Tl2E UNI VERSETv OF TEXA"".). . TEXAS BusrNB~v REVIEW Bureau of Business Research The University of Texas Vol. XV, No. 5 June, 1941 A Monthly Summary of Busines! and Economic Conditions in Texas and the Southwest Bureau of Business Research, The University of Texas, Austin, Texas Entered u second cla11 matter on May 7, 1928, at the po.ct offi.oo at Au1tin, Texat, U:Dder Act ef Aucu1t 24, 1912 CONTENTS PAGE Business Review and Prospect, F. A. Buechel -----------------------------------------------------------3 LIST OF CHARTS Indexes of Business Activity in Texas__________________________________________________________________ 2 LIST OF TABLES Banking Statistics --------------------------------------------------------------------------------------------------8 Building Permits ----------------------------------------------------------------------------------------------· ___ 7 Carload Movement of Poultry and Eggs ------------------------------------------------------------5 Cement -------------------------------------------------------------------------------------------------------------------8 Charters -----------------------------------------------------------------------------------------------------------------8 Commercial Failures --------------------------------------------------------------------------------------------6 Commodity Prices ------------------------------------------------------------------------------------------------5 Cotton Balance Sheet --------------------------------------------------------------------------------------------6 Credit Ratios in Texas Retail Stores --------------------------------------------------------------------6 Employment and Pay Rolls in Texas ____________________________________________________________Jnsert Lumber ----------------------------------------------------------------------------------------------------------------8 Percentage Changes in Consumption of Electric Power ------------------------------------6 Petroleum ------------------------------------------------------------------------------------------------------------4, Postal Receipts _______ -----------------------------------------------------------------------------------------------7 Purchases of Savings Bonds --------------------------------------------------------------------------------5 Retail Sales of Independent Stores in Texas ______________________________________________________ 4, 5 Shipmen ts of Livestock ---------------------------------------------------------------------------------------7 TEN CENTS PER COPY ONE DOLLAR PER YEAR TEXAS BUSINESS REVIEW INDEXES OF BUSINESS ACTIVITY IN TEXAS AV ERAGE MONTH OF 1930 • 100,% COMPOSITE INO[X MI S.CL f' A[ IGHT CAqLOAOINGS-20/o CRUDE OIL RU NS s% ELECTRIC POWER CONSUMPTION -15/. Business Review and Prospect GENERAL BUSINESS National business indexes continue to rise and there are many indications that this upward tendency has not yet reached its peak. With the re-employment of millions of workers and the simultaneous rise in the wage rates of those already employed, the buying power of the working population of this country is increasing rapidly. By comparison the rise in cost of living has thus far been small. As a result each week sees new records estab­lished in the production and consumption of goods for civilian purposes and the problem of meeting civilian delJlands as well as the needs for essential materials in the rapidly growing federal defense program, while at the same time the keeping of the prices of products for civilian use within control, is constantly becoming more difficult. It seems improbable that establishing a ceiling on manufacturers' prices by the government will for long maintain the present slow rise in the level of prices to the ultimate consumer. As the mass purchasing power comes to exceed the supply of available goods, retail prices are certain to rise at an increasing rate. It is doubtful if price curbs can be imposed upon the hundreds of thousands of retailers throughout the country as effectively as such curbs can be imposed upon the com­paratively small numbers of manufacturing establish­ments which produce the bulk of the goods. Moreover, it is doubtful if this rising tide of mass buying power, in conjunction with dwindling supplies of goods result­ing from priorities and rationing, can effectively be restrained by prospective increases in income tax rates and by injunctions to saving for defense purposes. Yet unless effective restraints are imposed upon consumers either by their own voluntary action or by the govern­ment, it seems improbable that a sharp rise in prices of many classes of goods can long be avoided. For­tunately the stocks of basic foods and textiles are un­usually large so that no sharp rise in these lines is impending. Subsistence costs, therefore, promise to con­tinue relatively low for some time to come. TEXAS BUSINESS The impact of federal defense spending is reaching !ex_as w~th increasing force. As might be expected, the mdirect mfiuences are greater than those arising directly from defense projects established within the State. Non­agricultural pay rolls are increasing both as a result of re-employment and rising wage scales. In recent weeks ho~rly wages in the petroleum refining industry, slaughtermg and meat packing, cotton seed oil, the cement and chemical industries have risen from eight to ten per cent. It is noteworthy that these increases in rates of pay in Texas have been through voluntary action and have not been the result of labor disturbances such as accompanied wage increases in other sections of the country. The following table and the chart on the cover page show concretely the sustained rise in Texas business. INDEXES OF BUSINESS ACTIVITY IN TEXAS (Average Month 1930=100) May May April 1941 1940 1941 Employment ------------------------------------------98.0 90.7 97.6 Pay Rolls ----------------------------------------------112.0 95.7 107.7 Miscellaneous Freight Carloadings (Southwest District) ------------------------79.4 62.5 75.2 Crude Runs to Stills______ __ _ _______________ ____ 208.6 200.l 212.8• Department Store Sales___________ _ _ _____ 106.8 103.6 106.8 Electric Power Consumption__ ___ _ ___ 146.3 142.3 151.9. COMPOSITE INDEX -----------------------111.6 100.8 110.5• *Revised. FARM CASH INCOME Texas agriculture is sharing fully in the current eco­nomic improvement of the State. Prices of staple crops and livestock enterprises are moving strongly upward and marketings are in good volume. As a consequence farm cash income during May, as computed by this Bureau (see foot note in following table) was 36 million dollars compared with 29 million dollars during May, 1940, an increase of 24 per cent. For the first five months of the year, farm cash income for the State was 122 million dollars compared with 99 million dollars dur­ing the corresponding period a year ago, an increase of 23 per cent. INDEXES OF AGRICULTURAL CASH INCOME IN TEXAS (For Indexes, Average Month 1928-1932 = 100) Cumulative Income May April• May• Jan .-May Jan .-May Districts 1941 1941 1940 1941 1940 (000 Omitted ) 1-N -------­-----------­ 97.5 112.8 73.8 10,318 9,943 1-S ------~------------­ 210.3 183.7 147.9 11,851 8,539 2 ----------­-----------­ 126.9 133.l 128.1 13,413 9,334 3 -----------------------­ 182.7 102.3 142. 1 7,059 5,898 4 ---------------­-----­107.7 126.4 82.7 13,663 10,206 5 --------­---------­----­ 67.0 65.2 52.2 3,142 2,028 6 --­----­---------------­ 191.9 164.0 156.1 10,027 7,948 7 --------------------­--­ 164.0 128.2 132.9 15,712 14,186 8 -------------­--­----­-72.4 103.2 65.3 8,160 7,140 9 -----------------------­116.3 101.5 162.3 8,589 7,440 10 -----­---------------­ 90.7 115.l 66.8 8,358 6,711 10-A ----­----------­-132.2 119.8 29.4 11,843 10,091 STATE _____________ 126.8 121.5 100.7 122,135 99,464 *Revised. NOTE: Fann cash income as computed by this Bureau understates actual farm cash income by from 6 to 10 per cent. This situation results from the fact that means of securing complete local marketings, especially by truck have not yet be~n fully d.evclopcd. In addition, means have not yet been de~eloped ~or computmg cash mcome from all agricultural specialities of local importance ~n s~attered areas throughout the State. This situation, however, does not 11npa1r the accuracy of the indexes to any appreciable extent. The substantial increases in income arising from pay rolls, minerals and agriculture in Texas are being cur­rently reflected by a corresponding rise in retail sales. F. A. BUECHEL. For Other TextU Data, See Statistical, Table& at the End of This Publication TEXAS BUSINESS REVIEW MAY RETAIL SALES OF INDEPENDENT STORES IN TEXAS TEXAS --------------------------------------------------------------------------------------------­STORES GROUPED BY LINE OF GOODS CARRIED: APPAREL ---------------------------------------------------· Family Clothing Stores --------------------------------------------------­Men's and Boys' Clothing Stores ----------------------------------------­Shoe Stores----------------------------·----------------------------------------------------­Women's Specialty Shops ----------------------------------------------------------­ AUTOMOTIVE* ------------------------------------------------------------------------------------­ Motor Vehicle Dealers --------------------------------------------------­COUNTRY GENERAL ----------------------------------------------------------------------------­DEPARTMENT STORES ------------------------------------------------------­DRUG STORES --------------------------------------------------------------------------------------­ DRY GOODS AND GENERAL MERCHANDISE ______________ _ FILLING STATIONS ---------------------------------------------------------------------­FLORISTS --------~-------------------------------------------------------------­FOOD* --------------------------------------------------------------------------------------­Grocery Stores --------------------------------------------­Grocery and Meat Stores --------------------------------------------­FURNITURE AND HOUSEHOLD*------------------------------------------­Furniture Stores -----------·---------------------------------------­JEWELRY -------------------------------------------------------------------------------­LUMBER, BUILDING, AND HARDWARE* ------------------------------------­Farm Implement Dealers -------------------------------------------------------­Hardware Stores -------------------------------------------------------------­ Lumber and Building Material Dealers __________________________________ RESTAURANTS -----------------------------------------------­ALL OTHER STORES ------------------------------------------------------------­TEXAS STORES GROUPED ACCORDING TO POPU­LATION OF CITY: All Stores in Cities of-Over 100,000 Population -----------------------------------------------------­50,000-100,000 Population ----------------------------------------------­2,500-50,000 Population -----------------------------------------­Less than 2,500 Population ------------------------------------------­ •Group total includes kind1 of busine11 other than the claaaifi.cation1 liated. (l)Less than .5% change. Non: Prepared from reporu of independent retail 1tore1 to tlt.e Bureau of Bu1ine11 Re1earch coOperatin& with PETROLEUM Daily Average Production (In Barrels) May 1941 May 1940 April 1941 Coastal Texas• --­-----­------­--­East Central Texas____________ 276,30078,600 240,390 84,630 249,010 76,550 East Texas -----------­----------­North Texas -------------------­Panhandle -----------------------­Southwest Texas -------------­West Central Texas___________ 373,700 99,650 78,800 209,700 29,900 396,530 107,380 73,460 235,240 33,560 344,880 99,290 77,850 192,660 37,825 West Texas ST ATE ______ -----------------­-------­255,750 ________________________ l ,402,250 251,510 1,422,700 226,000 1,296,500 UNITED STATES ____________3,774,850 3,784,860 3,620,910 Imports -------------------------------274,857 218,786 267,057 •Includes Conroe. NOTE: From Amcrir.an Petroleum Institute. See accompanying map ahow· in1: the oil producing districts of Texas. Gasoline sales as indicated by taxes collected by the State Comptroller were: April, 1941, 126,467,000 gallons; April, 1940, 111,613,000 gallons; March, 1941, 123,301,000 gallons. Number of Firms Re­ portin2 1,028 98 25 32 19 22 70 69 109 42 139 21 39 23 170 50 112 54 45 34 187 11 58 116 27 15 169 115 464 280 the United Percentage Change in Dollar Sales May, 1941 May, 1941 Year, 1941 from from from May, 1940 April, 1941 Year, 1940 +28 + 10 + 16 +15 + 3 + 9 +18 + 5 +12 + 18 + 8 +10 +22 6 + 13 _(l) + 7 + 9 +69 +18 +34 + 69 +18 +34 + 15 + 6 +11 +19 + 7 + 12 +12 + 6 + 7 +16 + 7 + 6 + 5 -2 + 5 -1 -19 + 4 + 16 +12 + 6 +29 +27 +10 +11 + 8 + 4 +22 +16 +12 +21 + 14 + 8 + 17 +41 +26 +18 + 8 + 17 + 5 3 +18 +21 + 8 + 12 + 17 + 9 +19 +15 + 3 + 6 +27 -10 + 9 +25 +10 +14 +42 +10 +26 +24 + 9 +15 +24 +12 + 9 Sta tea Bureau of the Ceaaua. !:1timated Number of Percentace Chanee Eetimated Amount of Percentage Chance Workeno Employed• from from Weekly Pay Roll from from April May April May April May April May 1941 (1) 1941 <2> 1941 1940 1941 (1) 1941 <2> 1941 1940 MANUFACTURING All Manufacturinir Induatriea.. 142,289 143,458 + 0.8 + 8.7 $2,889,262 $3,054,574 + 5.7 + 17.8 Food Products Bakin 6,467 6,437 0.5 + 4.6 142,160 143,626 + 1.0 + 6.6 Carbonated Beverages 2,915 3,093 + 6.1 + 1.0 72,191 75,078 + 4.0 + 6.7 Confectionery 842 612 -27.3 + 15.1 8,941 5,986 -33.l +20.5 F1our Millin 1,882 1,822 -3.2 + 7.6 33,912 33,191 -2.1 + 6.5 Ice Crea 974 1,109 + 13.9 + 18.l 19,471 21,592 + 10.9 +20.1 Meat Packin 4,764 5,082 + 6.7 + 18.7 98,049 121,091 + 23.5 +28.6 Textiles Cotton Textile Mills 7,197 7,187 0.1 + 17.0 96,725 97,863 + 1.2 +33.2 Men's Work Clothing 3,868 3,976 + 2.8 +16.4 47,238 48,843 + 3.4 +64.0 Forest Products Furniture. 2,185 2,146 1.8 + 23.1 41,198 37,500 9.0 +64.4 Planing Mills 2,185 2,180 0.2 +14.7 41,766 43,734 + 4.7 +34.0 Saw Mills_______________ (3) 16,469 16,469 ± + 8.5 213,009 211,671 0.6 +13.3 Paper Boxes 614 641 + 4.4 +30.9 11,138 11,483 + 3.1 +41.6 Printing and Publishing Commercial Printing_________ 2,411 2,584 + 7.2 + 4.7 57,440 60,042 + 4.5 + 7.1 Newspaper Puhlishing________ 4,921 4,772 3.0 0.7 125,124 124,384 + 0.2 + 3.4 Chemical Products Cotton Oil Milla 2,648 1,926 -27.3 + 8.3 23,857 17,107 -28.2 +20.2 Petroleum Refining 20,309 20,367 + 0.3 + 1.7 702,102 712,597 + 1.5 + 7.8 Stone and Clay Products Brick and Ti! 2,152 2,132 0.9 + 3.0 27,776 27,184 2.1 + 7.1 Cement__ 996 1,045 + 4.9 + 0.1 29,937 33,386 + 11.5 +15.3 Iron and Steel Producu Foundries and Machine Shope__ 12,237 13,164 + 7.6 + 12.9 357,733 446,896 +24.9 + 39.5 Structural and Ornamental Iron__ 2,399 2,443 + 1.8 +32.3 48,620 49,188 + 1.2 +50.9 NONMANUFACTURING Crude Petroleum Production____ 29,483 29,454 0.1 -3.8 1,015,877 1,023,110 + 0.7 + 5.6 (<) (4) (4) (4) Quarrying -----------------------+ 7.0 + 11.l +21.4 +36.3 (4) (4) (0 (j) Public Utilities ---------------+ 1.8 + 7.7 + 1.9 + 14.3 Retail Trade _____________196,981 192,519 2.3 + 13.6 3,540,702 3,538,264 -0.1 + 13.9 Wholesale Trade ...... 61,097 61,362 + 0.4 + 2.2 1,827,150 1,836,145 + 0.5 + 9.9 Dyeing and Cleaning ------2,373 2,501 + 5.4 + 1.2 34,283 38,038 + 11.0 + 8.9 16,140 + 2.9 + 7.6 187,324 188,418 + 0.6 +13.6 Hotels ---------------------------15,679 Power Laundries ---------· 10,963 11,584 + 5.7 +19.4 142,025 152,807 + 7.6 +28.4 CHANGES IN EMPLOYMENT AND PAY ROLLS IN SELECTED CITJEs<•> Employment Pay Rollo Employment Pay Rollo Percentage Change Percentage Change Percentage Change Percenta&e Cbanee April, 1941 May, 1940 April, 1941 May, 1940 April, 1941 May, 1940 April, 1941 May, 1940 to to to to to to to to May, 1941 May, 1941 May, 1941 May, 1941 May, 1941 May, 1941 May, 1941 May, 1941 Abilene -------------------­5.0 -12.0 1.8 + 8.4 Galveston --------------------6.0 7.5 7.0 + 6.3 Amarillo -----------------­+ 2.1 + 6.6 + 1.1 + 15.6 Houston ------------------+ 0.6 + 9.8 + 7.5 +24.3 Austin ----------------------8.3 + 5.3 -6.3 + 0.7 Port Arthur ------------+ 0.6 -0.5 + 1.0 + 5.8 Beaumont ______________ _ + 3.7 + 11.7 + 8.9 + 24.4 San Antonio -----------1.7 + 4.1 + 2.5 + 9.7 Dallas ------------------------­+ 0.1 +17.8 + 11.1 + 39.2 Sherman ----------------+ 4.0 + 17.4 + 8.6 +40.6 El Paso ------------------­+ 0.9 + 18.5 + 6.3 +32.4 Waco ---------------------2.8 + 2.3 0.8 + 21.3 + 9.3 +22.3 Wichita Falls _ ______ + 5.5 + 5.0 + Fort Worth ------------+ 3.1 +13.0 3.6 + 7.5 STATE ------------------+ 0.4 + 7.9 + 4.6 +17.9 ESTIMATED NUMBER OF EMPLOYEES IN NONAGRICULTURAL BUSINESS AND GOVERNMENT ESTABLISHMENTS <•> 1940(1) 1941 1940(1) January -------------------------·--------944,000 1,052,000(1) July --------------------------983,000 February -·------------------------943,000 1092 ooom August -------------------------------988,000 March ··------------------------------------· 965,000 September ----------------------------1,009,000 1,086',oooSubject to revlolon. <•>No chana:e. <•>Not available. nued on unweighted 6guree. <•>Not jncluding 1elf·employed penone, casual worken, or domestic 1ervant11, and exclusive of military and maritime personnel. These figure1 are furni1hed lty the Bureeu of Labor Stati1tlco, U.S. Department of Labor. Prepared from reportt from repre1entath·e Texu e1tabli1bment. to the Bureau of Bu1ine11 Research col:iperatinc with the United States Boreen of Wor Stallltl... TEXAS BUSINESS REVIEW MAY RETAIL SALES OF INDEPENDENT STORES PURCHASES OF SAVINGS BONDS IN TEXAS Year-to Year-to Number of Firma Reporting TOTAL TEXAS ----­----­------------------­-1,028 TEXAS STORES GROUPED Percentage Change in Dollar Sale& May, 1941 May, 1941 from from May, 1940 April, 1941 +28 + 10 Abilene ------­----­Amarillo __ __ __ _ _ Austin ---------------­Beaumont Big Spring ----­--Brownsville _____ May, 1941 20,831 25,988 44,569 12,431 11,756 6,900 May, 1940 11,756 28,706 60,506 57,019 2,006 6,544 Date 1941 t 199,557 339,639 243,256 57,844 t Date 1940 151,200* 196,350 338,419 348,949 60,638 55,201* BY PRODUCING AREAS: Brownwood 10,969 4,613 40,220 37,969 District 1-N --------­----­---------­-----­Plainview ---­---­-----­----------­---­-­All Others ---------­----­-----­---------­District 1-S ------­--------------------------­District 2 -----­---­----­---­-----­---­--­Abilene ------------­----------------------­-Wichita Falls -------­---­--------­---­All Others ----­---­--------­----------­District 3 --------­---------­---­----------­District 4 -----------­--­--­-----­-------­--Dallas --------­------­----­--------­----­Fort Worth ---­--------------------­-­Waco -------------------­---­------­---­--All Others ------------­---------------­District 5.------------­-------------­---------­Tyler -------------------­---------------­---­All Others ---------------------------­District 6 ------------­--------------------­EI Paso -----------­------------­-----­All Others ------­---------­---­---------­District 7 --------------------­---­----­San Angelo ---­----­-----------­-------­All Others ---------­--­--­-------­------­District 8 --------­--------­------­-----­--Austin ------------­------------­-----­Corpus Christi ----­-------­---­----­San Antonio ------­----------­----­-­All Others -----­--------------------­District 9 -------------------------------­Beaumont ------------­-----------­Galveston ------------------­---­Houston ----------­---­---------­--­Port Arthur --------­-------------­All Others --­--­------­-------------­ 56 11 45 14 80 12 10 58 36 221 36 36 25 124 128 12 116 31 14 17 52 13 45 185 19 11 51 104 144 20 17 46 12 49 + 15 -5 + 17 + 21 +21 +61 + 4 +16 +28 +24 + 13 +37 +30 + 26 +28 + 5 +33 +18 +26 + 7 +19 + 16 +22 +35 + 12 +26 +so +28 +24 +26 +56 +17 +36 +29 +14 -1 + 16 -2 + 8 -(1) +11 + 12 + 3 +12 + 4 +23 +18 +13 + 7 4 + 9 + 8 + 9 + 1 +13 + 2 +26 +14 + 6 -1 +17 +15 +IO +10 +11 + 6 +28 +14 Bryan ------------­Corpus Christi_ Dallas ------------­Del Rio ________ __ Denison Denton --­--------­--Fort Worth __ ___ Galveston Gladewater ____ __ _ Harlingen ________ Kenedy ______ KilgoreL .ongv1ew ---------McAllen Marshall Palestine ---------­Pampa ----­---­Paris -------­----­Plainview Port Arthur ___ San Angelo __ ___ _ San Antonio ___ Sherman -------­--­Temple ---------­--­Tyler -------­----­--­Waco ------­-----­--Wichita Falls __ TOTAL __ ___ ___ 21,011 17,194 113,981 1,688 9,600 15,811 51,844 45,000 9,994 8,812 7,912 17,212 51,056 16,088 15,375 25,875 5,419 19,331 3,936 23,312 6,825 104,269 6,825 12,700 23,438 23,438 10,838 802,228 •Not included In total. tNot available. Non: Prepared from reports Bureau of DuaineH Research. 28,015 17,869 182,700 188 4,763 9,225 91,594 34,500 1,256 1,357 1,181 22,050 52,763 9,413 5,475 7,331 1,706 11,662 450 48,881 2,756 139,400 8,813 8,344 14,813 44,888 26,382 948,925 from Texas 65,843* t 1,480,069 7,595 49,576 36,794* 618,489 372,694 59,775 30,263 13,462 71,306 186,150 50,382 76,030 t 23,889 51,844* 15,992 163,036 112,370 992,513 27,848 t 205,970 226,069 172,857 5,836,851 chamben of t t 1,489,107 12,826 84,395 t 504,165 273,881 62,625 33,851 10,387 62,306 174,113 46,875 130,481 63,862* 27,764 t 32,944 205,350 107,587 1,037,194 50,495 42,020* 191,606 383,885 308,683 6,212,845 commerce to the District 10 --------­----­---------------­ 32 + 7 + 1 District 10-A ­---------­----­-------------­Brownsville -------­---­------------­All Others --­----­--------------------­ 54 13 41 +20 +25 +17 + 3 + 2 + 3 MAY, 1941, CARLOAD MOVEMENT OF POULTRY AND EGGS O>Chan ge of le•• than .5%. Shipments from Texas Stations Non: Business Prepared from report• of ind ependent rctai) &tores to the Resea rch coOperating with the U.S. Bureau of the Census. Bureau of Live Caro of Poultry Dresoed Can of Ecgsj Destination• Chicken• Turkey1 Chicken• Turkey• COMMODITY PRICES May 1941 May 1940 May 1941 May 1940 May 1941 May 1940 May 1941 May 1940 May 1941 May 1940! May 19.U May 1940 April 1941 TOTAL ________ _ __ Intrastate _ 4 0 2 0 1 0 30 0 72 6 15 0 17 0 378 255 90 97 Wholesale Prices: Interstate _______ __ _ 4 2 1 30 66 15 17 288 158 U.S. Bureau of Labor Statistics (1926=100%) ------------------------­-------­Farm Prices: U.S. Department of Agriculture (1910­14=100%) --------­---------------­U.S. Bureau of Labor Statistics (1926=100% ) -----­-----­-----------­-----­---­ 84.9 112.0* 76.4 78.4 98.0 67.9 83.2 110.0 74.4 Origin Receipts at Texas Stations TOTAL ----­--­-------­__ __ 1 4 Intrastate Interstate _ ______ _ 1 1 3 83 53 53 46 30 7 •The destination above is the first destination aa shown by the original way. bill. Changes in destination brought about by diversion orders are not shown. Retail Prices : tPowdered eggs and canned frozen eggs are converted to a shell egg equiva­ Food (U.S. Bureau of Labor Statis­tics, 1935­39=100% ) ----------------­Department Stores (Fairchild's Pub­li cations, Jan. 1931=100%) --------­ 102.1 96.3 97.0 92.8 100.6 95.5 lent on the following basis: l rail carload of powdered eggs equals 3 carloads of shell eggs, and l carload of frozen eggs equals 2 carloads of shell eggs. lReviscd. NoTE: These data are furnished to the Agricultural Marketing Service, U.S.D.A. by railroad officials through agent1 at all stations which originate and receive carload ahipmentl of poultry and egg1. The data aro compiled by the *Preliminary. Bureau of Buaine11 Research. TEXAS BUSINESS REVIEW MAY CREDIT RATIOS IN TEXAS RETAIL STORES (Expressed in Per Cent) Number Ratio of Ratio of Ratio ofof Credit Sa!e1 Collection1 to Credit Salaries Store. to Net Sale1 Ou tstanding1 to Credit Sa!eo Reportin&' 1941 1940 1941 1940 1941 1940 All Stores 59 65.6 66.8 41.9 40.l 1.0 1.1 Stores Grouped hy Cities: Abilene -----------------------------------------------------------------------------­3 63.5 60.3 38.7 33.6 1.4 2.1 Austin ------------------------------------------------------------­6 57.4 58.l 50.0 49.4 1.0 1.1 Beaumont -----------------------------------------------------------­3 69.l 69.2 41.6 42.6 0.9 1.2 Bryan ---------------------------------------------------------------------·--­3 56.9 59.5 40.0 37.6 2.8 3.2 Dallas ------------------------------------------------------------­9 71.7 73.l 40.9 39.8 0.8 0.8 Fort Worth -------------------------------------------------­5 65.4 65.7 39.1 38.3 1.0 1.0 Houston --------------------------------------------------6 64.9 65.2 43.0 40.5 1.3 1.4 San Antonio ---------------------------------------3 57.9 61.2 52.l 49.3 1.0 1.0 Waco ---------------------------------------------------------------------­5 67.1 62.9 32.l 30.4 1.2 1.3 All Others ------------------------------------------------16 60.3 62.6 42.0 38.0 1.2 1.3 Stores Grouped According to Type of Store: Department Stores (Annual Volume Over $500,000)_ _________________ 17 65.0 66.l 44.0 41.6 1.0 1.0 Department Stores (Annual Volume under $500,000) ----------------­11 61.2 60.3 39.3 36.0 1.5 1.7 Dry-Goods-Apparel Stores ------------------------------------------­4 60.6 59.9 41.7 40.4 1.5 1.8 Women's Specialty Shops --------------------------------------­14 66.3 69.1 37.2 37.4 0.7 0.7 Men's Clothing Stores -------------------------13 70.1 70.7 41.8 40.2 1.1 1.3 Stores Grouped According to Volume of Net Sales During 1940: Over $2,500,000 -------------------------------------------------------­7 68.0 67.8 45.0 41.5 1.0 1.0 $2,500,000 down to $1,000,000 ---------9 59.8 63.5 43.7 45.l 0.8 1.0 Sl,000,000 down to $500,000 -----------------10 59.6 59.0 44.3 40.8 1.2 1.2 $500,000 down to $100,000______________________________ 25 61.1 61.1 41.2 37.9 1.3 1.5 Less than $100,000 -------------------------------------8 57.4 51.7 44.0 36.3 2.5 3.1 NoT.: : The ratios ahown for each year, in the order in which they appear from left to rieht are obtained by the foUowing computations: (I) Credit Salet divided by Net Sales. (2) Collections durini: the month divided ~Y the total account• unpai~ on the first of the month. (3) Salaries of the credit department divided hf credit sales. The data are reported to the Bureau of Busmen Research by Texas retail 1tore1. COTTON BALANCE SHEET OF THE UNITED STATES AS OF JUNE I, 1941 (In Thousands of Running Bales Except as Noted) Carryover Aue. I Imports to June I• Final Ginnings Total Consump· tion to June 1 Exports to June I Total Balance June l 1931-1932 ----­--­----­-----------------­ 6,369 104 16,629 23,102 4,265 7,898 12,163 10,939 1932-1933 ------­-----­----­----------­ ---­--­ 9,682 104 12,710 22,496 4,839 7,113 11,952 10,544 1933-1934 1934-1935 1935-1936 1936-1937 1937-1938 1938-1939 1939-1940 1940-1941 ----------------------­-----­-­-------­---------------­---------------------------­---------­-------------­--­·--­--------------------­---­-----­----------­---­----­----­------­----­--­---­--------------------­----­----­-----------­--------­------­---------------­---------­--­-----­-----­----­------------­--­-­ 8,176 7,746 7,138 5,397 4,498 11,533 13,033 10,596 127 94 122 198 119 122 137 150 12,664 9,472 10,417 12,130 18,242 11,621 11,477 12,287 20,967 17,312 17,677 17,725 22,859 23,276 24,647 23,033 4,977 4,586 5,189 6,680 4,856 5,759 6,591 7,914 6,769 4,174 5,519 5,086 5,227 3,107 5,931 976 11,746 8,760 10,708 11,766 10,083 8,866 12,522 8,890 9,221 8,552 6,969 5,959 12,776 14,410 12,125 14,143 •rn 500-pound bale1. The cotton year hea-in1 Au1:U1t 1. PERCENTAGE CHANGES IN CONSUMPTION TEXAS COMMERCIAL FAILURES OF ELECTRIC POWER May May April May, 1941 May, 1941 1941 1940 1941 from from May, 1940 April, 1941 Numher ---------------------------------------------26 26 23 Commercial --------------------------­+14.9 +12.7 Liabilities* -------------------------------------$331 $463 $220 Industrial --------------------------------­+ 4.6 + 1.3 Assets* ---------------------------------------287 255 89 Average Liabilities per Failure*____ 13 18 10 Residential --------------------------­+ 9.5 + 4.9 All Others ---------------------------­+ 5.5 + 2.3 •In thousands. TOT AL ---------------------------------+ 7.9 + 4.7 NOTE: From Dun and Bradstreet, Iuc . Prepared from reports from 14 electric power companies to the Bureau of Business Research. TEXAS BUSINESS REVIEW BUILDING PERMITS POSTAL RECEIPTS May, 1941 May, 1940 April, 1941 May, 1941 May, 1940 April, 1941 38,593 71,761Abilene ---------------------------------148,710 Abilene -------------·----------_____ 26,424 17,342 26,789387,642 294,761Amarillo ------------------------------318,943 1,007,033 497,012 Amarillo ------------------------------33,228 31,884 35,714 Austin ----------------------------------463,043 26,360 30,595 Austin --------------------------------76,569 72,339 76,001 ~~~w~;~ll~ :::=::=::::::::::=:=:::: ~g~~· 52,427 36,016 Beaumont ----------------------------28,072 28,162 30,327 § 63,650:1: Big Spring -------------------------6,000 6,012 7,618 Brownwood ----------·-------------70,545:1: § 38,510:1: Brownsville ------------------------6,115 5,837 7,240 Bryan ---------------------------------47,192:1: 8,435 11,853 Brownwood -------------------------15,629 5,942 16,196 Coleman ------------------------------60,641 228,556 1,981,504 Childress --------------------·------2,613 2,466 2,916Corpus Christi ----------------·--2,056,550 Cleburne -------------------------3,554 3,434 3,44416,598 8,803Corsicana ----------------------------19,130 1,235,706 1,142,093 Coleman ------------------------------2,323 2,200 2,417 Dallas ---------------------------------1,528,696 Corpus Christi -------------------35,283 28,606 35,292 8!~t~~0 __:::::::=::::::::::=::::::::::::: ~6:~!~ 21,950 36,781 Corsicana -----------------------------5,803 5,333 6,7785,031 13,173 248,132 265,321 Dallas --------------------------------415,186 374,476 406,204El Paso -------------------------------186,431 Del Rio --------------------------------5,915 4,457 6,767444,544 484,401Fort Worth -------------------------525,972 Denison --------------------------------6,496 5,827 6,652Galveston -----------------------------l,873,689t 85,024 187,618° Denton ---------------------------------7,509 8,181 9,684 12,750 0Gladewater -----------------·--------2,800 El Paso --------------------------------60,720 46,916 61,62416,073 95,050Harlingen ----------------------------15,295 Fort Worth -------------------------148,165 149,423 100,792Houston -------------------------------1,536,235 1,608,270 1,380,809 Galveston -----------------------------34,564 30,00~ 37,661 17,832 12,812 810 3,500 Jacksonville -------------------------7,335 Gladewater --------------------------2,728 2,701 2,858 ~~]g~~~ :::=::=::::::=::::::::=:::::= l,~6g 104,500 14,250 Graham ----------------------------2,239 2,497 2,344 Harlingen --------------------------5,478 5,594 7,1785,360 42,726Laredo -------------------------------38,825 Houston -------------------------------277,638 263,817 280,183Longview -----------------------------45,380 55,935 10,625 Jacksonville --------------------------4,022 3,868 4,004Lubbock ---------------------·--------307,803 362,238 374,242 § 54,614:1: Kenedy --------------------------------1,404 1,216 1,654 Lufkin ----------------------------------41,960:1: Kilgore ----------------------------------5,963 6,325 6,892McAllen -------------------------------8,4.SO 70,696 34,380 Longview ----------------------------9,931 9,801 10,669Marshall -----------------------------21 ,592 32,605 38,081 Lubbock ---------------------------------20,337 19,333 21,978Midland ------------------------------39,825 93,275 31,790 Lufkin --------------------------------5,133 5,091 5,601New Braunfels -------------------13,905 17,070 12,640 McAllen ---------------------------4,752 9,295 5,418Palestine ------------------------------27,924 11,304 15,631 Marsha11 -----------------------------6,674 6,353 6,730 51,575 37,350~:~~a_:::=:=:::==::::::=::::=::::::: ~~'.i"f8 22,256° 8,380 Palestine ------------------------------5,361 4,772 5,364 Pampa ----------------------------------6,232 6,544 8,045Plainview ---------------------------3,925 5,200 10,700 Paris -----------------------------------3,368 6,488 6,532Port Arthur ------------------------156,205 106,621 94,433 Plainview ---------------------------4,162 4,222 4,707San Angelo --------------------------60,379 66,224 47,216 Port Arthur ------------------------14,569 13,798 16,963San Antonio -----------------------418,443 527,976 449,070 San Angelo -------------------------13,529 12,524 14,367Sherman -----------------------------25,934 42,909 22,956 San Antonio ----------------------150,665 132,153 156,913Sweetwater ---------------------------8,005 23,835 13,100 Sherman ----------------------------7,765 7,509 8,493Tyler ----------------------------------48,260 56,963 56,061 Temple -----------------------------6,656 6,807 7,727Waco --------------------------------202,010 119,893 173,585 Tyler -------------------------------16,283 15,989 16,759 Wichita Falls -----------------------157,021 63,395 170,836 TOTAL ______________________________ 10,505,045 Waco ------------------------------------33,819 35,140 38,7127,301,596 8,266,529 Wichita Falls --------------------26,346 24,623 25,245 *Docs not include public works. TOTAL -------------------------------1,555,219 1,435,303 1,545,452 tincludcs recreation pier costing Sl ,287,500. 1Not included in total. NoTE: Compiled from reports from Texas chambers of commerce to the §Not available. Bureau of Business Research. NOTE: Compiled from reports from Texas chambers of commerce to the Bureau of Business Research. MAY SHIPMENTS OF LIVE STOCK CONVERTED TO A RAIL-CAR BASIS* Cattle Calves Hogs Sheep Total 1941 1940 1941 1940 1941 1940 1911 1940 1941 1940 Total Interstate Plus Fort Worth~ 4,863 4,867 893 1,193 1,045 776 1,624 2,041 8,425 8,877 Total Intrastate Omitting Fort Worth_____ 733 555 154 117 10 22 34 50 931 744 TOTAL SHIPMENTS,_ ______ 5,596 5,422 1,047 1,310 1,055 798 1,658 2,091 9,356 9,621 TEXAS CAR-LOT* SHIPMENTS OF LIVE STOCK, JANUARY 1, 1941-JUNE 1, 1941 Cattl e Calves Hogs Sheep Total 1911 1940 1941 1940 1941 1940 1941 1940 1941 1940 Total Interstate Plus Fort Worth~------18,510 19,551 4,063 4,272 4,853 3,678 3,132 4,140 30,558 31,641 Total Intrastate Omitting Fort Worth____ 1,932 2,097 580 503 74 118 89 126 2,675 2,844 TOTAL SHIPMENTS__ 20,442 21,648 4,643 4,775 4,927 3,796 3,221 4,266 33,233 34,485 *Rail -car Basis: Cattle, 30 head per car; calvee, 60; hogs, 80; and sheep, 250. Fort Worth shipm ents are combined with interstate fonvardin::a in order that tho bulk of market disappearance for the month may be shown. NoTE: These dnta are furnished the Agricultural Marketing Service, U.S.D.A. by railway officials through more than 1,500 station agents, representing every Jive atock shipping point in the State. Tho data are compiled by the Burca u of Bu1ine11 Research. TEXAS BUSINESS REVIEW BANKING STATISTICS (In Millions of Dollars) May, 1941 May, 1940 April, 1941 Dalla1 United o.n.. United Dallas United Djstrict State• District State• District Statoo Drnns to individual accounts-----------------------------------------------------­$1,010 $39,252 $ 848 $34,297 $ 968 $38,325 Condition of reporting member banks on-May 28, 1941 May 29, 1940 April 30, 1941 AssETS: Loans and investments-total____________________________________________ _ 608 27,915 522 23,524 602 27,550 Loans-total -------------------------------------------------------------------­ 318 10,226 266 8,475 316 9,870 Commercial, industrial, and agricultural loans ----------------­213 5,673 176 4,367 214 5,532 Open market paper -------------------------------------------------------­3 367 2 322 2 354 Loans to brokers and dealers in securities -----------------------------3 571 3 478 3 465 Other loans for purchasing or carrying securities__________________ _ 12 451 13 481 12 445 Real estate loans ------------------------------------------------------24 1,239 22 1,189 24 1,235 Loans to banks ---------------------------------------------------------------­4-2 1 46 40 Other loans -----------------------------------------------------------------­63 1,883 49 1,592 61 1,799 Treasury Bills ------------------------------------------------------------------­33 929 27 627 33 869 Treasury Notes ---------------------------------------------------------------­34 2,212 40 1,926 34 2,190 U.S. Bonds -----------------------------------------------------------------------------115 7,833 84 6,528 114 7,753 Obligations fully guaranteed by U.S. Gov't -------------------------42 3,022 47 2,399 43 3,115 Other securities ---------------------------------------------------------------------61 3,693 58 3,569 62 3,753 Reserve with Federal Reserve Bank ----------------------------------149 11,493 139 11,203 146 11,208 Cash in vault --------------------------------------------------------------------------14 563 11 488 12 516 Balances with domestic banks --------------------------------------------310 3,532 299 3,285 301 3,386 Other assets-net ----------------------------------------------------------------------31 1,186 30 1,305 31 1,226 LIABILITIES: Demand deposits-adjusted --------------------------------------------------561 34,311 481 20,287 546 23,712 Time deposits -----------------------------------------------------------------------136 5,425 136 5,312 138 5,452 U.S. Government deposits ---------------------------------------------------------­29 414 31 581 27 410 Inter-bank deposits: Domestic banks ---------------------------------------------------------­284 9,220 260 8,431 286 9,043 Foreign banks ----------------------------------------------------------------------1 663 1 707 1 643 Borrowings ---------------------------------------------------------------------------3 1 6 Other liabilities -----------------------------------------------------------------------------5 789 4 739 4 765 Capital account --------------------------------------------------------------------91 3,864 88 3,747 90 3,855 Non: From Federal Re11erve Board. CEMENT TEXAS CHARTERS (In thousands of Barrels) May, 1941 May, 1940 April, 1941 Texas Plants May, 1941 May, 1940 April, 1941 Domestic Corporations Capitalization• ____________________________$1,793 Number ---------------------------------------­99 $2,403 123 $1,021 89 Production -------------------------------­Shipments -------------------------------­Stocks ---------------------------------------­ 832 895 765 758 712 820 798 779 827 Classification of new corporations : United States Banking-Finance --­--­---­---------­Manufacturing ------------------------­Merchandising -------­-­--------------­Oil -------------------------------------­----­ 7 13 19 8 1 26 29 18 3 15 26 8 Production ----------------------------­14,732Shipments ____ ________ ___________ _________ 16,048 Stocks _____ ______________ ____ _____ __ _______22,740 ~acity Operated ---------------­69.4% 12,668 13,241 24,775 58.0% 12,196 14,132 24,052 59.3% Public Service ------------------------­ 0 4 0 Non:: From U.S. Department of Interior~ Bureau of Mines. Real Estate-Building --------------­ 30 13 11 Transportation ------------------­ 5 3 2 LUMBER All Others -----------------------------­Number capitalized at less than 17 29 24 (In Board Feet) $5,000 -----------­---------­-----------­Number capitalized at $100,000 or more --------------------------------­Foreign Corporations (Number) ____ 34 3 20 56 4 20 29 3 23 Southern Pine Mills: Average Weekly Production per unit -------------­--~-----­Average Weekly Shipments May, 1941 332,779 May, 1940 291,902 April, 1941 332,908 •In thousands. per unit ---------------------------­ 317,305 324,905 300,193 Non: Compiled from records of the Secretary ef State. Average Unfilled Orders perunit, end of month_ ___ ______ l,273,677 597,904 1,212,495 Non : From Southern Pine Aasociation.