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REVIEW
FEDERAL
Vol. 37, No.8

RES E R V E

BANK

DALLAS
August 1, 1952

DALLAS, TEXAS

SAN ANGELO
This is the fifth of a series of articles on leading cities of the Eleventh Federal
Reserve District. Articles on other cities will appear in the Monthly Business Review
from time to time. Additional copies of this article may be obtained by addressing a
request to:
Research Department
Federal Reserve Bank of Dallas
Dallas, Texas

•
•

San Angelo, the wool center of the Southwest, is located
on the northern edge of the Edwards Plateau and in the
southeastern portion of the Permian Basin. The Edwards
Plateau is the largest sheep and goat raising area in Texas,
while the Permian Basin is the greatest oil producing area
in the Nation. The city is situated at the confluence of the
orth, Middle, and South Concho Rivers, on an expanse of
level to g-ently rolling land.
These gentle topographic features of the land, together with
favorable flying conditions, were
instrumental in attracting the
large Army Air Force Base located on the southeastern en·
virons of the city.

finest residential area is found in the southwest portion of
the city. More modest dwellings are found in the north and
east sections of the city. The Latin American population,
which comprises about 15 percent of the total, for the most
part lives in the south section of town. While numerous
brick and stone houses are found in San Angelo, frame
houses predominate.
N

..A.-

San Angelo is the largest city
within a radius of almost 200
miles. Lubbock, the nearest larger city, is 185 miles to the northwest; Fort Worth is 220 miles
to the northeast; San Antonio is
215 miles to the southeast; and
El Paso is 400 miles to the west.
The atmosphere of San Angelo is distinctly western. Tengallon hats and cowboy boots are a common sight. The streets
are broad and buildings tend to be low. San Angelo has
many new structures, reflecting the rapid growth of the past
decade. Fine stores are particularly noticeable.

Being located in a semiarid
region, San Angelo has an unusually large number of bright
sunny days. The normal annual
rainfall amounts to a little less
than 22 inches. This relatively
dry climate has been responsible for attracting many people
for health reasons. The winters
are generally mild, and the summers are hot, although the low
relative humidity and the altitude tend to moderate the effects of the heat. San Angelo is
1,847 feet above sea level. The
average temperature in January
is about 46 degrees and in July
is almost 84 degrees.

San Angelo, like so many other cities in the Southwest, has been experiencing a water
problem. Both last summer and again early this year the city
was forced to restrict the use of water as the supply in Lake
Nasworthy, at present the city's only source of water, was
The city has spread in all directions from its original reduced to a dangerously low level. These water restrictions
nucleus on the north bank of the North Concho River. The are still in effect.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

•

106

MONTHLY BUSINESS REVIEW

The water problem of San Angelo has been caused principally by two factors: (1) the rapid growth of the population, with a corresponding increase in water consumption,
and (2) a severe drought. The drought in 1951, when rainfall was only 55 percent of normal, was a culmination of a
10-year period in which subnormal rainfall prevailed in every
year but one, 1949.
While San Angelo has been confronted with an immediate
water problem, paradoxically, from a longer range standpoint, the city is in a much more favorable position with
respect to meeting its water needs than most other cities in
west Texas. A large dam, the San Angelo Dam and Reservoir,
was begun by the Army Corps of Engineers in 1947 on the
North Concho River to the northwest of the city and was
completed last year, with the gates being closed this past February. This dam has been designed to provide a conservation
pool of 80,400 acre feet, which may be used for municipal
as well as irrigation purposes. The use of this water is controlled by the Upper Colorado lliver Authority. Of course,
rains will be necessar y to fill this conservation pool, but
when the pool has been developed, it will constitute a potential water supply over seven times the capacity of the present
source, Lake Nasworthy. In addition, the city and the Upper
Colorado River Authority are working joi ntly on a program
to complete the development of the entire Concho watershed.

standing and others are being restoTcd. The former officers'
headquarters now house the Fort Concho Museum. Some of •
the officers' quarters have been converted into private resi- •
dences, while a few of the buildings which had formerly been
barracks are now being used as warehouses by private firms.
The population of San Angelo maintained a steady growth
during the first four decades of its existence, although the
earliest official Census data are for the end of that period,
1910, when the population of the city was shown to be 10,321.
During the ensuing four decades, the city's population appeared to grow in spurts, showing little change from 1910
to 1920 and from 1930 to 1940 and very sharp increases in
the decades of the 1920's and the 1940's. The 1950 Census
revealed that San Angelo had passed the 50,000 mark. In this
most recent 10-year period, when southwestern cities were
mushrooming, tllis city experienced a faster rate of growth
than any other of the larger cities in Texas, except Odessa
and Lubbock.

POPULATION, SAN ANGELO
TN " " . " . ,
go

>EO'"

Lake Nasworthy, built in 1929 and enlarged in 1948, now
has a capacity of about 11,000 acre feet. This lake receives
its water from four sources-the South Concho and Middle
Concho Rivers and Spring and Dove Creeks. While the water
in the Middle Concho River is obtained entirely from runoH,
the three other streams are spring fed.
San Angelo is served by three national highways that pass
through the city-Highways 67, 87, and 277-as well as by
several state highways. These highways form the basis for
the trucking services which are very important in meeting
the tran sportation needs of the city. While no major trunkline railroad passes through San Angelo, two subsidiaries of
the Atcheson, Topeka, and Santa Fe Railroad-the Panhandle and Santa Fe and Gulf Railroad and the Gulf, Colo·
rado, and Santa Fe Railroad-serve the city. In addition,
three commercial airlines-Continental, Pioneer, and TransTexas- maintain fli ghts in and out of San Angelo.
San Angelo owes its origin to the establishment in 1868
of a military post, Fort Concho, for protection against In·
dians. Simultaneous with the construction of the Fort between
the forks of the Middle and North Concho Rivers, a settlement which form ed the beginning of San Angelo developed
across the river on the North Concho. The town was laid out
originally by a merchant, Bart 1. DeWitt, who named it
Santa Angela in honor of his sister·in-law, a Catholic nun;
the uame was later changed to San Angelo. In 1882 San
Angelo became the county seat of Tom Green County after
a Aood had washed away the existing county seat, Ben Ficklin, located a few miles sou th of San Angelo. San Angelo was
incorporated in 1903.
Fort Concho now represents a tourist attraction. Although
it was aband'oned in 1889, many of the buildings are still

SOURCE;

u.s. lI~ruw

., 1ft, CtftIU • .

Economic Development

The rapid population growth of San Angelo during the
past 10 to 12 years has had its counterpart in the sharp economic growth of the city. In fact, the economic growth and
development have been the fundamental forces behind the
population growth. The succeeding paragraphs will be devoted to a discussion of some of the more important aspects
of the economic growth of San Angelo and the reasons for
thi s growth.
Personal Income

Perhaps one of the best comprehensive measures of the
economic development of a city or area is the inhabitants'
income. The aggregate income of the population of a city
renccts the composite develop men t of all the economic activi- •
ties by which the people make their living-industry, trade,
services, government employment, and other activities. Personal income of the San Angelo metropolitan area, which in
this study is considered as comprising Tom Green County,

107

MONTHLY BUSINESS REVIEW

PERSONAL INCOME
S an Anlll l0 Me tropoli tan Area
MI LLI ONS 0 ' DOLlA'"

MI LL IONS Of DOL L

10 0

"..,.

I0 0

'40

'4'

:....-

,,/

i-"

1939

....

'42

in 1951 was almost five times as high as in the prewar year
1939. This tremendou s increase reflects, in part, the substan·
tial price inflation which occurred during the period. Never·
theless, if the influence of monetary inflation is eliminated
and San Angelo's 1951 personal income is stated in terms
of 1939 dollars, personal income last year was still over two
and one·half times as high as in 1939.

spending may have been a dominant factor in the increase
in the income of the city 's inhabitants. An examination of the
sources of the personal income of San Angelo, as well as the
increases in income by major source, tends to confirm the
influence of government, as well as the relative importance
of other factors in the growth of the income of the city's
population.
Two sources of income-trade and service industries and
government- overshadowed all others in the San Angelo met·
ropolitan area in 1951. Payrolls and proprietary income of
retail and wholesale establishments, business and personal
services, hotels, tourist courts, amusement places, medical,
legal, and other service industries supplied over 30 percent
of the city's personal income, Meanwhile, almost 23 percent
of the income came from government in the form of payrolls
of civilian and military personnel of the Goodfellow Air
Base ; payrolls of other federal, state, county, and city gov·
ernment activities, including public schools; as well as old·
age insurance, public assistance, veterans, and other govern·
ment payments.

PERCENT INCREASE IN PERSONAL INCOME,
BY MAJOR SOURCE
Son Ang l lo Metropoliton Area
1939 -1 951

100 200 300 400 SOO 600 700 800 900

MINING

•
Personal income in the San Angelo metropolitan area rose
. very rapidly during World War II. In the first postwar year
it declined moderately, but then resumed its upward trend,
although at a slower pace than during the war years. In the
past two calendar years, p articularly since the defense pro·
gram was initiated, the rate of increase in San Angelo's
personal income has become substantially larger.
The fact that the largest increases in San Angelo's income
during the past 12 years have occurred during the war years
and during the defense period suggests that government

PERSONAL I NCOME. BY MAJOR SOURCE
Son Angela Metropolitan ArlO

CONSTRUCTION
MANUFACTURING
GOVERNMENT
ALL SOURCES - TOTAL.
TRAOE and SERVICES
TRANSPORTATI ON,UTIL.I TI ES
PROPERTY INCOME

.:.:.:.: .:.:.:.:

.....

AGRICUL.TURE
OTHER

Agriculture ranked third as a direct source of income, with
proprietary income and wages from farm enterprises amount·
ing to almost 11 percent of the total income of the inhabi·
tants of the San Angelo metropolitan area. The remaining
36 percent of the income was widely distributed among a
number of sources, including manufacturing, construction,
transportation, communication and utilities, oil production,
finance, and dividends, interest, rents, and royalties from
property.
During the peri od 1939 to 1951, income from government
and trade and service industri es- the most important sources
of San Angelo's income- increased markedly, rising 585 per·
cent and 366 percent, respectively, The increases of these two
lead ing sources constituted about 45 percent of the total in·
crease in income of the city's population during this period.
Nevertheless, some of Lhe other sources of income which are
of considerably less importance to the city's economy experien ced a larger rate of growth. Income from mining, largely
fr om oil production (excluding rents, bonuses, and royalties

MONTHLY BUSINESS REVIEW

108

from oil property), showed the largest relative gain of any
source of income, increasing 856 percent from 1939 to 1951.
Income from the construction industry rOse 677 percent and
from manufacturing (manufacturing payrolls, together with
profits from unincorporated manufacturing enterprises) increased 651 percent.
Government Activities

The' expansion in government activities has been the most
powerful single factor in the growth of San Angelo during
the past decade. Goodfellow Air Force Base furnishes more
employment than any other organization in the city. Con·
struction on this Base began in 1940, and by early 1941 the
Base was in operation. This Air Force Base, together with
the San Angelo Army Air Field, a wartime bombardiers'
school, was largely instrumental in producing the extremely
rapid increase in personal income in San Angelo during the
war years. When the bombardiers' school was closed and
Goodfellow Air Force Base inactivated after the war, personal
income in San Angelo declined moderately, but fortunately,
an increase in other activities partially oHset the loss from
these air force facilities. Goodfellow Air Force Base was reactivated at the end of 1947, and the enlargement of its activities with the outbreak of Korean hostilities has contributed
importantly to the marked rise in San Angelo's personal in·
come during the past 2 years.
While Goodfellow Air Force Base overshadows all other
government activities in the area, two other government projects should be mentioned-the San Angelo College, supported in part by a county-wide ad valorem tax, and the state
tuberculosis hospital north of the city. These institutions
bring visitors and, consequently, trade to the city, as well as
employment and income to some of its inhabitants.
Trade and Service Indus.rles

People employed in trade and service industries in April
this year comprised three out of every five nonagricultural
workers in the San Angelo metropolitan area, and the income derived by individuals from this source in 1951 ex-

RETAIL SALES, SAN ANGELO
a.l llliOHS 0 ' DOLLAft $

IoI ILUONS OJ" DO LL AR S

•

Ins

,.,-V
'40

'4 '

,/' ~

~
60

.,...

0
49

:)0

ceeded $25,000,000. Although trade and service industries
are of maj or importance to most cities, they take on particu- •
lar importance in San Angelo. A significant portion of the ~
business of San Angelo's trade and service establishments
is derived from people living outside the city in a rather extensive trade area, and the business obtained from this trade
area has been a primary factor in the growth in employment
and income of the city. Of course, a major proportion of the
trade and services of the city's establishments has represented
merely the effects of the growth in demand which has accompanied the expansion in other activities and industries in the
city.
A relatively high volume of retail sales in relation to the
city's population provides evidence of the importance of retaillrade to San Angelo. In the Census of Bz/.Siness year 1948,
San Angelo ranked higher than all but four of the larger
Texas cities in per capita retail sales. The types of retail
trade in which San Angelo made the strongest showing were
automobile dealers; general merchandise, including department stores; furniture and appliance stores; and lumber,
building, and hardware establishments.
Trade drawn from outside the city has been an important
factor in the relatively high volume of San Angelo's retail
sales in relation to its population. Although the city's trade
territory does not extend very far to the east and north, customers from the oil and ranching country to the west and
south sometimes come distances of more than 200 miles. This ..
trade territory, while thinly populated, has been a prosperous .
area due to oil activity and favorable agricultural prices_
Total retail sales of San Angelo in 1951 are estimated to
have exceeded $70,000,000, representing an increase of 357
percent over the prewar year 1939. The growth of San Angelo's population and the increase in prices account for a
large portion of this increase in retail sales, but part of the
sales increase has been due to a larger volume of sales derived from outlying areas.
San Angelo's chief claim to being a wholesaling center
arises from its position as the Nation's largest inland wool
market. From 20 to 25 percent of the wool produced in Texas
usually is marketed through the warehouses in San Angelo_
The city has seven wool warehouses. A maj ority of the resident buyers in Texas of Eastern wool dealers make San Angelo their headquarters during the spring and fall marketing
seasons, and many of these buyers maintain homes in San
Angelo.

The area served by San Angelo as a wool market is shown
on an accompanyiog map. This area covers the greater part
of the principal wool producing region of the Eleventh Federal Reserve District. Of course, many other cities and towns
in the region have wool warehouses which handle substantial.
quantities of the wool produced in the area, particularly i~
that section to the southeast of San An gelo, Competition from
other cities is considerably less to the west of San Angelo,
with the city's warehouses drawing wool from a very wide
area.

109

MONTHLY BUSINESS REVIEW

THE SAN ANGELO WOOL MARKET AREA

.--"--,

l..

j/
/'
··,--..-1 . t " ~:~/_.1

•

•
••

Area served by San Angelo as wool market.
Boundary of principal wool producing area .

•

Other important or secondary markets.
Based on informatIon obtained from
San Anoelo wool warehousemen,

The warehouse wool marketing system used in San Angelo
and other Texas cities is peculiar to this section of the coun·
try. The wool warehouse ofIers the grower complete faeili·
ties for handling wool from the time it leaves the ranch
until it is sold, shipped, and paid for. When sheep raisers
bring their bags of wool to the warehouse, each bag is
weighed, tagged for identification, and then is generally en·
trusted to the warehouse operator for safekeeping. Sometimes
all or certain lots of the wool placed in the warehouse are
offered for sale on a sealed·bid basis. Eastern buyers are
shown samples of the wool prior to the bidding. The bids are
examined by the warehouse officials, who may either accept
or reject them. The wool warehouse system provides a means
of concentrating for sale anCi shipment the relatively small
quantities of wool of the individual growers and makes it
readily available for inspection to prospective buyers.
Agriculture

•

The wool marketing industry of San Angelo suggests that
agriculture is one of the major supports to the economy of
the city. Although cotton and grain crops are raised in the
city's trade territory, this area is largely devoted to ranching.
Sheep, wool, and beef cattle are the area's principal agricul.
lural products. Agricultural production in the area has tend·
ed to decline during the past decade, due in part to a sue·
cession of years of subnormal rainfall. The drought last year
caused a substantial liquidation of livestock. Despite this de·
cline in production, agricultural income has risen substan·
tially as a result of the marked rise in agricu ltural prices. For

instance, Texas Crop Reporting District 7, in which San
Angelo is located, showed an increase in cash receipts from
farm marketings of about 234 percent from 1940 to 1951.
In the latter year, cash receipts from farm marketings in Tom
Green County were around $14,000,000.
Oil

Although San Angelo has been only On the fringe of the
major oil producing areas of the Permian Basin, oil has been
a significant factor in the city's growth. The first major oil
field in the Permian Basin was discovered in 1923 at Big
Lake, 70 miles west of San Angelo. At one time a number of
oil companies had their headquarters in San Angelo for ac·
tivities in the Permian Basin, but later these headquarters
were moved nearer the center of the oil activity. The Texas
Railroad Commission today maintains its office for District 7c
in San Angelo, and the city is the home of a number of inde·
pendent oil operators.
During the past 10 years oil activhy in Tom Green County,
as well as in counties close to San Angelo----Coke, Crockett,
Runnels, and Schleicher- has increased greatly. Total pro·
duction in Railroad Commission District 7c in 1951 was
almost five times as large as in 1939.
This increase in oil activity in the general vicinity of San
Angelo has brought with it an increase in the number of oil
well supply houses and oil field servicing organizations in the
city. In addition, the number of drilling crews residing in

MONTHLY BUSINESS REVIEW

110

CRUDE PETROLEUM
PRODUCTION
TEXAS RAILROAD COMMISSION DISTRICT
1939-1951

7~C

'f
PECOS

OIL FIELDS
SOURCE: Complied from Annual
RIl>Qrt. of the Comptroller
of Public Account! of th4
State of Tuo',1939-51.

San Angelo has increased. Furthermore, a substantial amount
of bonuses and rents from oil leases, as well as oil royalties,
has flowed into San Angelo to ranch owners who have estab·
lished homes in the city. Nevertheless, the increase in the city's
retail sales stemming from workers in the near·by oil fields
probably has had fully as important an influence on San
Angelo as the oil money which has been received directly by
the city's inhabitants.
Manufacturing

San Angelo is not an important manufacturing city; fac·
tory employment now accounts for less than 10 percent of
the total nonagricultural employment of the metropolitan
area. Nevertheless, manufacturing employment in the San
Angelo metropolitan area has increased substantially and in
April 1952 was almost three times as high as in April 1940
and was 55 percent larger than in April 1946.
The city's manufacturing is quite diverse, with no single
industry dominating. The largest number of firms is in the
food industry, which accounts for approximately 25 percent
of total manufacturing employment. The major portion of
the manufacturing plants are engaged in producing largely

for the needs of the population of the city and its surround·
ing area. Only a few ship a substantial quantity of their prod.
ucts outside the west Texas area. Most of the manufacturing
plants are small, with the overwhelming proportion employ.
ing less than 25 persons and only a few employing more
than 100.

MANUFACTURING EMPLOYMENT
Son Anulo Metropolitan Ario

1.5001--------- - - -

1. OO"r---------------

•

MONTHLY BUSINESS REVIEW

BUILDING PERMITS. SAN ANGELO

,2 ,

MIL IONS OF 0 oL LARS

•
•

~i"-..
."0 .41 .42

1~?l9
SO~HICE '

DOLLAR

I.IILLIOr<lSO~

/
/
\1

...:.:..,rt

'50

0
'51

Bui lding P"",U Dtporl"""l.
Th Clly 01 SClft Allgllo.

Construction

The rapid growth of the city's population during the war
years resulted in an accumulation of need for residential and
other facilities, as construction was kept at a minimum during the war. Since V·J Day, construction activity in San
Angelo has been at a very high level in order to meet the
war-deferred demand, as well as to meet the needs arising
from the continued increase in the city's population. A mao
jor expansion in school facilities has been accomplished in
the past 6 years. In addition to the construction needs of
the city proper, the building of the San Angelo Dam and
Reservoir intensified construction activity in this postwar
period. The peak in building was reached in 1950; but 1951,
although down noticeably from 1950, still was substantially
larger than any other year on record. The value of building
permits issued by tbe city in 1951, $8,864,000, was more than
nineteen times as large as in the prewar year 1939.
Banking

•

BANK DEPOSITS. SAN ANGELO

MILLIONS OF DOLL A

ILLIONS Of DOLLARS

"7 0

a
0

0
0
1939

V-

J..-V
40

30
20

,o
42

SOIJRCE ' Rand MeNa lly Bankll' alr.tlOr,

Cultural and Civic Activities

'so

In a study devoted primarily to the economic development
of a city, it is easy to overlook those cultural and civic activities which may not comprise a significant source of income
but which indirectly contribute to the economic well· being of
the city by making it a better place in which to live. Perhaps
one of the strongest influences in the cultural life of the city
is San Angelo College. San Angelo College, established in
1928, is a junior college ;;iving tbe student fully accredited
freshman and sophomore college work in such fields as agriculture, business administration, and arts and science. The
college holds full membership in the Southern Association of
Colleges and Secondary Schools. In the postwar period the
college was moved from a downtown location to a 60'acre
campus with newly constructed modern buildings in the southwest section of the city.
In addilion to the regular curriculum, the college conducts
an adult education program through which the people of
San Angelo are offered the opportunity of taking courses in
life insurance, speech, geology, income tax, bookkeeping, and
other subjects. No college credit is given for these courses.
On the other hand, college credit is given for night courses
offered at the college in subjects such as Spanish, accounting,
business law, shorthand, and typing. Moreover, the college
cooperates with Goodfellow Air Force Base in providing
night courses for military personnel at the Base. Another
activity of the college is the basic preparatory program for
veterans who did not finish grade school.

The three banks of San Angelo- The Central National
Bank, First National Bank, and San Angelo National Bankhave participated actively in the growth of the city, as indicated by the sharp increase in their deposits and resources
during the past 12 years. Total deposits of these banks on
December 31, 1951, were 502 percent higher than on the
same date in 1939, and total resources showed a 423-percent
increase for this period, with loans and discounts more than
tripling .

.43

\'
•

111

'51

The college and other groups sponsor fine arts programs
in which outstanding artists are brought to San Angelo. Programs by local musicians also are presented from time to
time. In 1949 a symphony orchestra was established in San
Angelo, and recently the San Angelo Civic Theater was organized, giving five plays during the 1951-52 season. A local
art association endeavors to promote regional artists and invites national art shows to the area. In connection with the
cultural activities of the city, it should be mentioned that
San Angelo has a large mnnicipal auditorium which seats
1,860.

MONTHLY BUSINESS REVIEW

112

Although not falling within the category of a cultural activity, the annual San Angelo Fat Stock Show and' Rodeo is
one of the major shows of its kind in Texas, attracting visitors from a large area. In keeping with its i mportant wool
industry, San Angelo has a number of sheep shows each
year. The city is the headquarters of the Texas Sheep and
Goat Raisers' Association, and the American Rambouillet
Sheep Breeders' Association maintains its offices here.

The rise in agricultural income in the area, as was noted
before, has been due entirely to the increase in agricultural •
prices; production has actually declined since 1940. The de- ...
cline in production has been largely due to the subnormal
rainfall which the area has received in most years during the
past decade. If rainfall in coming years were to approach
more closely the long-term average, agricultural production
would undoubtedly increase, but it would take a substantial
period of time for the ranges to recover. Brush at the present
time has taken over thousands of acres of range land.

Summary and Outlook

San Angelo has had one of the fastest rates of growth of
any of the larger Texas cities since 1940. The most prominent
aspects of the city's economic development during this period
have been in government and trade and service activities,
although practically all the city's industries have experienced'
marked expansion.
The basic factors in the growth of San Angelo have been
the increase in government activities, the expansion in oil
development, and the rise in agricultural income in the area.
The establishment of Goodfellow Air Force Base has overshadowed all other factors. While manufacturing activity is
of relatively small importance, it has contributed to the city's
economic development.
The outlook for San Angelo is perhaps more obscure than
for many other southwestern cities. Government activity,
which has played such a dominant role in the growth of San
Angelo, is difficult to predict, certainly, for any particular
area. In view of the unsettled condition of international af·
fairs, it appears likely that our military forces will not be
reduced noticeably within the next several years, and there
is apparently no justification for assuming that activities at
Goodfellow Air Force Base will be curtailed. The Base was
designated as a permanent installation in 1950. Moreover,
recently Congress appropriated almost $4,000,000 for the
erection of additional permanent structures on the Base and
for the acquisition of more land for expansion purposes. Despite these developments, it is unlikely that any expansion in
military activities in the area will be comparable to that
which furnished' the major impetus to the growth of the city
during World War II.
The marked increase in oil activity in the area during the
past 5 years shows no signs of tapering off. While that portion of the Permian Basin in the area surrounding San An·
gelo has not produced major oil fields such as have been dis·
covered in some other parts of the Basin, nevertheless, a number of important fields have been found. Moreover, oil in
the area has been found at shallower depths than many of the
other sections of the Basin, and accordingly, the cost of driLling has tended to be less. Oil drilling and production appear
likely to be maintained or increased during the next several
years.

The course of oil and agriculture will partly determine
trends in trade and service industries in the City of San
Angelo. In addition, developments which extend or contract
the trade territory of the city may also influence trends in
these trade and service industries. New highways are being
built in the area and new stores opened in cities competing
with San Angelo for trade. The success of the city in maintaining or increasing its trade territory will be partially determined' by the aggressiveness of its merchants.
The expansion in manufacturing in San Angelo has been,
in large part, in response to needs of the area. The fortunes
of the firms producing for the local market are, of course,
closely tied to trends in that market. On the other hand, probably more important from a growth standpoint for the city
are firms producing for more distant markets. While San
Angelo has acquired a number of manufacturing plants producing for other than the local market, distances from the •
more populated areas of the country, lack of an abundant .
water supply, and a relatively small labor force are among
the factors which have tended to prevent west Texas ci ties
from attracting industries distributing over wide areas. Once
the conservation pool at the San Angelo Dam and Reservoir
has been established, San Angelo may be in a more favorable
position with respect to water than many other west Texas
cities. It is probable that San Angelo will experience further
expansion in its manufacturing industries, but it does not
appear likely that the city will become an important manuf acturing center.
The San Angelo Dam and Reservoir may give some stimulus to the growth of the city. Not only will the dam furnish
an additional water supply, but it will also provide a recreat ion area which may aUract tourists and sportsmen whose
spending may help San Angelo merchants. Furthermore, water from this dam may also permit an expansion of irrigation
farming in the area.
Considering the factors which have been responsible for
the very rapid growth of San Angelo and those factors which
are likely to playa part in the coming years, it would appear
that the growth of San Angelo in the next 10 years will be favorable, but considerably slower than in the previous 10.

•

MONTHLY BUSINESS REVIEW

113

REVIEW OF BUSINESS, INDUSTRIAL, AGRICULTURAL, AND FINANCIAL CONDITIONS
Department store sales in the Eleventh
Federal Reserve District in June were
~
the highest for any June on record; this
was the third consecutive month to establish such a record. Total sales in the first 6 months of
1952 were 5 percent higher than for the same period last
year. Sales in the first 3 weeks of July were 12 percent over
a year ago. Department store inventories on June 30 were 11
percent below a year earlier and were at the lowest level
since the end of last January; orders outstanding were 36
percent higher than at the same time last year. After declining from January to April, instalment credit at department
stores rose 7 percent in May and 8 percent in June to about
the sa me level as a year earlier; coll ection periods have
lengthened since
recent relaxation of credit terms.

•
•

Daily average crude oil production in the District in July
was lower than in any of the previous 17 months except
May, as the fourth successive reduction in Texas allowables
held production down in an effort to work off heavy crude
stocks accumulated during the oil strike. A substantial increase in Texas allowables for August, however, foreshadows a rise in production. Refinery acti vity in the Nation
reached record levels, but drilling activity was noti ceably
curtailed by shortages of tubular goods arising from the
steel strike. The value of construction contracts awarded in
the Eleventh District in the first half of 1952 was 9 percent
below the same period last year, compared with a decline of
12 percent for the United States.
The five states of the District this year are growing 5 percent more acres of crops than the acreage harvested in 1951,
but the total is 5 percent smaller than the average of
1941-50. Yields per acre presently appear good, and most
crops are expected to show production gaills ill 1952. Cotton
acreage in the District this year is off 9 percent, compared
with a decline of 7 percent in the United States. Range and
pasture feed supplies in the District were reduced further
by dry, hot weather in July, although rains past midmOllth
were helpful in many sections. Farm commodity prices in
the District generally are holding relatively steady; at mid1952 they averaged near the same level as a year earlier.
Loans, investments, and deposits of the weekly reporting
member banks in larger cities of the District showed increases during the 5 weeks ended Jul y 23. Loans outstanding at these banks rose $25,000,000; investment holdings
were up about $120,000,000; and total deposits were ap·
proximately $49,000,000 larger. Gross demand deposits of
all member banks in the District in June were about 1 per·
cent above the total for May and 10 percent above June 1951.

sales fell 14 percent below those of May but were 12 percent above those of June 1951. As a consequence of the
high level of sales during the second quarter, the cumulative
total for the first 6 months of this year was 5 percent higher
than for the same period last year. Sales in the 3 weeks
ended July 19 showed a gain of 12 percent over the comparable period in July 1951, although they were seasonally
lower by 13 percent from the first 3 weeks of June.
Sales during June in most major departmental groups
registered from moderate to substantial increases over a
year ago. Special sales of women's and misses' coats and
suits, which offered attractive price adjustments, resulted in
a 17-percent increase over June 1951 in the sales of those
items. Sales of summer goods in the accessories and apparel
groups showed increases of 11 percent for women's and
misses' dresses; 15 percent for blouses, skirts, and sportswear; and 21 percent for girls' wear. Sales of men's clothing, compared with a year ago, showed an increase of 4 percent. Major household appliances and television sets continued in strong demand during June, showing increases
over year-ago figures of 121 percent and 329 percent, respectively. Basement store sales were 9 percent over last
year, showing strongest gains in homefurnishings, women's
and misses' ready-to-wear and piece goods. The principal
declines in the main store, exclusive of the basement, were
in domestic floor coverings, down 24 percent; piece goods,
8 percent; and hou sehold textiles, 10 percent. Sales of furniture and bedding were down 1 percent.
The retail value of department store inventories at the end
of June was 11 percent below the value of those held on the
same date last year and was at the lowest dollar· value level
since tbe end of January of this year. Tnventori cs of furniture and bedding on June 30 were 28 percent lower than
a year earlier, and inventories of major household appli-

RETAlt TRADE STATISTICS
IPereentage change)

•

1952 from

mo. 19S2
compo with

6
J~.

line of trade by area

DEPARTMENT STORES
Total Eleventh District •... . .•..
CorplI! Ctvisfi ...... .........

Oollos .... .... .. ....•... ,'.
EI Paso .• •.•••....•....••..
fort Worth ............•....
Houston .•••..•....•...•.•. .
~n Antonio .••....•....•...

Shreveport, la ... . .. . .... .. . .
Waco . .... " .. "'.,'" ....
Other cities •. ........ ... ....

Department store sales in the Eleventh
District in June were the highest for any
June on record, although down seasonally from May. This was the third consecutive month to establish such a monthly record for
dollar value of department store sales in this District. With
two less business days than in the previous month, June

STOCKSI

NET SALES
J~e

FURNITURE STORES
Totol Beventh District .........
Ausm .....................
001105 ... . ..... ..... . . . . . . .
HOulton ...........•........
Port Arthur .......... .. .....
San Antonio . ...............
Shreveport, Lo ...............
Wichita Falls .. .•. ..•.. . .... .

HOUSEHOLD APPLIANCE STORES
Total Eleventh District ••... ....
001105 • . . . . . . . • . . . . . • . . . . . .
1 Stocks at end of month.

1951

May

19S2

12
18
11
7
S
IS
19
4
IS
6

-14
-8
-18
-7
-16
-13
-12
-25
-21
-7

31
47
43
29
61
29
3.
24

-12
-13
-17
-17
30
-IS
-5
-2

-7
-12

6mo.1951

5
19
1

•2

9
7
10
20
-1

June 1952 from
J~.

19S1
-11
-8
-9
-18
-8
-11

May

1952

-18
-9
-9

-8
-6
-7
-9
-6
-9
-11
-21
-11
-7

-19
-4
-36

-S
-7
-1

-3S

-11

-24
-11

-8
3

-14

114

MONTHLY BUSINESS REVIEW

ances and television sets were lower by 48 and 17 percent,
respectively. Stocks of furniture and bedding on hand at the
end of the month were equivalent to approximately 5
months' sales at the June level. Stocks of air conditioning
units, mechanical refrigerators, and television sets were
equal to less than 2 months' supply at the same level of
demand. Those ratios were substantially lower than for June
1951 and were more nearly comparable with the level of
June 30, 1950, before the heavy build-up of inventories
following Korea.

percent but show an increase of 31 percent above June 1951.
The retail value of end-of·month inventories was 19 percent ill
below that held on the same date last year. Total accounts ..
receivable rose 4 percent above Maiand were at a level 14
percent higher than a year earlier. Total dollar collections
at reporting furniture stores were 3 percent under those of
June 1951.
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
(I 9.47-49

Total stocks of all types of department store merchandise
at the end of June were 2.6 times June sales, compared with
June ratios of 3.2 for 1951 and 2.6 for 1950. Although the
rate of inventory depletion has been particularly rapid in
certain items of consumer goods requiring the use of steel
for their manufacture, it is reported that suppliers are still
able to supply current needs.
Merchandise on order by department stores in the District
at the end of June reflected the anticipation of a continued
strong consumer demand in the fall and winter seasons.
Orders outstanding were 36 percent higher than On the same
date last year.

WHOLESALE TRADE STATISTICS
Eleventh Federal Reserve District
(Percentage change)

NET SALES p

STOCKSl p

Jone 1952 from
LIne of trade
Automotive supplies • •..•..••
Drugs and sundries ..........

Dry goods ............. . ...

June

Moy

June

6 mo. 1952
compo with
6 mo. 1951

1952

from

June

Moy

1951

1952

50
13
-37

8
-7
-2

1951

1952

- 2
1
2

12
-4
-8

-9

3
8
14

-2
-5
-3

6
-10
10

-4
-10
163

-5
-3
115

-21
29
-2
-9

26
5
-3
-16

5
4

53
8
-1
-19

S
-1
5
-12

-1

-2

-3

Grocery (voluntary-group and

full-line wholesale rs not sponsoring groups) ••.• ..• •• •. •

Hardware ••...............
Industrial supplies .. . . .......
Machinery equipment and sup-

pile' except electrical .... .
M.tals . . •...... ... .. .. ....
Tobac:co produc:ts ... .. .. ... .
Wines and liquors .. .. .. .. . .
Wiring supplies, c:onstructlon
materials distributors ......

1 Stoc:ks at end of month.
p-Preliminary.
SOURCEz Unitlld States Bureau of th o Census.

Instalment credit at department stores, which declined
steadily from January through April, rose 7 percent in May
and 8 percent in June to a level virtually the same as at the
end of June 1951. Charge account receivables at the end of
June were 5 percent below a month earlier and were at the
lowest level for this year, but remained 5 percent higher
than a year ago. Although the full effects will not be in
evidence for several months, collections during June had
already hegun to show the influence of the recent relaxation
of credit terms. The average collection time for instalment
accounts lengthened from 11 to 12 months, while the payout
period for charge accounts increased from 63 da ys to 67
days.
Furniture store sales reported for the District during
June indicate a month-to-month decline of approximately 12

100)

UNADJUSTED

J008
Area
SALES-Daily average
Eleventh District ...........
Dallas . . , .• _ ........ ... . .
Houston . .... . .... . .. .. .. .
STOCKS-End of month
Eleventh Dilfria .... . ... ...

ADJUSTEDl

1952

Moy
1952

April
1952

Joo.
1951

1952 1952 1952 1951

116
103
13 2

125
116
141

114
106
126

100
90
110

132
128
145

lHp

125

129

128

123p

June

Moy

April

Juno

128
120
142

114
109
128

111
121

124

122

138

113r

1 Adiusted for se050nol vorlotion.
r- Revised.
p-Preliminary.

The total acreage of 13 major field
crops in the five states of thc Eleventh
District thi s year is about 5 percent
greater than the acreage harvested in
1951 but 5 percent below the average acreage harvested in
the previous 10 years. With normal acreage abandonment,
usually resulting from unfavorable weather or insects, the
total acreage of crops harvested this year may be only ...
sli ghtly above that of 1951. Tbe crops sho wi ng sib'Ilificant ..
increases in acreage in the District are wheat, oats, hay,
flaxseed, and sweet potatoes. Declines are reported for cot·
ton, corn, rice, and peanuts.

On the basis of production estimates currently available
(no official forecast has been made of the cotton crop)' crop
production in the District in 1952 is expected to exceed
slightly the volume of output last year. Crops showing production increases include wheat, oats, barley, rice, hay,
flaxseed, and sweet potatoes, while smaller crops of corn and
Irish potatoes are in prospect. Meanwhile, the drought
conditions which returned to man y parts of the District in
late June became more severe durin g the first balf of July.
Widely scattered showers around mid-July greatly benefited
growing crops, but more rain is needed to assure high yields
per acre.
The acreage of cotton in cultivation in the five states of
the Eleventh District has been estimated by the United
States Department of Agriculture at 14,325,000 acres, com·
pared with 15,793,000 acres last year. Smaller acreages are
reported for Louisiana, Oklahoma, Texas, and New Mexico;
the Arizona acreage is up 22 percent. Texas farm ers have
11,235,000 acres in cultivation, or about 9 percent less than
in 1951. The northern High Plains, the Trans-Pecos area,
and some upper coastal and east central sections of the
State have more acres in cotton this yea r, but other sections .
of the State report moderate to sharp declines. More than
half of the decline in the State's cotton acreage this year
occurred in the drou ght-stricken southern Hi gh and Low
Rolling Plains and in the Lower Rio Grande Valley.

MONTHLY BUSINESS REVIEW

II.
•

The United States cotton acreage is estimated at 26,.
051,000 acres - a reduction of 7 percent from last year.
About 80 percent of this reduction occurred in Texas and
Oklahoma; most other states show increases or only minor
reductions. The Nation's cotton crop generally is in good
condition and is making satisfactory progress except in
Texas and Oklahoma, where drought conditions have caused
loss of acreage and lower prospective yields.

115

The larger production of wheat in the District thi s year
reflects a 50-percent increase in harvested acreage and a
sharp rise in yields per harvested acre.
CROP ACREAGE

Texas and Five Southwestern States
lin thousands of acres}
Fi'l'e southwestern statest

Texas

PLANTED COTTON ACREAGE, JULY 1

Har'l'ested

Texas Crop Reporting Districts
Crop

AYerage
1941-50

Cotton ••.•.•••••
Winter wheat ••••
Com •• • ••.•••••
Oats ••••• .• ••.•
Barley •••• • •.•••
Rye ••.•••••••••
Rice • • ••.•.••.••
Sorghums •• •••• •
Hay •••• • •. • . • ••
Peanuts (alone) •••
Fla:ueed ••.. ..••
Irish potatoes •• ••
Sweet potatoes. ••

7,936
4,744
3,520
1,304
209
24
429
6,820
1,583
770
107
46
57

lin thousands of acresl

Crop reporting

1952 As
percent of
1951

1949

1950

1951

1952

8·S., .... ., ....
9 ..............
10·N, ....... ...
10·5 . . .... ., ...

356
2,627
1,017
1,147
1<2
2,640
596
205
171
200
563
300
324
218
684

174
1,603
632
711
78
1,789
359
149
152
120
385
186
224
100
386

527
2,841
1,109
1,"10
208
2,671
450
226
217
271
627
405
390
290
765

725
2,600
1,090
1,250
175
2,375
300
230
230
250
550
350
410
200
500

138
92
98
89
84
89
67
102
106
92
88
86
105
69
65

Stat • ••.•......•

11 ,190

7,048

12,407

11,235

dislrkt
I·N . ...... .....

1·5 ........ . . ..
2-N ••••••••••••

2·S .......... ..
3 ..............

....
...........
5-H ••••. •••• _.•
5-S., ......... .
6 ..............
7 ..............
8·N •••..•••••••

SOURCE, Unit.d Stat•• Deportment of Agrkullure.

•
•

The District's winter wheat crop turned out much beLter
than expected early in the season. Oklahoma, Texas, New
Mexico, and Arizona growers harvested an estimated 150,·
000,000 bushels, compared with 58,000,000 bushels in 1951,
and the 1941-50 average of 136,000,000 bushels, The Okla·
homa crop totaled 109,000,000 bushels, which is almost
30,000,000 bushels above average; while the Texas crop,
although more than double the small crop of 1951, totaled
only 40,000,000 bushels, or about two· thirds of average.

•

Hal"'fesf.d

1951
12,407
1,923
2,278
543
45
13
564
5,761
1,446
541

22
19
21

For harvest AYerage
1952
1941·50

11,235
3,365
2,301
896
60
23
547
6,076
1,521
400
115
17
29

10,559
10,469
6,162
2,521
573
102
1,017
9,079
3,751
1,048
146
108
167

For hervest

1951

1952

15,793
6,183
4,075
921
182
63
1,160
8,158
3,686
787
30
43
88

14,325
9,230
3,977
1,397
394
127
1,107
8,133
3,759
543
119
39
113

kizona, Louisiana, New Meltico, Oklahoma, and Teltas.
SOURCEl United States Deportment of Agriculture.

Corn production in the District this year is expected to
total only about 71,000,000 bushels, or 10,000,000 bushels
less than 1951. This decline reflects the long·term downward
trend in corn acreage in this area, together with a reduction
in yields per acre in 1952, The corn crop in the Eleventh
District was cut short by drought during June and early
July; much of the crop ripened prematurely, while a con·
siderable acreage was cut for silage, The Nation's corn
crop is estimated at 3,365,000,000 bushels, the second largo
est on record.
The acreage of sorghums in the five states of the District
this year is estimated at 8,133,000 acres, or about the same
as in 1951. A sharp decline in Oklahoma was offset by in·
creases in Louisiana, Texas, New Mexico and Arizona; how·
ever, drought conditions have caused substantial reductions
in prospective yields of sorghum grain per acre, while part
of the crop has been grazed off or baled.

NORTHERN

HIOH PLAINS

l-N

The acreage of rice in Texas and Louisiana this year is
estimated at 547,000 acres and 560,000 acres, respectively.

CROP PRODUCTION

Texas and Five Southwestern States
lin thausends of bushels)
FiYe southwestern stotes l

Tellas

CROP REPORTING
DISTRICTS OF TEXAS

Crop

i"9:;~~O

1951

estimated
July 1,
1952

Winter whtKIt ••.•
Corn •••••••• •••
Oats ••••••• •• ••
Barley ••• ••• _•••
Rice' ••••••• ••• •
Hays •• • .•••••••
Flaxseed ••••••.•
Irish potetoes ••• _
Sweet potatoes•••

60,347
56,861
28,263
3,649
8,668
1,550
737
4,402
4,855

17,307
42,143
8,145
518
12,408
1,456
75
2,20"
1,365

"0,380
39,117
21,952
900
13,128
1,634
978
1,870
2,175

AYerage
1941-50

1951

Estimated
July 1,
1952

136,455
101,839
52,904
12,194
18,916
4,729
1,357
9,365
14,850

57,567
8 1,042
15,004
6,046
23,732
4,649
233
5,005
7,990

150,345
71,033
33,673
7,320
24,048
4,703
1,041
4,680
10,367

I Arizona, Louisiana, New Mexico, Oklahoma, and Texas.
I 1n thousands of bogs containing 100 pounds each.
a In thousands of tons.
SOURCE= United States Oepartment of Agriculture.

MONTHLY BUSINESS REVIEW

116

Although both estimates are below a year ago, higher yields
are in prospect. The Texas crop is forecast at 13,128,000
bags, the largest on record, while the Louisiana crop of
10,920,000 bags is '400,000 bags under last year's output.
The Texas flaxseed crop is estimated at 978,000 bushels,
which is 33 percent above average but less than half the
record crop harvested in 1949. The acreage of peanuts in
Texas, planted alone, totals only 400,000 acres-25 percent
below 1951 and 48 percent below average.
Estimates of this year's acreage and production of other
important crops, such as oats, barley, hay, Iri sh potatoes,
and sweet potatoes, are shown in accompanyin g tables. Oat
production in the 5·state area is more than double the short
crop of 1951. Barley production is up about 20 percent,
while the hay crop in prospect is up fractionally. Production
of swect potatoes shows an increase of 30 percent over the
short crop of 1951 but is still 30 percent below average.

CASH RECEIPTS fROM fARM MARKETINGS
(In thousands of dollors)
Cumulative receipts
Marcn

1952

Slate
Arizona ••... ...•

31 ,544

Oklahoma • ••....

14,921
13,41 0
30,583

Texas ..........

louisiana ...... . .
New Me:dco . ....

January-April

April

1952

1951

1952

$ 19,532 $ 28,349 $ 24,689 $148.235
18,3 43
16,684
81.264
15,272
14,271
14,0.42
59,390
9.325

111 ,873

127.2 56

139,429

499,677

46,1 33
136,452
467.812

Totol. ........ $207,331

$163,088

$214,885

S229,085

S924,955

$824,232

34,241

136,389

Farm commodity prices, as a group, held relatively steady
in the District during July, although prices of individual
commodities experienced significant changes, Weakness was
most evident in prices of cotton and some of the grains and
classes of livestock, while prices of poultry advanced, Aver.
age prices received by farm ers in the District at mid·1952
were near the same level as a year earlier. Higher prices
were received for corn, sorghum grain, Irish potatoes, sweet
potatoes, milk, and hay, while prices of wheat, colton, pea·
nuts, livestock, poultry, eggs, and wool were lower,

1951

$ 95,623
78.212

30.791
88,168

26,666

temporary relief to counties in scattered areas, but more
rain is needed to provide grass for summer and fall graz· ~
ing ; livestock are barely holding their own in most areas . •
Some ranchers in the Hi gh Plains area are giving their live·
stock supplemental feeds to hold shrinkage to a minimum,
Meanwhile, livestock marketings continue at a brisk pace.
Marketings of cattle during June and July were especially
heavy as compared with the same months last year, although
near the levels of 1950. In the 4 weeks ended Jul y 19, reo
ceipts of cattle on the Fort Worth market were up 21 percent
as compared with comparable weeks of 1951. Marketings of
hogs were up 5 percent, while receipts of sheep and calves
were off 5 percent and G percent, respectively.

fARM COMMODITY PRICES
Top Prices Paid in local Southwest Markets
Comparable

SOURCe United Stot.s Department of Agriculture.

Commodify and market

Conditions during Jul y were favorable for active harvest
of the remaining commercial vegetables, mostly cantaloupes,
potatoes, tomatoes, and watermelons; however, because of
unfavorable weather early in the spring, production esti·
mates for most commercial vegetable crops in the District
are lower than a year ago, Carlot shipments of potatoes from
the Panhandle were very active around mid.July. Watermelons were harvested in volume in central and eastern
counties, and carlot shipments were ex pec ted to con tinue
until about the lirst of August. Plantin gs for A ugust harvest
have sufIered from lack of moisture, and yields have been
lowered considerably_ Preparation of seedbeds for fall
vegetable plantings in southern counties made good progress
in July; moisture con ditions in the Lower Valley are more
favorable than a year ago.

LIVESTOCK RECE IPTS
(Nu mber)
FORT WORTH MARKET

SAN ANTONIO MARKET

June

May

J~.

Clan

1952

1951

1952

June
1951

Cottle ..........
Ca lves ... . ......

58,361
18,745

32,230
16,0 .010
44,633
128,059

44,81 2
14,701

18,69 1
9,757

12,594
12, 193

60,693
87,334

3,914

",997
120, '40

57,4 11
Hogs •...•••... •
Sheep .•.••• ••. • 117,1 66
I

125,319

May

COnON, Middling 15/ 16-inch, Dalla5 .....
WHEAT, No.1 hard. Fort Worth ..........
OATS, No.2 white, Fort Worth ...........
CORN, No.2 yellow, Fort Worth . ...... . .
5ORGHUMS, No.2 yellow milo, Fort Worth . .
HOGS. Choice, Fort Worth . .... .... . .. ..
SLAUGHTER STEERS. Choice. fort Worth .. . .
SLAUGHTER CALVES, Choice, Fort Worth ...
STOCKER STEERS. Choice. Fort Worlh ......
SLAUGHTER LAMBS, Choice, Fort Worth ... .
HENS, 3 -4 pound, ForI Worlh ...........
fRYERS, Commercial, ForI Worth .. ........
BROILERS, 50uth Texas ............ ......

Week ended
week
Unit July 24, 1952 lost month
lb.
b,.
b,.
b,.
cwt.
cwt.
cwl.
<wI.

cwl.
cwl.

lb .
lb.
lb.

.3895
2.53~

1.07
2.17lA
3.30

23.00
31.50
29.00
27,00

28.00
.18
.33
.33

.4080
2.49
1.06Y2
2.17~

3.27

20.25
32.50
32.00
27.00
25.00
.16
.30
.30

Comparable

we.k
last yeor

.3710
2.5534
1.06V2
2.03
2.50
23.00
36.00
35.00
35.00
31.50

•

Budget expenditures of the l'nitcd
States Government during the fiscal year
ended .Tune 30 amounted to $66,145,·
000,000, while budget receipts totaled
862,129,000,000. The budget deficit of 84,017,000,000 is in
contrast with the budget surplus of $3,510,000,000 during the
preceding fiscal year ended June 30, 1951, when expendi.
tures totaled $44,633,000,000 and receipts were $48,143,000,000. As indicated by the budget totals, although there
were notable increases in both expenditures and receipts during the fiscal year 1952, the shift from a bndget surplus in
fi sca l 1951 to a budget deficit in fiscal 1952 arose prin.
cipally from the marked increase in expendilures.

1952

26,027
13,264
",202

123,518

Includes goats.

Pasture and range fecd supplies over the District were
reduced further by dry weather in July, Local rains brought

Expenditures of the Defense Department rose 92 percent
during fiscal 1952 to a total of $38,936,000.000 and ac· •
coun ted for 87 percent of the in crease in total budget
expenditures. The increase in expenditures of the Defense
Dcpartment renects principally thc expansion of spendi ng
in connection with the military functions of the army and
the air force programs,

117

MONTHLY BUSINESS REVIEW

•
•

On Jun e 30, 1952, the gross publi c debt amounted to
$259,105,000,000, an increase of $3,883,000,000 durin g th e
preceding 12 months. This increase in t.h e public debt in
fi scal 1952 contrasts with a redu cti on of $2,135,000,000 duro
ing fiscal 1951.

GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federal Reserve Districl
(Averoge, of dally figures . In tholJlond. of do llau)
COMBINED TOTAL
G rOll
demand

Date

RESERVE CITY BANKS
G ross
d e mand

Time

COUNTRY BANKS

Gross
d emand

Time

June 1950 . • .•.. 55,550,468 5669,715 $ 2,684,39 3 5424,252 $2, 866.075 $24 5,4 6 3
June 1951 ...... 5,820,309 669,791
2,720,1 58 374,734 3 ,100,1 51 295,057

February 1952 . ..
March 1952 . ... .
April 1952 • •••• •
May 1952 •••.. •
June 1952 . • • • .•

•

6,567,846
6,513,810
6,451 ,803
6,329,241
6,"16,878

721 .578
719,804"
73 4,170
736,861
7"1, 15..

3,030,813
3,046, 2 89
3,0 2 1,'43
2,959,2 28
3,035,2.41

3,5 37.033
3,467.521
3,430.660
3,370 .013
3.381 ,637

395,99 2
392, 193
40 1,2 80
" 0 3, 137
" 05,0 07

325,586
327.651
33 2,890
333,72 ..
336,1"7

Gross demand deposits of all member banks in the District
averaged $6,416,878,000 in June, which reflects increases of
S87,637,000, or 1 percent, over the total for May and
$596,569,000, or 10 percent, over the total for June 1951.
Reserve city banks accounted for 87 percent of the expansion during June. The almost uninterrupted month·to·month
upward trend in time deposits which began in March 1951
continued in June, with country banks accountin g for most
of the $4,293,000 increase.

BANK DEBITS, END·OF·MONTH DEPOSITS
AND ANNUAL RATE OF TURNOVER OF DEPOSITS
(Amaunh In thou.ands of dol lars)

OEBITSI

DEPOSITS'

Percentage
change from
City

Annual rate of turna .. er

June

Jun.

1952

1951

May
1952

-3

6
9

-4

26,411

_4
6
51.376
137,965
15
1
142,650
6
3
-I
-5
116,75"
12 8,966
10
-6
9
11
13,26"
_1
1,427,71 6
9
17 4,714
6
3
52 2.2 16
13
I
83,660
9
1
1.546,354
8
- 3
22,498
11 -19
_ 5
18
96,03 2
_ 4
15
"1 ,97 6
38.268 -1 7
-4
_ 2
371 ,530
- 3
_ 2
20,30 5
15
52,87 3
6
-7
60.2 10 - 10 _14
13
87.90 9
6

57.656
118.012
128.293
99,888
106.4 10
21,953
1.0 65.2 19
153.7"1
399.586
10 3,568
1.179.390
25,506
105 .... 99
" 3.049
" 9.8 6 8
3 88,4 37
25,9 26
56,981
92," 02
10 8.770
$4,7 13,6 40

14.2

ARIZONA
Tucson ••• • ••• • •••••• $
96.007
LOUISIANA
Monroe • .• ••• ••• • • • •
45.818
Shreveporl • • •• •••• • •
188.359

- I

June 30,
1952

Jun.

J"".

May

•

22,997

Tolal-2.4 cities •• • • ••.• $5,490.'17

- 2

Between June 15 and July 15 the principal changes in the
condition of the Federal Reserve Bank of Dallas included a
decrease of $46,748,000 in gold certificate reserves and an
increase of $1 6,748,000 in total earning assets. The increase
in holdin gs of United States Government securities accounted for about 88 percent of tbe expansion in earnin g
assets. On June 15, Federal Reserve notes of thi s bank in
actual circulation amounted to $71 0,452,000, reflecting an
increase of $15,644,000 during the preceding month.
CONDITION OF THE FEDERAL RESERVE BAN K OF DAL LAS
(In thousand , of dollon)

Item

July 15,
195 2

July 15,
1951

Total gold certiflcat. reserves ••• • ••••.. •• • •• $ 680,751 $ 5 32.760
8,500
2.276
Discounts for member banks • ••• ••• •••• • • • .•
50
o
Industrial ad ..ances • •• • .•• ••• • • •••• • •• •••••
o
57 0
foreign loons an gold •••••.•••• •••• • • •• • ••
1,
10
1,535
1.036.1
2
8
U. S. Government '8CUfitie' , •• . ••••• • • ••••••
1.103,86 1
Total earning alleh •• • .•• ••• .• •••• • • ••••• • 1,0 45,198
95 ..... 27
999,430
Member bank reserve depo. ih • •• ••• • • • •• •••
635. 433
71 0.45 2
federol Re.erve noles In actual cirl;ulalion •. .••

June 15,
1952
$ 7 27, 499
6,7 00

30 .
1,02 1,"42
1.028.-450
998.572
6 94.808

On June 27 the Secretary of the Treasury announced the
subscription and allotment figures with respect to the 1)!g·
percent ll-month certificates offered in exchange for the
certificates which matured July L Investors exchanged
$4,963,097,000 of their holdings for the new issue and reo
deemed $253,000,000, or 5 percent of the total amount outstanding, for cash.

1952 195 1 1952

10 6,567

10.9

10.4

11.2

"7,923
202,5 85

11.5
11.2

1 1.5
11.2

11.5
11.6

l OA

10.8

10.1

11.0
14,3
13.7
14.3
14.5
7.1
16.6
14.0
1 5.5
9.8
16.0
10.4
11.3
11 .8
9 .1
1 1.5
9.5
11.3
8.2
9.8

1 1.5
14.8
14.6
16.0
15.2
7 .0
17.2
15.1
15.7
9.2
16.0
11.8
10.8
13 .1
10.7
12.5
8.9
11.6
10. 2
9.6

1 1.8
14.3
13.8
15.1
15.6
6.4
17.3
14.2
15.5
9.8
16.7
13.1
11.4
10.0
9.6
11.9
9.7
12.5
9.8
9.5

",.5

"'.6

NEW MEXICO
Ralwell •• •• •• •• , • •.•
TEXAS
AbileM •••••• • •••. .•
Amarilla •• • •• •• • .•.•
Austin ••••• . .••• .. ••
Be aumont ••••• • •••••
Corpus Christi • • .• •• • •
Corsicana ••••• • •••••
Dalias. _ .•• _. ••••• . •
EI Paso • • •• _••• . ••• •
fort Worth • • •• ••• •••
Ga i.. eslon •. _••• • • ..•
Houston •••• ••••••• ••
Loredo • ••• ••. •• •• ••
Lubbock ••••• . • • •• • •
Port Arthur ••• • •.••• •
Son Angelo ••• •• • .•. •
Son Antonio •• • ••••••
Texarkana' • ••• ••••• •
Tyler • •• . •••••••••• •
Waco ••••••••••.• .•
Wichita Falls • •••• ••• •

Reflecting a continuation of the trend that prevailed from
January to May, debits to deposit accounts reported by
banks in 24 cities of the District for June were 8 percent
above the total for June 1951. Charges to deposit accou nts
at these banks decreased 2 percent during J une, however, as
compared with charges during May, wi th most reporting
cities showing decreases. The annual rate of turnover of
deposits was 14.2 in June, as compared with 14.6 in May
and 14.5 in June 1951.

1 Debit, to deposit accounts excepllnterbonk acco unts,
• Demond and time deposits, Including certifled and officers' checks outstanding but .)(duding d eposih to the credit of banks.
, The.e flgure s include only on e bonk in Texarkana, Texa s. Total debih for all bank. in
Texarkana, Texo,·Arkansos, including two banks located in the Eighth District, amounte d to
$38.362,0 00 fo r the month of June 1952.
, Indic:ateJ change of I.u mon one-holt of 1 percent.

Between June 18 and July 23, principal assets and liabilities of the weekly reporting member banks in leading
cities of the District increased. On Jul y 23, loans, in vestments, and deposits were moderately larger th an on June 18
and substantially above the fi gures reported fo r the week
ended July 25, 1951.
Following a seasonal decline in loans which extended in to
the first week of June, the volume of loans at the weekl y
reporting member banks began to rise gradual! y and increased by $25,000,000 during the 5 weeks ended July 23.
Commercial, industrial, and agricultural loans showed onl y
a moderate increase, however, of approximately $9,000,000,
whereas the "all other" loan categor y, incl udin g loans for
consumer credit purposes, rose $12,000,000, while loans for
carrying securities and loan s on real estate were approxi.
mately $6,000,000 and $4,000,000 larger. A decli ne i n loans
to banks partially offset these various increases,
In view of the seasonal loan demand which may be expected to exert its influence in the coming wccks an d the
possibility of a further strengthenin g in busincss activity

MONTHLY BUSINESS REVIEW

118

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
Eleventh Federal Reserve District
(In thousands of dollars)

Item

July 23,

July 25,

1952

195.

1952

$2,666,273
1,420,684
1,436,608

$2,909,040

1,055,636
10,807

974,203
8,339

1,046,637
9,899

67,192
118,354
4,664
323,518
1,473,569
258,744
169,036
178,820

58,505
119.706
3.486
272.369

61,454

Total loons (gross) and investments .......... . $3,053,740
Total loans_Net l ••• . ••• .•. •• .• •••••••••
1,563,795
Totol loans-Grou ..................... .
1,580,171

June 18 ,

1,538,494

Government. Deposits to the account of the Government at
these banks increased about $84,000,000, a total that was
partially offset by declines in other deposit categories. Time
deposits continued to move up gradually and On July 23
were about $3,700,000 more than the amount reported on
J line 18. The increase in this type of deposit was accounted
for by larger time deposits to the accounts of individuals,
partnerships, and corporations,

1,554,987

Commercia l, industrial, end agricultural

loans ............ ... .... . ........ .
Loons to brokers and deal.rs in securities ..
Otner loons for purchasing or carrying
securities ......................... .
Real estate loans .. ....... ........... .
loons to banks ...................... .
All other 1000ns • .. .. . . .. . .. ... . ... ....
Total iAyestments ... . ... ... ... ......... .
U. S. Treasury bills .......... . ..... .. . .
U. S. Treasury certificates of indebtedness.
U. S. Treasury not.s ......... ......... .
U. S. Goyernment bonds (inc;. gtd.
obligations) .... ................... .
Other securities ........... ........... .
Resel"les with F.derol Resel"le Bonk •... ......
Balances with domestic banks .... .......... .
Demand deposits-a d iusted ' •..•........... .
Time d e posits except Government ........... .
United Stales Govomment deposits ...• .......
Interbank demand deposits ................ .
Borrowings from Federal Resorve Bank ••.•. ...

698,129
168,840
570,352
393,700
2,401,842
470,876
172,506
736,897

16,100

114,588

10,768
311,64'

1,229,665

1,35 4,0 53

156,336

214.126

72,586

165,127

261,829

177,028

571,98.4
166,930
.c.97.199

627,630

365,281

2,188,223
440,372
80,207
633,309
0

170,1.42
557,968
447.848
2,376,777
467,453

88,216
753,354
14,500

Aft.r deduct10ns for resel"les ond unallocated charge-offs.
Includes all demand deposits other than interbank and United States Government, leu
cash Items reported os on hand or in process of colleaion.
1

during the fourth quarter of 1952, it is probable that the
volume of loans outstanding at the weekly reporting member
banks will continue to move upward.
Accompanying the increase in loans that occurred during
this 5·week period, member banks in the larger cities of the
District also increased their holdings of Government securi·
ties, The increase between June 18 and July 23 amounted
to approximately $120,000,000. Holdings of Treasury bills
rose from $214,126,000 to $258,744,000, OT an increase of
almost $45,000,000, while investments in United States Gov·
ernment bonds rose very sharply - from $627,630,000 to
$698,129,000. Influential in contributing to this substantial
increase in investments in Government bonds were the pur·
chases of the 2o/s·percent bonds of June 15, 1958. No sig·
nificant change was reported in holdings of certificates of
indebtedness or United States Treasury notes.

Operations in the oil industry in the
Eleven th District, as weI! as in the Na·
tion, during the past few months have
been heavily influenced by strikes - the
oil strike in May and the stecl strike during most of June
and July. With allowables reduced in Texas because of the
accumulation of crude oil during the oi I workers' dispute,
daily average production in July is estimated to have
amounted to only 2,885,000 barrels, which, except for May,
is the lowest daily production rate since February 1951.
July daily average production was about 100,000 barrels
less than in the previous month and almost 175,000 barrels
less than in July a year ago. Crude oil production in the
Nation showed a similar picture, although the dedine was
smaller than that of the District.
The Texas Railroad Commission announced an increase
in Texas aJlowables for August; this increase wiJl be ef.
fected by permitting two more producing days than in July
and will result in an estimated rise of 187,000 barrels in
the daily average production.
By mid.July some progress had been made in reducing
the stocks of crude oil from the unusll all y high level that
existed at the end of the oil strike. District crude stocks on
July 12 stood at 149,500,000 barrels, or about 2,700,000
barrels lo wer than on May 31, near the end of the oil strike,
while national stocks amounted to 283,800,000 barrels, or
4,200,000 barrels lower. Nevertheless, crude stocks in the
District were still 24,500,000 barrels higher than on the
same date last year, and stocks in the Nation were 36,000,000
barrels higher.

•

CRUDE OIL PRODUCTION
(Barr.ls)

Total deposits of the weekly reporting member banks rose
almost $49,000,000 during the 5·week period as a result of
a very substantial increase in deposits of the United States

NEW MEMBER BANK

The First National Bank in Arlington, Arlington,
Texas, a newly organized institution lowted in the ter·
ritory served by the head office of the Federal Reserve
Bank 0/ Dallas, opened for business ful y 29, 1952.
The new bank has capital of $200,000, surplus of
$50,000, and undivided profits of $50,000. The officers
are: Carlisle Cravens, Presillent; Scott Peters, Execu·
tive Vice President; ferrol E. Taylor, Cashier; and
Roy V. Stc phens, Assistant Cashier,

June 1952
Area

Total
production

ELEVENTH DISTRICT
TellO' R. R. Com. Districts
1 South Central............ .... . . . ..
2 Middle Gulf. . . . . . . . . . . . . . . . . . . . . .
3 Upper Gulf ................•......
4 lower Gulf.......................
5 Eo!>' Central. . . . . . . . . . . . . . . . . . . . . .
6 Northeast ............•...........
East Texas.....................
Other flelds....................
7b North Central. . . . . . . . . • . . . . . . . . . . .
7c West Central.....................
8 West . . .............. • ........ ...
9 North............................
10 Panhandle........................
Total Tell;os ..............•......
New Mexico. . . . . . . . . . . . . . . . . . . . • . . . . . .
North louisiana.........................
Total Eleventh District .... . ....... . .....
OUTSIDE ElEVENTH DiSTRiCT ....... .. . ,.. . .
UNITED STATES ..........................

954,100
4,416,000
13,837,500
7,226,900
1,626,200
11,675,700
8,092,800
3,582,900
2.773,700
4,134,700
26,854,700
".892,200
2,47",400
80.866,100
4,869,500
3,732,450
89,468,050
9-4,500,050
183,968, 100

Dailyovg.
production

Inereose or
decrease in
daily overage
production
from
June 1951

31,803
147,200
461,250
240,897
54,207
389,190
269,760
119,430
92,457
137,823
895,157
163,073
82,480
2,695,537
162,3 16
124,415
2,982,268
3,150,002

-1,244
-16,107
-39,980
-20,529
650
-10,128
-11,320

6,132,270

-49,440

SOURCEz Estimated from American Petroleum Institute weekly reports,

1,842

5,3 14
32,551
-46,786
4,773
-6,120
-96,956
20,459
-5,240
-8 1,737

32,297

•

119

MONTHLY BUSINESS REVIEW
Refining activity has reached record levels in an attempt to
• make up for production lost during the oil strike. Crude
" runs to stills in the Nation durin g the week ended July 14
amounted to 7,013,000 barrels per day, the hi ghest for any
week on record. Daily average refinery runs in June represent a new monthly high, 1 percent greater than lhe previous
high of last November and 2 percent hi gher than June
a year ago. June refinery runs in this District, although
1 percent larger than in the same month of 1951, failed to
equal the high rate during the first few months of thi s ycar,
due in part to the fact that the strike at one of the large
CuI[ Coast refineries had not been settled.
The high level of refinery activity is gradually tending to
correct the reduced level of refined stocks which resulted
from the oil strike, although stocks of three of the four
major refined products continue appreciably below yearearlier levels. While gasoline stocks have been declinin g
seasonally, the decline from May 31 to July 12 was less than
3,600,000 barrels, as compared with almost 6,200,000 barrels during the corresponding period last year. During this
same period, distillate fuel oil stocks rose 21,500,000 barrels
as compared with 18,200,000 a year earlier, and residual
fuel oil stocks rose almost 9,900,000 barrels as compared
with 4,300,000 in the earlier period. This more-than-seasonal increase in residual fuel oil stocks, however, has been
due in large measure to the loss in demand for such oils
from the steel industry as a result of the steel di spute. Vn·
like distillate and residual fuel oils, kerosene stocks failed
. to show as large an increase in the 6 weeks ended Jul y 12 as
. in the same period last year.
As compared with a year earlier, gasoline stocks on Jul y
12 were 11 percent lower; kerosene, 13 percent lower ; di s·
tillate fuel oils, 6 percent lower; while rcsidu al fuel oils
were 10 percent higher. In connection with the di stillate fuel
oil stocks, the Deputy Petroleum Admini strator for Defense
indicated last month that record production of fuel oil and

I'r=T""""'l~

diesel supplies would be needed during the 9 months ahead
in order to avoid shortages next winter. Existing oil burners
would use, under normal winter weather, about 10 percent
more fuel than they used in relatively mild winter last year.
The steel strike, in addition to reducing temporarily the
demand for residual fuel oil, by mid·July was beginning to
have a serious effect on drilling and, to sOme extent, on
other phases of the oil industry. The number of active
rotary rigs in the United States in the week ended July 21
totaled 2,611, according to the Hughes Tool Company; this
represents a drop of 89 from the previous week and was 421
below the record high of 5 weeks earlier. The use of inventories prevented the strike from having an immediate effect
on drilling, but the losses of tubular goods during the strike
can be expectcd to hold down drilling perhaps for several
months. It is estimated that each day of the steel strike resulted in a loss of 5,000 tons of oil field tubular goods,
which is enough to complete 110 wells. The strike also
slowed construction on several pipeline projects and brought
to a stop the laying of pipe on the Hancho crude line hom
west Texas to Houston.
VALUE OF CONSTRUCTION CONTRACTS AWARDED
(In thousands of dollars)

Area and type

June
1952p

ELEVENTH DISTRICT.. $ 115,290
Residential. . . . . . .
43,489
All other.........
71,801
UNITED STATESI.. .. 1,488,850
Residential. . . . . . .
581,792
All other . . . . . . . . .
907,058

January- June

Juno

Moy

1951

1952p

$ 115.388 $ 181,521
93,999
50,318
87,522
65,070
1,.39.432 1,563,660
545.152
753,755
894,280
809.905

1951

1952p

$ 744,094

$ 822.909

301,070
.U3,024

355,364
467,545
8,844,109
3,323,727

7,758,578
3,344,037
4,414,541

5,520.382

I 37 states east of the Rocky Mountains.
p-Preliminary
SOURCE: F. W. Dodge Corporation.

The value of construction contracts awarded in the District during June totaled $115,300,000, which is 37 percent
below the previous month but about the same as a year ago.
Hesidential awards, accounting for 38 percent of the June
total, were less than half those of May and 14 percent under

RAILROAD COMMISSION OF TEXAS

i-~n1."1:j OIL AND GAS DISTRICTS
!-~.-'-J

t~-k.~",""
,

BUilDING PERMITS
6 months 1952
Percentage
change in
valuation from
Number

June 1952

J""o

City

MII)OL E GULl'
UPP ER GULF

LOWEll! GU Ll"
S
&

EAST CE NTRA L
NORTHE AS T

1 .. I'fORTH C[lIT"AL
Te WE ST CENl Fl U
•
WEST
NORTH

Number

Valuation

1951

LOUISIANA
21
20
405 $ 1.544,903
Shreve port . ...
TEXAS
499,194
83 -71
89
Abilene ...... .
1,601,268
18 -13
308
Amarillo ......
8
1,811,623
54
246
Austin ....... .
711,602
65
89
214
Beaumont .... .
5,833,410 727 346
404
Carpus Christi ..
6,487.017
7 -47
Dallas ....... . 1.849
2
879,729 -33
322
EI Palo .......
55
-14
4,816,353
1,091
Fort Worth ....
-2
1,014,013 -80
140
Ga lveston .....
8,047,094
4 -11
982
H.ouston ...... .
259
1.374,760 29 -13
lubbock . .....
658,252
-31
112
195
Port Arthur . ...
6,904,497 198
96
Son Antonio .. . 1,576
407,250
_35
-58
182
Waco ... . ... .
517,380 -67 -70
57
Wichita Falls. . .

P~NHAN Dl. E

Total .......... . 8.319 $43,108,345

Valuation

Moy

195,

Percentage
change in
valuation
from 6
months
1951

2,230

$11,713,692

839
2,265
1,547
1.435
2,311
11,12.
1,898
5,943
725
5.830
1,672
1,152
8,498
1,957
710

5,300,543
12.880,268
15.001.997
5,319.214

37
12
15
56
7
-12
4
-12
-55
-31
_4
-29
8
-3
179

12,870,144

48,181,487
9,209.436
26,015.465
2.967,220
53.464,566
8,914,698
1.997.201
25.190.244
7,555.931
14,397,585

-----

-4 50,136 $260,979,691

-6

120

MONTHLY BUSINESS REVIEW

a year ago; nonresidential awards in June were down 18
percent from the previous month but were 10 percent above
the year.ago figure. I
In the first 6 months of 1952, the value of construction
contracts awarded in the District was down 9 percent from
1951, compared with a decline of 12 percent for the United
States. Residential awards in the District fell 15 percent, as
against virtually no change for the Nation. On the other
hand, nonresidential awards in the District declined only
5 percent, compared with a reduction of 20 percent in the
United States.
The Board of Governors of the Federal Reserve System
and the Administrator of the Housing and Home Finance
Agency announced on July 15 the procedures to be followed in carrying out the new housing credit provisions of
the Defense Production Act Amendments of 1952. Beginning
with the month of June 1952, estimates of housing starts
will be made by the Labor Department's Bureau of Labor
Statistics. The housing to be counted in the estimate shall
consist of permanent, nonfarm, family dwelling units. H
the estimates show that for each of three consecutive months
starts are below a seasonally adjusted annual rate of
1,200,000, then the President shall announce a period of
residential credit control relaxation. The announcement of
such a period must be published in the Federal Register.
During a period of residential credit control relaxation the
President may not authorize any down payment requirement
in excess of 5 percent of the transaction price. On the other
hand, the President may terminate the period of relaxation
any time after construction starts during each of three con·
secutive months exceed an annual rate of 1,200,000.

COTTONSEED AND COTTONSEED PRODUCTS

TEXAS

UNITED STATES

August 1 to May 31

This season

hem

COTTONSEED (to"'1
Received ot mills . ... . ...... 1,361,727
Crushed . .. . .............. . 1,395,962
Stocks, end of period ........
63,746
COTTONSEED PRODUCTS
Production
Crud. oil (thovsand pounds).
454,120
Coke and meal (Ions) • . • . . •
679,615
Hull, (tom) .•....... ... .. .
323,469
linters{ running bales) .....
425,384
Stock., end af period
Crude oll!thousand pound,).
Cake and meal {ton') . .... .
Hulls (tonsl ...... . .. . ....
linters (running boles) . ..•.

Last season

This season

last seeson

970,224
1,138,647
39, 368

5,376,827
5,196,025
315,186

3,375,608
3,527,853
141,761

361,512
531,302
271,173
337,856

1,651,612
2,417,179
1,169,366
1,661,221

1,129,387
1,580,230
810,736

1,913

48,177
57,870
29,148
200,387

6,375
94,795
34,413

12,799
15,157
7,502

13,618
4,503

43,377

5,375

1,162,414-

43,824

SOURCE: United States Bureau of the Census.

DOMESTIC CONSUMPTION AND STOCKS OF COTTON
(Bolesl

August-Ma),

Ma,

Areo

Ma,

1952 1

1951

April
1952 3

10,579
686,697

14,731
832,561

14,375
126,570
147,817
847,444 7,746,841 9,069,190

542
35,215

755

575

600

42,695

33,898

36,643

This season Last season

CONSUMPTION
Total
Texas mills ........... .
U. S. mills ...... ...... .
DoilY Average
Texas mills • .. •.•.. .. . .

U.S. mills •• •••• ..•... •
STOCKS, U. S.- End of period
Consuming establishments".
Public storoge and
compresses . .... ... .. . .

1,421 ,916 2,078,052 1,574,399
2,424.739 1,"36,254 3,044,205

1 Four weeks ended Moy 31 .
, Five weeks ended May 3.
SOURCE: United Stotes Bureau of the Census.

68'

41,971

-t

Full text of Review (Federal Reserve Bank of Dallas) : August 1, 1952

FRASER