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MONG][HLGJr

REVIEW
FEDERAL
Vol. 39, No.7

RESERVE

BANK

o

F

DALLAS

DALLAS, TEXAS

July 1, 1954

GALVESTON - TEXAS CITY
LANDMARKS OF A COASTAL COUNTY

This is the tenth oj a series 0/ articles on cities in the Eleventh Federal Reserve
District. Additional copies oj this article may be obtained by addressing a request to
W. H. Holloway, Vice President in Charge
HOl£ston Branch, Federal Reserve Bank 0/ Dallas, Houston, Texas
or
Research Department, Federal Reserve Bank oj Dallas, Dallas, Texas

Galveston, located on Galveston Island on the Texas Gulf
Coast, is the chief city in Galveston County. It stands out
because of its economic importance, its long history, and its
cont~ibutions to the development of the area and of the State.
Across the bay from Galveston is Texas City, which has had
its prin cipal growth in rccent years and is well known as a
produc cr of petroleum and
chemical products.

pOSItIOn among the 10 leading Texas counties. The county
consist.s of a mainland, Bolivar Peninsula, part of Galveston
Bay and other inland waters, and a number of coastal islands,
of which Galveston Island is the largest. Bolivar Peninsula,
which extends southwestward from Chambers County, and
the several islands are part of a sandy coastal bar built by
the sea and extending along
most of the Texas coast.

While Galveston and Texas
City stand within sight of one
another, they are not "one city"
in the common usage of the
term; yet, to some extent, each
city complements the other.
Each city has its distinctive
characteristics, atmosphere, and
principal fields of economic ac·
tivity, and each benefits greatly
from the presence of the other.
Adjoining Texas City on th e
west is Lamarque - a predomi.
nantly residential ar ea for
many people who work in Gal.
veston and Texas City. These
oi ties, together with several small
towns or villages - including
• Dickinson and League City - and the outlying territories,
con stitute the Galveston County area.

The namc "Galveston" had
its origin at the time of the
Spanish survey of the bay area
about 1785 or 1786; on this oc·
casion, the bay was named in
honor of Count Bernardo de
Galvez, Viceroy of Mexico. In
the early days of exploration,
the Galveston area was visited
by or served as a base for such
legendary adventurers as Cabeza
de Vaca, La Salle, and Jcan
Lafitte.

Galveston County, in terms of usable land area, is one of
the smaller of the 254 counties in Texas. On the basis of its
volume and diversity of economic activity, it holds an enviable

From the time of coloniza·
tion until near the closc of the
last century, the city of Galveston and the surrounding area
were the scenes of what might
truthfull y be described as the "hub" of much of the economic
af:tivity in thc Texas area. Galveston City officially was made
it port in 1825 and, with the development of its railroad facili.
ties, became the largest city in the State - a distinction it
held until around 1890. Through Galveston City came the tide
of immigration from the eastern states and from Europe;

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

MONTHLY BUSINESS REVIEW

94

through its port, finished products were brought in, and such
important commodities as cotton and other raw materials
were shipped to other coastwise ports and to various countries
throughout the world. Galveston City lays claim to many firsts
i11 Texas, including the first bank; the first chamber of com·
merce; the first telegraph, telephone, and gas li ghts; and the
first commission form of city government.
Resources of Galveston County

The growth of shipping, manufacturing, and a number of
other important lines of economic activity in Galveston
County has been a direct outgrowth of the resources of the
area . These include especially the navigable waters, the favorable climate, the land , ,the deposits of mineral resources, and
the availability of surface and underground water. Moreover,
the strategic location of the area contributes to the importance of the existing resources and their use in the area's
development.
Land

Of the some 430 square miles (275,200 acres) in Galves·
ton County, about 16 square miles on Galveston Island are
within the incorporated limits of Galveston City, and approximately 20 square miles are occupied by Texas City, Lamarque, and nearby manufacturing facilities. The other towns
in the county and the surrounding farm lands and pastures
take in some 165 square miles, leavjng probably hall of the
county which either is under water or is very low and
marshy.

Oil produced in surrounding counties also has been of
significance to Galveston County, since much of it has flowed
into Texas City for refining_ The deposits of sulpbur in
Wharton, Liberty, J efferson, and Fort Bend Counties of Texas
are important to the city of Galveston, because much of the
production from these deposits is exported through Galveston
Harbor. A minor subsurface resource which has some importance locally is the so·called "mud shell" - a mixture of mud
and oyster shells obtained from nearby waters which is used
in the construction of roads, driveways, parking lots, and for
similar purposes.
Clima'e

The climate in the Galveston area is temperate, with a
mean temperature of about 55 degrees in January and 83
degrees in July and August. Although summers are hot in
Texas, the breeze from the Gulf Coast not only moderate,
I he daytime temperatures along the Gulf Coast but also makes
the nigh ls delightfully cool.
Average rainfall is about 45 inches per year, with a
monthly high of almost 6 inches in September and a monthly
low of less than 3 incbes in February. Snow, hail, or sleet is
rarely received.
The growing season averages 340 days, which indicates a
warm climate suitable for Galveston's seaside type of tourist
business and permits farmers on the mainland to grow crops
much of the year and to provide "year.round" grazing for
livestock.
Waler

Pelican Island, located in Galveston Bay, presently is un·
used except for the shipbuilding facilities across from Galves·
ton, although plans are being formulated for its development
for residential, commercial, and industrial purposes. Bolivar
Peninsula has little economic activity other than the grazing
of a few cattle and fishing in nearby waters.
The part of Galveston County on the mainland is a flat,
almost treeless prairie lying a few feet above sea level. Surface dissection on the mainland is almost entirely absent,
except for a few small streams flowing in shallow chan nels.
The highest elevation (40 feet) is in the northwestern part
of the county.
Subsurface Relourc.,

The principal subsurface resources of commercial import·
ancc in Galveston County are petroleum and natural gas,
which are found in several parts of the county. Oil has been
discovered in 10 different fields that are wholly or partly
within Galveston County_ Since oil was first discovered in
1922, production has totaled about 130,000,000 barrels and
for the past decade has been around 7,000,000 to 8,000,000
barrels. The record production was reached in 1951 at
9,561,000 barrels, but output has receded somewhat since
that time. Several of the field s contain quantities of natural
gas.

Galveston County is underlain with a water.bearing formalion called Beaumont clay, and it is from this underground
?Olle that water is obtained for most of the towns and cities
ill the county.
The city of Galveston receives its water from artesian wells
near Alta Lorna, a village about 17 miles from the city.
Galveston has nine reservoirs with a total storage capacity
of approxima tely 27,500,000 gallons and a standpipe with
a capacity of approximately 600,000 gallons.
Galveston has ad eq uate water for its needs in the immediate
future, although the water table along the Gulf Coast is
declining. This fall in the water table is resulting from thp.
heavy demands on available supplies by a rapidly growing
population and expan ding industrialization and may mean
that, in future years, increasing reliance must be placed upon
surface waters.
Texas City appears to have an adequate supply of water
for all purposes. Water for residential and commercial use
is obtained from wells, while watcr for industrial usc is
brought to the city by a series of canals from the Brazos
River. For industrial uses, the city has a 1,OOO·acre reservoir.
into which some 250,000,000 gallons can be channeled each
dar ; present daily consumption is about 30.000,000 gallons.

~
~

95

MONTHLY BUSINESS REVIEW
Population

Personal Income

The population of Galveston Count)' has grown in each
decade for the past 100 years of record, paralleling roughly
th e population grow th of the city of Galveston. In more
recent years. the expanding population of Texas City and
some other parts of the county has widened the gap between
the growth lines. In 1850 the county population of 4,529 was
almost ('nlirely within the corporate limits of Galveston City.
E,'cn loday. nearly 60 percent of the county's 125,000 people
live within the ci ty of Galveston, while Texas City has just
under 20 percent.

The income of the people of Galveston County in 1953 is
eslima ted tentatively at $205,000,000, up about 27 percent
since 1950, with most of the increase occurring in wages and
salaries of workers in manufacturing, transportation, trade
and services, and finance.

PERSONAL INCOME. BY MAJOR SOURCE
GALVESTON COUNTY,1953

POPULATION TRENDS
THOUS A~ OS

THOUSA.'«)S

140

I.

140

t-- 120

1201--+-+--"1--+-+--I--+-- +--I'--t....

1001--+-+-I--+-+---J_--'-_-'---Ir::l~ 100
,oj"
I
o
J.. . . . .\_i-'.
GALVESTON COUNTY

80

01--+-+-1--+-~ ..-..~~-.~
_.- ...... -t7- ~
.........

60

•••• ~

40

40

~ALVESTONCITY

o

~....

o~
1860

[850
.~

1870 1660 1690 1900 1910

•

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TEXAS CIT.,!..V .....

----

Ina

1930 1940

I

I

20
0

1~~1960

[1I 1mGrt d.

SOU RC[ U $ J U'.OII otl rho CI "'"

During the decade of the 1940's, the population of Galves·
ton County rose 39.3 percent, compared with 20.2 perce ll t
for the Sta te. The population of the city of Galveston in·
creased substantially from 1940 to 1949, but the closin g of
Fort Crockett and the consequent 1055 of civilian population
reduced the net gain for the decade to 9.4 percent. In Texas
Gty the population almost tripled because of the rap id indus·
Ir iali za tion in the area,
At Ihe beginning of 1954, Galveston County had an esti·
mated 125,000 inhab itan ts, with the 72,500 in Galveston City
and the 23,000 in Texas City constituting a very large per·
("('ntage of the total. The county gain of 12,000 inhabitan ls
between 1950 and 1951 was about equally divided between
the two major cities.

Nearly three·Iourths of total personal income was ~eriycd
f rom fo ur major activities - manufacturing, trade and servo
ices. government, and transportation. The remaining 25 per·
cen t was generated by construction, finance, and miscellane·
ous activities - including mining, agriculture, power and gas,
and communications.
Between 1939 and 1953, personal income in the county
rose an estimated 312 percent. The larger percentage gains
in personal income were registered by manufacturing and
construction, which increased ninefold and fivefold, r espec·
tively. Tn creases of more than 300 percent were recorded by

PERCENT INCREASE IN PERSONAL INCOME.
BY MAJOR SOURCE
GA LVESTON COUNTY

1939-1953
MANUFACTURING

CONSTRUCT I ON

FI N ANCE

TRADE and SERVICES

Structure of the Economy of Galveston County

An analysis of the various facets of economic life in an
• ar~a probably can best be approached by considering them
in Ilw light of their respective contributions to personal in·
('orne and to the crea tion of employment opportuniti es , III
Ibi s war. the different types of bu siness enle rp rise ca ll be
yi ewed in proper balance.

ALL SOUR CES
GOVERNMENT

TRANSPORTATION

MONTHLY BUSINESS REVIEW

96

finance, trade and services, and government. Transportation,
already a major source of income in 1939, gained 222
percent.
Employmen,

Estimates by the Texas Employment Commission indicate
that civilian employment in the county in the first quarter
of 1954 averaged about 45,735, compared with 48,750 a year
earlier. Unemployment, on the other hand, averaged about
2,800, up from 1,785 a year ago. The decline in employment
and rise in unemployment in Galveston County during the
past year resulted principally from the closing of an ordnance
plant and the completion of several large construction
projects.
There have been many significant changes in the distribu·
tion of employment in Galveston County since 1939. Employ.
ment in manufacturing in 1953 averaged about 146 percent
above the 1939 level, while employment in construction was
up 130 percent. The increase for medical and professional
services was 69 percent; retail and wholesale trade, 55 per·
cent; finance, insurance, and real estate, 41 percent; business
and personal services, 26 percent; and transportation, 7 per·
cent. On the other hand, employment in private households
and in government was down 25 percent and 16 percent,
respectively. Total employment was up 46 percent.
Employment distribution in Galveston County is somewhat
at variance with the distribution of personal income, pri.
marily because of differences in definitions of the categories;
unequal wage rates; differences as to the degree of local
ownership and, thus, the contributions to proprietary income;
and income payments which have no counterpart in employ·
ment. Illustrative of the first of these is the trade and services
category, where school teachers are included in the employ·
ment group but excluded in income analysis. A comparison
between manuIacturing and trade and services exemplifies
the second difficulty, in that the high wage rates and propor·
tionately lower employment ratio in manufacturing are con·

trasted with the high level of employment and relatively
lower wages paid in trade and services. Moreover, a large
part of proprietary income from manufacturing goes outside
the county, while most of that from trade and services remains
in the county. Finally, some income payments in the govern·
ment category, such as veterans' benefits and government
pensions, are not related to employment, thus causing a larger
percentage of income than employment in this category.
Manufacturing

In Galveston County, manufacturing accounts for more
employment and a larger proportion of personal income than
any other major type of economic activity. Personal income
from this source in 1953 amounted to about $57,000,000, or
27.5 percent of the county's total. Most of this manufacturing
income represents wages and salaries, since proprietary in·
come from manufacturing constitutes a relatively small por·
tion. The dominance of manufacturing as a source of income
in the county stems primarily from the operations of the oil
refineries and chemical plants in Texas City and environs,
but several large plants and numerous small plants in Galves·
ton City contribute importantly to the aggregate.
During 1953, employment in manufacturing averaged
about 11,600, or 24 percent of total employment in Galveston
County. This total is slightly under the record employment
in 1952, but it is 36 percent higher than in 1950 and 146
percent above the estimate for 1939. The slight decline in
employment in the first quarter of 1954 reflected principally
the closing of an ordnance plant on Galveston Island.
The distribution of manufacturing workers among the
various types of industry in 1953 sbows the chemical and
petroleum refining industries employed 31.7 percent and 27.3
percent, respectively. Employment in the manufacture of
transportation equipment (aircraft parts and shipbuilding
and boatbuilding and repair) accounted for 12.1 percent.
Manufacture or processing of food and kindred products (tea,
beer, bakery products, dairy products, meats, fish, etc.) uti·

DISTRIBUTION OF EMPLOYMENT

MANUFACTURING EMPLOYMENT

GALVESTON COUNT'r',1953

GA LVESTON COUNTY

OTHER~~~~~~~~~~==~~~~~~rr
GOVERNMENT
PRIVATE HOUSEHOLD

FINANCE, INSURANCE,AND REAl

BUSI NESS ANO PERSONAL SERVICES

- -,*,

CONSTRUCTION -

-------

TRANSPORTAT I ON

--------{:::::::::::::::::::::::~

RETAIL AND WHOLESALE TRADE - - - -

MANUFACTURING - - - - - - - -

SOURceS U S h.oall 01 ,"-

C."t~1

Tn ol \! ... ,Ioy ....... e-... '.... ""

MONTHLY BUSINESS REVIEW

MANUFACTURING EMPLOYMENT. BY INDUSTRY
GALVESTON COUNT'f.19~3

97

volume of employment generated, it leads by a wide margin.
Its importance grows out of its contribution to employment
and income, the extensive distrihution of types of activity,
its inherent stability, and its possibilities for future expansion.
This activity is centered in the city of Galveston and, combined with the other significant activities to be discussed
later, gives it economic prominence and leadership in the
area.
Income from trade and services in Galveston County in
1953 excceded $49,000,000, or 23.7 percent of the total, and
r eflected an increase of 312 percent over that in 1939. In fact,
there has been a steady growth of personal income in this
category for many years. The main types of activity included
in this category are retail and wholesale trade establishments;
medi cal , hospital, and other professional services; business
and personal services; hotels and tourist courts; amusement
places; and miscellaneous services.

lized 9.5 percent of those employed in manufacturing. Tin
smplting. which belongs to the employment category desig.
nated as " primary metals," provided employment for 7.6 per.
cent of the total. The other manufacturing categories - such
as lumber and wood products, furniture and fixtures, fabri·
cated metals products. printing and publishing, and mao
.. hinen· - accounted for a combined total of ll.8 percent of
tile manuracturing workers in the county in 1953.
The [our refineries produce a wide assortment of oils
and fuels, as well as some chemicals used in the manufa cture of other products. The three chemical plants produce
many different products which can hc class ified under the
!;encral headin g of "synthetic orga nic chemicals." These
Seyen plants currently employ about 7,200 workers and have
a combined annual payroll of about $36,700,000.
The tin smelter in Texas City-the only one in the Western
Hemisphere - was established by the Federal Government
durin g World War II and is supplied with tin ore imported
rrom South America through Galveston Harbor. Employment
at the plant in the past several years has varied between 700
and 1,000 workers.
Manufacturin g in thc ci ty of Galveston , which provides
employment for some 3,100 people. is distributed widely
among a large number of plants. While several of the plants
employ more than 100 persons each, most of them are rei aI ively small in comparison with the heavy industrial plants
on the mainland. Some of the more important manufacturing
acli"ities are the co nstruction and repair of boats and ships;
metals fabricating; wood creosoting; boilermalcing; printing
end publishing; the processing anti packagin g or tea ; the
brewing of beer; meat packing; and the manufacture of jute
products, metal products (including nails), batteries, fo od
~ products, cotton bal c buckles, and sea shell novelties.
Trade and Services

Thi, "'gnwlll Or economic aChvlly in Galveston County
ranks seco nd among the sources of personal income, but in

In 1953, trade and services employed 19,900 workers, or
41.1 percent of the total employed in the county. Of this
trade and service employment, wholesale and retail trade
establ ishments accounted for 10,100 workers, and the service
establishments employed 9,800 workers. The medical and
professional services were most important in the service
group, followed by busi ness and personal services and private
hou sehold employment.
The c.;ity of Galveston serves as a retailing center for Galveston Island, for much of the county on the mainland, and for
Bolivar Peninsula. Texas City has a growing commercial
a rea to serve its rapidly expanding population, but local resi·
dents apparently do some shopping in Galveston.
Retail sales in Galveston County in 1948 totaled $ll6,620,000. Galveston and Texas City accounted for $82,697,000
and 819,31<1,000, respectively, or combined sales representing
87 percent of the county total. On the basis of these and other
data, it is estimated that retail salcs in the county in 1953
reached approximately $150,000,000. The estimates for Galveston and Texas City of about S100,000,000 and $30,000,000,
respectively, indicate that the percentage of the county total
r emained about unchanged as compared with 1948.
Galveston has a wholesale business that reaches out over
much of the Southwest. Aside from supplying purely loc.;al
needs, the wholesalers on the island distribute beer, chemicals,
glass, food products. hardware supplies, ship supplies, and
miscellaneous products. Galveston wholesalers employ about
1,300 people and currently have combined sales in excess of
$50,000,000 annually .
A major factor in the retail trade picture of Galveston is
the tourist trade. The seasonal peak occurs in the summer
months and usually is at a high level from the first of May
until after Labor Day, and throu ghout this period many special events arc featured as an attraction to and for the enter·
tainment of visitors. There are also man y visitors during other
seasons of the year, partly because tourist attractions make
the city popular as a site for conventions; hencc, most busi''''sses catering especially to tourists find it profitable to remain open throughout the year.

98

MONTHLY BUSINESS REVIEW

The 10 hotels recommended by the Galveston Chamber of
Commerce have a capacity of over 1,000 rooms, with additional rooms under construction_ The 18 approved tourist
courts offer about 800 units, and some of the courts are being
pnlarged_ In addition, Texas City has six tourist courts and
several small hotels_
Perhaps the greatest attraction in Galveston is the beach,
although the hotels, night clubs, restaurants, casinos, and fishing in gulf wa ters lire important factors in the growth of the
tourist business. Pleasure Pier, constructed on the gulI shore,
extends over 1,100 feet from the sea wall out into the Gulf of
Mexico_ It contains, among other things, a large exhibit hall,
nn air-conditioned auditorium, and an outdoor stadium for
aquatic sports.
Within the services category, a very valuable asset to Gal,'eston is the University of Texas Medi cal College, which ranks
Ihe city as One of the leading medical centers in the Southwest. The collcge has an enrollment of about 1,000 students.
In conjunction with the school is the new, modern John Sealy
Hospital, which was completed recently at a cost of over
$11,000,000 and presented to the Board of Regents of the
University of Texas as a gift from the Sealy and Smith Foundation for the John Sealy Hospital. Other additions to the
medical college facilities have been completed or are under
construction. The university medical college employs about
2,000 persons and has an annual payroll of approximatel y
S5,100,000.
Of the hospi tals in Galveston, the John Sealy Hospital ranks
first, with a 1,500-bed capacity, while St. Mary's Infirmary,
with a 250-bed capacity, ranks second. Each of these hospitals has a nursing school. A United States Publi c H ealth
Service Hospital and the Fort Crockett Station Hospital (inactive) also are located in Galveston. Texas City has two
small hospitals, while the Galveston County Hospital is just
north of Lamarque.
Go vernment

Government ranks third among the sources of personal
income in Galveston County, having accounted for an estimated 12.9 percent of the county income in 1953. This county
is relatively less dependent upon government for its income
than is the State as a whole, partly because of the inactive
status of Fort Crockett and partly because fewer Federal acIivities are located there_ Federal and state activi ties include
customs, United States Army Corps of Engineers, post office,
old-age insurance, public assistance, and veterans' payments.

Transportation

Transportation ranks relatively high in its con tribulion to
both employment and personal income. This stems partly
from the fact that Galveston is the terminal point for railroad ,
truck , and bus lines, but of more importance is the port facility, which includes a wide range of activiti es inseparably
bound with its operation. Galveston has steamship service
connecting with important trade routes of the world, and both
American an d foreign ships maintain regular sailings_ Barge
senice by way oi the Intracoastal Canal is provided between
Gah'eston and Texas City and other Gulf Coast ports.
The scale of operations of the Galves ton and Texas City
porls is reflected in thc relati vely large percentage of the pcronal income in the county obtained from transportation,
,,-hich was indicated previously to be 11.0 percent. The contribution to employment was even more important, being 12.2
percent of the total.
Galveston is a "dry-cargo" port engaged principally in for eign commerce, while Texas City is a "wet-cargo" port engaged primarily il1 coastwise shipping.
One of the civic achievements in Galveston in recent years,
to whic·h local citizens point with pride, was the municipal
purchase of the port facilities, formerly owned by the Galveston Wharf Comp any_ Administration oI these facilities is un der the control of the Board oI Trustees of Galveston Wharves.
and operations are under the supervision of the general man ager selected by the Board of Trustees.
The importance of the shipping trade to Galveston is only
partially rellected in the volume of commerce handled through
the port. hecause large numbers of people are employed in the
warehousing of cotton and other commoditi es dest ined fo r
export, in the op eration of the grain storage facilities, in the
finanC of commoditi es stored or in transit, in the operation
ing
of the railroad switchin g facilities, and in the repair an d consl ru cti on of the extensive wharves. It is because of the heavy

WATER-BOR NE COMM ERCE

.•

(SHORT TON S )

II-LI ONS

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1936

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GALVESTON

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1940

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TEXAS CITY

\I;:=L

0

Besides the operations of the Federal, state, and county
governments, there are municipal governments at Gal veston,
Texas City, and Lamarque (recently organizcd) . Jneluded in
the government category are the schools; there are two high
schools. two junior high schools, and nine elementary schools
in Galveston City. Texas Ci ty has 10 public schools, comprised
of Iwo hi gh schools. three junior high sc hools, a nd fi,e elemental), schools. There are a number of additional publ;c
schools Ihroughout the county.

MI LL. IONS

I

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1942:

SOUft{;[ ' C." I . ' [ .. I~"'I .U. S .. ,,,,,.

1944

1946

1948

19!50

,

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99

MONTHLY BUSINESS REVIEW

PERCENTAGE DISTRIBUTION
OF FREIGHT TRAFFIC, 1952

load ing or unloading of vessels can be performed largely by
pumping Iacilities and requires relatively little labor.
Construclion

( WrlGhT 8llS1S)

Income from construction actIVities accounted for about
5.3 percent of total income in 1953. Since 1939, income from
Lhis source has increased 503 percent and, in terms of per·
centage gains, construction is second only to the manufac·
turing category. As an cmployer, construction provides jobs
for 9.6 percent of the total employed in the county. Since
1939, employment in this category has increased by 130 per·
cent and, again in terms of percentage gains, is second only
La manufacturing.
Texas City

Galveston

$OUAGL : c.,u 01 £ftg!~ ..r •• U.S . A'IfIr.

investment in facilitics and the high level of employment in
shippi ng and ,'elated fields that Lhi s industry is often called
Galveston's largesL business.
The principal outgoing commerce handled at the Galves·
Lon port includes such commodities as sulphur, cotton, wheat,
and meLals. The incoming freight includ es Lin ore (destined
for the smelter at Texas City), burlap and jute bagging. steel
mill producLs, raw sugar, tea, and bananas.
Exports Lo foreign co untries comprise more than two·Lhirds
of all Lonnage handled at Galveston. In 1951, foreign ship·
ments totaled 5.233,000 tons, a record annual total, Imports
of 328,000 tons were at a postwar high. Comparable Lotals
for 1952 reAect slight declines from 1951. Domestic trade
through the port of Galveston, accounting for less than one·
I hi rd oJ Ih e port's Irade activity, was at a postwar peak in
1950, with domestic shipments and receipts totalin g 1,494.000
tons.
Some of the leading commodities exported through the
Galveston port in 1952 were wheat, 2,570,000 Lons; sulphur,
896.000 Lons; rotton, 281,000 tons; industrial chemicals, 39.·
000 Ions: zinc, 3],000 Lons; and copper, 27.000 tons. The
leading commodity imported was raw sugar, totaling 193,300
Ions. Tin are imported amounted to 61 ,000 tons.
Texas CiLy holds the distinction of having the only seatrain
facilities on the Texas coast. Railroad boxcars loaded with
goods Ior shipment are placed aboard steamers Jor transporL
10 any of tJ,e se,'eral ports in the United SLates with similar
facilities.
Most of the shipp in g at Texas City is comprised of chern·
icals and petroleum products, reflecting the presence of large
refineries and chemical plants. In 1952, for example, indus·
trial chemicals and petroleum products represenLed 96 percent
of all shipping aL this port. Other products handled included
, ea ~ hells. ri~e. synthetic rubber, slIlphur, and wool. Because
most of Lhc shipping at Texas City consists of liquids, the

Construction activity in Galveston County, as in most areas,
fluctuaLes according to the development of large industrial
plants and to the changing need for residential, commercial,
and public construction. For example, the recent expansion of
the medical college and hospital in Galveston has provided
employment and income to a large group of workers. How·
ever, most of the large construction projects in recent years
have been concerned with the development of new and ex·
panded chemical and oil refining plants near Texas City.
Finance

Personal income from the category designated as " finan ce"
includes gross salaries and wages and net proprietary income
of such groups as banks, insurance companies, and savings
ancl loan associations. It is estimated that, in 1953, about 4.4
perccnL of the personal income in Galvcston County was from
finance, This is a relatively large percentage for this catcgor y
in comparison with most cities of Texas.
Galveston has three insurance companies with home offices
in Ihe city, one of which is the largest insurance company in
Texas. For this reason, employment in the insurance field
ranks high in Galveston.

BANK DEPOSITS
(OECE~9E" ~I)

MI LLI ON S OF OOLLARS

MI LLIONS OF DOLLA !!S

:::I---I---'---L....--I---i'-='.~ : :
COUNTY7.····T ········J·····~
GALVESTON

12.0

.,'

10

120

........... -;-:/"...
o

...··1·

100

GALVESTON CITY

:~~..~..~.~~~..~..-..-...-.._/~--~---~--~--~-~::
...
O~---+-----t----~----L---~L----+--l 40

o

-----1--

o __ ----i'
1940

1942.

1944

1946

~TEXAS C ITY

20

--;----:----1 a
-I
I
1948

1950

1952 1953

MONTHLY BUSINESS REVIEW

100

land, although it accounts for a negligible proportion of the
personal income of Galveston County (less than three-quarters of 1 percent) .

BANK DEBITS*
~lll..l ONS

WILLIOItS OF DOL LARS

OFOOLL"AS

I,ZO 0

I. 200

1
,00 0

I. 000

1
/
8 00

80 0

The principal so urce of agricultural income in Galveston
Co unty is the production of rice, while raising of beef cattle
holds second position. Also worthy of mention arc dairying
and the production of poultry, eggs, and vegetables.

V - G A LVESTON CITY

60 0

40

0 "'7'

V

6 00

!...=.7

4 00

200

20 0

0

1940

1942.

194\4

1946

1948

1950

o

1952. 1953

Galveston County has nine banks, of which five are in the
city of Galveston. Texas City has two banks, while Lamarqu e
and Dickinson have on e each. Banking in this area is served
by the Houston Branch of the Federal Rese rve Bank of Dallas.
The trends in deposits at the banks in Galveston County, as
well as those in Galveston and Texas City, are shown in an
accompanying chart. It will be noted that deposits at Galveston banks accounted for a very large percentage of the total
throughout the period. Deposits in all banks in the county,
with minor exceptions in 1946 and 1949, rose steadily from
1940 through 1953. On December 31, 1953, deposits in Galveston County banks totaled almost $151,923,000, up 158
percent since 1940. Tills percentage gain, while not as large
as th e comparable increase for all banks in the State, r ep resents substantial growth. The Iact that some of th e larger industries in the county are subsidiaries of large firm s wilh
hom e offices elsewhere and bank affiliations are maintained
outsi de the county accounts for the slower rate of growth.
Loans at hanks in Galveston County, in lin e with those of
banks generally, were reduced during World War II but subsequently rose to record levels in 1953. Galveston County
banks held loans of $35,056,000 on December 31, 1953, up
138 percent for the lO-year period. However, the ratio of
loans to deposits was still low in relation to the comparable
ratio for Texas banks generally_
Debits to individual accounts---commonly used as a measure of trends in business activity- totaled $335,000,000 in
Galveston banks in 1940 and moved up gradually to a record
of $979,000.000 in 1952, or nearly three times the 1940 total.
The sli ght decrease in debits in 1953 refl ected partly the moderate decline in business activity_
Agriculture

Farming is important to a co nsi derable part of the county
and espec ially to the smal1er towns and yillages on the main'

Ri ce production in 1953 is estimated at about 340,000 barrels, the largest crop ever produced in the county. In fact,
production has climbed sha rply in the past 6 years and has
exceeded 250,000 barrels in each of the past 4 years. Last
year's crop brought farmers a gross income of around $2,500,000. Beef cattle raising is carried on partly to utilize cropland
seeded to grass in years when crop rotation systems do not
permit the planting of rice. The 56 Grade A dairies in the
county help supply local demands for milk. There is some
production of commercial broilers, and a commercial eggp roducing industry is being developed_ Vegetable growers
market a wide variety of products for local consumption.
Gross farm income in Galveston County reached a record
of $5,500,000 in 1951, reflecting the large production of rice
and hi gh pri ces received for beef cattl e and other farm commodities. Income in the past 2 years has been lower, prin·
cipally because of price declines, the total in 1953 being
about $4,500,000.
Oth.r

Among the other types of enterp rises in Galveston County
are oil production, electricity and natural gas distribution,
communications, and fishing. In addition to telephone and
telegraph services in the communications field, Galveston has
one television station and two radio stations, while T ex as City
has One radio station.
The fishing industry is important to Galveston, even though
the number of workers directly employed is not very large.
Employment in this industry in the first quarter of 1954 averaged about 200 persons, but in the peak shrimping seasons
(April-May and September-October), employment may be
several times this figure_
The future growth and prosperity of Galveston County is
intimately connected with those activities which have suppli ed the major stimulus to economic development in the
past. Jn the city of Galveston, the shipping and related faciliti es, tourist trad e, medical center, manufacturing, wholesale
and retail trade, and other service and financial activities
should continue to return large dividends in terms of income
a nd employment. in Texas City the manufacturin g facilities
are expected to provide the catalyst needed for a growing
community. In the aggregate, the possibilities inherent in the •
(·omplementary activities of the two major cities in Galveston
CO llnty augur wel1 for the future economic prosperity of its
citizens a uJ promise even larger contributions from this arp3
to the grow lh and development of the State.

~

MONTHLY BUSINESS REVIEW

101

REVIEW OF BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

Retail sales at department
stores in the District in May
equaled those of April but
were 7 percent below May
7953. Sales in the first 2 weeks
of June showed a year-to-year decline of 6 percent.
Cumulative sales for the year through the end of
May trailed those of a year ago by 5 percent.

The total dollar volume of retail
sales at department stores in the
Eleventh Federal Reserve District
during May was unchanged from
April, despite the lift given the
earlier month by the late date of Easter. Compared with the
year-earlier figure, however, May sales were down 7 percent.
Sales during the 2-week period ended June H! were 6 pereent
below the comparable weeks in 1953.

Charge account receivables outstanding at District department stores on May 31 were the same
as a year earlier; instalment accounts outstanding
were up 2 percent. Inventories were B percent less
than a year ago.

The May index of District department store sales, adjusted
for seasonal variation, was 123 percent of the 1947-49 average, compared with 120 for April and ]31 for May 1953. The
April-to-May rise in the adjusted index of sales indicates an
increase during the month of slightly more than 2 percent in
day-to-day consumer buying not directly related to seasonal
factors.

Prospects for agricultural production in the District continue generally good; open weather has
permitted the completion of needed field work,
while a favorable moisture situation prevails in most
sections. Winter wheat production in District states
is well above that of 1953. Larger crops of corn,
sorghum grain, citrus fruits, and commercial vegetables this year are indicated. Farm commodity
prices are holding relatively stable.

Cwnulative sales in the District through the fmt 5 months
of this year were 5 percent below those in the comparable
period last year, which is the same percentage loss reported
for the 4·month period ended with April and compares with a
5·month cwnulative decline of 3 percent for department stores
in the Nation. In making these comparisons, it should be reo
membered that the adjusted indexes of department store sales
in this District for May and June of last year - 131 and 134,
respectively - are the highest for any 2 months of record.

Crude oil production in the District rose moderately in early June, although it was still below a year
ago. A decline in July is expected, following reductions in oil allowables in Texas and Louisiana. Refinery activity in the District in May declined to a level
below a year earlier.

The declines in May sales from a year earlier were general.
The largest percentage loss in District sales among maj or de·
partments was registered by houschold durables, which de·
clined 12 percent. Within this category, sales of major appli·
ances and tel evision sets were off 28 percent and 40 percent,
respectively. Other departments showing year·to·year losses
were piece goods and household textiles, off 7 percent;
RETAil TRADE STATISTICS

Total nonagricultural employment in the five states
of the District rose from February through June but
was still 1 percent below June 1953. Manufacturing
employment was 5 percent below a year earlier.

(Percentage changel
NET SALES

May 1954 from
line of trade
by area

The value of construction contracts awarded in
the District in May was 7 percent below the April
total but 26 percent above the value of awards in
May 1953. Awards for the first 5 months of 1954
reflected a gain of B percent over a year ago.
Commercial, industrial, and agricultural loans of
the weekly reporting member banks in the District
rose 1 percent during the 4 weeks ended June 16,
while most other maior loan categories declined.
Investments increased very slightly; deposits rose
2 percent. Bank debits in 24 cities in the District in
May exceeded those of a year earlier by 3 percent.

DEPARTMENT STORES
Tolal Elevenlh District ••.. • . ... ••..
Corpus Christi. .••...•••... . .••..
Dallas •••. . ...•..•.• .. . .• .. • •. .
EI Paso •......• .. .... . •....••..
Fort Worth • . ..• ... ....•....••..
Houston •... . • .•...••. . .••...•..
Son Antonio .• . •.. .•. • . • •...•..•
Shreveport, La .... . ...... . ...... .
Waco •.•.• .. . .•• • ..... .•.. • .. .
Other Olies ••. . •. . .•••• • . • ..•...
FURNITURE STORES
Totol Eleventh District ••...... • . • ..
Austin .••.•••.•.. . .•••..•.. . •..
Dallas .•...••..••....•.. • .•.•..
Houston ••.• ... •.•.•••.••••.....
Pori Artflur .•..•..• • ••••••• .... •
Son Antonio .•...• . ...• ....•• •.•
Shreveport, La .................. .
Other cities •••........•..•••...•
HOUSEHOLD APPl1ANCE STORES
Tolal Eleventh District .••...••....•
Dallas •••.•....• • ••.•.........•

Ma y
1953

April
1954

-7

- /
3
-3
-7
-5
4
- f
_1
3

-5

-9
-8
-7
-5
-1 2
-7
25
-4
-1 0
- 5
B
_5
-1
-2'
-25
-7
_ 34
_4'

•

10
31
12
1

- 5
-1 0
-4
- B
_ 6
- 5
_1 0

-.
- I

-2

- 8
_7
-5
- 7

_ 5

- 9
_ 1'
- 11

_ 15
- 9

-4
_1
-4
-3
_5
-2
-8
2
_5
-2

- 14
- 17
- 15

- 2
- 3

-1 9
-8

-3
-2

- I

22

7
2
8

•

-4

Stocks at end of month.
, Indicates change of less thon one-half of I percent.

I

STOCKS'

May 1954 from
5 mo. 1954 - - - camp. with
May
April
5 mo. 1953 1953
1954

MONTHLY BUSINESS REVIEW

102

last year. At the end of Ma y, charge accounts and instalment
accounts represented 53 percent and 47 percent, respectively,
o f total receivables.

WHOLESALE TRADE STATISTICS

Eleventh Federal Reserve Dislrict
(Percentage chonge)

STOCKSl p

NET SAlESp
Moy 1954 from
May

April

Line of trade

1953

195.4-

Automoti .... e supplies ... ... . ..

2
-13

May
1953

April

-12

-5
- 3

- 7
-2

1
_ 4
3

_1
2
4
- 11

- 6
2

I

Department sto re inventories at the close of May were down

- I

- 2

4, percent from April and !l percent from May 1953. However,

- 9
-10
22
41
-3
- 23

Dry goods ................ .
Groce ry {full·line wholesalers

not sponsoring groups} .. ...
Hardware ....... . ........ ,

Industrial sup plies ... .... , . ..
Melals ............ . .... . . .
Tobacco products ... . . .. . ...
Wines and liquors . •.. . .....

Collection ratios for both charge accounts and instalment
accounts in May remained virtually uncbanged from a month
earlier alld a year ago. For charge accounts, the average col·
lection time was approximately 64 days; for instalment ac·
counts, ] 6 months .

5 mo. 195.4
compo with
5 mo . 1953

-6
-1 3

2
-1 4
22
28
- 7
- 20

M ay 1954 from

- f

-7
- 10

1954

- I

15

28

Stocks at end of month.
p-Prelirn inory.
I Indicotes change of leu than one·half of 1 pe rcenl.
SOU RCE: United Stohn Bvreau of the Census.
I

women's and misses' wear, including accessories, down ap·
proximately 5 percent; and men's and boys' wear, off 7
percent.
Despite the general nature of the declines, there were areas
of definite strength in which sales of some items held even
with last year, while others showed moderate to substantial
increases. Among these gains were a l ·percent rise for furni·
ture; a 35·percent gain for radios and phonographs; and a
19·percent increase for musical instruments, records, etc.
Sales of silverware and jewelry showed a gain over last year
amounting to 6 percent.
The proportiolls of total sales represented b y cash and
credit purchases during May were unchanged from April.
Compared with a year earlier, however, charge account sales
- representing 55 percent of the total- were up 2 percentage
points, while instalment sales - accounting for 11 percent
- were off 2 percentage points. About 34 percent of all sales
was for cash, the same proportion as a month earlier and a
year ago.

Charge account receivables outstanding at District depart.
ment stores declined 1 percent during May and at the end of
the monlh were in the same dollar volume as on the compar·
able date in 1953. Instahnent accounts outstanding decreased
1 percent during May to a level 2 percent above a year earlier.
From January 1 through May 31, 1954, charge accounts reo
ceivable declined 36 percent, compared with a decrease of 34
percent in the same period in 1953. Instalment accounts out·
standing declined 10 percent in the first 5 months of this year,
although they rose 2 percent durin g the comparable period

after adjusbnen ts for the seasonal decline that usually occurs
during May, the adjusted stocks index rose 1 point to 128
percent of the 194.7·49 average, compared with 139 percent
for May 1953. Merchandise on order was up 18 percent from
the end of April but was 24 percent below tbe volume of
orders outstanding at the same time last year.
Sales at reporting furn iture stores in the District during
May rose 10 percent above April but were 10 percent below
the sa les volume of May 1953. Accounts receivable reflected
no change from April but were 3 percent under a year ago.
Furniture store inventories declined 2 percent from April to a
tolal 14 percent lower than May 1953.
Prospects for agricultural produc·
tion in the District continue gen·
erally good. Warm, open weather
eluring much of June permitted cui·
tivation of cotton fields in central
and northern areas and was favorable for rapid development
of cotton, maturing of small grains, and harvesting of hay.
Scattered thundershowers, particularly over the western and
northern parts of Texas, brought additional moisture.
Harvest of the District's 1954 winter wheat crop is making
rapid progress, with yields exceeding preharvest expectations
by a wide margin. This results from rapid growth and favor·
able maturity of grain caused by timely spring rains. The
Uni ted States Department of Agriculture boosted its Jun e I
estimatc of the Texas winter wheat crop nearly 8,000,000
bushels above the May 1 foreca st. Estimates for 1954 for mao
jor wheat-producing states in the District, together with the
year ·earlier figures an d the 10·year averages, are shown in an
accompanying table. The Nat.ion's wheat crop, including 260,·
000,000 hushels of spring wheat, is estimatcd at 1,000,000,000
bushels - 14 percent lower than the 1953 crop and 11 per·
cent below the 1943·52 average.

INDEXES OF DEPARTMENT STORE SALES AND STOCKS
(1947·'9

=

100)

WINTER WHEAT PRODUCTION

UNADJUSTED
May

Areo

(In thousonds of bushels)

ADJUSTEDi

April

Mar.

May

May

1954

1954

Aprif

1954

1953

1954

1954

Mar. May
1954 1953

Ele.... en th District •. •..

Dallas . ................. . .
Houston • . ..•..... . .

119
113
138

119
116
133

102
98
120

127
124
144

123
115
139

120
122
134

115
106
137

131
127
146

129p

135

136

141

128p

127

127

139

STOCKS-End of month
Eleventh District • . • •...

1954
Indicated

Stote

SALES-Daily a .... erage

1 Ad iusted for lieosonal variation,
p-PreliminQry.

June

1

Av e rage

1953

1943-52

Arizona .. ......... , .... , .. .. •.... .
New Mexico . ............. . . . . . ....
Oklahoma . . . ......• .. .•. ... •....• .
Texas ....... . ....•... . .........• .

546
410
66,05 2
31 ,224

598
515
70,776
23.035

591
3,063
75,634

Totol. .. . . .. ..... . . . .... . ... . .. .

98,232

94,924

136,509

SOURCE, United Sto'e1 Department of Agricul ture,

57,221

~

MONTHLY BUSINESS REVIEW
The District's cotton crop is making fair to excellent
growth. Considerable replanting was necessary in west Texas
because of heavy local rains and hail. Insect damage thus far
has been relatively light, although extensive control measures
have been taken to prevent a build-up of insect populations.
The crop is reported in excellent condition in the southern
part of Texas, including the Lower Rio Grande Valley. Elsewhere, plants are somewha t uneven, although making generally satisfactory growlh. Additional moisture would be
beneficial in many central and southern Texas counties and
in the dry-land ar@as of west Texas.
Other District crops - including corn, peanuts, rice, and
commercial vegetables - generally are growing satisfactorily. Planting of a large acreage of grain sorghums was
under way in northwestern counties during the past month.
In south Texas, good yields of early sorghums are being harvested. Commercial vegetables - including watermelons, cantaloupes, and tomatoes - are moving in volume from east and
southcentral Texas counties. Over-all production of spring
and early summer commercial vegetables in the State is expeeled to be 22 percent larger than a year ago.
Prospects for the 1954-55 Texas grapefruit and orange
crops are the best since the 1951 freeze. Weather conditions
were favorable duri ng the blooming period this spring, and
shedding during May was unusually light. Most groves have a
good set of fruit that is making rapid growth.
Cattle, sheep, and goats are maki ng good gains in all areas
except southern New Mexico. There has been a limited amount
of restocking in areas of west Texas where recent general rains
were the first received in 3 or 4 years. The drought-damaged
pastures, although makin g substantial recovery since the
spring rains, will not support heavy grazing without damage
to next year's production of grass. In view of this fact, most
ranchers appear to be following a conservative policy in restocking ranges and pastures affected severely by the drought.
Some supplemental feeding has begun in south Texas, as high
temperatures and lack of moisture have reduced green and
cured range feed.
Slaughter of cattle and calves in the first 4 months of 1954
was substantially higher than during the corresponding
period in 1953. The increase in number of cattle slaughtered
was 18 percent in Texas, 53 percent in Louisiana, 10 percent
in Oklahoma, and 13 percent in the Nation. Calf slaughter was
up 18 percent in Texas, n percent in Louisiana, 53 percent in
Oklahoma, and 20 percent in the Nation. These increases were
offset mostly by a reduction in the number of hogs, sheep, and
lambs slaughtered. Total meat production (excluding poul-

103

FARM COMMODITY PRICES
Top Prices Paid in Locol Southwest Markels

Week ended
COTTON. Middling 15 / 16-ineh. Dallas . •..
WHEAT, No.1 hard, Fort Worth ..••.•....

OATS, No.2 white, Fori Worth ...........
CORN, No.2 yellow, Fort Worth . ........
SORGHUMS, No.2 yellow, Fort Worth ....
HOGS, Choice, ForI Worth ..............
SLAUGHTER STEERS, Choice, Fort Worth ...
SLAUGHTER CALVES, Choice, Fort Worth ...
STOCKER STEERS, Choice, Fort Worth . .. ..
SLAUGHTER SPRING LAMBS, Choice, Fort
Worth .............................
HENS, 4 pounds and over, Fort Worth .....
fRYERS Commercial, Fort Worth •.•....•..
IIROILE R south Texas ..................
S,
EGGS, Graded ond candled, Fort Worth. ..
WOOL, 12·months, west Texas .... .......
MOHAIR, kid, west Texas ...............
I

lb.
bo.
bo.
bo.

$

1.011;'4
1.923;4
2..48
24.75
23.00
20.50
21.00

cwl.
<wI.

cwl.
cwl.
cwl.

22.00
.19
.25
.25
8.50

cwt.

lb.
lb.
lb.
case

11.81

lb.
lb.

1.80

May
195.(

CoIHe.......... 79,298
Calves .......... 16,465
Hogs........... 40,252
Sheep ......... . 171,306
I

Includes goah.

Moy

1953

75.998
16,334
41,062
189,61 3

April
1954

55.007

Moy

1954

37.220

1953

April
1954

Moy

13,793

17,208

52.083
163,347

32,965
13,777

2.256
135,172

28.924
12.348

'28,149

3.2B

28.00
25.00
23.00
21.50
28.50
.20
.25
.25
8.75
11.76

last year

5

.3290
2.41 V2
.97%
1.87
2.98
24.75
23.50
20.00
18.00
26.50
.23
.28
.28
15.00

1.11 Vl

11.80

Provisions have heen made to make temporary CCC loans
to farmers in the northwestern parts of the District on wheat
dumped on the ground when storage facilities are not available. These loans are for a 90-day period and are at a rate of
80 percent of the prevailing loan rate.
Cotton prices advanced slightly during May and June. Interest in the cotton market is now centered on the new crop,
and the market is extremely sensitive to changes in crop conditions throughout the Cotton Belt. Through June n, loan reCASH RECEIPTS FROM FARM MARKETINGS
(In thousand, of dollars)
Jonuory
State

1954r

1953

Arizona . .... . ..•
Louisiana ....... .
New Mexico .....
Oklahoma ...... .
Texas ......... .

$ 52,821
42,070
15,865
35,736
156,572

$ 73,033

$330.833

33,182
18,058
37,851
168,709

Ma rch

February

1953

1954r

20.558 $ 36.007
12.705
14.908
10.435
9.788
26.805
24.947
101,806
91.716

1954r

1953

19.673
14.283
U88
23.967
82.405

26.313
14.671
14.122
30,739
95.986

$161,917 $187,758 $149,216 $181,831

1954

Class

.3415
2.65
1.03
1.89

Changes in prices of agricultural commodities during the
paEt month were largely seasonal in nature. Grain prices generally declined as harvesting operations increased. The farm
prices of wheat and other small grains were below current
loan rates ; therefore, a suhstantial proportion of the grain
harvested was placed under the Commodity Credit Corporation's loan program.

Cumulative receipts
Januory-April

April

SAN ANTONIO MARKET

$

try) in commercial slaughter plants in the United States for
this period is estimated to be about the same as during the first
4 months in 1953. The fact that a larger proportion of total
cattle slaughter during the first 4 months of 1954 consisted
of cows and heifers, as compared with the same months last
year, may indicate that farmers and ranchers are planning to
reduce the number of cattle in their herds during 1955.

(Numberl

FORT WORTH MARKET

.3380
2 ... 0

Clean basis.

Total . ...... .. $303,064-

liVESTOCK RECEIPTS

Comparable Comparable
week:
week

Unit June 18. 1954 lasl month

Commodity and market

1953

1953

19.194
16.254
24.332
126.416

Tolal ............................. $174.260 $208.912

$788.457 5909.334

~o:~i~:;I~:::::::::::::::::::::::::

Oklahoma ..•................. , .... ..
Tex as.... . .......... ... ....... .....

l~:t~~

21,074
110,002

140,039
r_Revised.
SOURCEI Unite d States Department of Agricullure.

$ 22.716

1954

$110.404 $158.069
88.907
79.752
42,727
58.869
105,724
119,727
440.695
492.917

Arizona ............•....•........... $ 17,352

MONTHLY BUSINESS REVIEW

104

payments had been made on 1,464,800 bales of 1953-crop
cotton held by the Commodity Creilit Corporation.

COND ITION STATISTICS OF ALL MEMBER BANKS
Eleventh Federal Reserve District
(In million s of dollars)

Cattle prices decli lled slightl y during the first 3 weeks of
June, with the major drop occurring in prices for beef cows
and with minor declines recorded for stocker and feeder cattle. Prices for fed cattle and fat calves remained generally
steady, although about $1 per hundredweight lower than a
month ago.
...."..''''''''''''......

"~"""'"\'.''~'''''''

On June 21 the Board of Governors of the Federal Reserve System
i~'
I FtNANCE
>.Ii announced a reduction in reserve re\l. <-i. -Ii .~
-f</
quirements of member banks which
.............,,,.:.....................................,.•...
will release approximately 81,555,000,000 of funds carried as required reserves. Percentage requirements on net demand deposits were reduced from 13 to
12 percent for country member banks, effective August 1;
from 19 to 18 percent for reserve city member banks, effective
July 29; and from 22 to 20 percent (in two steps of 1 percentage point each) f OT central reserve city member banks, effective JUlie 24 and July 29. Reserve requirements on time deposits were reduced from 6 to 5 percent, effective June 16 for
country member banks and June 24 for all other member
banks.

/;;
•

~ '" "\/f
Qt
<

, r,

<i\.•

'

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES

Eleventh Federal Reserve District
(In thousands of dollars)

16,
1954

June

Item

ASSETS
Commercial, industrial, Clnd agricultural loons •..• $1,304,861
loons fa brokers and deal.rs in securities •••...
10.628
Other loons for purdlcuing or carrying securities.
84,568
Reol estote loa ns • . •.. .. .. , •... , ••..•.•••• .
137.967
loans to banks • . ••..•.. , .. ",
,
4.604
AU other loans •.•.. . , •. ' ..•..
397,538

June 17,

1953
Sl.155.22~

$1,292,648
13,737
86,256
137,076
9,903
400,766

1,940,166
17,043

Gross Joans ••.••• • , ••... . ....•....... . .•
l ess reserves Clnd unallocated cha rge·offs . .

1,787,249
18,962

1,940,386
17,396

1,923,123

1,768,287

1,922,990

U. S. Treasury bilh •... •••..••... . •....•....
u. S. Treasury certiAcatal of indebtednesi. .....
U. S. Treasury notes •. ••••..• . ..•• .. ... . .. ,.
U. S. Government bonds (inc. gtd. obligations) •..
Other securities •• •• .. ..•....•.....•.......•

138,573
123. 11 9
208,905
779.568
223,928

108,490
115,484
181.758
701,838
193,930

138,414
138,147
195,989
775,972
219,852

Total inlfestments .••••..• .. •....•.••••.••
Cash items in procell of collection ••.•.•.• . ••..
Balances with bonks In the United States •••.•..
Ba lances with banks in foreign countries ••••.. . .
Currency and coin •••••.....• . .••.•.•••....
ReServes with Fed era l Reserlfe Bank •...... , •. .
Other asseh ••..... . • . •... .. ...• . ••.••.• ,.

1,47.4,093
308,268
528,892
1,207
44,817
558,157
93,935

1,301,500
298,9 13
488,067
1,067
46,287
560,235
83,671

1,468,374
283,892
436,050
985
44,847
608,357
91,897

Net loans •••.•....•....•..•.•. .. ..•....

TOTAL ASSETS ..... . ..... . , ....

-

---

May 26.
1954

May 27.
1953

April 2B.
1954

ASSETS
L ns and discounts ....•.. . . ... . , •... , . . • ..•. .
oo
United States Government obligatIons . .•..•...• . ,
Other 5ecurities •. .. . . , ...•... .. ......
Reserves with federal Reserve Bank . ..•...•.•• . . .
Cash in vaull e . •.• , . . . , .. . ...•.. " .....•.... ..
8alonces with banlu in Ihe United States ...•...• ..
Balances with banks in foreign countrie,e .. . . .
Cash item~ in proceu of collection . . . . .... .
Other aueh e ....... ,

$3,134
2,365
478
986
124
983
1
305
143

$2,879
2,254
433
1,014
122
875
1
256
130

$3.122
2,329
456
979
135
1,005
2
290
146

TOTAL ASSETSe •••............... . . . ••. .•..

8,519

7.964

8,464

LIABILITIES AND CAPITAL
Demand d eposits of banks ••.•. .••. .. . ••.••.. . .
Other demand de posih . . ...• . .. . .•....••.. . • . .
TIme deposits ......•..•..•...•...•...••......

93'
5.857
1,080

800
5,633
882

959
5,800
1,060

Tolal d eposits •......•. . .• •. .. .• • .••••.•• . . .
Borrowingse ......••..•. • .••••...• . ...•... . ..
Other Ilabilitiese .•. . ••.......••..•....••.
Tatar capital accounts e .•....•. . . . . . ......•....

7.871
1
56
591

7,315
42
54
553

7,819
4

TOTAL lIABIUTIES AND CAPITAL ACCOUN TSe ..

8,519

7.964

8,464

54

587

e-Estimated .

According to the Board's announcement, action to reducc
rcserve requirements was take n inconformity with the Federal Re,erve System's policy of making available the reserve
funds required for the essential needs of the economy and the
policy of facilitating economic growth. The reduction was
made in anticipation of estimated demands on bank reserves
du ring the summer and fall, lakin g into account probable
private financing requirements as well as the Treasury's
financing needs,

May 19.
1954

12,410
75,458
135,086
3,894
405,177

.... ...... ..

Item

4,932,492

4 1548,027

4,857,392

lIA81UTIES AND CAPITAL
Demand d eposits
Individua ls, partnerships, and corpora tions •.•.
United States Government •••••.••••••.••..
Stctes and political subdivisions ••.•.••••.•.
8anks in the United States • ..••••...•.••••.
Banks in foreign countries •• •• • •..•••...•. .
Certified and officers' checkl, etc. • • . .... . •..

2,683,581
78,072
165,291
858,358
9,140
53,318

2,521,375
61,506
199,318
751,221
8,"54
55,182

2,577,923
122,514
178,236
823,943
10,B33
45,051

Total demand deposits . •.••..•••...•..•.

3,847,760

3,597,056

3,758,500

Time deposili
Individuals, partnerships, and corporations •••.
United States Government • •.••.•.•....••••
Postal savings ••..••.•. .• •••••....•.••.•.
Slates and political subdivisions .••..••••.•.
Bonks in the U. S. and foreign countries •. ....

564,131
9,809
450
128,092
1,883

481,999
10,404
450
81,112
2,208

563,480
9,805
450
128,323
1,883

Total time deposits •• . ..........• .. .....
Total d eposits •••. . ....••.•• . ..• . . ...
Bill, payable, rediscounts, etc ........ . ........
All other liabilities •.•.... , ... .
Total ca pito l occounls • . .•.... ,

704.365
4,552,125
4,500
39,832
336,035

576. 173
4,173,229
21,000
40,800
312,998

703,941
4.462,441
16,500
42,994
335,457

TOTAL LIABILIT IES AND CAPITAL ACCOUNTS

4,932,492

4,548.027

4,857.392

Commercial, ind ustrial, and agricultural loans of the
weekly reporting member banks in the District rose $12,213,000, or 1 percent. during the 4 \\eeks ended June 16 to reach
a total of $1,304,861,000, The rise contrasts with a reduction
of $1:>,700,000, or 1 percent, during the comparablc weeks
last year. Among the principal ca tegories of commercial and
industrial borrowers, those addi ng substantially to their out·
standing bank indebtedness included construction firms, sales
finance companies, and a m iscellalleous group of other business customers, On the other hand, commodity dealers and
manufacturing firms in most lin es reduced their bank
borrowings,
ReducLions occurred in most other major loan categories.
Loans to banks and consumer-type financing (as reflected by
"all other" loans) accounted for most of tbe decrease, but
loans for purchasing or carrying securities also declined.
Total inves tments of these banks increased $5,719,000, or
substan tially less than 1 percent, between May 19 and June 16,
A rather sharp reduction in holdings of Treasury certificates
of in terest was somewhat more than offset by increases in
holdings of notes and bonds, with these shifts reflecting in part
the effects of Treasury Tefwlding operat ion s. Tnvestments in
mWlicipal and ot her non-Government securities increased
moderately,
ltath~r substanti al depo.iL shifts occurred during the 4
weeh ended June 16. partl), because of Treasury operations.
Demand deposits 'i the United States Government declined

~

~

MONTHLY BUSINESS REVIEW

105

GROSS DEMAND AND TIME DEPOSITS Of MEMBER BANKS

CONDITION Of THE FEDERAL RESERVE BANK Of DAllAS

Eleventh Federal Reserve District

(In thousand. of dollar. )

(Averag., of daily figurel. In thousands of dollars)
Item

1954

June 15,
1953

Total gold certiAca te reserves •• ••• . ••••. ....
DiscoUflts for member bonks ••••••••••••.•..
Other discounts and advances •••••..••••..•.
U. S. Government securities .••••. •• .. ..•.. ..
Total earning assets •••••...•..•••.•••••...
Member bonk reserve d e posits •••••••. •• •••.
Federal Reserve notes in actual circulation •• •.•

$754,266
5,659
1.880
978,835
986,374
961,919
717.622

$ 568,089
25,698
428
1,173,523
1,199,649
1,007,048
726,974

June 15,
COMBINED rOTAl

RESERVE CITY BANKS

Gross

Dale

demand

Gross
d e mand

Time

May 1952 •••. 56,329,241
May 1953 .... 6,492,848
January 1954 ..
7,232,657
February 1954. 6,886,847
March 1954 •.•
6,821,245
April 1954 .•.• 6,802,386
May1954 ••••
6,752,376

COUNTRY BANKS
GrOll

demand

Time

Time

736,861 $2,959,228 $403,1 37 53,370,013 5333,724
877,764 3,05 3,816 484,041
3,'39,032 393,723
993,495 3,5 17,349 561,053 3,715,308 432,442
1,008,497 3,277,961 565,389 3,608,886 443,108
1,031,005 3,277,128 579,324 3,544,117 451,681
1,057,137 3,295,363 594,744 3,507,023 462,393
1,073,865 3,263,439 599,299 3,488,937 474,566

$44,442,000, or by more than one-third, as the Treasury drew
down its balances at commercial banks_ Treasury payments
to the public and the building up of individual and business
accounts to meet tax liabilities contributed, in turn, to an increase of $105,658,000, or 4_1 percent, in demand deposits of
individuals, partnerships, and corporations_ Reflecting principally these changes and a substantial increase in interbank
deposits, tolal deposits of the weekly reporting member banks
rose 589,684,000, or 2 percent, during the 4 weeks to a level
of 54,552,125,000 on June 16_
Gross demand deposits of all member banks in the District
averaged $6,752,376,000 in May, reflecting a reduction of
$50,010,000 from April but an increase of $259,528,000 over
May 1953_ About two-thirds of the April-to-May decline occurred at the reserve city member banks_ During May, time
deposits of member banks increased $16,728,000 to a level of
$1,073,865,000, marking a further extension of the sharp and
BANK DEBITS, END-Of-MONTH DEPOSITS
AND ANNUAL RATE Of TURNOVER OF DEPOSITS
(Amounts in thou.andl of dollClI'I)
DEBITS'

DEPOSITsa

Percontage

change from
May

City

May

1954

1953 1954

April

Annual rot. of turne .... r

May 31,
1954

May May April
1954 1953 1954

ARIZONA

Tucson ••••...•. .. ••• $ 104,092

-2

85.567

U .S

14.0

15.0

42,148
162,275

14.2
15.0

14.8
13.9

13.8
1.4.5

_4

29,366

10.2

9.7

10.8

51.979
0
-0
120,567
-5
-2
_4
116.150
11
111,408 -11
2
147,1.40
0
;
15
2
12."14
1,674,056
3
- ;
174.4 28
-3
-5
507,315
3
-2
69,10.4-6
-6
1,706,002
5
18,878
-7
-8
91,572
-4
-8
.44,847
-2
;
36.786
1
-8
381,046
-3
-0
15,291 -13 -12
60,284
11
7
73,193
12
-2
78,804
-1
-3

52,305
97,057
106.492
94,458
117.959
20.746
914,932
120.080
333.295
66,689
1,124,728
18,903
79,859
38,034
42,400
306,308
17,7 15
57,512
61.217
98,108

12.0
14_9
13.3
14.0
15.8
7.2
22.2
17.4
18.4
12.4
18.0
12.2
13.7
13.8
10.4
14.9
10.3
127
14.3
9.6

12.1
14.8
12.1
15.8
15.4
6.6
22.7
18.4
18.1
11.4
18.7
12.7
13.9
14.5
9.7
1>1.8
10.8
12.1
13.2
10.0

12.8
15.0
14.413.7
16.9
7_0
22.6
18 .•
19.2
12.7
18.6
13.2
14.6
13.7
11.2
15.5
11.6
12_1
10.4
10.0

$4,088,153

17.3

17.'

Monroe •••••••••••••

50,089
205,478

5
8

24,624

9

Rosw.n •••...•...•••
TEXAS
Abilene •..••.•.•.•••
Amarillo •••.•.••••••
Austin ••••••• , •••• ••
Beaumont ••••.••••••
Corpus Christi •.••••..
Cors/c:ano •••. • •• •• .•
Dallas ••••••.•.•••.•
EI POlO •••••• • ••••••
Fort Worth •.•• •••••.
Galveston ••• • .••.•••
Houston ••••..•.• . •••
laredo •••• • ... •• •• .
lubbock .•••••••••..
Port Arthur ••••••••..
Son Angelo ••••.•.•..
Son Antonio •••••.•••
Te.ltorkono l . . . . . . . . . .
Tyi.r •••••••...•.•..
Waco ••.•.• •. • • • •••
Wichita Fall ••••••.•••

825,273
5,569
1,081
967,903
974,553
1,014,598
713,558

sustained growth in tbese accounts over the past 3 years_
County member banks accounted for 73 percent of the May
TIse.

Debits to deposit accounts reported by banks in 24 cities
of the District were down 1 percent in Mayas compared with
April but up 3 percent from May 1953_ The April-to-May reduclion affected most reporting centers_ The annual rate of
turnover of deposits also declined, from 17_8 in April to 17_3
in May; the rate a year earlier was 17_4_
The principal changes in the condition of the Federal Reserve Bank of Dallas between May 15 and June 15 included
an increase of $11,821,000 in total earning assets and reductions of $71,007,000 in gold certificate reserves and $52,679,000 in member bank reserve deposits_ Additions to holdings
of Government securities accounted for most of the expansion
in earning assets_ On June 15, Federal Reserve notes of this
bank in actual circulation amounted to $717,622,000, reflecting an increase of $4,064,000 over the May 15 level but a reduction of 89,352,000 from a year earlier_
The weakness evident in refined
products markets during tbe past
several months has been apparent
JIlore recently in crude markets_ In
the latter part of May, there were
pricc reductions of 50 to 76 cents per barrel for Pennsylvania crude, while prices of Michigan crude were cut 12 cents
per barreL Substantial discounts from posted prices were reported for some Rocky Mountain crude_ While these reductions represent, in part, special situations, they suggest the
softness prevailing in the Nation's crude markets_ At the present time, most types of crude are reported to be readily available, and some southern Oklahoma crude is having difficulty
in finding a market

17.8

lOUISIANA

Stv-eveporl ••••• •• •••
NEW MEXICO

May 15,
1954

-,

Total-24 citie •••••••.• $5,875,547

-1

Debits to demand deposit accounts of individuals, partnerships, and corporations and of
states and political subdivisions.
1 Demond deposit accounts of individua ls, partnerships, and corporations and of stoles
and political subdivisions.
s These flg .....es iM/ude only one bonk in Texarkana, TeAas. Total debits fo r all banks in
Texarkana, Teaas-Arkansas, including two banks located in the Eighth District, amounted to
$32,669,000 for the month of May 1954.
, Indicates chonge of less than one·half of 1 percent.
T
I

j' .

The current weakness in crude oil markets stems from a
variety of causes, including a lower-than-expected demand for
petroleum products; the holding down of refinery crude runs
because of high gasoline stocks; large crude stocks in some
areas; a high rate of imports; a steady increase in the production of natural gas liquids; and the expansion in crude production capacity, particularly in some states without
prorationing_
The Nation's crude stocks showed an appreciable increase
in May for the third consecutive month but then declined
moderately during the first part of June_ On June 12, crude
stocks totaled 276,200,000 barrels, or 14,300,000 barrels
above the year's low of March 6 ami 2,800,000 barrels below

MONTHLY BUSINESS REVIEW

106

CRUDE OIL, DAILY AVERAGE PRODUCTION
[In thousands of barrels)
Chang e from
Moy

Moy

April

Moy

April

Area

1954'

1953:

1954 1

1953

1954

ELEVENTH DiSTRiCT ..• . .••..

3,014.3
2,699.1
587.8
1.043.6
230.4
80.3
757.0
202.7
112.5
3,423.5
6,437.8

3.053.9
2.754.6

3.163.4

-39.6

-149.1
-1.48.3
-24 .5
-46.2
-18.0
-6.2
_53,4
-1.9
1.1
7.1
- 142.0

1e;1l.05 • • • • • • • • • • • • • • • • • •

Gulf Coast . .. .. ... . ...
West Telllos ••••.•.• .••

East luos (proper) .. . ..
Panhandle •.. •........ .

Rest of State . . . ........
Southeastern New Me ... ico ..
Northern louisiana . .•.....
OUTSIDE ELEVENTH DISTRICT.

UNITEO STATES ••. . ••..••••
SOURCES:

612.3
1,054.8

245.7
73.4

768.4
190,5

10B.8
3,336.0
6,389.9

2,847.4
612 .3

_55.5
_24.5

1,089.8
248..4
86 .5
810A
204.6
111,A.
3,416.4
6,579.8

-11.2
_15.3

6.9
- 11.4
12.2
3.7
87.5
47.9

Estimated from American Petroleum Institute weekly reporh.
, United States 8ureou of Mines.

1

a year earlier. Refined products stocks have been following
seasonal trends, although the decline in gasoline stocks has
been smaller than in most recent years. Gasoline sLocks on
June 11 were 15 percent higher than a year ago. Residual
fuel oil stocks showed an increase of 11 percent over the yearearlier level. On the other hand, kerosene stocks were about
the same as a year ago, and distillate fuel oil stocks were 2
percent lower.
Crude oil production in the District rose moderately during June, following a marked decrease in the preceding
month. Production during the first 11 days of the month
averaged 3,082,000 barrels per day, or 68,000 barrels higher
than in May although 98,000 barrels less than in June 1953.
Daily average crude oil production in the Nation during the
first part of June showed a smaller increase than District
production and, at 6,485,000 barrels, was 110,000 barrels less
than a year earlier. In July, production both in the District
and in the Nation may be expected to decline, in view of substantial cuts in the daily allowables in Texas and Louisiana.
Total inlports, after declining substantially in April, rose
appreciably in May and early June, largely because of an increasc in crude imports east of California. During the coming monLhs, however, crude imports may show some red uction, since a number of major oil companies have announced
significant cutbacks in their imports schedules for the remainder of this year.
Refinery activity in the District declined during May, while
that in the Nation rose. District crude runs to refincry stills
averaged 2,008,000 barrels per day, which is down 45,000
barrels from April and 65,000 barrels below Maya year ago.
In the Nation as a whole, refinery crude runs rose 167,000
barrels to 6,958,000 barrels per day, but this rate is still
44,000 harrels under that of May 1953.
Demand for refined products has conLinued to be somewhat
disappointing_ In the 5 weeks ended June 11, the demand for
the four major refined products at refineries and bulk terminals was 1 percent below the same period of last year.

Total nonagricultural employment
in the five states of the District increased hy 21,000 from March to
April to reach 3,822,100, which is
15,700 below April 1953. The Marchto-April increase resulted from addiLions to construction,
Lrude, and service employment. Thc yea r·to-year decline reRects the lower level of employment in construction, transportation and public utilities, and manufacturing.
The April total of manufacturing employment in District
states was 700,700, which is 2,300 helow the March total and
25,200 - or 3.5 percent - below that of April 1953_ The
major gain from March to April was in transportation equipment, although April totals for transportation equipment,
ordnance, lumber and wood products, machinery (except
electrical ), food, and apparel employment were below those
of a year earlier.
NONAGRICUL TURAL EMPLOYMENT
Five Southwestern States 1

April
1954p

Type of em ployment

Gove rnment ... ...•... •

Morch
1954

April

1953

Tola l nonagricultural
wage and salary workers . . 3.822,100
Manufacturing . ... .......
700,700
Nonmonufaduring . . ...... 3,121,400
Mining ............... .
225,800
Construction . . . .. . .....
282,800
Transportation and public
utilities ............. .
390.800
Trade ............... .
980,700
Finance . ..... . ... .. ...
156,500
Service . ..............
451,400

3,837,800

725,900
3,1 11,900
223,600
295,300

633,400

405,500
972,000
150,900
441,500
623,100

April

MQrch

1953

1954

3,801,100
703,000
3,098,100
225,800
280,100

-3.5
.3
1.0
-4.2

-.'

.6
-.3
.8
0
1.0

-3.6
.9
3.7
2.2
1.7

-.9
1.4
.4
1.6
.4

394,200
966,900
155,800
444,400

630,900

I Arilona, Louisiana, N ew Mexico, Olclohomo, and TexCls.
p-Preliminary.
SOURCE: Stote employment agencies,

Among sta tes of the District, Texas showed the greatest
absoluLe loss in manufacturing employment from April 1953
to April 1954, with a decline of 17,300, or 4 percent. The
losses of the other District states were as follows: Arizona,
down 3,500, or 12 percent; Louis iana, off 2,900, or 2 percent;
Oklahoma, down 1,000, or 1 percent ; and New Mexico, lower
by 500, or 3 percent.
Unofficial estimates indicate that lhe upward movement of
nonagricultural employment in District states which was
under way in April continued through May and June to bring
t he total to 3,838,000, which is ] percent below the comparable figure for June 1953. The gains during May and Jlme
VALUE OF CONSTRUCTION CONTRACTS AWARDED
(In Ihoulonds of dollau)
January-May
Area and type

The ]954 demand forecast of the United StaLes Bureau of
Mines recently was revised downward. Total demand is now
expected to be 2,1 percent higher than in 1953, with the
domestic demand up 3.3 percent and exports down 20.2 percent. Only an insignificant increase in the demand for domes.
tic crude is projected.

Percent change
April 1954 from

Number of persons

Moy
19S4p

ELEVENTH DiSTRiCT .... S 121.959
Relidential .... , ... .
56,150
AU other ...........
65,809
UNITED STATESt ......
1,925,253
Residential . ........
825,300
All other ...... ... ..

1,099,953

Moy

April

1953

1954

1954p

1953

97,139 $ 131,102 $ 553,523 $ 510,739
41,696
242,61 ,
58,171
264,528
55,443
72,931
288,995
268,125
1,606,091
1,691,868 7,517.945
6,792,329
637,721
796,133 3.260.425 2,795,' 12
895,735 .4.257,520 3,996,917
968,370

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

MONTHLY BUSINESS REVIEW
BUILDING PERMITS

107

COTTONSEED AND COTTONSEED PRODUCTS
TEXAS

UNITED 5T AlES

August 1 fa April 30

August 1 to April 30

5 months 1954
Percentage

change in

Perce ntag e
chonge in

'IQluation from

va luation

May 1954

from

May

City

Number

LOUISIANA
Shreveport • •..

TEXAS
Abilene •..... .
Amarillo ..... .

Austin •.•.... .
Beaumont •••. .

Corput Christl,.
DoUas. ....•. .

EI Paso ... . • . .
Fori Worth .. ..

Gglveston . . . . .
Houston ••• • •• .

Lubboc k •.... .
Port ArthYr ••••

Son Antonio ...
Waco ........
Wichita falls .. .
loti:::!I •••••••••• •

Valuotion

616,525
1,4 17,148
3.546,837

"86,773
3,267.749
11,186,23 1

1953

6

1,699

8,529,444

-20

1
-1
3
-14
91
25
-7
11
73
6
77

_4 5
-40
-23
-48
58
-12
40
-4
-6 2
3
20
11
-21
-18
-35

721
1,068
1,342
1,107
2,283
10,545
2,046
3,565
524
5,2 13
1,470
653
7,133
1,114
594

4,565,166
7,463,918
16,882,913
3,990,814
12,427,885
55,835,Q94
8,669,751
16,833,940
3, 123,200
61,043,321
10,51 7,547
1,476,648
18,492,366
5,227,747
3,527,748

33
-31
23
5
-10
18
-29
-11
-10
19
20
5
-20
15
2

5

-8

41,077

$238,607,502

3

2,237.106
3,308,246
366,945
11,772,836
2,099,993
311,549 44
3,550.848 -36
856,113 -13
558,082 -24

8,526 $47,288,984

Valuation

This season

last '.(:lSon

1,359.508
1,288,621
146,139

6.095.600
5,353,197
890,521

5,447,175

420,333
627.156
299.346
372,262

1,753,385
2,528,997
1,181,033
1,696,960

1,586,688
2,351,025
1,055,227
1,566,954

8.677

58,138
177,739
112,2 23
226,187

44,188
178,690
93,139
147,673

This season

Item

Lost

1,6 50,714

'801011

5

maniAs

1953 1954 Number

3 13 $ 1,70 6,003 -42
100
327
305
248
458
2,216
514
737
104
914
376
146
1,468
194
106

April

were principally in construction, trade, and service employment. Similar estimates show that manufacturing employment
declined further in May but rose again in June to the level
of about 700,000, or 5 percent below the comparable total of
a year ago. Increases in food, transportation equipment, and
primary metals employment contributed to the June rise.
Unemployment in Texas in April totaled 133,500, down
6,900 from March, as a result of increases in agricultural,
trade, and service employment and an outmigration of farm
workers to other states. It is estimated unofficially that unemployment in the State continued downward through May.
However, a rise in June, caused by high school and college graduates entering the labor force, boosted the total to
140,000.

COTTONSEED (tons)
Received at mills ... .. ... ...

Crushed ..... .... .. ... .... . 1,428,597
Stocks, end of period .... , . . .
310,248
COnONSEED PRODUCTS
Production
Crude oil (thousand pounds).
467.423
676,545
Cake and mea l (tonsl ......
Hulls (tons) . ..... .. ......
327.052
Linlers {running ba lesl . .. ..
414,269
Stocks, end of pe riod
Crude ojl (thousa nd poun ds).
7,322
Coke and mealltansl ......
35, 486
Hulls (tons) ..•••.. . ... ...
20,917
linters {ruMing bales} ... . .
.49,847
SOURCE: United States Bureau of the Cenlul.

awards in Ma y 1953. Residential and nonresidential awards
scored gains of 35 percent and 19 percent, respectively, over
a year earlier, although each was below the comparable April
awards.
Construction contracts awarded in the District in the first
5 months of the year were valued at $553,523,000, up 8 percent from a year ago although below comparable totals for
1951 and 1952. Residential and nonresidential awards in tho
5-month period registered year-to-year increases of 9 percent and 8 percent, respectively. The value of contracts
awarded in the United States in the January-May period was
11 percent above a year earlier.
DOMESTIC CONSUMPTION AND STOCKS OF COTTON
(Bale.'
August-May
May
1954 1

Area

Average weekly hours of Texas manufacturing workers dcclined from 41.1 in March to 41.0 in April; the average in
April 1953 was 41.8 hours. Average weekly earnings of these
workers in April totaled $71.34, up 24 cents from March and
$1.95 above April a year ago.

60,124
20,879
29,451

May

April

1953

1954~

This season last season

CONSUMPTION
Total
11,382
121,704
120,980
10,840
Texas mills . ... .. . .....
11,247
660.209 7,256,858 7.940,948
748,049
U. S. mills .. ... ... .. .. •
645,875
Doily overage
542
579
574
571
562
Texas mills .... . . ......
34,29B
37,402
33,564
37,531
32.294
U. S. mills .....
STOCKS, U. So-End of period
1.587,Q65 1,770,672 1,728,497
Consuming establishments ..
Public: storage and
'ompresses . ... ........ 8,941,629 4,681,770 9,727;732
0.00

.

0"

0

The value of construction contracts awarded in the DisLrict in May was almost 122,000,000, which is 7 percent
below the April toLal but is 26 percent above the value of

04,897.069
613.790

I Four weelu ended May 29.
2 Four weeb ended Mo y 1.
SOURCE: Uniled Siaies Bureau of Ihe Census.

ELEVENTH FEDERAL RES ERVE DISTRI CT
~ Dallal Hnd Oll,te T,rritory
nIIID Houl/on Brandl T'rritorr

IlE) Son Antol'llo Bronch T"rltOI),
~ EI Puo Brondl Tlrrilorr