TEXAS BUSINESS REVIEW Bureau of Business Research The University of Texas Vol. XVIII, No. 7 STATISTICAL NUMBER \ugtH 28. 1939 A Monthly Summary of Business and Economic Conditions in Texas and the Southwest Bureau of Business Research, The University of Texas, Austin, Texas Entered u tecond claae matter on May 7, 1928, at the po•t office at Austin, Texu, undrr Act ef Au:u•t 24. l9ll CONTENTS PAGE LIST OF CHARTS Indexes of Business Activity in Texas _____________ ___ _______ ___ __ ____ __ --- --- --- -- ------- -- --------- 2 LIST OF TABLES Agricultural Cash Income in Texas __ ___ ____ ______ ______ __ ___ __ ________ _______ ____ _______ _____ __ 4 Banking Statistics ---------------------__ _-- -- ------------------------- --- ------ ------ -- ------- -- --- -- -- --- ---- ------ 6 Building Permits ----- --------------- -------------- ----- ---------------- ----- -- ----- -- --------- ------ --- --------- -­ 5 Carload Movement of Poultry and Eggs -- -- ------ -- -- ------------ -------- ---- --- --- ---- ------ ---- 7 Cement -- ------ ----------- ------- ----- ------- --- -- -- ----- -- --· -- ---- ---------- -------·- ------ ------ ---- --·--- - ··----- -- ---- - 6 Charters ___ __ ------- --- ----------------- ------ ---------- -- -- ------ -- ------- ------- -- -- -- ---- ---- ----- -------- 7 Commercial Failures ____ ___ ----- -- ---- -- ----- - -- - -- -- ---- - --- --- --- 4 Commodity Prices -- -------- ---------- -- --- --- ----- ---- ----- ---- - -- ---- ----- 8 Consumption of Electric Power ______ ---- -- --- ------- - -- --- - 8 Cotton Balance Sheet ___ ____ ________ _____ __ ____ _____ ----- -- ----- ----- ------ ----- -- ------- - 7 Credit Ratios of Texas Retail Stores _--- ----- --- --- -- ---- ----- ­ 7 Employment and Pay Rolls in Texas -- -- -_ -- ----- ---- ---- - -·-­ 3 Indexes of Business Activity in Texas - - -- -- ------ - -- ---- 4 Lumber ---------------------------- ---- ----- ---- ---------- --- -· - ----- --- ---- --- --- -- ------- ---· --·-- -· --- 6 Postal Receipts _____ -- - ------ -- --- -- ---- -- - -- - 5 Retail Sales of Independent Stores in Texas 4,8 Shipments of Livestock _ 6 O~E DOLLAR PER YEAR TEN CENTS PER COPY 2 TEXAS BUSINESS REVIEW INDEXES OF BUSINESS ACTIVITY IN TEXAS AVERAGE MONTH OF 1930= 100% W [ l C "4 T COMPOSITE INQ[ll [M,LOYMCNT ----2S t'o Ol[IOHT CARLOA0Jt.l('.;S --- Z O .. l'AY R 0 L.L.S 2 S ~ CRUDE OIL lltUNS '"• Q[l"A"T MCMT S TOA. [ SALES- 10,.0 [l..CCTA.IC POW[R CON S VMl"TIO N- IS ,.0 e u r • • u of eus "" s s R • 1 t • r ch T h. v n I y. r SI,, o f T l • • s COMPOSITE INDEX OF BUSINESS ACT IV tTY IN TEXAS INDEX or MISCL rREI GHT·CARLOADI NGS·IN·SOUTH WESTERN· DI ST. 190 190 ~ 180 160 ;( 70 170 4 170 ll ~~~ ~~~ 160 160 11 ~~~ I\ 190 ~- I ~ 150 150 ~ ~ , I v \{J ~ 140 140 JFMAMJJ ~SON µ r~ A M~j 193~ 130 f; ~6 9 3 '~~ ~ 130 120 ~ 120 ~7 A 11 0 110 f1 ,J h. .... v 100 100 /\I... \ \ (\ 90 v ~@ 90 -..- lV... A 80 "'\ / 60 v \ ~~ -.r r V\ 70 70 ~ ¥ ,J .fN - 60 hr 60 \ r \J~ '"\I \/ r \. ''/ INDEX OF EMPLOYMENT ANO PAY ROLLS IN TEXAS INDEX or RUNS or CRUDE 01 L TO STILLS ·IN TEXA,b 190 I I 190 - [MPLOYM(NT ~ ~ ~ 180 160 • / - - - PAV ROLLS -;,; ~ ~ "" 170 4 I II" 170 11 11 ~y 160 ~ . n 160 !I ~ v ,. 150 'L I 150 . ~~~~ 140 OSON JfMAMJJ 140 JrMAMJJ " ...I ~8 1939~ ~ ~s~ 1939/ 130 ~ 130 120 ~~ 120 !), ~ 110 _!\. '\/ 11 0 v "' ~ .A ,.,.), 100 Ir 100 r\. ' pl ,,. 90 90 'I ·~ A~ /, v . ,~~· 80 ~ lrV \i "' "1 60 70 J I 70 I\- ,... l' f"" 60 Y.."" .... fv" 60 INDEX or . SALES . or · TEXAS DEPARTMENT STORES INDEX OF CONSUMPTION ·OF ELECTRIC POWER·lN TEXAS 124 .. 190 190 ,,t ~~ 160 160 1,1! ,(( , 13 170 ~·1 '~ 170 160 n , n 90 160 li 150 150 ~~~ 140 ~ I I f"MAMJJ 140 ~\3~ 1939~ / ;j.SON JrM 'j~~ 130 A 130 ~ ~6 19 ~ ~ .. I 120 ~ 120 A. " ~ j (\ rO§ 11 0 '"·' I 11 0 }\ 100 ' v~ A /\ I\ ?i 100 I-'\ ti\ '\ IV" ' \ ) "' 90 .. I '\\1 Irv' 90 II \ AW' ,ft 80 . - 60 I"'!'. rr'V YI ,., 70 I fir/ rw.,.. f...1'4\ '\ J fl 70 60 y 60 f.J YEARll929 1930 1931 1932 1933 1934 1935 1936 )937 1936 1939 YEAR 1929 1930 1931 1932193311934 1935 1936 193 7 1938 1939 TEXAS BUSINESS REVIEW 3 EMPLOYMENT AND PAY ROLLS IN TEXAS JULY, 1939 Contra-seasonal and greater-than-seasonal declines in several import ant industries. such as furnit ure ma nufacturi n(!. saw mills, cement manufacturing, petroleum refining, foundri es and machine shn ps .. and structural and orna ml'ntal irnn works. rernlt ed in a sharp drop in factory pay rolls from June to July. The p r ~en t un settled sit uation in the petroleum industry makes any predi ction as to pay roll trends in the immediate fu ture largely a matt er of speculation. Changes which occurred from June to July in nonmanufacturing industries ca nvassed, with the exception of co tt on compresses, followed closely the usual seasonal pattern. Estimated Percentage Change Estimated Percentage Change Number of from from Amount of from from Workers June July Weekly June July Employed 1939 1938 Pay Roll 1939 1938 M anu/acturing All Manufacturing Industries.. ------------------------- 127,090 0.5 + 3.5 $2,393,326 4.2 0.9 F ood Products Baking_______________________________________ _ 6,642 + 0.5 + 4.4 144,640 1.4 + 1.8 Beverages, Carbonated.. ________________________________________ _ 2,014 + 2.5 + 9.4 35,705 + 1.8 + 11.6 Confectionery____________________ __ ------------------ 429 3.7 -37.3 4,321 4.9 -52.6 Flour Milling _________________________________________________________________ . 1,651 + 4.6 - 0.2 37,112 + 1.9 - 3.8 Ice Cream _______________________________________ 543 + 1.4 - 2.4 10,585 5.5 - 5.7 -15.3 Meat Packing._ .. --------------------------------------­ 3,776 1.6 -10.2 102,657 0.2 Textiles Cotton Textile Mills -------------------------------------------- 3,617 0.9 + 3.5 54,783 3.7 +10.7 Men's Work Oothing_______________________________ _ 3,451 + 3.5 + 6.5 25,583 3.1 - 0.3 Forest Products Furniture________________ ______________________ 1,843 0.3 + 21.3 28,186 + 19.4 +19.4 Planing Mills.--------------------------------· 2,654 + 3.6 +25.1 37,830 + 2.9 10,619 3.8 +13.3 133,264 6.0 + 11.2 Saw Mills.. -------------------------------- + 2.6 + 11.3 Paper Products--------------------------------------------­ 332 + 0.2 + 10.9 4,603 Printing and Publishing Commercial Printing.______ ----------------- 2.035 + 6.5 2.8 54,238 + 5.0 + 6.0 Newspaper Publishing._ _________________________________ _ 4,134 1.4 + 1.1 115,909 3.9 + 1.2 Chemical Products Cotton Oil Mills_______________________________ _ 972 +18.0 -21.4 12,095 + 11.1 -25.2 - 653,301 5.8 - 4.7 Petroleum Refinin&----------------------­ 18,754 0.4 0.2 Stone and Clay Products 945 + 2.7 +15.7 13,749 2.1 + 13.8 Brick and Tile.------------------------- -10.0 9.7 24·,592 9.1 -12.0 CemenL-------------------------------------------- 1,527 Iron and Steel Products Foundries, Machine Shops ____________________________ 10,073 2.2 5.0 256,911 7.5 - 0.8 0.2 +34.8 30,103 5.9 +36.l Structural and Ornamental lroIL.----------------------------- 1,488 Employment Pay Rolla Employment Pay Rolla Percentage Change Percenta1e Chance P ercentage Change Percentage Change June 1939 July 1938 June 1939 July 1938 June 1939 July 1938 June 1939 July 1938 to to to to t o to to to July 1939 July 1939 July 1939 July 1939 July 1939 July 1939 July 1939 July 1939 Cities N onmanu/acturing - Abilene ----------- 0.6 + 14.3 + 1.9 +20.3 Crude Petroleum Production + LO - 3.1 + 0.1 4.6 -11.6 2.1 -18.3 0.7 -17.1 Amarillo ----------- + 1.3 Quarrying ---------------- + 0.2 -15.8 1.6 5.8 1.3 0.8 + 0.5 + 1.4 0.4 + 4.9 Austin ---------- Public Utilities -------- -- Beaumont ----- 2.4 + 0.9 8.9 t 4.4 + 7.2 4.5 + 3.1 1.4 + 2.8 Retail Trade ----------- - 1.2 Dallas -------------- + 0.7 + 5.3 Wholesale Trade ------- 2.1 t 0.5 0.6 + 1.0 0.2 5.4 +12.9 -152 + 5.9 -36.4 El Paso ------------ Cotton Compresses ----- Fort Worth ----------- 3.5 1.1 2.9 2.3 + 1.4 3.9 5.2 -11.2 -11.0 5.0 -15.4 Dyeing and Cleaning ----- 7.6 Galveston ------------ + 2.3 Hotels --------------- 1.9 4.5 0.9 + 1.3 + 1.5 0.3 + 2.2 + 0.5 0.9 0.5 + 3.9 Houston -------------- 2.2 Laundries --------------- Port Arthur ------ 1.1 + 1.2 5.9 4.5 + 5.0 2.4 + 8.4 San Antonio ----------- 4.6 + 1.4 herman -------- 1.3 + 4.3 2.0 + 11.9 1.3 + 4.2 Waco -- - ----------- - -13.6 Wichita Falls ------- 4.1 -17.9 5.5 2.5 - 0.3 STA TE ------------ 1.1 + 2.4 •Increase of leu than .05 of I per cent. tNo change. the Bureau of Busineu Research, coOperating ·with the United States Bureau of Labor Stathties. Prepared from reporu from representative Texas establishments to 4 TEXAS BUSINESS REVIEW AGRICULTURAL CASH INCOME IN TEXAS INDEXES OF BUSINESS ACTIVITY IN TEXAS July July June Cumulative lncome 1939 1938 1939 Jan.-July July June July Jnn.-July Employment .............................. 88.37 86.18 89.39 District 1939 1939 1938 1939 1938 (000 Omilted) Pay Rolls -·················· ····-···-·· 90.06 90.41 92.38 1-N ...... -··· 73.1 83.8 80.5 $ 20.229 $ 2.1,899 Miscellaneous Freight Carload· 1-S .............. 95 .7 146.2 131.4 9,606 12,137 ings ((Southwest District) .... 56.83 59.37 57.41 Crude Runs to Stills ........ ________ 193.38 2 ··········-···113.7 157.4 191.4 12,196 16,251 175.76 187.94* 3 ···- .......... 125.6 172.3 142'.8 11,680 12,303 Department Store Sales ····-·····124.22 100.81 105.86 4 .... ·-·······133.1 153.4 122.0 19,316 20,461 Electric Power Consumption .... 132.66 121.65 123.52* 5 ............ 88.5 80.4 98.6 5,828 6,225 Composite Index ····--··············- 97.96 93.14 95.71 * ............ 123.4 112.3 119.2 11,882 10,239 6 *R evised. 7 ·······-·······121.3 129.9 108.8 20,326 19,106 8 ...