements to and from Texas, 1923-1930," by F. A. Buechel and John Clack. Price, 50c. "Trends of Development of Texas Financial Institu­ tions," by Robert V. Shirley and Bervard Nichols. Price, 50c. "A Balance Sheet Analysis of Texas State Banks," by Herschel C. Walling, C.P.A., aud Jim Ed Russell. Price, $1. "Classified Directory of Manufactures in Eastern. Texas (Outside of Dallas and Houston)," by C. J. Rudolph Grossmann. Price, 50c. "Proceedings of the Texas Cotton Committee:" No. VI, February, 1932. Price, 50c. "Proceedings of the First Texas Business Planning Conference." Price $1.00. BUREAU OF BUSINESS RF.SEARCH The University of Texas A. B. Cox_____________________ ---·_________________________________.______________Direct or F. A. BUECHEL______________________________________________Assistant Director ELMER H. JOHNSON.__ ____ _______________________Jndustrial Geographer RUDOLPH GROSSMANN___ ___ ____ _____ _____ __ ___ ____ _Jndustrial Engineer HERSCHEL wALLING____________________________Research Accountant ARTHUR HERT___________________________Assistant in Market Research MARTHA ANN ZIVLEY ______ __ -------------------_______________________Secretary MILDRED DISCH_____________ ______ _________________________ __________Stenographer FORREST LEDLOW WADE BARTLETT STERLING WILLIAMS ROBERT WHITE JACK KNIGHT CHARLES ZIVLEY BONNIE BELL Those wishing the Texas Business Review regularly will receive it without charge upon application Entered as second-class matter on May 7, 1928, at the postoffice at Austin, Texas, under the Act of August 24, 1912.