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MONGJrHLGJr REVIEW FED ERA L Vol. 37, No.3 RES E R V E BANK o F DALLAS DALLAS, TEXAS March 1, 195~ SHREVEPORT This is the jourth oj a series oj 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. AdditioTUlI copies of this article may be obtained by addressing a request to: Research Department Federal Reserve Bank of Dallas Dallas, Texas • • • • Shreveport is a richly endowed and fortunately located city. Situated on the western banks of the Red River in the north· western corner of Louisiana, the city lies within one of the richest oil and gas producing areas in the Nation; the alluvial bottom lands of the Red River which stretch from within sight of the downtown area for miles form the nucleus of extensive and profitable cotton, grain, and cattle industries; the millions of acres of forest lands in Caddo, Bossier, and nearby parishes support a major lum· ber, pulp, and paper industry; and the numerous lakes and streams in the immediate vicino ity represent a valuable natural resource that scarcely has been tapped. The second largest city in Louisiana, with a 1950 popula. tion of 127,206, Shreveport is the trade center for a large area comprising parts of eastern Texas, southwestern Arkansas, and northwestern Louisiana. The city is located centrally with respect to the growing markets of the Central South and the Southwest, with most of the principal cities of Arkansas, Louisiana, l\1ississippi, Okla. homa, and Texas lying within a radius of 300 miles. It is not surprising, therefore, that Shreveport claims the titles, "Capitol of Ark·La·Tex" and "Pivot City of the Central South." In many respects, the city is a logical contender for the title, "Natural Gas Center of the Nation." ----- - --- Directly across the river from Shreveport is Bossier City, which had a 1950 population of 15,470. Although the two cities maintain separate corporate identities, they are closely integrated in most respects and form the hub of the Caddo· Bossier parish area. In 1950 the combined population of these two parishes was 216,686. Shreveport has earned the reputation of being one of the wealthiest cities of its size in the United States. Its people are I friendly, practical, and progreso sive and radiate much of the drive that converted "tepees to skyscrapers in the span of the century." Shreveport is a clean city, with wide streets, comparatively new commercial buildings, and beautiful homes. In contrast with New Orleans, the French influence is virtually abo sent. Although retaining much of the charm of the Old South, it bears little resemblance to other Louisiana communities or to any typically southern city. It has been characterized as resembling Dallas more than New Orleans; Denver more than Baton Rouge. ~ The early influence of Texas upon the city is clearly evident. Parallel to Texas Street and immediately south of this main thoroughfare are Milam and Crockett streets; immediately to the north are Travis and Fannin streets. The names honor This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 34 MONTHLY BUSINESS REVIEW Texas and four of its earliest battle heroes and reflect the early commercial ties with that state. Churches, hospitals, and schools playa major role in the life of the community and add to its many other attractions as a place to live and work. There are more than 100 churches in the city, and the many denominational groups include a large part of the total population. Five specialized and fOllr general hospitals in the city have a combined capacity of more than 1,200 patienls. The new Veterans Hospital and the Confederate Memorial Hospital, which is under construction, will add greatly to Shreveport's position as a hospital center. The city offers many educational advantages, which include thirty·six public schools within the city limits, six parochial schools, and a number of private and commercial schools. Shreveport also boasts the oldest college west of the Mis· sissippi River- Centenary College of Louisiana, founded in 1835. The beauty and romance of springtime in the Ark·La·Tex are accented by "Holiday in Dixie," Shreveport's annual festival, which will be held this year from April 30 to May 4. Colorful parades, flower shows, plantation tours, water sports, singing, and dancing highlight this festival and 6.11 the city with visitors. a distance of almost 200 miles above the present site of Campti, Louisiana. This centuries·old barrier to navigation and development of the river was known to early explorers . and settlers as the "Great Raft." With his commission as Superintendent of Western River Improvement, four steam· boats, and 159 men under his command, the captain began his difficult task in April 1833. He moved up the river 5 miles the first day; 40 miles in 3 weeks; and 80 miles, as far as Bennett and Cane's Bluff, within a year. It was 40 years before the "Great Raft" was removed entirely, but a flourishing trade began to develop along this river artery almost as soon as the first break in the raft was made. Opening the river to navigation had an immediate impact upon the economic development of Shreveport. Lands formerly inundated by the backwater of the river were drained and opened to settlement and cultivation. The East·West over· land routes to Texas, over which supplies were hauled and an increasing number of settlers moved, were connected with the flathoat, barge, and steamboat traffic of the river. Markets and vast new production areas were brought closer together. POPULATION SHREVEPORT - BOSSIER CITY Economically, a distinguishing feature of the city is the importance of the oil and gas industry. The visitor who might pause on downtown Texas Street or on the lawn of the tree· lined courthouse square likely would overhear conversation concerning oil and gas activities. A visit to the Slattery Build· ing and other nearby office buildings or a glance at the classi· fied section of the telephone directory would show that a large part of the more desirable office space is devoted to activity directly or closely related to the oil and gas industry. Well derricks and producing wells may be observed within a few blocks of the downtown area. SOU RCE , V S . II~"G U 01 I~. en.yo . Early Economic Development The area now defined as Caddo Parish was inhabited by tribes of the Caddo Indians as late as 1835. In that year the Caddos signed a treaty transferring their territory in north· western Louisiana to the United States for the sum of $80,000. Almost immediately thereafter, the Shreve Town Company was formed, and this organization acquired the land centering about what was then Bennett and Cane's Bluff, the present site of Shreveport. Streets were laid out by this newly formed town company, and lots were bou ght up rapidly, due in part to the increasing stream of emigrants who had begun to pass this way after Texas won its independence. In 1839 the town was incorporated as Shreveport. The metamorphosis of Shreveport from a frontier town to a prosperous and growing trade center occurred almost over· night. The town and all of the northwestern part of Louisiana were flush with the prosperity that came with the era of the steamboat and "King Cotton." The Civil War merely inter· rupted this development, since Shreveport emerged almost unscathed. The river trade was resumed after the war, but before the end of the century it had declined greatly and eventually was supplanted, partly reflecting the competition of the newly constructed railroads. In 1873 Shreveport was con· nected by rail with Dallas, and by 1900 the population had grown to 16,913, as compared with 1,728 in 1850. The city is the namesake of Captain Henry Miller Shreve, river captain and trader, who was given the task of opening the Red River for navigation. The river was jammed with an almost hopelessly interlocked raft of logs and driftwood for The discovery of oil near Caddo Lake in 1906 marked the beginning of a new era in Shreveport's economic development and set oII a period of expansion that has continued to the present. Opening of the rich East Texas field in 1930 and the 41 MONTHLY BUSINESS REVIEW • ASSESSED VALUAT IONS CADDO PARISH ." MI L LIONS Of OOLL LlQ ". S Of DOI..L ""5 V L 20 0 2 00 V V ./ 15 0 I .0 100 I 00 I 0 ,0 '" .os 250 2'0 19.0 19., 1942 '9O' 1944 .0 19·~ .. .. ,,. "'" .. ~ 19.7 ~ Rodessa field in 1935 further stimulated the already booming oil industry. In 1920 the city's population was 43,874, but by 1940 it had grown to 98,167. 35 than $81,000,000 in 1950, or about 28 percent of the total personal income in the 2-parish area. The importance of government payments to individuals is emphasized by the fact that this is the second largest source of income. In 1950 government payments amounted to almost $73,000,000, or approximately 26 percent of all personal income. This sum is weighted heavily by the military and civilian payrolls of Barksdale Air Force Base, but other federal payrolls, veteran and Social Security benefits, and the payrolls of the city, parish, and public schools also are important. Wages and salaries of manufacturing employees and the proprietary income of unincorporated manufacturing establi shmen ts amounted to almost $25,000,000 in 1950 and accounted for slightly less than 9 percent of total personal income. Payrolls of minin g firms (principally oil and gas) and transportation and utility establishments (including oil and gas transmission) accounted for about 12 percent of tolal income in 1950. Moreover, the proprietary income of PERSONAL INCOME.BY MAJOR SOURCE CADDO ANO SOSSIER PARISHES Structure of the Economy The income of its people is the key to the economy of any area, for income represents both the result of industry and a stimulant to economic activity. The sources of income, the size .. of the income stream, and trends of income payments are , primary considerations in answering the questions: What is the structure of the Shreveport economy? How do the people make their living? The largest source of income in the Shreveport area (Caddo and Bossier parishes) is provided by the trade and service industries. This is not surprising in view of the fact that the city is the retail trade center for a large su rrounding area, and its wholesale distributors supply a much wider market. Salaries and wages and the proprietary income of persons working in the trade and service industries amounted to more .. .. PERSONAL INCOME CADDO AND BOSSIER PAR I SHES ."0 L 'OHS 0" DOlL AI'tS 111., LIO OfS '0 0 0 V 20 0 15 0 10 ;' Or-- / / ", .".",'"'.0 , - 00 V 2 00 ;' I 50 I 00 , 0 0 1939 .. ~ I 19 . ' 2 .0 .'42 19 4., 19.'1 19.~ 19"'6 . ,. .. " ,. " •o ,o 9~O independent oil operators and the rental and royalty income from oil and gas properties of others living in Shreveport and the immediate vicinity increased substantially the income derived directly from the oil and gas industry. Agriculture and construction accounted for rou ghly equal shares of the in· corne in 1950-together amounting to 11 percent-while in· come from property was about 10 percent of all personal income. Increases in employment, produclion, prices, and the vol· ume of government spending between 1939 and 1950 greatly expanded the income from each principal source. Increases were not uniform among the various categories, however, as the growth in some greatly exceeded that in others. The larger gains were shown by construction, government, trade and services, transportation and utilities, and manufacturing. In· come from construction rose 412 percent; government, 268 percent; trade and services, 244 percent; transportation and utilities, 226 percent ; and manufacturi ng, 2]8 percent. MONTHLY BUSINESS REVIEW 36 As reflected by the sources of the population's income, metropolitan Shreveport's economy is based largely on trade, government activities, manufacturing, the oil and gas indus· try, construction, and agriculture. These producers of income supply the livelihood of the metropolitan area and provide employment for the greater part of the people who live in the area. PERCENT INCREASE IN PERSONAL INCOME. BY MAJOR SOURCE CADDO AND BO S SIER PARISHES 1939 - 1950 a 100 200 300 400 500 600 CONSTRUCTION GOVERNMENT ALL SOURCES -Avero~e ciation with the gas industry than with the production and reo fining of oiL Three major companies maintain their home offices in the city, from which point they direct a vast pipeline • network and the production and sale of natural gas. United • Gas Corporation, which is en ga gcd principally in the production, transmission, and distribution of natural gas in the Gulf South, is by far the largest handler of natural gas in the country. In 1951 the purchases and production of gas by this company amounted to more than 734 billion cubic feet, or about 10 percent of the total United States production. The Arkansas·Louisiana Gas 'Company, which also maintains its home offices in Shreveport, distributes gas for home and industrial use over a wide area of the South and Southwest and en gages in extensive production and transmission opera· tions. Youn gest of the major companies and located in Shreveport since 1947, the Texas Eastern Transmission Cor· poration purchases gas in Texas and Louisiana for trans· mission to the East. This company owns and operates the " Big Inch" and "Little Inch" pipelines and currently is engaged in an expansion program which will increase greatly its total pipeline mileage. PROPERTY INCOME MI NING AGR1Cl'L TURE OTHER The O il a nd Gas Industry The oil and gas industry is an integral part of the city's economic life and has been largely responsible for transform· ing the prosperous inland town of the early 1900's, which was dependent principally upon agriculture and general com· merce, into the modern and economically diversified city of today. The importance of the petroleum industry cannot be measured solely in terms of its direct contribution to the wealth and income of the community, because its development stimulated the growth of other industries which, in turn, became important contributors to the city's growth_ The "boom" aspects that accompanied the initial discovery and production of oil and gas in the Shreveport area no longer are apparent, except for new discoveries and extensions of existing fields, since this phase was replaced by a period of production and development which still is in progress. Practically every county and parish within a 75·mile radius of Shreveport produces either oil or gas, or both. The large East Texas, Caddo, Rodessa, and Magnolia oil fields and the vast Carthage gas field lie within this area. In 1950 about 7 percent of the Nation's production of crude oil and approximately 11 percent of the country's production of natural gas came from fields in the area. Proved oil reserves of these fields amounted to about 10 percent of tile total reserves of the Nation, while natural gas reserves were about 6 to 7 percent of the Nation's reserves. Shreveport is an important control center of the natural gas industry from the standpoint of both production and distribution. In fact, the city is better known perhaps for its asso· Five oil companies maintain division offices in Shreveport, and many other concerns have district offices in the city. Many independent oil operators direct their operations from the city. One company in Shreveport upgrades motor fuels on a contract basis and takes part of the output of natural gaso· line plants located in the nearby Carthage field. Manufacturing The industrial development of Shreveport during the last 25 years was rather widely diversified. Consequently, manufacturing activity is not concentrated in any particular line. In fact, the largest single employer group-firms in the lumber and lumber products industry-accounts for only slightly more than one· fifth of all manufacturing employees. Although the number of establishments in this industrial group is rather large, most firms employ fewer than 50 persons. Processors of food and kindred products, the next group in importance, employ about 19 percent of the metropolitan area's manufacturing employees. Accounting for about 8 to 13 percent each and, collectively, for about 43 percent of total manufacturing employment, firms in the metal and metal products, machinery, petroleum products (including chemicals), and the stone, clay, and glass products groups are among Shreveport's most important industrial establishments. The value added by the manufacturing process by Shreveport's 140 establishments amounted to more than $11,500,000 in 1939. By 1947 the number of firms had increased to 171, and the value added had risen to approximately $31,100,000. In view of higher prices of industrial output, increased employment, and the addition of new firms , value added during 1951 is estimated to he about 28 percent higher than the 1947 total. The manufacture of lumber and lumber products has been a major industry in Shreveport for many years, and its development was largely dependent upon the timber resources t MONTHLY BUSINESS REVIEW of the area. In 1950 there were 20 lumber mills in Caddo and Bossier parishes, having a combined daily capacity of 226,000 board feet. In the same year there were 54 mills in neighboring or nearby De Soto, Natchitoches, Red River, and Webster • parishes, with a combined daily capacity of 576,000 board feet. As a result of the greatly accelerated postwar demand for lumber and lumber products, the lumber industry in Shreveport has taken on an added significance. Rough and dressed lumber, flooring, furniture stock, ties, creosoted poles and posts, and roofin g felt are among the many end products of the local lumber and allied industries. Local production is distributed in the state, regional, and national markets. The fabrication of metal and metal products and the manu· facture of machinery weigh somewhat more heavily in Shreveport than employment figures indicate. The output of the metals and machinery industries consists predominantly of heavy equipment of high value which is used in the production, refining, storing, and transporting of petroleum and gas. One of Shreveport's principal industrial firms which makes pressure vessels and refinery towers for the petroleum industry fabricates a very large part of all the steel plate used by Louisiana plants. Another local concern, a steel foundry, specializes in oil field work, and the rigs and other heavy equipment made by this company are sold internationally. Pumping units, casing heads, pipe straighteners, and miscellaneous steel castings are among the individual items of output of other principal metals and macbinery firms. A number of smaller firms also cater to the petroleum industry. Other metals fabricator s turn out machinery and miscellaneous • equipment for the lumber industry, attic and window fans, playground equipment, restaurant and bakery equipment, and similar products. The largest plant in the country devoted exclusively to the manufactlll'e of window glass is located in Shreveport and is the city's principal industrial employer. Established in 1922, this plant is a large user of natural gas (for power and melt- 37 ing glass) and lumber (for boxes). It utilizes also a limited quantity of other local raw materials. Output is distributed over th e western half of the United States. Many factors account for the growth of a diversified manufacturing industry in Shreveport. The city has a number of industrial advantages that have attracted new firms and new industries within recent years, and these advantages will weigh heavily in determining the future course of manufacturing activity. Large supplies of several raw materials, which include oil, gas, timber, cotton, clay, sand and gravel, limestone, and other raw products, are available locally. Deposits of bauxite are found in nearby Arkansas; salt and sulphur, in southern Louisiana; and iron ore and lignite, in nearby east Texas. Natural gas for local industrial consumption is almost limitless and provides a clean fuel at low cost. In recent years the pool of skilled labor in Shreveport has grown, and the supply of semiskilled and unskilled lahor for training is large. Water resources are plentiful, and the potential exists to meet the needs of the largest industrial user. Although Shreveport does not have the advantage of water transportation, the city's rail and truck lines radiate to all parts of the country and provide rapid transit for both "exports" and "imports." Climate is among the city's principal natural advantages, permitting year-round plant operations, outside work, low heating costs, and low plant construction costs. Barksdale Air Force Base Barksdale Air Force Base, situated across the Red River from Shreveport in Bossier Parish, is one of the three largest Air Force facilities in the country. Exclusively a military installation, this huge air base covers an area of 21,706 acres. Construction was begun in the spring of 1931 and the formal dedication was held February 2, 1933. The original appropriation for this establishment amounted to $2,650,000, but the physical facilities were increased in later years by additions which raised this initial outlay to approximately $18,000,000. Currently, a $35,000,000 expansion program which includes the construction of ramps, streets, and additional housing is under way. MANUFACTURING EMPLOYMENT, BY INDUSTRY CADDO PARISH The payroll of Barksdale, plus local purchases, amounts to approximately $3,500,000 per month. This sum is paid to military personnel, civilian employees, and others, and represents one of the more important single sources of income in the Shreveport area. Although Barksdale has been a valuable asset to the community since its construction, its economic importance likely will increase under the present program of expanding and modernizing the Nation's Air Force. Agriculture Monthly Average for 195 1 Cotton is the principal source of agricultural income in Caddo and Bossier parishes. From the time when the rich bottom land along the Red River was opened to settlement until the discovery of oil and gas, this crop was the dominant factor in the economic life of Shreveport and the surrounding area. The rainfall, soil, and climatic conditions were well suited to cotton production, and the steamboat traffic brought 38 MONTHLY BUSINESS REVIEW the New Orleans, eastern seaboard, and world markets within easy reach. Although of relatively less importance now, cot· ton still reigns as the major crop. Caddo Parish is one of the leading cOllon·producin g areas of Louisiana, with produc· tion in 1951 amounting to around 50,000 bales. Between one· fifth and one·fourth of the State's annual cotton production is grown in Caddo and the six surrounding parishes. Livestock and livestock products contribute significantly to the agricultural income of both Caddo and Bossier parishes. The development and expansion of beef cattle and dairy pro· duction in recent years have progressed rapidly in some areas, particularly in the upland areas where soil conditions are less favorable to cotton, and the further growth of these enterprises appears to be assured. Climatic and soil conditions are favorable also for the production of vegetables, fruits, and a number of grain crops. Cash farm income in Caddo and Bossier parishes amounted to an estimated $14,500,000 in 1951. Cash farm income in the five surrounding parishes is estimated at more than SI5,500,000. Forestry More than one· half of the total land area of Caddo and Bossier parishes is classified by the Louisiana Forestry Commission as forest land. In 1950 the forests in these two parishes and the neighboring or nearby parishes of De Soto, Natchitoches, Red River, and Webster covered about 1,942,000 acres. Pine, oak, gum, hickory, ash, and tupelo are among the species of standing timber that are found in the area . Pine, hardwood, and pulp cuttings from these and other forests in northwestern Louisi ana contribute significantly to the area's income. Timber production in Caddo and Bossier parishes in 1950, including pine, hardwood, and pulp, amounted to approximately 33,560,000 board feet. In recent years production has been somewhat below the output during World War II and the early postwar period, except that the production of pulpwood has been maintained only slightly below the former level. in the beef, dairy, sheep, and swine divisions and auction sales of the better animals stimulate interest in the junior show. The fair grounds cover an area of 156 acres, on which are situated 30 steel and concrete or brick buildings, includ· ing four exhibit buildings. This year's fair will be the 47th annual showing. The State Fair Stadium, located on the fair grounds and having a seating capacity of 32,000 persons, is the scene of several professional, college, and high school athletic contests during the fall. Situated on the fair grounds but not a part of the State Fair, the Louisiana State Exhibit Museum attracts thousands of visitors. Trade Retail trade establishments account for 21 percent of the total nonagricultural employment in the Shreveport metropolitan area (Caddo Parish), and this fact emphasizes the importance of the city as the trade center of the area known as Ark·La·Tex. Shreveport's retail stores draw trade not only from a large section of nortlnvest Louisiana but also from eastern Texas and southwestern Arkansas. The population of the market area within a 75·mile radius of the city is in excess of 900,000 persons. In 1951, retail sales of the city's stores were more than three and one-half times the 1939 volume. This substantial • gain, which brought the 1951 sales to a tolal of $190,000,000, reflects increases in the population and income of the city and its trade territory. Allowing for the rather sharp rise in retail prices, the volume of sales in 1951 was about double the 1939 total. In addition to its position as a retail trade center, Shreveport is important also as a wholesale distribution point. In RETAIL SALES SHREVE PORT ." 20 0 M ILLIO NS OF DO LL 00 '" ~2 LIONS OF DOL L ARS State Fair of louisiana The State Fair of Louisiana is an annual event that attracts thousands of visitors from over the State and many other parts of the country to Shreveport during the latter part of October. Approximately 420,000 persons attended the fair last year. The programs and exhibits of this exposition are built around a central theme that emphasizes agriculture and livestock, although other exhibitors from the Ark·La-Tex area and other parts of the country participate. Junior ex· hibitors play an especially important part in the fair, since special premiums are provided in all departments for these participants. Liberal premiums for 4-H and F.F.A. exhibitors t / "0 10 0 0 V V Y ..J.-.--- 1 /" I00 •o 0 0 1939 1/ L 1941 194} [945 1947 1949 MONTHLY BUSINESS REVIEW 1948, wholesale establishments in the metropolitan area ac· counted for almost 11 percent of the sales of all wholesale establishments in the State, with the 1951 sales representing about the same proportion. Food and related products, machinery and other equipment, electrical goods, and lumber and construction materials are among the more important lines handled. • 39 BUILDING PERMITS SHREVEPORT 0 ,o 0 o ,• WI LLI OI'll S OF DO ILLIO"'! Of' DOLLARS , I\ 0 ce.AS A: ,o Construction • • • Construction activity in Shreveport recovered rapidly from the depression years of the 1930's, partly as a result of the increased oil play which accompanied the development of the nearby East Texas and Rodessa fields. As in the case of most other cities, the over· all volume of construction was cut back sharply during the war years due to materials restric· tions, shortages, and allocations. In the postwar period, however, the city has experienced an unprecedented huilding boom that has spread to practically all areas of the construe· tion industry. In 1950 the value of building permits was more than $29,000,000, or almost five times the 1939 total. Construction activity was down sharply in 1951, however, partly reflecting materials and credit restrictions. The physi· cal volume of construction that has been put in place since 1945 compares favorably with that of most other cities of the same size. The relative importance of construction in sustaining income and employment is indicated by the fact that in recent years approximately one out of every twelve nonagricultural workers was engaged in construction work. t In addition to the large volume of residential construction and the expansion and modernization of commercial and industrial facilities, several other building programs worthy of special note were completed in recent years. Other major projects currently are under way or in the planning stage. The largest structure in the city, the new $10,000,000, 450· bed Veterans Administration Hospital, was dedicated in No· vember 1950. Currently under construction and expected to be completed this year, the $6,000,000 Confederate Memorial Hospital will add to Shreveport's growing importance as a medical center. A $1,500,000 nurses' home is proposed as a part of this newest hospital expansion program. In the down· town district and soon to he completed, the 14·story, $2,673,000 Texas Eastern Building will provide 200,000 square feet of office and commercial space. This huilding, planned originally to provide apartment space and named the Caddo Arms, will be Shreveport's first major office .building constructed since World War II. Home offices of the Texas Eastern Corporation will occupy approximately 100,000 square feet of new space. Also in the downtown area, the new 14·story, $2,500,000 Town House is nearing completion and will provide 299 efficiency apartment units and ground. floor commercial accommodations. Southwest of the city in the Hollywood section, construe· tion of Shreveport's new $5,000,000 municipal airport is I / 0 0 0 19~1 - ..-- 1933 193~ V 1937 ........ 1939 I II ~V 1941 1943 o , 0 1945 1947 1949 19~' SOURC'::' City IlI l rdl~Q 11I1"'~IOf, S~ln,polt, IIt~I-lt50, fl ourll, lOu r, ronG BUl rn, .. FI,vl •• ,l eell r,ufI , progressing rapidly. The two 6,400·foot and 5,000·foot run· ways, the terminal buildings, and other facilities will provide Shreveport with a modern airport capable of handling the largest commercial planes now in use. The city's school, street improvement, and church building programs are especially notable. Three $1,000,000 junior high schools and the modern $1,500,000 Booker T. Washing. ton High School for Negroes were completed in recent years as a part of a $6,250,000 school improvement program. In Ocoher 1951, voters approved an additional $20,000,000 to finance further school construction and improvement. Work on sewerage system extensions, drainage and street improve· ments, traffic control, and fire department expansion and the enlargement of parks and recreational facilities-fmanced by a $9,600,000 bond issue-are largely completed. Shreve· port recently concluded the greatest church huilding program in its history. New construction, improvements, and expansion affected 30 churches and cost approximately $4,000,000. Banking" The five commercial banks in Shreveport and Bossier City and their ten hranches fulfill a particularly important func· tion that is common to every growing community-that is, meeting the commercial credit requirements of husiness, in· dustry, agriculture, and consumers. Paralleling the city's growth and reflecting its development, such major categories of bank assets and liabilities as total resources, loans, invest· ments, and deposits have shown marked expansion through· out the years. The development of the oil and gas industry, the establishment of new industries, and the "export" of the area's agricultural and forest products are among the more important factors that have attracted funds and increased deposits. On the other hand, this continuing inflow of deposits provides a growing pool of funds to meet the increasing short·term credit requirements of the community. 40 MONTHLY BUSINESS REVIEW Surface Water Resources BANK DEPOSITS SHREVEPORT- BOSSIER CITY IoIILlIO~$ 01" DOLLIIoIIS WILLIONS 0' OOllUS 30 0 3 00 0 .50 L....../ .0 0 / 0 0 0 I / 10 0 - 1932. SOURCE ' I 00 ..-Y 50 ~ 19304 • 00 /'v 1940 1938 1936 19~Z-lt50,Ra~d 1942 1944 1946 o The surface water resources in the vicinity of Shreveport are a valuable asset to the area. In addition to the Red River and other smaller streams, there are seven lakes within a 30·mile radius of the city. The largest of these lakes, Caddo, lies approximately 15 miles northwesl of Shreveport and covers an area of about 40,000 acres. Thi s lake is capable of supplying in excess of 50,000,000 gallons per day. Cross Lake, which bounds the cilY on the norlhwesl and covers an area of approximately 11,000 acres, is the second largest source. Water from this lake supplies the cily of Shreveport, and sufficient capacity exists to supply a large industrial user in excess of 10,000,000 gallons per day. Lake Bistineau lies about 20 miles southeast of the city and covers approximately • 1950 19 51 1948 McNally 8anktr. Dlfle/ary, SURFACE WATER RESOURCES 1951,1'111"01 fln.tv. Sank oj Dolin ona Oillvi. On December 31, 1951, total resources of the ShreveportBossier 'City banks amounted to $274,094,000, reflecting an increase of about 266 percent over the 1939 total. During the same period, loans rose 226 percent to a total of $69,661,000, while investments showed a more than fivefold in· crease. Similarly, deposit expansion of 275 percent increased total deposits to $260,343,000 by the end of 1951. Banking facilities are readily accessible to most depositors and other customers. AltllOugh tlle downtown banks in Shreveport- the First National Bank, Louisiana's oldest; the Commercial National Bank in Shreveport; the Continental· American Bank & Trust Company; and the Pioneer Bank & Trust Company-are situated in a relatively small area, suburban branches serve the expanding residential and other outlying sections. In Bossier City, the Bossier Bank & Trust Company maintains lWo branches, one of which is located at Barksdale Air Foree Base. BANK DEBITS SOURCE ' Shreveport Chomber of Commerce. SHREVEPOR.T o Ml l l l /II S OF 00 C LARS MILLI ONS OF OIXL.lRS • •500 2.,50 0 I 2,000 r- 1,50 0 1,00 0 50 0 ,~ ......... i'-- .., , ./ /" V v' V I. 000 I. 000 5 00 ,/ " ,000 12,800 acres. Although this lake was developed principally for flood control purposes and does not constilute a large source of supply at present, it would be possible, if the need should arise, to develop a supply of several million gallons per day. Wallace Lake and Bodcau Lake, both parliaIIy de· veloped, and Cannisnia and Bayou Pierre lakes, neither of which is developed, constitute a potential supply of many milljons of gallons per day. , ," 19 45 1947 1949 19~1 Besides serving as a source of water supply, the streams • and lakes about the city have a recreational value and serve • as an attraction to tourists. Both of these potentials have been developed only in part. • ~ ~ MONTHLY BUSINESS REVIEW Problems and the Outlook The provision of adequate physical facilities commensurate with its growth has been one of Shreveport's most pressing problems in recent years_ The situation has been particularly acute with regard to the city's rapidly growin g school system and the lag in the construction of major downtown OITlCC space_ Fortunately, both of these problems have been eascd somewhat by construction that has been completed recently or currently is anticipated or in progress _ The school construction program that was initiated in 1947 has relieved to a marked degree the overcrowding due to limited facilities _ Proposed construction probably will go far toward eliminating the problem_ The lack of adequate downtown office space probably has been a deterrent to Shreveport's growth in the postwar years_ Although completion of the new Texas Eastern Building will alleviate somewhat th e current need, the requirements to encourage further growth of the city probably are much greater_ Similarly, the need for additional hotel facilities presents a fairly serious problem_ The above-mentioned problems are common to most growing cities and lend themselves to solution within the relatively short run_ Other problems- of a much broader nature and not capable of being met in the short run- are of equal or perhaps of much greater significance to the city's prospective long-term growth_ In vicw of current conservation practiccs, large reserves, and new recovery methods and di scoveries, the oil and gas industry likely will be an important factor in the city's economic life for years. ;./evertheless, in comparison with most other oil and gas producing areas in the Southwest, the development around Shreveport is "relatively old." Althou gh many new and younger produ cing areas are located within a 300-mile radius of the city, the possibility of eventual declining production and of even earlier shifts in the centers of relative importance within the oil and gas industry should be taken into consideration_ These possible eventualities are admittedly long J'ange in nature, but the city's continued growth may well depend upon how the problem is met. Shreveport has a direct interest in the co nservat.ion and further development of the forest resources of the area, for this valuable resource sustains the city's important lumber and lumber products industry. Declining timber output in recent years reAects, in part, rorest practices that are detrimental to the lon g-ran ge growth i n forest production. Potential timber production throu gh reforestation, careful cutting, and the control of fire damage is great, and the promotion of these conservation and development measures is the mutual responsibilit y of the ci ty, the timber indu stries, and, in fact, all citizens of the State. 41 The Shreveport area is particularly fortunate in having an abundance of surface water resources, an advantage that is in strikin g contrast with the water problem of many other cities of comparable size. The future growth and development of the city will depend, in part, upon the extent to which this potential, now largely undeveloped, is utilized_ The latent possibilities for developing a large industrial water supply, additional industrial power, and recreational facilities are imp ortant favorable factors t.h at will bear on the course of future industrial growth and the attraction of new industries_ Although substantial progress in the diversification of agricultural production ha s been made in recent years, cotton is still the major crop in the Shreveport area. The growth of beef cattle production and dairying and the production of various grain crops, truck crops, and fruits have progressed fairly satisfactorily, and this development promises a greater degree of agricultural stability which will accrue as an advantage not only to the rural population but also to the economic well-being of Shreveport. Although all the major categories of personal income in the Shreveport area showed marked increases between 1939 and 1950, the growth in most instances was below the comparable increases for the State. This is a reAection principally of the more rapid development of other major urban areas of the State based on the tremendous growth of the petrochemical and other industries in southern Louisiana_ This relatively less favorable trend does not necessarily portend serious consequences for the future growth of Shreveport, but it does emphasize the importance of a careful program of utilizing and fully developing the area's resources. The factors that are most likely to influence the future trend of Shreveport's economic development are weighted on th e favorable side_ The extent of the city's growth will be affected, of course, by changes in national and regional economic conditions. Within this larger economic framework, however, the resources of the city and the surrounding area, the city's location and other natural advantages, and the energy and vision of the population are among the more important factors that will affect the course of future growth_ The leaders of the community recognize tlie city's problems and the necessity of bringing about their solution_ Moreover, they recognize the importance of developing and utilizing in an efficient manner the resources of the city and the immediate area. The rather hi gh degree of diversification of the Shreveport economy provides a desirable measure of insulation against business fluctuations that is lacking in many other cities of comparable size. Because of the industrial, commercial, and other advantages of the city, future growth probably will be in the direction of further diversification_ 42 MONTHLY BUSINESS REVIEW REVIEW OF BUSINESS, INDUSTRIAL, AGRICULTURAL, AND FINANCIAL CONDITIONS Consumer buying at district department stores in the first half of February was at a level moderately above a year earlier_ January sales, meanwhile, were below the war-scare inflated volume of the same month last year. Consumer soft goods generally are showing a better sales record than the durable goods_ Merchants continue to pursue a conservative inventory policy, and orders outstanding in the past several months have been below corresponding months of the past 2 years. Collections of charge accounts outstanding continued slow throu gh January, and the instalment collection ratio declined slightly; receivables were down seasonally. Consumer buying in the Eleventh Fed- . eral Reserve District maintained a steady pace during January and the first half of February, in contrast with the marked fluctuations which occurred during the same period last year_ District department store sales in the first half of February were up about 4 percent from a year earlier, when severe cold and ice conditions depressed sales. On the other hand, January RETAIL TRADE STATISTICS (Percentage changel NET SALES January Rains during the past 2 months in northern Louisiana and the eastern half of Texas have improved 1952 crop prospects in those areas, but the drought continues over most other parts of the District. The winter wheat crop in northwest Texas is holding up fairly well, although there have been losses due to drought, dust storms, and insects. Winter flax in southcentral Texas is making slow progress. Spring vegetable crops in south Texas are making good growth in irrigated areas where water is adequate, but plantings in other areas have been delayed. Pasture and range feed supplies continue to dwindle, while livestock are maintained largely by supplemental feeds. Farm commodity prices continue to ease downward, with many of the important crops and livestock products leading the way. line of Irade by area 1952 from January December 1951 1951 1951 -5 12 -10 -9 -12 4 2 2 -2 -16 -51 -55 -50 -52 -55 -52 -43 -56 -58 -57 -13 -12 -10 -13 -9 -15 -13 -11 -11 -7 -10 1 -16 -11 -22 -17 -21 -3 1 3 -40 -13 -24 -20 DEPARTMENT STORES Fort Worth • ••• • •• . ••••••••••• .•••• Houston •. .• . •.••. . • . •••.••. . ..• . • • San Antonio .••.••• . •••.. . • • .. .••.. Shreveport, La .................... . . Waco •• . •. •.. . •••.•••.•••••••..•• Other cities .. ••• .. .•. . .. •.. . • . • ... • FURNITURE STORES Total Eleventh District ... .. .. . . . .. . . .. Austin •••••.•.••• . • .• . • .. •• • .. ••. . Dallas ••...•••.••• . ..•.. . •• .•• . • ,. Houston ••••..•.• . •••••...• . •. • . ••. Port Arthur •.•••• . •.•.•• .• • . •.•.••. Son Antonio •••.•. .. .• .. •. . ..... • .. Shreveport, La .••... . .•.•.•.•. . ..••• Wichita Falls •••.••. . .•...•••.•..•.• HOUSEHOLD APPLIANCE STORES Total Ele't'enth District .... .. .......... Delles •• . •. •.•••••.••••.•••. ••.•• • 1952 from Deocember 1951 January Total Ereyenth District ••••...••..••... Corpus Christi •••••. • • •.•..• ••••• •• • Dallas • .. •.•. .. •••.•••••••••.••••• EI Paso ••••••••••••••••••••••••••• SrOcKsl January 6 -10 -8 7 21 -13 -14 -44 -36 -53 -30 -51 -38 -22 -14 -10 -18 -2 _5 -7 -13 - 18 -19 _4 _9 ~ -25 -24 .. Stocks et end of month. , Indicohll change of leu than one-half of T percent. 1 Nonfarm employment in the District in February was up slightly from January and averaged appreciably above February 1951. Crude oil production in February rose, following 4 months of decline, and reached approximately the record level of last October. Current oil production is running substantially above a year ago. Stocks of crude and burning oils declined during the past 4 months. Refinery activity has been at a near-record level, and stocks of gasoline have risen sharply. The value of construction contracts awarded in the District in January was down from the previous month and lower than a year earlier. Activity at textile mills continues below a year ago; textile prices are weak, while mill demand for wool and cotton is quiet. Processing of cottonseed this season has been substantially above last season; demand for cottonseed oil has weakened slightly in recent weeks. The heavy demand for livestock feeds has absorbed mill output of cottonseed cake, meal, and hulls at relatively high prices. Loans at weekly reporting member banks rose during the 4. weeks ended February 20; other major categories of assets and liabilities declined. Borrowing by manufacturing firms, public utilities, and others increased, more than offsetting a decline in commodity loans. During these same weeks, total investments of these banks declined, due principally to a reduction in holdings of Treasury bills. Deposits declined but were substantially above a year earlier. sales were 5 percent below the war·scare inflated volume of the same month a year before, although 17 percent higher than in January 1950. If allowance is made for normal seasonal WHOLESALE TRADE STATISTICS Eleventh Federal Reserve District (Percentage change) Automotive supplies • .. •. ...• . . ... .. . . • Dry goods • • ••• ••• .•• •• • ..•... • •.•..• Grocery (full-line wholesalers not sponsoring groups) •.•....•..••• . .•.• Hardwa re •••• ••• •. •. •....•• . .••.. . •• Indu~trial supplies ••...••••.•.•.••.•••• Machinery equipment and supplies e:llcept electrical •••••.•••••.•.•.•••• Tobacco products .•.• •• •...•..•••. .• .• Wines and liquors •.•.•.•••••.•.•.•.•• Wiring supplies, construction materials distributors •••••.•.•...••..••••.•.• NET SAL ESp STOCKSlp January 1952 from Jonua ry 1952 from January December January 1951 1951 1951 1951 _18 _33 - 30 5 46 -29 -10 -3 4 34 27 -22 _ 8 7 38 3 13 25 31 -5 - 50 29 49 3 -1 5 -2 -9 -7 40 -2 8 -3 4 December 48 10 Stocks at end of month. p-Preliminary. SOURCE: United States Bvreav of CeniUS. I variations, department store sales appear to have followed • a sidewise movement during the past few months at a level somewhat higher than that prevailing in the summer and MONTHLY BUSINESS REVIEW early fall of 1951. The sales picture in this District has been generally in line with that of the Nation, although district department stores have posted a better record than the na· tional average. • Sales of women's apparel and other consumer soft goods have continued to make a better showing than the durable goods. Moreover, basement store sales have done better than the main store. In connection with the lag in durable goods sales, new car registrations in the Dallas, Houston, and San Antonio metropolitan areas in January, although slightly above those of December, were lower than in any other month during the past 2 years and fell about 20 percent below the January 1951 level. INDEXES OF DEPARTMENT STORE SALES AND STOCKS 11947·49 ~ 1001 UNADJUSTED Area SALES-Daily average Eleventll District . ... ........ DaUas .•.•. •••••• ...••••. • Houston •••••••••.• • ... •. . • STOCKS-End of month Eleventh District ••• ••• .• .••• ADJUSTEDl Jan. Dec;, Nov. 1952 1951 1951 Jan. De<. Nov. 1952 1951 1951 Jan. 1951 95 94 104 203 194 226 144 141 157 100 105 100 122 122 13. 122 119 135 129 122 140 129 137 129 IOlp 115 135 116 112p 125 120 129 Jan. 1951 1 Adju1ted for seasonal variation. p-Preliminary. Department store stocks, according to preliminary reports, were down contraseasonally in January and at the end: of the month were 13 percent below the year·earlier level. The seasonal increase in orders outstanding was considerably less than the very large gain in January a year ago. At the end of the month orders outstanding were at about the same level as on the corresponding dates in 1949 and 1950 but were down 33 percent from the January 31, 1951, total. Merchants still are pursuing cautious inventory policies, and the downward readjustment which was evident throughout the last half of 1951 apparently has not been completed. Collections of charge accounts outstanding continued slow in January, with the collection ratio at 47 percent, 2 percent· age points below January a year ago. Meanwhile, the instal· ment collection ratio halted the upward trend which had pre· vailed during the past year, showing a decline from 18 per· cent in December to 17 percent in January. Both charge account and instalment account receivables declined season· ally, but charge accounts outstanding at the end of the month were 6 percent higher than a year ago, while instalment receivahles were 23 percen t lower. Furniture store sales in the District in January were 3 per· cent below the unusually heavy volume of a year earlier but exceeded any other January on record. Accounts receivable outstanding declined 5 percent during the month, following three successive monthly increases, and at the end of the month were 9 percent less than on the corresponding date of the previous year. The reduction in furniture store inven· tories continued, with stocks showing a small decrease for the ninth consecutive month. Stocks on January 31 were 13 percent less than a year earlier. 43 Heavy rains during January and Feb· ruary in northern Louisiana and the east· ern half of Texas greatly improved pros· pects for agricultural production in those areas in 1952, while snow and light·to·moderate rains over much of the remainder of the District were temporarily hene· ficial to cover crops, small grains, clovers, and winter grasses. However, a shortage of moisture persists throughout much of the District, and more rain is urgently needed to stimulate further growth of winter crops and range and pasture feed and to permit planting of intended acreages of spring and summer crops. In northwest Texas and nearby parts of New Mexico and Oklahoma, the winter wheat crop generally is in fair condi· tion, despite the serious need for more moisture. Dry soils and the short top growth of wheat plants have made fields vulnerable to soil blowing; some wind erosion occurred duro ing February. Cutworm damage to wheat is increasing in the Low Rolling Plains, while army worms have appeared in oat fields in south Texas. Growth of the winter flax crop in Karnes and adjoining south Texas counties remained virtually at a standstill through February because of inadequate moisture supplies. The crop startecl under favorable conditions, and growing temperatures have been desirable all winter, but very little additional rain· fall was received from the time the crop was planted until late February. Growers in the spring.crop flaxseed area have been wa.iting for more moisture hefore completing land preparation. WINTER VEGETABLE PRODUCTION Indkoted Average 1941-50 Vegetable 1951 1952 (1,000 Boshels) CARROTS, Arizona . . . . . . . . . . . . . . . . . . . . . . . . 840 Tex~s. ... . . . . . . . . . . . . . . . . . . . . . . Louisiana •.. . •.. ...•... . . . .. ,... 3,164 160 8EETS, Texol.... . ........................ IRISH POTATOES, Texo,I.................. 1,084 70 1,786 2,700 1,178 2,775 72 420 16 81 450 30 (1,000 Crates) CAUUFLOWER, Arizona.................... 513 Texas,.... .... ......... ... 136 375 187 338 228 LETTUCE. Arlzono................ . .. ...... Te:ltas .............. ,...... ... .. 2.734 2497 3,792 2,970 13,500 158,800 18,800 56,000 8,.400 86,400 850 600 (TOfn] CABBAGE, Arizona..... . . . . . . . . . . . . . . . . . . . Texas ... . ............ ..... .. ,. t Ea rly commercial. 2 1946-50 average. SOURCE: United Slates Department of Agriculture. Conditions during February were favorable for active harvest of all types of winter.growing vegetables in south Texas areas. Cabbage, carrots, beets, broccoli, cauliflower, lettuce, and spinach moved in good volume. Production estimates for some of these crops are shown in an accompanying table. Spring crop plantings in irrigated sections have been making good progress except in areas where irrigation water is short. Temperatures generally have been favorable for rapid growth of these crops, although light frosts were reo ported in the western end of the Lower Valley in February. In the non irrigated sections planting of spring crops has been delayed by lack of moisture. Transplanting of the north Texas onion acreage has made slow progress. Most east Texas tomato land was prepared by mid·February, at which time setting of plants to cold frames was already under way. 44 MONTHLY BUSINESS REVIEW LIVESTOCK RECEIPTS (Number) FORT WORTH MARKET Closs SAN ANTONIO MARKET January January December January Jonuory 1952 1951 195 1 1952 1951 1951 41,294 20,530 32,441 23,651 20,553 93,073 29,631 q 5,485 30,685 30,166 8,473 110,040 17,926 15,552 6,632 19,556 28,730 Ca lves ....... .. . 14,375 Hogs . .•••....• • 105,708 Sheep ......... . 40,214 Cattle ..... , ... . 94.714 31,587 18,899 8,856 December Farm commodity prices in the Eleventh District have been drifting downward since November and in late February averaged around 10 percent below a year ago, During the . month ended February 18, prices of wool, flaxseed, cotton, coltonseed, gra ins, poultry, and eggs d'eclined, while prices of livestock held within narrow margins, 1 Includes goo Is. CASH RECEIPTS FROM FARM MARKETINGS Range and pasture feed supplies dwindled further during February as critical droughty conditions continued over much of Texas and southern New Mexico and Arizona, Over eastern Texas and northern Louisiana, however, grazing conditions are improving as a result of recent rains and mild weather, while light rains and snow in other areas are expected to be helpful to grazing lands, In virtually all areas ranges are partially bare, and heavy supplemental feeding has been necessary, Range feed in the District in February was in the poorest condition on record, except possibly during the 1934-35 drought. (In thousand. of dolran) Novemb er December Stote 1951 1950 1951 1950 Arizona . •.. .•.......... • • .. • Louisiana . .. . .. . ....• . .•..... New Mexico . .... .. •. . ..• .. . • Oklahoma • . .. .... • ....•.... • Texas . . .......... .... . $ 55,403 $ 84,056 58,633 41,014 72,765 255,481 $ "8,471 51,208 39,937 67,0 23 311,441 $ 49.677 53.392 21,390 61,8001 304,594 51,581 24,346 51,509 206,082 Total .. .. .. ... . .. . .. •.. . . • $483,296 $518,080 $525,236 $383,195 SOURCE: United States Deportment of Agriculture. CASH RECEIPTS FROM FARM MARKETINGS Cattle are in fair-to-good condition, primarily because of heavy supplemental feeding and the unusually warm weather which has held losses at a minimum, Ewes are coming through the winter in generally poor-to-fair condition. Most farmers and ranchmen reduced herds during the fail and winter; some sold large numbers of livestock for slaughter, while others moved their animals to more favorable grazing areas. Reports from the Fort Worth livestock market show that during the 4 weeks ended February 9, marketings of cattle and calves were down slightly from a year earlier, while receipts of sheep and hogs were up sharply_ (In thousands of dollars) Crops Liveslod: producb Stat. 1951 1950 1951 TOlal 1950 1951 1950 Arbona ..•. • $ 107,239 $ 89,858 $ 245,473 $ 186,037 $ 352,712 $ 275,895 Louisiana. .. . , 14,720 100,186 266,316 219,807 381,036 319.993 t-4ew Mexico. 155,754 127,951 75.385 78,943 231,139 206,89. Oklahoma... 405,938 341,618 212,824 222,979 618,762 564,597 Texol. . . . . • 1,056,034 879,681 1,094,896 1.267,381 2,150.930 2,147,062 Total. . . • . $1,839,685 $1,539,294 $1,894,89 4 $1,975,147 $3,734,579 $3,514,441 SOURCEl United States Deportment of Agrkulture. Livestock Numbers in the Southwest Declined in 1951 Meat production in commercial plants in Texas during 1951 totaled 826,808,000 pounds, or 2% percent more than during 1950, according to data just released by the Bureau of Agricultural Economics. This includes beef, veal, pork, lan11, and mutton slaughtered in federally inspected and other wholesale and retail plants but does not include farm slaughter. Commercial livestock slaughter in Texas last year shows a 4-percent increase in numbers of cattle over 1950, with slaughter of calves up 11 percent, hogs up 15 percent, and sheep and lambs up 6 percent. For the United States, production of meat in commercial plants in 1951 was 1 percent less than in 1950. However, an increase is expected in 1952. FARM COMMODITY PRICES Top Prices Paid in loca l Southw est Markets Commodity and ma rke t Unit conON, Middling 15/ 16-incn, Dallas .. . .. WHEAT, No . 1 hard, Fort Worth ... ....... OATS, No.2 white, Fort Worth....... .. . . CORN, No.2 yellow, Fort Worth ......... SORGHUMS, No.2 yello ..... milo, Fort Worth. HOGS, Good & Choiee, Fort Worth •...... SLAUGHTER STEERS, Choiee, Fort Worth . .. SLAUGHTER CALVES, Choke, Fort Worth ... STOCKER STEERS, Choice, Fort Worth ..... SLAUGHTER LAMBS, Good & Choiee, Fort Worth . ...... . •......... . ... ... .... HENS. Heavy, Fort Worth . •....•........ FRYERS, Top Grade. Fort Worth .......... TURKEYS, No.1 hen s. Fort Worth .. ... . .. . BROILERS. east Tellos .. . ............. • .. BROILERS, south 1eltos .................. lb. bu. bu. bu. c..... t. cwt. cwt. cwt. cwl. 1 Marketing suspended. cwt. lb . lb. lb . lb. lb. Comparable Comparable Week ended week week February 20 lalt month last year S .3995 2.76 1.14 2.12~ 3.14 18.75 33.50 34.00 34.00 26.50 .2 ' .30 . 35 .30 .30 $ .4165 2.76 3,4 1.22* 2.18 3.16 $ 2.76!4 1.22* 2.03* 2.70 18.75 34.00 33.00 31.25 23.75 37.00 36.00 36.00 28.00 .24 .32 .35 .31 .31 38.00 The drought in the Eleventh Federal Reserve District in 1951, with the accompanying shortage of range and pasture grasses and the curtailment in feed grain production, caused considerable liquidation of livestock inventories in the more seriously affected areas, such as the Edwards Plateau and the Trans-Pecos region. There was, however, a further expansion in livestock production in many eastern sections of the District, which partly offset declines in the west and resulted in a decline in total livestock numbers of only 1 percent. The only major type of livestock showing an increase in numbers in the five states of the District during 1951 was beef cattie, as shown in an accompanying table. On January 1, 1952, beef cattle inventories totaled 12,456,000 head, up 6 percent. On the same date, Texas farmers and ranchers held 7,350,000 beef cattle, or 3 percent more than a year earlier, compared with an increase of 12 percent for the United States. Milk cattle inventories, on the other hand, declined 4 percent and 2 percent in Texas and the District, respectively. Total cattle numbers in the 5-state area, which rose in 1951 for the third consecutive year, were 10 percent above the postwar low of 1949 but still 3 percent below the ~ 1945 record. Cattle on farms in the United States were at an • all-time high of over 88,000,000 head, or 7 percent more than a year ago. MONTIIL Y BUSINESS REVIEW LIVESTOCK ON FARMS, JANUARY 1 Texas, Five Southwestern Stotes, and United State~ ~========================I=I"='=hO=U='O="=d'=I======~================ t FiYtI southwestern Texas Cion 1951 All cottle ••.•.... Milk cattle .•.. 8,765 1,662 8,940 1,590 Beef cattle ... . 7,103 6,851 6,746 105 1,732 2,233 349 116 7,350 6,176 6,071 105 1,645 2,099 321 96 20,046 22,795 508 19,2 77 22,992 549 AlIlhup ........ Stock sheep ... Feeders ••••••. Hogs ••••••••••. Goats 1 , • • • • • • • • Hones ......... . Mules ...•••.... United Siaies states' 1952p 1951 1952p 15,053 3,268 11,785 15,643 3,187 12,456 8,913 8,682 231 8,290 8,072 218 3,055 3,233 2,233 2,099 800 262 731 230 30,494 38,492 637 30,048 38,267 1951 82,02 5 35,606 46,419 30,635 27,253 3,382 62,852 2,233 4,993 2,074 19S2p 88,062 35,870 52,192 31.725 27,841 3,884 63,903 2,099 4,370 1,92 3 Total above species . . ... Chickens l , .••.•.. Turkeys •• . • . ••. • 688 184,812 19 2,0 82 442,657 5,091 453.498 5,835 1 Arizona, louisiana, New Mexico, Okla homa, and Tex<:Il. 3 Goat numbers lihawn for Texas only; estimates for other slate' not ovaUoble. J Does not indude commercial broilen. p-Preliminary. SOURCE: United States Oepartment of Agriculture. Sheep and Iamb inventories in the District were aHected most seriously by the drought last year as wool production is heavily concentrated in the drought-stricken areas, On January 1, 1952, there were 8,072,000 stock sheep on farms and ranches in the five states of the District, or 7 percent less than a yea r earlier. There were also 218,000 sheep and lambs on feed , or 6 percent fewer than in January 1951- Most of the decline in stock sheep numbers in the District occurred in Tcxas, although there was a slight reduction in Arizona_ Texas reported 6,071,000 stock sheep on January 1, or 10 percent below a year earlier- The total number of sheep in the district states was 42 percent below the record of 1943 and at the lowest level since 1926, Stock sheep numbers in thc Unitcd States rose 2 percent last year, despite the large reduction in Texas, 45 Between January 23 and February 20, loans of the weekly reporting member banks in the Eleventh District rose, but most other major categories of assets and liabilities declined. Total resources of these banks amounted to 84,296,000,000 on February 20, which reflects an increase of 393,000,000, or about 10 percent, over the comparablc total of last year_ Loans rose $8,942,000 during the 4 weeks, due principally to the expansion in loans to banks. Most other major loan categories showed decreases. Commercial, industrial, and agricultural loans rose during the first 2 weeks of the period, but reductions in the final 2 weeks were more than offsetting, with the result that these loans showed a net de· crease of $4,001,000, In contrast with the trend that prevailed during the later months of 1951 and accounted for most of the loan expansion during the year, cotton dealers liquidated a substantial amount of bank indebtedness in recent weeks; however, this seasonal reduction in cotton loans was offset, to some extent, by new borrowings by manufacturing firms, public utilities, and a miscellaneous group of other establishments, The principal changes among other categories of loans include a decrease of 81,846,000 in real estate loans and an increase of $3,250,000 in "all other" loans, On February 20, total loans of these banks amounted to $1,564,000,000, or only slightly less than the record amount reported on February 6, CONDITION STATISTICS OF WEEKLY REPORTING MEMBER BANKS IN lEADING CITIES Eleventh Federal Reserve District (In thousonds of dollan) February 20, Fe bruary 2 1, 1951 1952 January 23, Total loons (gross) and investments . ....... .. . $2,904,371 Totolloans-Net t •••••• •••••••••• . .• ••. • 1,548,0 67 1,564,351 Totolloans-Gross ........ . .. .... ... . . . . Commercial, Industrial, and agricultural $2,685,523 $2,927,075 1,477,853 1,492,522 1,539,131 1,555,409 1,085,496 1,038,353 8,125 1,089,497 8,914 10,884 291,591 1,340,020 225,762 162,571 180,584 54,661 119,446 1,694 270,243 1,193,00 1 76,455 0 364,642 53,598 114,927 132 288,341 605,995 165,108 564,512 411,031 2,337,890 .452,425 77,076 794,894 3,200 589,272 162,632 534,683 319,508 2,204,402 418,999 76,797 661,468 0 Item Hog invcntorics ill thc five distri ct statcs, combincd, wcre reduced further la st year, fallin g to ,),055,000-47 percent below the record of 1944 and lower than at any time in the past 25 years. Th ere was considerable liquidation of hogs in Louisiana, Oklahoma, and Texas in 1951, which was offset only partly by slight increases in Arizona and New Mexico, Texas Iarmers repo rted 1,645,000 hogs, or 5 percent below a year ago. However, pigs under 6 months of age were down only 2 percent. Hogs on farms in the United States increased 2 percent in 1951Texas goa ts, which are mostly Angoras, decreased 6 percent during 1951- On January 1, 1952, there were 2,099,000 head on farm s and ranches, compared with 2,233,000 a year earlier and a record of 3,465,000 in 1942. Farm inventori es of chickens, excluding commercial broilcrs, in the district states on January 1 were fractionally above a year earlier; virtually all of the cxpansion in chicken production in this area in the past few years has been in the output of commercial broilers, Turkey production last year was at a record level; therc were 688,000 turkeys on farm s in the 5-state area on January 1, or 8 perccnt above the numbcr reported a year ago . Farm holdings of turkeys in the United States in January were up 15 percent from a year earlier, [oans ......... .. .. . ............... loons to broken and dealers In securities . . Other loons for purchasing or corrylng .ecurities •........................ . Real eltate loons . . ... ........ .. ...... Loanli to bonks ....................... All other loons .. ........ .. ... ... .... . Total investments .. . .................... U. S. Treasury bills ............. ....... U. S. Trea sury certificates of indebtedness . U. S. Treasury notes . .. ........ ... . ... . U. S. Government bonds (inc. gtd. abligotiomo) •....................... Other securities ....... .. .... . ...... ... Reserves with federal Reserve Bonk .......... Balances with domestic banks .. ..... .. ... ... Demand deposits-adjusted' ................ Time depo$ih except Government ........... United Stgtes Government deposits ........... Interbank demand deposih . .. ..... ....... .. Borrowings from federol Reserve Bonk ........ 7,660 55,639 113,081 1952 1,371,666 241.232 162,833 181,272 617,786 168,543 574,110 488,638 2,395,837 457,196 51,388 879,501 3,000 1 After dedudion$ for reserves gnd unallocated charge·of". j Includes 011 demond de posits other than interbank and United Stotes Government, lest cosh items reported as on hond or in process of colleclion. Holdin gs of all types of Government securities and investments in municipal and other non,Govcrnment obligations were reduced during the 4 weeks ended February 20, with the result that total investments declined S31,646,000, or about 2 percent. Sales and redemptions of Treasury bills were particularl y heavy, while investments in Treasury bonds declined about 2 percent; holdings of certificates and notes declined fractionally, Reflecting a mild and perhaps tem- MONTHLY BUSINESS REVIEW 46 porary reversal of the upward trend that prevailed during most of the past several months, the municipal portfolios of these banks were redu ced. Funds provided by the sale and redemption of securities were used principally to meet the withdrawals of deposits by country correspondents and others. Deposits declined $121 ,301,000, or about 3 percent, during the 4 weeks, and on February 20 total deposits amounted to $3,959,500,000. Most major categories of demand and time deposits declined during the 4 weeks, but the principal factors contributing to the deposit contraction were the decreases of $84,607,000 in interbank deposits and $43,985,000 in demand deposits of individuals, partnerships, and corporations. Time deposits of individuals and businesses rose $1,871,000, continuing the upward trend that prevailed in other recent months. Despite the contraction in deposits between January 23 and February 20, total deposits of these banks on the lauer date were substantially above the comparable year-earlier total. GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS Eleventh Federcl Re:lerve District (Averages of daily figures. In thousands of dollar.1 COMBINED TOTAL Oat. Gross demand Ti me RESERVE CITY BANKS G rosl demand Time (Amounts in thousandl of dollars) ======================~O~E="=TS~'==============~O~E~PO~SI~TS='======== Percentage change from January 1952 City ARIZONA Tucson ..........• ••• lOUISIANA Monroe . ...•.. .• •••• Shre'leport. .. •.• ..• • NEW MEXICO ROlwell ..•.••••••.•• TEXAS Abilene •..... . •. . .•. Amarillo •• • •... .. •• • Austin .. •••.•.. . • ..• Beaumont •.....•.• •• Corpus Christi •...•... Corsicana ••....•.. •• Dallas •..... ..... •.. EI Paso ••.• .• ••••..• Fort Worth •• ..•• •. .. Galveston • .. ••. . ...• Houston .•. ..••••••.• lared o •.• ...• ..•.•• lubbock ••••••.•• . .• Port Arthur •• ••....•. Son Angelo •••.•••• • • Son Antonio •••.•.•.• Texorkana s •••••.•.•• Tyler ••••••••.••..• • Waco •.••••••••••• • Wichita Falls ••••.•.•. TIme January 1950 ••• $5,733,218 $659,140 $2,752.603 $423,289 $2.980.6155235,851 January 1951 ••• 6,3,(9,754 657,601 3,098,119 .400,388 3,251.635 257.213 September 1951. 6,169,109 675,186 2,917,338 37 1,361 3.251.771 303.825 October 1951. ,. 6,361,591 681,258 3,017,115 373,996 3,3014,476 307,262 Noyember 1 951 .. 6,592,874 686,144 3,101,804 376,802 3,0191,070 309,342 December 1951 •. 6.753,139 706,327 3,170,0017 390,1013 3,563,092 316,184 January 1952 ..• 6,779,455 714,332 3,162,301 391,577 3,617,154 322,755 During January, demand deposits at all the District's member banks averaged $26,316,000 higher than in December 1951. The increase was not uniform among all classes of banks, however, as country banks more than accounted for the gain. Similarly, more than 80 percent of the $8,005,000 increase in time deposits occurred at these country banks. In January, demand deposits of the member banks averaged $6,779,000,000; time deposits, $714,000,000. Member banks reported net profits after taxes of $39,428,000 during 1951, which represents a decrease of about 6 percent from the net profits of 1950. Although net earnings from current operations showed an increase of more than 10 percent-principally as a result of the increase in interest earnings from loans--larger net losses, charge-offs, and transfers to valuation reserves and a marked increase in income taxes were more than offsetting. Debits to deposit accounts reported by banks in 24 cities of the District were 4 percent lower seasonally in January than in December but 6 percent ahove the comparable yearearlier total. The decline in January was not general through. out the District, as half of the reporting cities showed increases. Accompanying the moderate decline in the over-all volume of business activity as reflected by the trend' of debits, the annual rate of turnover of deposits declined from 16.0 in December to 15.5 in January_ The rate was 15.7 in January 1951. Dec. 1951 January 31, 1952 Jon. Jon. 1952 1951 Dec. 1951 94,561 19 5 106,52 1 10.8 10.01 10.6 7 16 4 - I 49,080 197,860 12.0 12.1 11.6 11.5 11.5 12.01 28,770 IS 22 28 ,992 11.8 10.8 9.6 56,0189 1011,510 197,7 88 129,002 1015,551 15,663 1,563,255 192,849 519,347 81,535 1,630,3 45 22,215 135.895 .019,810 4 2,2 50 375,918 21,194 56,738 72,462 90,043 -4 3 I 11 23 2 -2 55 -3 7 12.0 101.8 19.8 15.4 16.7 8.3 18.4 15.6 16.7 9.7 17.0 11.6 101.9 13.A 9.2 11.6 10.1 12.4 9.6 10.1 13.3 16.4 20.4 14.6 14.8 9.2 20.4 17.5 17.4 9.1 15.8 12.6 15.2 12.4 10.4 12.6 8.9 12.6 10.3 9.5 11.9 15.2 13.3 16.3 1.5.7 9.0 20.0 16.9 17.0 10.2 17.8 11.4 17.3 12.7 9.1 12.1 9.7 11.6 9.8 9.8 15.5 15.7 16.0 16 3 55.227 1101,419 126.092 99,310 102,913 22.320 1,003,104 146,403 369,764 101,957 1,129,619 22,654 106,052 44,614 53,909 387.908 24,736 53,455 89,385 106,101 6 -4 $4.542,395 -8 -8 -3 -6 - # -10 7 9 12 -3 -4 _4 _4 I 2 _13 19 -7 -I 15 3 3 411 AnnI}Q1 rate of turnover Jon. 1951 52,983 208,009 Tolal-24 citIes ••••..• • $5,924,182 COUNTRY BANKS Gron demand BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAt RATE OF TURNOVER OF DEPOSITS 6 I -01 6 7 -5 1 Oebits to deposit accounts except interbank accounts. i Demand and time deposih, including certiAed and officers' checks outstand ing but excluding deposits to the credit of bonn. a These flgures inclu~e only one bank in Texarkana, Texas. Total debits for all bonks In Texarkana, Texas-Arkansas, including two banlcs located in the Eighth District, omounted to $37,724,000 for the month of January 1952. , Indicates change of leu than one·half of 1 percent. Principal changes in the condition of the Federal Reserve • Bank of Dallas between January 15 and February 15 include increases of 22,077,000 in gold certificate reserves and $5,500,000 in discounts for member banks. Total earning assets declined $31,311,000, which is more than accounted for by the reduction in holdings of Government securities. Member bank reserve deposits were drawn down $37,120,000 during the month, while notes of this bank in actual circulation declined $6,960,000 to a total of $673,080,000 on February 15. CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS (In thoulands of dollau) Item Total gold certiflcate reservas . ••.•••..•... .. $ 653.176 8,500 Discounts for member bonks, •••.•. ..• ••.• . • 16 Industrial advances ••••• •.•. . ••. . ...• .. . ... o Foreign loans on gold ..•.•....••...•.•..•• U. S. Govemment securities •••.•• ...... .. .• • 1,060,9.011 1,069,0157 Total earnIng aneh • .. •....•..... .. . . •.... Member bonk reserve deposits • ...•.....•.. . 1,023,353 Federa l reserve notes In actual clrculaUon • . • .• 673.080 $ 602,099 200 631.099 3.000 16 1,043,376 1.0 013,576 993,839 617,320 1.097.752 1.100.76 8 1,060,0173 680,0010 o o o On February 18, thc Secretary of the Treasury offered a new 7·year 2%. percent Treasury bond, callable in 5 years, in exchange for the outstanding issue of 2¥2.percent bonds which was called earlier for redemption on March 15. The called bonds were outstanding in the amount of $1,024,000,- • 000. Holders of the 1%-percent certificates of indebtedness ,. which mature April 1 were offered, at the same time, a new 111/2 -month l%-percent certificate in exchange for their 47 MONTHLY BUSINESS REVIEW • holdin gs. The certificates were outstanding in the amount of $9,524,000,000. Both of the new issues are dated March 1. The three issues of Treasury bonds which were eligible to be called for redemption on June 15 were not called. Current stocks in the United States, although above a year ago, are not considered unduly large, in view of the fact that demand for refined products continues seasonally higher than can be met from domestic production plus imports. ~ . Nonfarm employment in the District at mid·February was up slightly from the = ~ January level, due to gains in several , INQUSTRy....,;j lines of manufacturing, and was 5 percent above a year ago; factory employment was about 9 percent above a year earlier. Although strikes in a number of plants and a moderately slower tempo in defense production reduced employment later in the month, total nonfarm employment in the District in February averaged appreciably abovc the salllC month in 1951. Present indications point to a continuing high level of employment in coming months, since in many lines there are still large production backlogs for defense purposes, while new plants soon to be completed will add to current labor requirements. . RAILROAD COMMISSION OF TEXAS OIL AND GAS DISTRICTS CRUDE Oil PRODUCTION (Borre]I) January 1952 lnc;rease or decr ease In dally average production from Area Total Doilyavg. production production ELEVENTH DISTRICT Texas R. R. Com. Districts 1 South Centra l.... . .... 1,004,600 2 Middle Gulf . .. ... .. .. 4,954,200 3 Upper Gulf ..• •• ...... 14,743,350 " Lower Gulf. • • • . • . • . •• 7,785,550 5 East Centro I • • • • . . • • •• 1,6 20 ,200 6 Northea st ••••... . .•.• 12,1 7 2,950 Ea st Te xas . . . ••. ... 8,319,200 Other Relds . • • • • • • • 3,853,750 7b North Cantrol.. . . . .... 2,607,100 7c W.st C.ntro l.. .•.••• • 4,029,500 8 W.st ... .. ... ... . .... 29,115,500 9 North.... . .... .. .... . 4,886, 100 10 Panhandle .... . . . ..... 2,589,550 Total Tuos •• •• ••••• 85,508,600 N.w Me xico.. • • • • • • • . • . • . • 4,703 ,500 North louisiana....... . .... . 3,966,250 Total Elevanth District .... . . 94,178 ,350 OUTSIDE ELEVENTH DISTR ICT.. . 97,866,050 UNITED STATES ••. •• • • . • . . .•• 192,044,400 32,.406 159,813 ,(75,592 251.147 52.265 392,675 268,36 1 124,31.4 84,100 129,98.4 939,2 10 157,616 83,534 2,758,342 151,726 127,943 3,038,011 3,156,969 6,19.4,980 Jan. 1951 - 25 4 ,860 5,0,(9 11 ,608 6, 155 15.35' -3.639 18.993 6.598 44.310 93,,(46 3'5 -6,466 18 1,234 19.210 359 200,803 70.604 271,407 Dec. 1951 _ 1.75 -6,1.66 -10,3 2 1 -5,111 - 579 _ 2,423 _416 _2.007 -218 6,892 -17.574 -460 -5 - 36.740 4.620 1.975 -30,145 11.740 18,405 SOURCE: Estimated from American Petrol.um Institut. w•• kly r.ports. After declining for three consecutive months, crude oil production in the District rose in early February to a new record level of 3,200,000 barrels per day, or 1 percent above the previous record established last October; an increase in Texas allowables by 81,000 barrels per day accounted for the rise. This daily rate of production is about 5 percent above that of Janu ary and 11 percent above February 1951. On February 20, the Texas Railroad COmplission set the March 1 allowable at 3,131,665 barrels daily, which is 16,153 barrels above the record allowable of last October. The new order is based on 24.day prod'uction for Texas oil fields generally and 19 for the East Texas field. Th e increase in allowables and production during February retarded the decline in stocks of crude and burning oils which had been under way for about 4 months. Combined stocks of ~ crude oils in New Mexico, Texas, and northern Louisiana in earl y February were maintained at slightly above 131,000,000 barrels, compared with a peak of almost 139,000,000 barrels in November and 121,000,000 barrels in mid·February 1951. , SOUTH CEHTlI." 2. M,DOLE GULl'" 5. UPPEJ'I GULF" 4 . LOWE~ GULP 5.. lEAST CENTRAL • • fr/OfITHEiU"T 7a NORTtl CENTRAL tG. WEST CENTRAL • • WEST • • 1oI000H 10. PANHAHOI.E Responding to the high level of demand, crude oil runs to refinery stills have been at near·record levels, averaging 6,635,000 barrels per day in the United States and 1,972,000 barrels daily in the Eleventh District during January. These rates of activity are, respectively, 3 percent and 4 percent higher than a year earlier. Because of the high level of refinery runs, inventories of gasoline in the United States have been rising and by February 9 had reached 139,000,000 barrels; compared with 133,000,000 barrels a year earlier. Available information suggests further increases in gasoline stocks before the seasonal rise in consumption develops in the spring. Oil AND GAS WELLS COMPLETED Area ELEVENTH DISTRICT T.x:ol R. R. Com. Districts I South C.ntral ••• • . •.•• •. .. .• • , • .•••. 2 Middle Gulf •• • ..• • ..• ••. •• • •..• • •.• 3 4 5 East Central ••• • •...•••.. ••.•. •• . .•• 6 North.ast • •••• • ••••••• • ••••.. . • •• • • 7b Narth C.ntrol •..• •• • • •••••••. •• •••• • 7, West Centrol ••• • •.• • . •• .••••• • •••.• 8 W.st •... . .•... . . • •• .• • • •.•. . , . .. • . 9 North •••. • • •• ••.. ••• .•.•.•• • • • . ••• • 10 Panhandl ••• • •.• •• ..•.•. .••••• • • ••• • Total Texal • ••.•.. ••• ••• • •.• , • • • •• New Mex:ico • . ... • •.•. •••• • • • .• . • • ••••• North louhiona • •.• • • • • • . •• •• .• . • •• .••• Total Eleventh Oistrkt • •..••.. • ••• ••• . •• OUTSIDE ELEVENTH DiSTRICT •• ••••• • • • • •• •• UNITED STATES •. . • . • . • .. • ...••..•••••. • • ~!::: g~~::: : :::::: : : : :::: : :::: :: : SOURCE: World Ojl. 1951 1950 609 798 1,541 1,692 349 686 2,802 1,532 3.846 2.936 881 17.795 7 17 1,256 19,768 23,849 43,617 505 689 1,586 1,659 200 714 2,0 76 926 4 .125 3. 150 1,058 16.686 593 1,306 18,585 23 ,337 41 ,922 Percent change 21 16 -3 2 74 -4 35 65 -7 -7 -17 7 21 _4 6 2 4 48 MONTHLY BUSINESS REVIEW Final reports on oil and gas wells completed during 1951 now show that completions in this District reached a record 19,768, or 6 percent above the previous year, compared with a gain of 4 percent for the Nation. The District accounted for 45 percent of the wells drilled in the United States, Of the total wells drilled in the District last year, 64 percent were producing wells, while 36 percent were dry. These same ratios prevruled in 1950. Cement production in Texas in 1951 totaled 18,133,000 barrels, or 6 percent above the previous year. Output in each month exceeded that of the corresponding month of 1950.• However, shipments of cement declined in the closing months of 1951 to below the year·earlier rates, reflecting the curtail· ment in construction activity. Cement stocks, consequently, increased' late in the year, attaining a better inventory working level. VALUE OF CONSTRUCTION CONTRACTS AWARDED {In thousands of dollars} January 1952p Area and type ELEVENTH DiSTRiCT ........... .... .... .... $ 91,431 Residentigl. . • . . . . . . . . . . . . . . . . . . . . . . . . . 34,307 All other. . . . . . . . . . . . . . . . . • . . . . . . . . . . . . 57,124 UNITED STATES· ....... . . .... . . .... . .. .. . 902.0 91 Residential .... . ........ . .... ... .. ... . . 337,721 All other . .. . ...... ..... .. ............ . 564,370 January December 1951 1951 103.154 57,406 45,7"'8 1.043,2.48 .420,918 $ 89,07.4 23 .... 20 65,65' 1,234,339 346,10.4 622,330 888,235 37 states east of the Rocky Mountains. p- Preliminary. 1 SOURCEI F. W. Dod;e COrpOrglion. The value of construction contracts awarded in the District fell during the first half of January to the lowest rate in several years but subsequently increased as the result of various large projects, including defense housing, defense plants, utilities, and public works. The January total reached approximately $91,000,000, or slightly more than in December though less than a year ago. Residential awards at $34,000,000 amounted Lo 46 percent more than in December but were 40 percent lower than the year·earlier level. Nonresidential awards declined to about $57,000,000, which is somewhat less than in December but one·fourth more than a year ago. Cotton and woolen textile mill activity in the Nation con· tinued lower in January than a year earlier, according to reports on cotton and wool consumption. Past rid·February there was little indication of recovery in the textile market, and additional mills closed or curtailed output. Prices were weak, and below·cost government contracts were reported keeping some mills operating. Mill demand for cotton and wool was especially quiet. Cottonseed receipts at oil mills so far this season are well ahead of last season in both Texas and the Nation, Production of cottonseed products also has been appreciably larger. Stocks of cottonseed oil and linters are considerably higher than last year, due to the greater production of these products. Recent declines in prices of cottonseed oil on the Fort Worth market TeAect the relative abundance of cottonseed oil in rela· tion to current deman d. Because of the unusually large demand for livestock feeds occasioned by the drought in the South· west, supplies of cottonseed cake, meal, and hulls have moved • rapidly, and stocks are much lower than a year ago. BUILDING PERMITS Percentage chonge in COTTONSEED AND COTTONSEED PRODUCTS valuation from January 1952 City Number Vgluation Jon. 1951 D.~ LOUISIANA 284 1,117,417 -59 127 Abilene •...... , ........ 93 Amarillo . ................... 369 Austin .. ..... .. ........... . ..• .. ... . 243 Beaumont .............. . .... •• .... . . 279 Corpus Christi •••••••••••••••••••••••• 341 Dallas .......... ...•.... . . . ..•..... . 1,588 EI Pa so ............•................ 245 Fort Worth .... , ... . ........... ..... . 673 Galveston . ... . , ... , .. . .. .... . .... . . . 141 Houston •• " •....••••••••••.•...• .. . • 956 lubbock . .. . ................•....... 270 Port Arthur . . . . .. . ............ . . .... . 143 Son Antonio . ...... .. .. . .......... . . . 1,3"'3 620,500 1,858,131 1,480,135 1.180,9 23 1,213,529 6,1.43,923 841 , 880 2,992.288 210,407 9,231,032 1,125,153 257,712 3,116,396 1,277, 825 -27 _29 -58 26 - 76 -62 -54 - 27 - 21 _ 48 _46 -40 -53 -13 18. 21 COnONSEEO (Ionsl 58. 63 Stocks, end of period ........ COTTONSEED PRODUCTS 96 87 _ 14 7 •2 -48 55 31 -42 60 Shreveport ••.. ..•... . •... . ... , .. ... . TEXAS 0 •••••••••• 0 ,. ••••••• Waco ... ......... . .....•........... Wichita Foils ....................... . . 347 121 6,246,160 Total ........ . ................... ... .. 7,436 $38.913,"'11 lOver t ,000 percent. , TEXAS UNITED STATES August 1 10 December 31 August 1 to December 31 1951 • ., 1 Received at mills •• .•.•.•..• Crumed ..••. ........... .. . This seoson losl season This seeson last season 1,250,020 810,879 506,932 912,648 713.701 406,738 4,800,1 38 3,003,719 1,880,613 3,104,083 2,250,240 1,138,34 3 252,058 220,889 333,187 167,2 14 216,008 933,625 1,394,2-40 668,664 956,996 14,028 97,586 55.430 40,92 8 190,875 36,265 198,918 63,192 102,703 Production Crude oil (thousand pounds ) Coke and meal (tons) ..• ... Hulls Itons} .... .. .. . ..... linters (running ba les) . ... . Stocks, end of period Crude oil (thouland pounds) Coke and meal (tons} . ... .• HUIIls (tons} .••... ....... . linters (running boles) . .... 392,792 183,793 256,924 34,342 13,604 9,107 43,201 SOURCE: United Siahu Bureau of Cenlus. 51,584 29,926 63,568 710,616 1,007,676 516,522 741,374