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RBVIBW
FEDERAL

RES E R V E

BANK

DALLAS, TEXAS

Vol. 37, No.5

o

F

DALLAS
May I, 1952

RETAIL CREDIT SURVEY fOR 1951
Eleventh Federal Reserve District

D. COLCLOUGH, Economist
Federal Reserve Bank of Dallas

JACK

The Retail Credit Survey for 1951 represents the ninth annual survey of retail credit stores in
this District conducted by the Federal Reserve Bank of Dallas. This survey is part of a national project
in which all Federal Reserve banks participate. Stores included in the surveys for the variou.s Federal
Reserve districts are limited generally to independent stores and rather localized chains. National
chains are included in the national summary, which is prepared by the Board of Governors 0/ the Fed·
eral Reserve System and will appear in the Federal Reserve Bulletin for June.
The retail credit sl£rvey includes nine kinds of retail bu.siness in which credit sales comprise a sub·
stantial proportion of the total sales volume. The kinds of retail business covered are: automobile dealers
and automobile tire and accessory, department, furniture, hardware, hOltsehold appliance, jewelry,
men's clothing, and women's apparel stores. It is estimated that these types of outlets do approximately
half of the total credit business of all retail stores in the District.
M ore firms in the Eleventh Federal Reserve District participated in the Retail Credit Survey for
1951 than for any previou.s year. Reports were received from 766 firms operating 918 stores, with
total sales of almost $650,000,000. The reporting stores were located in 132 cities distributed over all
areas of the District.

The sales experience of retail credit stores in the Eleventh
Federal Reserve District in 1951 reveals a thoroughly mixed
pattern, although, on balance, sales moved up somewhat
from the unusually high levels of the previous year. Of the
nine lines covered in the Retail Credit Survey for 1951, six
showed a higher average sales volume in that year than in
1950. The increases, however, were generally small, with the
largest being the 7 percent reported by women's apparel
stores. In two of the kinds of business in which sales aver·
aged higher- furniture and hardware-a preponderance of
the stores, nevertheless, had a smaller sales volume in 1951
than in 1950. Sales of automobile dealers and household ap·
pliance stores were noticeably lower than in the previous
year. In general, stores dealing chiefly in soft goods made a
better showing than those handling primarily durable goods.
In view of the substantially higher level of prices prevailing
in 1951, the physical volume of goods sold in practically all
lines was actually somewhat lower than in 1950.

While the survey indicates a net increase in sales at retail
credit stores, it fails to reveal the changes in merchandising
practices which merchants were forced to adopt during 1951.
An upward trend in sales, coupled with two episodes of war·
scare buying, enabled merchants to relax somewhat their
selling effort in 1950. As the scare· buying spree which de·
veloped at the end of 1950 became dissipated in the first quarter of 1951, merchants had to seek sales more aggressively
in order to maintain volume. Advertising was stepped up
noticeably, markdowns became frequent, and special promotions, widespread. Although sales were maintained successfully following the initial drop from the scare· inflated levels,
the modest increases in volume in 1951 over 1950 were insuf·
ficient to offset the higher operating costs and narrower margins which prevailed. Consequently, 1951 was a less profitable year for merchants than the previous year.
The rather modest sales increases ill some lines and the

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

62

MONTHLY BUSINESS REVIEW

SALES, PERCENTAGE CHANGE AND- DISTRIBUTION
(By type of transadion and kind of business)

PERCENTAGE

Kind of business
Department slore •••••••••• ••••••••••••••••• ••• •••
Men's clothing stores ••••••••••••••• ••••• • •••••••• •

Tolal
sal e s

Cosh
lales

4

5

Women's opparel stores •• ••••••••••• . •••••••••••••

3
7

Furniture .toro ••••.• .. •••••• •••• ••••• • ••• • ••.•• • ••
Household appliance Itor.s .........................

#

Hardware slor.s .•.•.•....•.•.•••.•.•.....•...••.
Automobile dea lers •• .•..•.••• • •• •• . .••• . ••••• ••••
Automobile tire and aCCenory Itoros •• .••. • .•• •. •••••
Jewelry "'Orin ••••.••.•.•••••••.•.•••••••.•• , ••.•

-9
3
-5

- #
<I

- #
3
1

-11

1
-13
5
-1

CHANG~

PERCENT AGE OF TOTAL SALES

1950-51

Instalment

Charge account

Cash

Charge
gccount

Instalment

IQI.I

SQI",

1951

1950

1951

1950

1951

1950

-18
22
16
-2
-13
12
-3
-7
13

35
35
35
17
24
47
41
41
32

35
36
36
17
25

56
64
62
23
27
42
20
14
18

53
63
61
21
24
42
17
13
21

9
1
3
60
49

12
1

8
5
9
8
2
2
8

11

-8

·48
H
39
33

11
39
45
50

3
62
51
10
39
48
46

Iindicat., chClnge of less than one·holf of 1 percent.

decreases in others are somewhat surprising in view of the
substantial increase in consumer disposable income under the
impact of rising defense expenditures in this District. The
increase in sales at women's apparel stores- the kind of busi·
ness showing the largest increase in the survey- was only 7
percent, as compared with an estimated increase in disposable income for the District of around 10 percent. In fact,
the proportion of income spent on goods and services in
1951 was smaller than in any other postwar year.
The war-scare buying in 1950 and the early part of 1951
undoubtedly was an important factor in the decrease in the
proportion of consumer income spent last year. Many consumers satisfied not only their immediate needs but also their
anticipated needs for months ahead. The scare-buying sprees
probably contributed to the complete elimin ation of the deferred demand which had arisen in some lines during World
War II. Moreover, substantial debts had been acquired which
needed to be paid off, and consumers desired to build up savings accounts which had been drawn down. In addition, instalment credit controls which were imposed in the fall of
1950 tended to curtail buying-at least of the larger durable
goods items. Some consumer resistance to the higher prices
prevailing was evident, and drought conditions in some areas
of this District had a depressing effect on sales.
Cash sales tended to form a smaller proportion of total
sales at relail credit stores in 1951 than in 1950, continuing
a trend which has been evident in the postwar years. The
ratio of cash to total sales increased in only one of the nine
lines surveyed- automobile tire and accessory stores- while
decreases occurred in six of the lines. No change was evident
in the proportion of cash sales at department and furniture
stores. Although cash sales tended to be relatively less importan t in 1951, neverth eless, a little over half of the lines reported some absolute increase in their cash sales, with department and automobile tire and accessory stores experiencing the largest gain, both 5 percent. On the other hand, cash
sales of household appliance stores and automobile dealers
declined appreciably.

Charge account sales showed greater strength in 1951 than
either cash or instalment sales. Increases in charge account
sales were registered in eight of the nine kinds of business
surveyed, and the ratio of charge account sales to total sales
increased in seven and was unchanged in one. Moreover, the
line experiencing a decrease in charge account sales-jewelry
- is one in which this type of sale is of considerably less importance than cash or instalment sales.

SALES AND INVENTORIES, PERCENTAGE CHANGE
(By kind and location of bUlin.,,)

Percentage change, 1951
Number

Kind of business by [ocatlon
OEPARTMENT STORES

Dollos............................ .. ..
Fort Worth............................
Houston. ..... ... .... .... .. ............

San Antonio ....•.•••.•••.••••••••• , • • •
Waco................................
MEN'S CLOTHING STORES

of .torlt

5
3
3
3
3

Howton. .. ......... .. ...... .... ... ....
001101........ ........ ..... ....... ... .

..
6

San Antonio. • . . . . . . • . . . . . • . . . . . . . • • • • •

3

WOMEN'S APPAREL STORES

Houston. ... .. .. ..... . . . ...... . ........

FURNITURE STORES
Amarillo.... . ....... .... . .... .........
Austin........... •• •.• .• ••.• •. .•• ••• ••
Beaumont .•.••..••••••••••••. , ••.. ,...
Corpus Christi ••...•.•••••••.•.•.••. , • • •
Dallal............. ..... ...... . .. .....
EI Paso . . ..... .. .......... .. •• .•..•..•
Fort Worth........ .. ... . ..........•. ..

Houston .... .. .. ... . ,. .... .. ...........
Lubbock.. ... .........................

S

6
7

3

"'
6

6
S

8
"'

TolClI sol ••

Invento,;es

#

-1
-6
1

#

-12

1
15
-1

-8
6

-1
7
20

27
-7
19

11

-8
-7
-1
15
-4

-15
-8
1

-8

-4
-12

-I

-8

#

Son

"'
3

Shreveport. • . • . • . • • • . • . •• . . ••• . . . . . • . •
Waco....................... ... ......
Wichita FolIl ......... .. .. .... . ........ .

5
6
6

6

2
-15
55
-6
-12
-8
-10

HOUSEHOLD APPLIANCE STORES
San Antonio. . • . . . . . . • • . . . . • • • • . • . • • • • •
HARDWARE STORES

3

7

-3

3

20

25

Midland........................ • •• • .•
Angelo.. . . . . • • • • • . . • . • . . . . . • ••• . . •

Amarillo... ......... .. .... ... .. ...... .

Shreveport. • . • • • . • . • • • . • • • . •. . . . • . . . . .
AUTOM081LE DEALERS

3

Amarillo..............................

3
3

Dallas.............................. ..
EI POlO.. .. ................... .. ......

12
3

Houston. ........ ..... .. .. ........ ... ..
Lubbock....... .... ......... ...... .. ..
Midland.... ... ........ .. ..... . .......

7
7
"'

Beaumont.. .... .......................
Corpus Chrhti.. . . . . . . . . . . . . •• • . . . . • . . . .

Fort Worth..... .. .... .. ...............

S

6

San Antonio. . . . . . . . . . . . . .• . . . . . . . . . . • •

12

Shreveport. . . . . . . . . . . . •• . . . • . • . • . . . • • •
Texorkano . .... ... . .. ... .. . ....... . ...
Waco...... .... . . . .. ......... . .......
Wichita Folll .... . . . . . . . . . . . . . . . . . . . . . . .
JEWELRY STORES

7
3
3
..

Houston.............. . . ....... .. . .. .. .

S

Amorillo..... ..... ... .. .. ........ .....

6

, lndicotes cnanga of lell than one-ha lf of I percent.

-29
4
8
12

-7

I

I

10
S
-7
-4
2
-35
-2
8
-3
-3
-5
14
-1
-5

17
-10
_2
1
17
1
-7
7

-8
_4

8
-2

11

9
17
65
4
-2

4

MONTHLY BUSINESS REVIEW

The upward trend in instalment sales in the postwar period
came to a halt in 1951, with most kinds of business in which
• instalment selling is relatively important showing declines.
Altogether, five of the nine lines surveyed reported decreases
in instalment sales, and jewelry stores were the only kind of
business among the four experiencing increases in which instalmcnt sales comprised a substantial share of the total volume. Accordingly, the proportion of instalment to total sales
declined in most lines. The decline in instalment sales reflects,
in part, the restrictive influence of instalment credit controls.
Nevertheless, probably fully as important a factor in the decline was the reduced demand for many of the important
items which are normally sold on an instalment basis, such as
automobiles and major appliances.

63

creases, however, accounted for a substantially larger proportion of instalment credit than those showing increases.
Although changes in instalment sales were of primary importance in the changes in instalment receivables occurring
among the various kinds of retail business, larger down payments and shorter payout periods required under instalment
credit controls undoubtedly contributed to the decline in instalment receivables of such businesses as department stores,
automobile dealers, and household appliance stores.
ACCOUNTS RECEIVABLE, PERCENTAGE CHANGE
AND INSTALMENT PAPER SALES
(By kind of business)
Percentage change in

accounh receivable, 1951
Kind of business

Accounts Receivable
The increase in charge account sales in most kinds of retail business surveyed was accompanied by an expansion in
charge account receivables. Furniture and department stores
showed the largest increases in charge account receivables
during the year, with gains of 13 percent and 10 percent, respectively, but four other lines surveyed also showed some
increase in their charge accounts outstanding. The only line
reporting an appreciable decrease in charge accounts out~ standing was automobile tire and accessory stores. The increase in charge account receivables in such lines as men's
clothing and department and furniture stores was due, in
part, to a slowing in collections, as well as to an increase in
charge account sales.
Instalment receivables outstanding among the lines surveyed showed a more noticeable decline in 1951 than the
decrease in instalment sales. The drop in instalment credit,
however, occurred entirely in four lines- department stores,
automobile dealers, automobile tire and accessory stores, and
household appliance stores. Instalment receivables of furniture stores at the end of 1951 were unchanged from a year
earlier, while the remaining four lines surveyed reported
increases in instalment receivables. The lines showing de-

Charge account

Deptlrtment slores ... _ . . . . . . . .
Mon's clothing sloros. . . . . .. . . .
Women's apparel sloros. . .. . . .
Furniture stores ... . . , . . . . . . . . .
Hou50hold app liance stores.....
Hardware stores.... . . . . . . . . . •
Automobile dealers ... , ... "..
Automobile tire and accessory
slores......... ..... . .... . .
Jewelry stores •. ... , .•. , .. , . . .

#

Instalment

Instalment po per
sold CIS percenlage
of instalment sar.s

1951

1950

26
62

-25
6
29

10
7
7

,

5

-14

52

23
65
56
54

-25
5

-21
15

43

26

13

-I

-6
12

-1

~9

In die ales change of leu than one-half of 1 percent.

Retailers appear to have financed a smaller proportion of
their instalment sales through banks, finance companies, and
others in 1951 than in the previous year. Automobile dealers,
which account for the overwhelming proportion of instalment
paper sales of the lines surveyed, sold instalment paper equivalent to about 52 percent of their instalment sales volume last
year, as compared with 54 perctmt in 1950. Household appliance and hardware stores also sold a smaller amount of instalment paper in relation to their instalment sales, but furniture and automobile tire and accessory stores disposed of a
larger amount. Other lines included in the survey retained
the bulk of their paper in both 1951 and 1950.
Inventories
Inventories at the end of 1951 were not substantially different from a year earlier for two-thirds of the kinds of busi-

INVENTORIES, PERCENTAGE CHANGE AND TURNOVER
(By kind of business and size of storo)

INVENTORY TURNOVER'

Kind of buslne"
Department stores . .. ,., .. ,., ... , ..•
Men's clolhlng stores ............•...
Women's apparol stores . .......•....
Furniture stores .... ..... , ... , .......
Household appliance storOI , .. , .......
Hardwaro stores . ............ , . , .. .
Automobile dealors . ..... . , .... , ....
Automobil. tire and occessory stores . ..
Jewelry slorei . ...... , .............
I

Percentoge
cnonge in
inventories,
1951

All stores

1951

-3

4.4

I

3.2
4.1
2.7
3.3
2.4
9.5
5.9
1.3

4
-3
-I

10

,

II

-15

Turnover Is the ratio of sales for the year to yeaf·end inventory.
of loss than ono·half of 1 porcenl,

# Indicates chango

Small stores

1950
4.1
3.1
4.0
2.6
4.0
2.5
11.2

5.0
1.3

1951
2.5
3.4
2.6
3.4
2.2
6.5
2.2
1.0

Medium slores

1950

1951

2.4
3.4
27
'.0
2.3
7.8
2.4
1.0

4.6
2.5
3.8
2.8
3.5
2.3
7.2
3.3
I.S

1950
H

2.7
3.3
2.8

•••

2.5
8.9
3.7
1.4

La rg e stores

Unclassified

1951

1950

1951

1950

'.3
4.0
6.3
2.4
4.0
2.8
10.4
6.8
2.1

4.0
'.1
5.4
2.3
4.3
2.8
12.2
5.7
1.8

3.3
2.4

2.9
3.5

7.1
6.1

8.5
'.8

64

MONTHLY BUSINESS REVIEW

,

ness surveyed. Automobile dealers and hardware stores were
the only lines reporting noticeable increases, and automo·
bile tire and accessory stores, the only line reporting a notice·
able decrease.

decline in total sales of automobile dealers. On the other hand,
the virtual elimination of the war-deferred demand for new ~
automobiles by the end of 1950 was probably of equal impor- "II
tance in causing the 1951 sales volume to decline.

Since the survey data cover only year-end figures, however,
they fail to reveal the broad movement in inventories which
occurred during 1951. During the early weeks of the year
retailers bought heavily in anticipation of a rising trend in
sales, goods shortages in certain items involving critical materials, and further increases in prices. When consumer demand
not only failed to rise but actually dropped to a lower level
following the cessation of war-scare buying in the early weeks
of the year, merchants found their inventories climbing_ They
took steps to reduce inventories shortly after the lull in consumer buying developed, but it was not until midyear that
inventories began to move downward. Throughout the latter
half of the year, retail inventories declined steadily as merchants sharply reduced inventory buying and aggressively
sought to reduce inventories by clearance sales and special
promotions.

Accounts receivable outstanding of automobile dealers declined about 4 percent during 1951. This decline was entirely
in instalment receivables, which were down 14 percent, since
char ge account receivables outstanding increased 5 percent.
The changes in receivables outstanding reflect partly the
changes in the charge account and instalment sales. Accentuating the decline in instalment receivables, however, were the
larger down payments and shorter payout periods prevailing
in 1951 under Regulation W. On the other hand, the decline
in instalment receivables was moderated by the action of dealers in selling a smaller proportion of their instalment paper
than in 1950.

By the end of the year, retailers in the majority of the lines
surveyed had their inventories in a little better position in
relation to sales than a year earlier. The larger stores appear
to have been more successful in improving their inventory
position than the smaller stores.
Automobile Dealers
The decline in sales of automobile dealers in 1951 marked
the end of the sharply upward sales trend which had prevailed
in this business throughout the postwar period. Sales of automobile dealers in this District were 5 percent lower in 1951
than in the previous year, although higher than in any other
year on record. While the majority of dealers in all size
groups experienced a lower volume of sales last year, the
small dealers appear to have fared better than the mediumand large-size groups, with almost as many small dealers reporting increases as decreases.
The greatest weakness in dealers' sales was in cash sales,
which dropped 13 percent. Instalment sales were down only
3 percent, and charge account sales actually increased 8 percent. Cash sales of dealers do not necessarily reflect the volume of car s being purchased on a cash basis, since frequently
buyers paying cash obtain loans for car purchases from banks
or other sources. Neverthelcss, the considerably larger relative decline in cash sales than in instalment sales supports
the thesis that the decline in the sales of automobile dealers
in 1951 was not caused solely by the restrictive effects of instalment credit controls. Undoubtedly, Regulation W contributed to the decline in instalment sales, as well as to the

AUTOMOBILE DEALERS

Number of Firms Reporting Increases and Decreases In Sales,
Accounts Receivable. and Inventories, 1951
Total sales
Size of flrml

Accounts receivable

Inventories

Increase Decreose Increose Decrease Increose Decrease

Small-Under $250,000 ••• ••••
Medium-$250,OOO to
$500.000 ........... .. .. . .
Large-$500,000 ond over ••••
Unclouifled I • • •• • • • • • • • • • • • • •

22

25

13

22

18

22

17
46
3

41
70
6

23

54
2

31
40
5

35
8.
8

21
28
1

Totol • • •••.••••••••• ••••

88

142

92

98

145

72

1 According to 1951 sales Yolume.
2 Includes firms operating muftiplo unih, for whic:h consoli doted stotemenh were gIven.

Inventories of automobile dealers at the end of 1951 were
about 11 percent higher than a year earlier. It should be
borne in mind in this comparison, however, that dealers'
stocks at the end of 1950 were depleted by a surge of scare
buying, whereas sales at the end of 1951 had' slumped to the
lowest level in several years. Nevertheless, stocks at the end of
last year were still not high by prewar standards. Although
the inventory turnover of most dealers was lower last year
than in the previous year, the larger dealers continued to have
a faster turnover, on the average, than the smaller dealers.

Automobile Tire and Accessory Stores
Automobile tire and accessory store sales showed little
change from 1950 to 1951. A decline in instalment sales was
offset by increases in cash and charge account sales. Mediumsize firms appear to have had a more favorable sales experience than either small- or large-size firms.
Accounts receivable of automobile tire and accessory stores
declined markedly last year, with charge account receivables
oll 25 percent and instalment receivables off 21 percent. While
shorter collection periods were important in the declines in

~

MONTIILY BUSINESS REVIEW
AUTOMOBILE TIRE AND ACCESSORY STORES
Number of Firms Reporting Increases and Decreases in Sales,
Accounts Receivoble, cnd Inventories, 1951
Total sales

Sin of flrml
Small-Under $50,000 . .......
M.dillm-$SO,OOO to $100,000.
Large-$l00,OOO and o¥er . . ..
Undaulfled', ............... .

5
13
1.

Total .................. .

41

1

According to 1 951

Accounts receivable

Inventories

Increcto Decrease Increase Decreose locr.elSe Deer.cllie

10 101

"

5
8

17

"

34

3
10
7
0

2
2
27
5

7
14
14
1

3
6
21
7

20

36

36

37

volume.

S Includes flrms operating multiple units, for which consolidated statements were given.

charge account and instalment receivables, the latter was also
affected by a decrease in sales. In addition, a substantial in·
crease in the proportion of instalment paper sold by auto·
mobile tire and accessory stores contributed to the decline
in instalment receivables.
Inventories of automobile tire and accessory stores at the
end of 1951 were noticeably lower than a year earlier. Cor·
respondingly, the average inven~ory turnover by this type
of store was somewhat higher last year than in the previous
year. This improved inventory picture, however, is influenced
heavily by developments among the large firms. A preponder.
ant number of the small· and medium·size firms reported
higher inventories and a lower turnover.

Department Stores
Strong first and fourth quarters enabled department store
sales in 1951 to reach a new high, exceeding the record of
the previous year by 4 percent. Increases in soft goods sales
were primarily responsible for the over·all sales gain of the
stores. Sales of durable goods were generally lower, with
major appliance sales dropping to the lowest level since 1946.
Charge account sales, which consist largely of soft goods
sales, reflect the sales gain made in this type of goods; charge
account sales were 8 percent higher than in 1950. On the
other hand, instalment sales, which tend to reflect the sales
of "big ticket" durable goods items, were down 18 percent.
Cash sales showed a moderate increase of 5 percent.

DEPARTMENT STORES
Number of Firms Reporting Increases and Decreases in Sales,

Accounts Receivable, and Inventories, 1951
Tollil sales

Size of Arm l

Accounts receivable

Inyentories

Increase Decrease Increase Decrea ,e Increase Decrease

0

0

5

8
5
0

10

5
0

7
7
1

5

Unclanifted s , . ... ........... .

10
7
1

3
1

0

Total •..••••.••••. ..••. .

1.

10

16

13

•

20

Small-Unde r S 1,000,000 . ....
M.dlum -$ 1,000,000 to
$10,000,000 . ............ .
la rg e-$I C,OOO,OOD and over ..

0

•

According to 1951 sotes volume.
S Includes Arms operating multiple unili, for which consolidate d dafamen 's were given.
I

65

Charge account sales last year comprised a larger propor·
tion of total sales than in any previous year since 1941. The
ratio of charge account to total sales was 56 percent, as com·
pared with 53 percent in 1950. Meanwhile, instalment sales
formed a smaller share of the total sales, declining from 12
percent in 1950 to 9 percent in 1951. The ratio of cash to
total sales was unchanged, at 35 percent.
Total accounts receivable o:f district department stores
showed a small decline last yeal', as a 25·percent drop in in·
stalment receivables more than offset a gain of 10 percent in
charge accounts outstanding. Charge account collections were
slower, continuing a tendency which has been evident through.
out the postwar period. The average collection period rose
from 60 days in 1950 to 62 days in 1951, but at this level
it was still substantially higher than in the immediate prewar
years. The average payout period on instalment receivables,
however, declined noticeably, reflecting the influence of Regu·
lation W. The average collection period on instalment receiv·
abies in 1951 was 10 months, as compared with 13 months in
the previous year.
Department store inventories rose appreciably during the
first half of last year but then registered a corresponding
decline in the latter half, with the result that year·end inven·
tories were a little lower than 12 months earlier. At midyear,
department stores were overinventoried in most lines, but by
the end of the year the inventory readjustment had been
largely completed and stocks bore a desired relationship to
sales except in a few categories, such as major appliances, in
which inventories were still considered too high.
Furniture Stores
Total sales for 1951 at furniture stores surveyed were prac·
tically unchanged from 1950. Monthly data collected by this
bank indicate that, with the exception of the scare.buying
month of January, furniture store sales tended to lag behind
year· earlier levels during the first 9 months of 1951. A marked
upturn in the last 3 months of the year, however, enabled the
furniture store trade to equal the high level of 1950. It will
be noted that the large stores had more success in maintaining
their volume than the medium and small stores. More than
three· fifths of the small stores failed to equal their previous
year's sales. Instalment sales, which comprised about 60 per·
cent of total sales, showed a small decline last year, while cash
sales were up a little. A noticeable increase occurred in charge
account sales.
Accounts receivable of furniture stores at the end of last
year were about 2 percent higher than a year earlier. The in·
crease was entirely in charge account receivables, since in·
stalment receivables showed no change. Furniture stores held

MONTHLY BUSINESS REVIEW

66

Household Appliance Sto res

a smaller proportion of their instalment paper than in the
previous year.
FURNITURE STORES
Number of Firms Reporting Increases and Decreases in Sales,

Accounts Receivable, and Inventories, 1951
Total sales
Size of flrm 1

Atc:;ounfs receivable

Inventories

Increase Deereose Increase Decrease Increase Decrease

Small-Under $200,000 •..•..•
Medium-$200.DOO to
$500.000 .. . . .... .........
lorge-S5 00,OOO and over •• ..
Unclassified ', •• •••• • •••• • • •• •

37

56

29

33

50

32

16
10
8

20
11
5

10
4
3

11
9
7

12
12
4

17
8
9

Total • •••••••••• . •• ••• • •

71

92

46

60

78

66

Household appliance stores made the least favorable showing last year of any major kind of retail business, after having
had one of the most outstanding sales records of any segment
of retail trade in previous postwar years. Total sales of reo
porting stores were down 9 percent, with more than two·thirds
of the firms experiencing a smaller volume in 1951 than in
the previous year. The decline in total sales was concentrated
in the cash and instalment categories, for charge account sales
actually showed a small increase.

1 According to 1951 soles volume.
I Inc:ludeli firms operating multiple units, for which consolidoted $fa tements were given.

4

HOUSEHOLD APPLIANCE STORES
Number of Firms Reporting Increases and Decreases in Sales,
Accounts Receivable, and Inventories, 1951

Furniture store inventories, after rIsmg for the first 4
months of the year, showed an uninterrupted decline in the
succeeding 8 months and at the end of the year were down 3
percent from a year earlier. While the large stores were able
to increase their inventory turnover slightly, medium and
small stores showed no change in inventory turnover.

Totol sales
Size of firml

Accounts receivable

Inventories

------

Increase Decrease Increase Decrea se Increase Decrea se

Small-Under $100,000 •.• .. . •
Medium-$IOO,OOO to
$250.000 .... .. ..... . .....
large-S250,OOO and over . •••
Unclassified! •••••.•••.•••••• •

8

20

9

11

12

13

6
6
2

15

4

8
4
1

14

6

6
4
1

5

4

7
5
2

Tota l • •• • ••• •• . • .•• • . • • •

22

45

20

24

35

27

1

S

According to 1951 ,ales volume.
Includes firms operating multipla units, for which consolidated statements were given.

Hardware Stores
Sales at hardware stores were up about 3 percent, with
cash and charge account sales showing small increases and
instalment sales up noticeably. Instalment sales, nevertheless,
comprised only a small part of total sales, amounting to only

HARDWARE STORES
Number of Firms Reporting Increases and Decreases in Sales,
Accounts Receivable, and Inventories, 1951
Total sales
Size of flrm'

Accounts receivable

Inventories

Increcue Oetreose Increase Oetreose Intreo l e Detrease

Small-Under $100,000 •••.•.•
Medivm-$IOO,OOO to
$500.000 .... . ............
Larg e-$500,OOO and over •• ••
UnciassiAed z••• • ••••••••• .•••

10

17

11

12

17

13
3
1

12
1
1

9
2
2

11
2
0

18
3
2

6
1
0

Total ••• • •••••••••••••••

27

31

24

25

AO

15

1
I

According to 1951 sales volume.
Includes flrmt operating multiple units, for which consolidated statements were given.

11 percent in 1951, as compared with 47 percent for cash
sales and 42 percent for charge account sales. Accounts reo
ceivable outstanding rose moderately as a result of a 12·per·
cent increase in instalment receivables; charge accounts out·
standing at the end of the year were 1 percent lower than a
year earlier. Hardware stores showed one of the largest increases in inventories of any of the lines surveyed, with year·
end stocks 10 percent higher than a year previous. The general
nature of this rise in inventories is indicated by the fact that
almost three·fourths of the stores included in the survey reo
ported increases in their inventories.

Among the factors which were responsible for the decline
in sales were: the virtual elimination of the war· deferred de·
mand; the war·scare buying of the previous year, which borrowed sales from last year; a noticeable reduction in family
formation; an approaching saturation of the market for some
household appliance items; and more stringent credit terms
under instalment credit controls. Of course, the reduced pro·
duction of many items required by the diversion of materials
to armament uses would have tended to reduce household
appliance store sales, but the supply was more than adequate
to meet the existing demands.
Charge account receivables at the end of the year were
practically unchanged from a year earlier, but instalment
receivables were 6 percent lower. The decline in instalment
receivables would have been greater except for the fact that
the stores retained a larger proportion of their instalment
paper than in the previous year. Although a majority of the
firms indicated increases in inventories for the year, year·
end aggregate inventories of the r eporting firms were slightly
lower than a year previous. Most stores revealed a reduction
in their rate of inventory turnover.

Jewelry Stores
A marked increase in instalment sales enabled jewelry
stores to post a 4.percent gain in total sales over the previous
year. Cash sales at jewelry stores were down slightly, while .
charge account sales declined noticeably. Instalment sales

MONTHLY BUSINESS REVIEW

enhanced their posItIOn as the dominant type of sales at
jewelry stores, rising from 46 percent of the total in 1950 to
50 percent last year. The proportion of charge account sales
declined 3 percentage points, to 18 percent; and the propor·
tion of cash sales was down one percentage point, to 32 percent. In regard to the rise in instalment sales, it should be
noted that jewelry is not subject to instalment credit controls.

67

64 percent last year. Although instalment sales showed a
sharp gain, they continued negligible in the men's clothing
business. Cash sales were practically unchanged. Accounts
receivable at the end of the year were about 7 percent higher
than a year earlier, while year-end inventories were about 1
percent higher. The average inventory turnover fOT small
stores increased a little in 1951, but medium and large stores
experienced small decreases in their inventory turnover_

JEWELRY STORES

Women's Apparel Stores

Number of Firms Reporting Increases and Decreases in Sales,

Accounts Receivable, and Inventories, 1951
Totcl sales

Size of Arm l

Accounts receivable

Inventories

Increase Decrease Increase D~reQse Increas.

Sma ll-Under $100,000 .......

Decreo ,e

15

15

17

4

18

11

$500.000 .................
Large-S500,OOO and over ....
Undouifl.d' ....... .. ....... .

8
2
0

4
1
1

7
3
1

1
0
0

7
0
1

5
3
0

Total •••. ••.••• .•••.• ....

25

21

28

5

26

19

Medium-S 100,000 to

I According to 1951 sol., volume.
S Includes Arms operating multiple units, for which coo$olidated statements were given.

Increases in accounts receivable outstanding were more prevalent among jewelry stores than in any other kind of retail
business surveyed; 28 jewelry firms reported increases in
their accounts receivable outstanding during 1951, while only
five indicated decreases. Total accounts receivable outstanding at the end of the year were 13 percent higber than a year
earlier, with instalment receivables up 15 percent and charge
accounts outstanding up 5 percent. While total inventories of
all reporting stores were practically unchanged for the year,
the smaller stores tended to have a higher year-end inventory,
and the larger stores, a lower inventory.
Men's Clothing Stores

With credit sales up moderately, men's clothing stores in
the District rose 3 percent in 1951, to reach a new high.
Charge account sales-the predominant type of sale in men's
MEN'S CLOTHING STORES
Number of Firms Reporting Increases and Decreases in Soles,

Accounts Receivable, and Inventories, 1951
Total sales

Accounts receivable

Invenlorles

Size of flrmt

IflCrease

SmClU-Und.r $250,000 •......
Medium-$2S0,OOO to
$1.000.000 ...............
large-$l ,OOO,OOO and over...

20

12

20

7

16

15

0
2

•

6
2
1

1

6
2
1

0
2
1

4
2
0

0
2
2

Total ..........•. ...... •

29

15

29

10

22

19

Uncionifled t •••••••••••••.••

Decrease Increa se Decr8os. Increos. Decrease

t According to 1951 soles volume.

, Include, firms operating multiple units, for which consolidated statements were given.

clothing stores--were 5 percent higher than in 1950 and
increased their share of total sales one percentage point, to

Women's apparel stores posted the best sales record of any
of the nine lines surveyed, with 1951 sales 7 percent higher
than in the previous year_ 1:his favorable sales picture represents an improvement over the previous year, when the consumer was placing greater emphasis on durable goods. Both
cash and credit sales rose at women's apparel stores during
1951, but the 9-percent gain in charge account sales was the
principal factor in the increase in the over-all sales volume.
The ratio of charge account sales to total sales increased from
61 percent in 1950 to 62 percent last year. While cash sales
increased 3 percent, they comprised' a slightly smalier proportion of total sales than in the previous year, amounting to
about 35 percent_
WOMEN'S APPAREL STORES

Number of Firms Reporting Increases and Decreases in Sales,
Accounts Receivable, and Inventories, 1951
Totalsaltls
Size of flrml

Accounts receivable

Inventories

Increase Decrease Increase Decrease Increase Decrease

Small-Under $250,000 ......•
Medium-$250,000 to

19

17

14

11

15

16

51.000.000 ...............
Large-S 1,000,000 and over.••
Unclauifled' ....•............

10
2
1

3
1
1

8
3
2

5
0
0

6
2
1

7
1
1

Total ....... . .......... .

32

22

27

16

24

25

I According to 1951 sales volume.
, Includes firms operating multiple units, for which consolidated statements were given.

Accounts receivable of women's apparel stores moved moderately higher. Charge accounts outstanding at the end of the
year were 7 percent higher than on the same date of the previous year. The smaller increase in charge account receivables
as compared with charge account sales indicates some reduction in the average collection period.
Although year-end inventories of women's apparel stores,
in the aggregate, were about 4 percent higher than at the end
of 1950, the reporting firms were divided about equally between those showing year-to-year increases in inventories
and those having decreases. The medium-size and large stores
succeeded in increasing their inventory turnover in 1951, but
small stores showed no change.

68

MONTHLY BUSINESS REVIEW

REVIEW OF BUSINESS, INDUSTRIAL, AGRICULTURAL, AND FINANCIAL CONDITIONS
A gradual increase in nonfarm employment in the Eleventh Federal Reserve District continues, supported principally by seasonal factors and growing
defense activity. Crude oil production decl ined slightly in
April from the record levels of February and March because
of a cutback in Texas allowables. Meanwhile, stocks of crude
oil and major refined products in the District were substantially higher at the end of March than a year earlier. Refinery
activity reached a record high level. The value of construction
contract awards in the District in March was 13 percent over
a year earlier, although first-quarter awards were off 21 percent from a year ago.
Crop prospects for the District in 1952 are generally good,
due to the widespread rains received in April, although scattered areas, including the Lower Valley and some South
Plains counties, continue dry.
Farmers have succeeded in preparing most of the land
to be used for crops this year, and planting operations are
proceeding generally satisfactorily except for delays caused
by unfavorable moisture conditions. Winter wheat production in the District this year is expected to be far below average but still larger than the short crop of last year. Grazing
lands in the eastern half of the District are providing good
grazing; livestock marketings continue heavy, with meat
production up substantially. Also, production of milk, eggs,
and poultry is running above a year ago. Farm commodity
prices have experienced further losses.

deposit losses, the weekly reporting banks drew down their
reserves with the Federal Reserve Bank and reduced balances with other domestic banks.
Pre· Easter sales at department stores
in the Eleventh Federal Reserve District
set an all-time record. In the 2 weeks
ended April 12, retail sales exceeded
those for the 2 weeks preceding Easter last year by 6 percent and were 8 percent above pre· Easter sales in 1950.
In the first quarter of 1952, sales each week showed a
lower dollar volume than in comparable weeks of 1951, with
the exception of 2 weeks in February, when very unfavorable
weather last year discou raged shoppers, and the last week in
March. Cumulative sales for January and February were 2
percent below last year, despite the fact that February 1952
had one extra business day. The deficit in cumulative sales
widened during March and stood at minus 4 percent at the
end of the first quarter. It should be noted, however, that in
the first 3 months of 1951 the con tinuation of scare buying,
the earlier date of Easter, and other factors contributed to
the highest sales volume for any first quarter ever recorded
in this District.
RETAil TRADE ' STATISTICS
(Percentage change)
NET SALES

by area

In the 5 weeks ended April 23, total loans and investments
of weekly reporting member banks in the larger cities of the
District increased, while deposits declined. A decrease of 1
percent in commercial, industrial, and agricultural loans
was more than off set by increases in other categories, including consumer·type loans and loans to banks. Investments rose
3 percent, reflecting principally an expansion of holdings of
Treasury bills. Deposits fell 2.6 percent, althou gh they were
still 10 percent above a year earlier; meanwhile, time deposits rose 2 percent during the 5-week period. To meet the

DEPARTMENT STORES
Total Eleventh District ••...•.••••••
Corpus Christi • .•••••..••••••••••
Oallos ••••••••••• ••••• • ••• •• •• •

EI Poso • • • ••• •• • •••••••••••••••
Fort Worth • .. .•..•••••• • ••• , • . •
Houlton ••....••. •••••. •.•••••••
Son Antonio ••••. . .• . .. • •..• ••.•
Shreveport, lo .••••.• ...• •.•• , • ..
Waco •••..•.••• ••..•. •....•• ··
Other cities ..•.•...• . . .• •••.••..
FURNITURE STORES
Total El eventh District ••.•. ••. •.• ••
Austin • •••••••• •••••••• • •••• •••
001105 •••.•••••••••••••••••••••
Houdon ••.•..•••••••.••••••••••
Port Arthur •• ••. • •••• .•• • •••••••
Son Antonio •••••••••••••••• •• • •
ShreYeport, La ... .... . . ...... . ...
W ichito Falls •••••.••.•••••••••••
HOUSEHOLD APPUANCE STORES
Total Eleventh oistrid •• •••..••.. ..
001101 .•••••••••••....•••.••..•

,,

March 1952 from

March

feb.

3 mo. 1952
compo with

March

Feb.

195 1

1952

3 mo. 1951

1951

1952

-6
6
-11
_5
-9
-3
-3
-1
7
-9

18
18
13
11
17
22
22
25

-10
-12
-9
-8
-11
-12
1
-3
-7

7
9
3
3
10
11
5
6
3
6

-17
-12
-13

4
14
-3

-27

-1

- 22
-16

3
6

line of trade

Pre· Easter sales at department stores in the District this
year set an all-time record; in the 2 weeks ended April 12,
retail sales rose 6 percent over the previous record established
in the two pre.Easter weeks last year. First.quarter sales,
however, were down 4 percent from a year ago. Weekly
sales in most weeks of the first quarter were below comparable weeks of 1951. The distribution of sales between cash,
charge account, and instalment account was not si gnificantly
different in March from a year ago; payout periods have
been shortened. Department store stocks at the end of March
were slightly below year· earlier figures, while the ratio of
total-store stocks to sales showed little change. Furniture store
sales in March were up 2 percent from the same month in
1951, while stocks were down 17 percent and accounts receivable were virtually unchanged.

STOCKS'

March 1952 from

2
8
17
30
7
17

14

20
7
27

•

-4

6
19
3
9

-18
- 24

17
15

-13

,

-.-.
,
11
_8

-7
1

3
9
-10

I

Stocks 01 end of month.
Indicotes chonge of less thon one-holf of I percent.

Beginning with the last week in Mal·ch, the weekly sales
vo lume rose above the corresponding 1951 level and showed
gains through the week ended April 19, the latest week for
\\ hich data are available. On that date, cumulative department store sales in this District were more favorable in comparison with the same period last year than they were in
any other Federal Reserve district; sales were off only 1 percen t, compared with a decline of 7 percent for the Unitcd
States.

MONTHLY BUSINESS REVIEW
An analysis of department store operations for the month
of March indicates that 34 percent of the sales were for cash,
• while 55 percent represented regular charge account sales,
and 11 percent went to instalment accounts. This distribution
of sales is not significantly different from a year ago. Collec·
tion ratios during March indicate an average payout period
of slightly more than 10 months on instalment accounts and
approximately 61 days on charge accounts. Compared with
last ycar, these payout periods reflect a dccrease of approxi·
mately 2 months for instalment accounts and virtually no
change for charge accounts. At the end of March, instalment
accounts receivable and charge accounts receivable were off
20 percent and 1 percent, respectively, from the end of
March last year.
WHOLESALE TRAD E STATISTICS
Eleventh Federal Reserve District
(Percentage ehClnge)

NET SALESp

STOCKS'.

March 1952 from

March 1952 from

3 mo. 1952

Lin. of trod.
Automotive supplie •. ........
Drugs and sundries .... ......
Dry goods •.. . .............

March
1951

February

-36
-2

10
-3
-3

-29

_5

5
-20

-14

Grocery (full-line wholesat.r.
not sponsoring groups) •••••

Hardware . . ...... . ....•.. .
ndusfrial supplies • • •. ••••• . •

M.,ol •....... . ......... .. .
Tobacco products ...........
Wine. and liquors . . ...... . .
Wiring supplies, construction
mat.rial, distributors . .....

compo ""Ith
3mo.1951

1952

13
30
-5
16

5
-1

-8

-12

-3

-I

February

1952

-.•
-.

-21

2
-17
25
45
-1
4

March
1951

•

5
-32

6
-3

25
13

2
15
18
9
-1

•

-3.

were virtually unchanged from a year ago. Inventories at
the end of March were up 4 percent from the previous month,
in line with the current sales pattern, but were 17 percent
lower than at the end of March last year.
The atmosphere for retail trade appears good. Personal
income in February was at an annual rate of $257,000,000,.
000, or about 5.5 percent above the annual rate of a year
earlier. More than 90 percent of the increase was in salaries
and wages. The rise in income and the fractional decline
from January in the consumers' price index, together with
the continued high level of employment, are factors conducive
to a strong potential consumer demand.

Prospects for the 1952 crop season
were improved further by general rains
over most of the District during April, al·
though showers received in the Lower
Valley and some South Plains counties were insufficient to
break the drought. Farmers have succeeded in preparing most
of the land intended for crop production this year. Planting
of such summer crops as corn, cotton, rice, grain sorghums,
peanuts, and vegetables is making good progress, although
delays have been caused in some sections by a lack of mois·
ture and in other areas by wet fields.
W(NTER WHEAT PRODU CTION
lin thousands of bu.hel.)

6

1 Stocks at end of month.
p-Pr.1imlnary.
, Indicate, chang. of leu than on.· holf of 1 percent.
SOURCE: United Slot., Bur.ou of the C.nlus.

69

1952
State

Oklahoma . . . ..............•...•.. .
Texas ...................•...... . .

571
3,800
71,737
60,3.7

Tota l . . ...................... .

136.455

Arhona ..........•....... . •....•. .

New Mexico ....•......... . •.......

Con~istent

with a conservative policy, inventories at the
end of each month this year, including March, were slightly
below year· ago figures; and the total·slore ratios of stocks
to sales were about the same or at a slightly lower level.
Stocks at the beginning of March were 3.22 times sales duro
ing the month, compared with 3.24 a year ago.
Furniture store sales in this Dislrict during March rose
approximately 7 percent above February and showed a 2·per·
cent gain over March 1951. Sales for Lhe first quarter of
1952 were 3 percent above last year, despite the sag that
occurred in January following the heavy buying during the
fourth quarter of 1951. Although credit sales were at a higher
level than lasL year, accounts receivable at the end of l\'I arch
INDEXES O F DEPARTMENT STORE SALES AN D STO CKS
(1947-49-100)
UNADJUSTED

ADJUSTEDl

Area

Mar.
1952

Feb.
1952

SALES-Daily average
Eleventh District . .........
Dallas ................. .
Houslon ................ .

105
102
116

93
94
100

95
94
104

108
111
116

115
108
129

115
111
128

122
122
134

112
113
122

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

128. 120

112

142r

121 p

122

124

13.4-r

Adjusted for seasonal variation.
p Preliminary.
r Revl.ed.
I

Jan.

Mar.

1952 1951

Mar.

Feb.

Jan.

Mar.

1952 1952 1952 1951

Average
1941-50

1951

Indicated
Aprlll

572
786

550
945

38,902

79,B20

17,307

34,600

57.567

11 5.91 5

SOURCE: United Statel Department of Agriculture.

The Texas winter wheat crop is forecast by the Bureau
of Agricultural Economics at 34,600,000 bushels-far below
the 1941·50 average of more than 60,000,000 bushels and the
record 1947 crop of 124,000,000 bushels; however, this
year's crop is approximately double the extremely short crops
of the past 2 years. The Oklahoma winter wheat crop is fore·
cast at 79,820,000 bushels, which is about double the crop
last year and better than the lO·year average for the State.
Wheat in Texas and Oklahoma has suffered losses due to
wind, dust storms, drought, red spider, and wheat mites, as
well as low temperatures. In the important High Plains area,
wheat generally came through the winter with better root de·
velopment than in either of the past 2 years, but subsoil and
surface moisture has been deficient and growth has been slow.
The over· all outlook for cotton production in the District
this year is still not particularly favorable, although private
surveys have indicated Lhat a large acreage will be planted.
Crop conditions in the Lower Rio Grande Valley range from
poor to good; farmers did not plant all the intended acreage
because of inadequate moisture. WiLh more than half a mil·
lion acres of cotton up by mid·April, boll weevils were already
attacking the crop. The cotton crop in some Coastal Bend

MONTHLY BUSINESS REVIEW

70

counties generally is gelling off to a fair start, although the
crop in some fields has been lost to the drought. Farmers in
the Lubbock area operated their irrigation wells during much
of April in an effort to get their cotton land in condition to
plant.
Production of early spring onions in south Texas is esti·
mated at 3,686,000 sacks, compared with the short crop of
2,024,000 sacks in 1951. Preliminary reports on late spring
onions indicate that Texas farmers will have only about 8,900
acres in 1952, compared with 16,000 acres last year, since
favorable moisture conditions did not develop soon enough to
stimulate growers' interest in onion production. Tbe early
spring Irish potato crop in Texas promises to be the shortest
on record; acreage is smaller than in any year sin ce 1919,
and below·average yields are expected. North Texas onions
and east Texas tomatoes are making fair to good progress,
with soil moisture adequate to excessive.
Citrus fruit trees in the Lower Rio Grande Valley have de·
veloped new wood growth since the February 1951 freeze,
but irrigation water has been critically short. Damage from
the late February 1952 frost was limited to the loss of a few
early blossoms; buds were uninjured, and trees put out
blooms in March.
The condition of ranges and pastures in the District reo
fleets principally the moisture supply situation of th e past
several months. Clover and rescue grass are furnishin g abun·
dant green feed over the eastern part of the District and are
developing in counties in the central part of the area. Late
April rains are expected to stimulate growth of green feed
over most of the remainder of the District. However, supple.
mentary feeding is still required in many western areas. The
drain imposed on feed reserves is reflected in recent reports
on stocks of grains on farms, which show that combined farm
holdings of corn, wheat, barley, and oats on farms in the
District on April 1, 1952, were 34 percent below a year ear·
Iier and 68 percent below average for this date.
LIVESTOCK RECEIPTS
{Number}
fORT WORTH MARKET

SAN ANTONIO MARKET

crou

March
1952

March
1951

February
1952

Marth

March
1951

February

1952

Cattle ... . ..... .
Cc;li .... e5 .....•....
Hog5 ...... .. .. .
Sheep . . ..... .. .

27,484
9,358
93,792
43,459

26,432
6,881
75,617
37,719

25,195

20,882

14,907

12,229

13,746
5,250
110,431

18,179
8,592
110,092

19,385
13,0 5 3
6,311
17,448

1

88,776
34,615

1952

than in the same period last year. Egg production in the
State for the first quarter reached 856,000,000, or about 100,.
000,000 above a year earlier; egg production is up in Okla·
homa and Louisiana, also. The broiler producing industry
in Texas continues to expand rapidly, with placement of broil·
er chicks on farms from January 1 to April 15 totaling more
than 23,000,000 chicks, compared with about 17,000,000 in
the corresponding period in 1951.

FARM COMMODITY PRICES
Top Prices Paid in local Southwest Markets

Commodity and market
COTTON, M iddling 15/ 16·jnch, Dallas •. ..
WHEAT, No 1 hard. Fort Worth., . . •. . .•.
OATS, No 2 whIte, Fort Worth, ....... . ..
CORN, No.2 yellow. Fort Worth . . • .....•
SORGHUMS, No.2 yellow milo, Fort Worth.
HOGS, Choice, Fort Worth . ....... .. ....
SLAUGHTER STEERS, Choice, Fort Worth ...
SLAUGHTER CALVES, Choice, Fort Worth...
STOCKER STEERS, Choice, fort Worth .....
SLAUGHTER LAMBS, Choice, Fort Worth ..•

HENS, 4 pounds and O'l&r, Fort Worth .. ...
FRYERS, Commercial, Fort Worth .... ......
BROILERS, South Tua' ....... . . ..... .. . .
EGGS, Current Receipts, Fort Worth ... . ...

Comparable Comparable
Week ended
week
week
Unit April 24, 1952 last month
last year

lb.
bo.
bo.
bo,

$

cwt.

3.20

twt.
cwt.
cwt.
cwt.
cwt.

18.00
36.00
34.50
35.00

lb.
lb.
lb.
case

$

.4095
2.74*
1.13Y2
2.121A,

29.00
.23
.27
.25
9.50

J

.4145
2.77
1.l5 3A,
2.16V-t

3.18
17.75
34.00
34.00
32.50
27.00

$

.4477
2.70 111

1.16!4
2.00JA
2 .65
22.00
37.00
37.00
41 .00

36.00

.23
.28
.27
9.30

Farm commodity prices continue to drift downward, ex·
tending the decline that has been under way since last No·
vern ber. The March index of farm commodity prices in Texas
was 34.5 (1910-14=100), compared with 396 a year earlier .
During April there were further declines in prices of wheat,
most feed grains, poultry, dairy products, wool, and some
classes of livestock. On the other hand, the cotton and rice
markets strengthened somewhat under the influence of a good
export demand. Farm commodity prices in the District in
late April averaged about 15 percent below the record high
of April 1951.

Between March 19 and April 23,
changes in the principal catcgories of
assets and liabilities of the weekly report·
ing member banks in the larger cities
of the District included an increase in total investments and
decreases in commercial, industrial, and agricultural loans,
cash and balances, and deposits. Reflecting principally the
effects of the rather large reduction in deposits during the
5 weeks, total assets declined $92,922,000, or 2 percent, to
a total of $4,238,297,000 on April 23.

Includes goals.

Livestock marketings in the District continue rather heavy,
although the movement Lo market has been irregular. Durin g
the 4 weeks ended April 12, receipts of cattle on the Fort
Worth market were up 13 percent as compared with a year
earlier, whi le calf receipts were up 6 percent, hogs 9 percent,
and sheep and lambs 56 percent. Commercial meat produc·
tion in Texas durin g the first quarter was sharply above that
of the corresponding period in 1951.
Milk production in Texas in the first quarter of 1952 totaled an estimated 859,000,000 pounds, or fractionally more

Commercial, industrial, and agricultural loans declined
$13,383,000, or slightly more than 1 percent, during the 5
weeks as a result of the seasonal reduction of cotton and
other commodity loans and a somewhat smaller amount of
liquidation of outstanding bank borrowings by public util·
ities and manufacturing firms in most lines, particularly food
and liquor establishments. Construction firms, sales finance
companies, and wholesale and retail trade establishments
were net borrowers on balance. The decrease in commerc ial,
industrial, and agricultural loans- a notably larger reduction
than in the comparable weeks of last year-was sli ghtly more

4

•
•

MONTHLY BUSINESS REVIEW

than offset, however, by the expansion in other categories,
with the result that total loans rose fractionally. Loans to
banks and "all other" loans, which include consumer·type
loans, showed the larger increases.

71

In order to meet the deposit losses, the weekly reporting
member banks drew down their reserves with the Federal
Reserve Bank in the amount of $67,649,000 and reduced balances with other domestic banks by $115,864,000. Conse·
quently, cash assets constituted 30.1 percent of total assets
on April 23, as compared with 32.3 percent on March 19.

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES

Elevenlh federal Reserve District
{In thousands of dollars}
Item
Total loons (gross} and Investments •.•••••••••

Totalloans-Net l •••.•••.•••••••..•.••..
Total loans-Gross .• • .... . ..............

.... priI23,
1952

April 25,
1951

March 19,
1952

$2,902,921
1,543,299
1,559,620

$2,632,084
1,462,043
1,478,308

$2,862,715
1,542,286
1,558,559

1,071,565
7,760

1,013,307
9,409

1,084,948
7,915

58.966
116,301
8,525
296,503
1.343,301
224,034
161,693
175,452

58,518
123,716
1,738
271,620
1,153,776
55,256
0
346,594

57,541
114,635
549
292,971
1,304,156
184,754
167,112
177,912

614,453
167,669
524,130
373,836
2,275,613
460,795
100,937
728,056
20,250

584,574
167,352
501,884
337,645
2,159,738
422,167
107,921
596,783
1,310

609,464
164,914
591,779
489,700
2,412,725
451,817
76,284
789,298
0

Commercial. lndlJstrial, cnd agricultural

loans • . • .. .•...... .. .•..••• , ••••••
loons to brokers and dealers in securities ••
Other I??ns for purchasing or carrying
securities •••• . ••••• •• ••••••••••••••
Real estate [OClns • •• ••••••••••••••••••

loons to bonks .••••••••.••.•••.••••.•
All other loons ••••••••••••• • •..••••.•
Totollnvestmenh .•• . •. • .. ...•.. ..•.•.••
U. S. Treasury bills • • ..••..•...••••.•••
U. S. Treasury certiflcates of indebtedness.
U. S. Treasury noles •..•.••.•.••.••.•.•
U. S. Government bonds {inc. gtd.
obligations)•• • .. .. • • • .•. . ... • ••.•••
Other securities •••••••...•. . ..••••••••
Reserves wilh Federal Reserve Bank ••••••••••
Balances with domestic banks ••••.••••••••••
Demond deposits-odiusted l •••••••• • •••••••
Time deposits e:Kcept Government ••••••••••••
United States Government depo$ib ••••••••..•
Interbank demand deposits ••.•....••••••.••
Borrowings from Federal Reserve Bank ••••.•••

Gross demand deposits of all member banks in the Dis·
trict averaged $6,513,810,000 in March, which is $54,036,000,
or about 1 percent, less than in February but 9 percent above
the comparable year-earlier level. A decrease of almost 2
percent in demand deposits at country banks more than accounted for the change in the total from the February level,
since the reserve city banks showed an increase in their de·
posit liabilities. The patterns of Treasury tax collections and
expenditures in March account, in part, for the divergent
trends at the two categories of banks. Collections in March
absorbed funds generally and reduced deposits, while the return of' a part of these funds through Treasury expenditures
was concentrated principally in the larger business centers
of the District. Time deposits declined slightly during the
month, reflecting a reduction at reserve city banks which
more than offset a moderate increase at country banks.

G ROSS DEMAND AND TI ME DEPOSITS OF MEMBER BANKS

After deductions for reserves and unallocated charge·offs.
'Ineludes all demand deposits other than interbank and United States Government less
cash items reported as on hand or in process of collection.
'
1

Eleventh Federal Reserve District
(Averages of daily figure,. In thousands of dollars)
COMBINED TOTAL

Investments at weekly reporting member banks rose $39,145,000, or 3 percent, and on April 23 amounted to $1,343,301,000, which represents 46 percent of the total loans and
investments of these banks. The expansion of holdings of
Treasury bills accounted for slightly more than the increase
in the investment portfolios, since the reductions of investments in Treasury certificates of indebtedness and notes were
approximately offset by increases in Government bonds and
the securities of states, municipalities, and other local governments.
Deposits declined rather sharply during the 5 weeks, with
the over· all reduction amounting to $105,225,000, or 2.6 percent. At this lower level on April 23, total deposits were about
10 percent above the comparable year-earlier total.
The reduction in demand deposits of individuals, partner·
ships, and corporations accounted for almost two·thirds of
the decrease in total deposits. A rather sharp contraction of
$61,242,000 occurred in interbank demand deposits, with
$54,700,000 of the decline occurrin g after April 2. On the
other hand, United States Government deposits showed an
increase of $24,653,000, which represents a gain of more than
one-third during the 5 weeks. Rather heavy losses of funds
due to Treasury operations, particularly during the last 3
weeks of the period, were offset only in part by an inflow of
funds to the District due to interdistrict commercial and
financial transactions and constituted the principal factor
affecting th e contra cLion of deposits. In contrast with the
decrease in demand deposits, time deposits rose about 2
percent.

Date

Gron
demand

RESERVE CITY BANKS
Gross

Time

demand

Time

COUNTRY BANKS
Gross
demand

Time

March 1950 ..•.• $5,566,562 S646,645 $2,643,667 $405,065 $2,922,895 $241,580
March 1951 ..... 5,991,439 644,378 2,777,533 353,077 3,213,906 291,301
November 1951 .. 6,592,874 686,144 3,101,804 376,802 3,491,070 309,342
December 1951 •• 6,753, 139 706,327 3,170,047 390,143 3,583,092 316,184
January 1952 .... 6,779,455 714,332 3,162,301 391,577 3,617,154 322,755
February 1952... 6,567,846 72 1,578 3,030,813 395,992 3,537,033 325,586
March 1952 ..•.. 6,513,810 719,844 3,046,289 392,193 3,467,521 327,651

On March 31 the National Vountary Credit Restraint Com·
mittee announced that it had instituted steps to comply with
the President's request that the screening of state, municipal,
and other public body financing by the regional Voluntary
Credit Restraint committees be suspended. The Committee
pointed out that failure by public bodies to exercise the de·
sired restraint urged by the President, now that their issues
are freed from the screening program, would seriously affect the morale essential to the success of the program in private financing channels. Financing institutions were urged by
the National Committee to continue their record of excellent
cooperation and compliance with the program, and the regional committees were urged to continue to operate as before in the field of private finance.
Debits to deposit accounts reported by banks in 24 cities
of the District rose 8 percent in March to a level 3 percent
above the comparable total for 1951. The increased activity
which these figures reflect was distributed rather generally
over the District, as most cities reported an expansion of
debits, as shown in the accompanying table. An increased
rate of use of deposit accounts accompanied the increase in
debits during March, as the turnover of deposits rose from

MONTHLY BUSINESS REVIEW

72

14.0 to 15.1 times per year; however, the turnover in March
of this year compares with 15.8 for March 1951.
BANK DEBITS, END-Of·MONTH DEPOSITS,
AND ANNUAL RATE Of TURNOVER Of DEPOSITS
(Amounts in thousands of dollars)

DEP05ITS a

DEBITS'
Percentage
change from

Cit)'
ARIZONA

Tucson • . ••••••••••.• S
LOUISIANA
Monroe ••••••.••.•.•
Shre'll'eport •••••• ••••
NEW MEXICO
Roswell •••••••••••••

TeXAS
Abilene ••.•••••••• ••
Amari llo •••• ••••••••
Austin_ ••.••••••••••
Beaumont •••••••• •••

Corpus Christi ••••••• •
Corsicana •.•••••••••
Dallas ••••.••••••• ••
EI Pa so •• •••••••• •••

Fort Worth ••••••••••
Ga lveston ••• • ••• •.••
Houston •••••••••••• •
loredo •••.....•..••
Lubbock . ••••••• ••••
Port Arthur •••••••• ••
Son Angelo •••.••••••
Sa n Antonio ••••• ••••

Texarkana' •.......••
Tyler • .•.•. • ••• ••• ••
Waco •.•• . ••••.••••
Wichita Falls .........

March

March

Feb.

1952

1951

1952

98,305

11

50,620
191,566

6
8

22,927
54,423
148,096
'.43,290
132,320
141,164
12,551
1,472,50 9
206,231
506,956
80,518
1,656,461
21,745
109,296
43 ,300
40,255
379,924
21,741
55,245
67,825
83,479

_4
8
-14
9
9
2
-2
6
5
-4
10
-2
8

#

-10
-3
11

7

-12
4

Totol-2'( cities ••.... .. $5,740,747

3

Annual role of lurno'Yftr

March 31.
1952

March March Feb.
1952 1951 1952

9 $ 106,921

11.0

11.3

10.1

19
1

49,012
200,54 1

12.4
11.5

12.0
11.5

10.4
11 .4

5

26,968

10.0

10.9

9.1

13
5
_14
8
8

54,985
116,253
113,186
101,326
105,536

22,518
997,578
146,642
394,120
103,288
1,168,983
23,090
102,897
44,411
50,833
386,178
24,645
54,242
88,312
104,730

12.0
15.7
15.7
15.7
16.2
6.7
17.4
16.7
15.6
9.5
17.3
11.4
12.8
11.6
9.5
11.9
10.7
12.2
9.2
9.6

13.4
16.7
17.4
15.8
16.4
6.8
19.8
17.4
17.0
10.1
16.7
12.4
12.4
12.8
10.8
13.0
9.5
12.2
11.5
10.2

10.7
15.1
17.2
14.8
15.2
6.7
15.7
14.2
15.1
8.8
15.8
11.3
13.0
11.8
9.2
11.5
10.1
11,4
9.0
9.2

8 $4,587,195

15.1

15.8

14.0

- I

11
18
7
8
11
2
-3
-1
-1
2
5
8
2
3

bills by $200,000,000 in excess of maturities. Recent borrow·
ing operations included similar increases in the offerings of •
bills dated April 10, 17, and 24. The average rate of dis- ..
count of the new issue of Treasury bills dated April 10, the
first week in which additional offerings were made, was 1.629
percent, as compared with 1.616 percent for the issue dated
April 24. There are indications that nonbank investors were
substantial buyers of the additional offerings, reflecting at
least a temporary surplus of funds in that sector of the
market.

1 Debits to d10sit accounts ucepf interbank accounts.

, Demond on time deposits, including certified Clnd officer's checks outstanding but ellcluding deposits to the credit of banks.
I These figur.s include only one bonk in Texoritona, Texas. Total debits for all banks In
Texarkana, Texas-Arkonsas, Including two banks located in the Eighth District, amounted to

$38,686,000 for the month of March 1952.
, Indicates change of I"ss than one-half of 1 percent.

Between March 15 and April 15 the principal changes in
the condition of the Federal Reserve Bank of Dallas included
decreases in member bank reserves, earning assets, and gold
certificate reserves and an increase in Federal Reserve notes
in actual circulation. The decrease in earning assets reflects
approximately equal reductions in holdings of Government
securities and in all other earning assets. On April 15, notes
of this bank in actual circulation amounted to $679,449,000,
reflectin g increases of $3,337,000 and $66,205,000, respec·
tively, from March 15 of this year and April 15, 1951.

Prices of Government securities, which had remained firm
Over the March 15 tax date and edged upward during the latter half of the month, continued to show strength during
April. Prices rose generally during the first 3 weeks, partie·
ularly durin g the week ended April 18. Gains ranged up to
1 3/ 32 for the two lon gest restricted issues and 23/32 for
the longest bank.eligible issue; price improvement in the
shorter restricteds and bank eligibles, although not as impressive, is notable. The upward trend of prices was effected
in a generally thin market.

NEW MEMBER BANK

The First NatiolUlI Banl of Pasadena, Pasadena,
Texas, a newly organized institution located in the territory served by the Houston Branch of the Federal Re·
serve Bank of Dallas, opened for business April 14,
1952, as a member of the Federal Reserve System. The
new bank has capital of $200,000, surplus of $100,000,
and undivided prcfits of $50,000. The officers are: H. T,
TeUepsen, President; Charles E. Mclean, Executive
Vice President; and C. Ray Brock, Vice President and
Cashier,
NEW PAR BANK
The SeagoviUe State Banl, Seagoville, Texas, a
newly organized institution located in the territory
served by the Head Office of the Federal Reserve Banl
of Dallas, opened for business April 7, 1952. The new
bank has capital of $75,000, surplus of $25,000, and
undivided profits 0/ $12,500. The officers are: W. A.
Waldrop, President, and F. B. Fowler, Vice President
an.d Cashier.

CONDITION OF THE FEDERAt RESERVE BANK OF DAllAS
lin thousands of dollars)

April 15,
Item

1952

Total gold certiflcate reserves ••. .. •••••••.•• $ 624,383
o
Ohcaunh for member banks •.••••.••.•.••••
15
Industrial advances ••••• • ••••.•.•••••••••••
532
foreign loa ns on gold •••.•..••••....•.•..•
1,061,827
U. S. Government securities •••••••••.• . •• .••
1,062,374
Total earnings auets . •.•. • ..•.•••.•.•.•..•
975,654
Member bank reserve deposits •••• •• • ••• ••••
679,449
federal Reserve notes in (lctuel circulation .•••

March 15,

April IS,

1951

1952

$ 518,585
760
18

$ 714,742
3,000
20

1,104,758
1,105,536
950,667
613,244

1,064,166
1,067,18 6
1,080,563
676,112

o

o

On April 3 the Secretary of the Treasury announced the
resumption of cash borrowing operations through the Treasury bill market. During July and August of last year and
again in September the Treasury borrowed approximately
$2,000,000,000 by increasing weekly offerin gs of Treasury

Seasonal gains in trade and construc.
tion employment, together with a grad.
ual increase in defense activity, produced
a moderate expansion in nonfarm employment in the District in April. The trend of manufacturin g employment continued upward, with further increases
in such lines as ordnance, primary metals, and chemicals.
Crude oil production in the Eleventh Federal Reserve District, after reaching successive highs in February and March,
decl ined moderately in April. A further reduction is anticipated in May, in view of the cutback in allowables announced
by the Tcxas Railroad Commission. March production
amounted to 3,238,000 barrels per day, which is about 7

t

MONTHLY BUSINESS REVIEW

percent above February and 11 percent more than in the
same month last year.
CRUDE OIL PRODUCTION
(Barrels1

March 1952

Increase or decrease in daily
aVerage production from

Totol

Area

production

Darly o'lg.
production

March 1951

Feb. 1952

ElEVENTH DISTRICT

Texas
1
2
3
-4
5
6

R. R. Com. Districts
South Central. . . . . . . . 1,044,500
Middle Gulf......... 5,272,050
Upper Gulf.... . . . . .. 15,479,050
Lower Gulf.......... 8,445,950
East Centrol.. . ......
1,943,500
Northeast........... 12,290,850
East Texas........
8,232,300
Other Aelds. . ..... 4,058,550
7b North Cenlrol. . . . . .. .
2,748,100
7c West Central........ 4,520,050
8 West .... ........ . .. 32,192,700
9 North...... . ........
5,00 9,600
10 Panhandle........... 2,548,850
TatQ I Texas ........ 91,495,200
New Mexico............... 4,952,850
North Louisiana.............
3,959,600
Tota l El.ventn District •.. ... 100,407,650
OUTSIDE ELEVENTH DISTRICT ... 98,257,100
UNITED STATES • .... • .. .. .... 198,664,750

33,694
170,06 6
499,3 24
272,"50
62,694
396,479
265,558
130, 921
88,648
145,808
T,038,474
161 ,600
82,221
2,951,458
159,769
127,729
3.238.956
3,169,584
6,408,540

662
9,968
14,405
25,158
13,855
15,527
-5,500
21,027
9,400
53,931
146,914
14.119
-6,832
297,107
20,875
-1,455
316.527
52,315
368,842

632
296
688
6,114
171
-2,719
-5,590
2,871
282
3,920
33,210
-760
-950
40,884
3,836
-141
44,579
10,614
55,193

SOURCE: Estimated from American Petroleum Institute weekly reports.

The cutbacks in Texas allowables in April and May reflect
the development of a somewhat heavy stock position in this
District. District stocks of crude oil at the end of March were
2 percent higher than in February and were 12 percent higher
than a year earlier. Meanwhile, stocks of the four major refined products were even larger in relation to a year ago.

73

demand for oils. An unbalance exists, howeve r, with stocks
on the West and East Coasts lower than last year, while the
midcontinent area has a noticeably heavier stock position.
Prices of refined products in tbe midcontinent area have
tended to soften in recent months.
Other factors, in addition to the immediate stock position,
undoubtedly have had some influence on the recent decline
in crude oil production in this District. While the total demand for petroleum products is likely to continue to increase
this year, it is anticipated that the rate of increase will be
somewhat less than during the past 2 years. Moreover, the
oil industry cannot look forward this year to the marked increase in exports which developed in the summer and fall of
last year followin g the cessation of production in Iran; ex·
ports now are considerably below the level of last summer.
Refinery activity in the District recovered from the small
decline in February to reach a new high in March. Crude oil
runs to refinery stills averaged 2,013,000 barrels daily, which
is 3 percent higher than in the preceding month, 2 percent
hi gher than the previous record of January, and 8 percent
higher than in March a year ago. Refinery trends in the Nation were similar to those in tbe District, although crude oil
runs to refinery stills showed relatively smaller gains and
failed to equal the high reached in November.

VALUE OF CONSTRUCTION CONTRACTS A WARDED
(In thou,ands of dollarl)
January-Marcn

r=r=;=r-t'-l

t pl:fj

RAILROAD COMMISSION OF TEXAS

OIL AND GAS DISTRICTS

t"-4!-~O
- F dr--'r- .

March
Area and type

1952p

March
1951

ELEVENTH DISTRICT.. . $ 146,024 $ 128.798
Residential. .. ....
53,299
56,532
All other. . • • . . • .•
92,725
72.266
UNITED STATES' .•.. 1,321,254 1,267,450
Residentia l. . . . . . .
592,717
574,569
All other... . .. ...
728,537
692,881

Feb ruary

1952

1952p

1951

$ 89,944

$ 312.158

$ 392,903
174.746
218.157
3,451,225
1,526,633
1,924,592

33,782
56,162
885,206
396,438
488,768

121,811
190,3 47
3,108,551
1,32 6,876
1,736,675

1 37 states east of the Rocky Mountains.
p-Preliminary
SOURCEI F. W. Dodge Corporation.

,

....

MI OOlE GULF
UPPER GULF
lOW£A GULF
EAST CENTRAL
IfOATM E AST
71. NORTH CENT RAL
7~. WEST CENTRAL
8 WE ST
9
~RTH
10. PANHANOI..E

,•

Crude oil stocks in the Nation at the end of March were
9 percent hi gher than a year earlicr. Furthermore, national
stocks of crude oil and major refined products were only 6
percent hi gher, as compared with 14 percent in this District.
The incrcasc in stocks in the Nation docs not appear to he
out of line with the increase which is evident in the national

The value of construction contracts awarded in the District during March was $146,OOO,OOO- up sharply from the
previous month and 13 percent more than a year ago. Residential awards of $53,000,000 were 6 percent under a year
earlier, while nonresidential awards of $93,000,000 were up
28 percent. The value of construction contracts awarded in
the United States in March showed a 4·percent increase over
last yea r. Moreover, the construction contracts in the District
included a number of large industrial projects, such as a
$7,000,000 electric generating plant in west Texas and a
$35,000,000 pipeline across the State.
First.quarter construction contract awards in the District
showed a decline of 21 percent, as compared with the same
period last year; declines of 30 percent and 13 percent were
noted fo r residential and nonresidential awards, respectively.
During this period, nonresidential awards represented an in·
creasing proportion of the total, while in the United States
the opposite trcnd was evident. Construction contract awards

MONTHLY BUSINESS REVIEW

74

in the District in the first quarter of 1952 accounted for only
10 percent of the United States total, compared with 11.4
percent a year earlier.

plants in this area, with an estimated cost of $1,761,000,000,
came under the program at that time, During the past few
months additional projects have been granted accelerated
amortization.

BUILDING PERMITS
3 months 1952

Percentage
change In

Percentage
change In
valuation

valuation from

__M~o'",'h~1~95::2~_~M;;;;;;;-F.;'-- Number

City

Numb er

LOUISIANA

348

222

-2
30
35
-26
61
-30
17
-12
-70
-57
-49
-23
-21
-26
364

208
-18
-8
-5 2
67
-26
-50
71
-14
-9
-21
23
6
-53
-48

Total •••••• •• • •• 8,520 $41 ,799, 811 -18

-5

Shreveport • •••

TEXAS
Abilene • •••• • •
Amarillo • • , •• •
Austin •• • •••••
Beaumont ••• ••

Corpus Christi ••
Dallas .• , • • •• •

EI Poso •••• •.•

Fort Worth ••••
Galveston •••. •
Houston • • • •• ••

lubbock • •••••
Port Arthur ••••
Son Antonio •• •

Waco • •.• •• ••
Wichita FoUs.• •

I

353 $ 4,338,873
205
406
300
267
394
1,692
341
1,186
98
947
270
190
1,295
275
301

Voluation

March Feb.
195 1 1952

Valualion

1,054,398
2,157,348
3, 14 4,43 1
397,384
2,045,097
5,997,925
1,920,687
4,896,230
26 1,829
7,413,563
1,287,961
215,8 18
3,949,264
1,037,650
1,68 1,353

from 3
months

1951
6,80 1,994

42

2,017,753
6,6 33,034
8,025,901
2,410,608
4,483,931
20,282,438
6,574,898
10,749,186
775,544
24,764,462
4,050,146
648,715
10,804,757
4,526,000
11,150,587

-30
5
-6
15
-51
-36
22
-43
-39
- 50
-31
-34
-21

24,213 $124,699,954

-25

937 $
404
1,203
820
757
1,098
5,167
1,005
2,720
338
2,8 16
885
466
4,027
1,08 1
489

#

869

Indicates change of leu thon one·half of 1 percenl.

The marked progress in the Southwest in the development
of new plant facilities for defense production is indicated by
data recently released by the Defense Production Administra·
tion, By the end of last year, approximately 32 percent of the
defense facilities covered by the accelerated tax write·off pro·
PROGRESS OF DEFENSE PROJECTS COVERED BY
ACCELERATED TAX WRITE· OFF PROGRAM, DECEMBER 31, 1951

Numb er

Total

Va lue

estima ted
cost

place
"

of
Stote

p roject!

(In thousands of dollars)

17,809
85,634
3,740

51,404

25,890

place
"

Texds •••••• • •• •••••• •

1,219,222

436,237

34.0
50.4
36.0

Total •••••••••••• • • •

334

$ 1,76 1,016

$569,310

32,3

Oklahoma ••••••••••• • •

447,928
11,116

31,346-

COTTONSEED AND COTTONSEED PRODUCTS

Item

TEXAS

UNITED STATES

Augus t 1 to February 29

Aug ust 1 to Februa ry 29

This seosan

lost secuon

This seosan

La st seolon

958,640
956,089
210,342

5,283,602
4,227,702
1, 140,094

3,308.076
3,017,247
575,329

299,266
.446,552
225,923
287,943

1,324,650
1,963,498
949,900
1,349,022

958,735
1,350, 800
691,994
997,370

12,192
37,013
18,867
14,025

96,648
55,286
.43,004
235,057

33,777
165,276
67,211
82,573

COnONSEED (tons)

Re ceived at mills •• • • . ••. • .• 1,343,325
Crushed •• • • • • • ••.• • •• • •••• 1,1.43,632
267,484
Stocks, end of period . .. . . . . .
COTTONSEED PRODUCTS
Production
359,875
Crude oil (thousand poun ds).
Coke a nd meal {tons}......
551,448
Hulls (tons) •••• •• . • .••.. •
260,183
linters (running boles) ••• . •
354,055
Stocks, end of p e riod
Crude oil (thousand pound s) .
27,750
Cake and meal (tons) • •••••
17,997
Hulb (tons) • • ••....•.. • .•
12,867
linters (running bo les) •••••
49,678
SOURCE: United States Bureau of the Census.

DOMESTIC CONSUMPTION AND STOCKS OF COTTON
(Bal es)

Percent

30
49
9
28
218

Arizona •••• •••• • • • ••••

loulsiana •••.••• • ••••••
New Mellica • • ••• • • ••••

Of those plants covered by the program up to tbe end of
last year, it is estimated that all in the states of Louisiana,
New Mexico, and Oklahoma will be comple ted by the second
quarter of 1953. While all plant facilities in Texas coming
under the program before January 1 will not be completed
until the end of 1954, the major portion undoubtedly will be
finish ed by the end of 1953. The date for the final completion
of plants in Arizona is expected to be the first quarter of 1955.

57.0
19.1

Da'e of
Anal
completion
l Q- ' 55
lQ-'53
2Q-'53
2Q-'53
4Q-'54

SOURCE: D.f.nse Production Administration.

gram had been put in place in the five states lying wholly or
partly within this Federal Reserve District-Arizona, Louisi·
ana, New Mexico, Oklahoma, and Texas. Altogether, 334

August-February
Area

February

Februory

January

1952'

19511

19521

This season l ast season

CONSUMPTION
Total
14,.421
12,344
15,525
89,802
99,139
Texas mitis •. • .• • ••• • ••
922,559 5,476,165 6,348,361
768,889
898,991
U. S. mitis .••..••• ..•••
Daily Avera ge
652
634
611
628
733
Te xas mills ••. •• •. •••• •
37,274
41,788
45,704
37,655
39,089
U. S. mills •• ... ••••••••
STOCKS, U.S.-End of Period
Consuming establishmenh .• • 1,681,311 2,335,678 1,674, 44 0
Public storage and compresses •. • ••• ••• . . • •. . 4,453,.4 19 .4,627""9 4,964,904
I Four weeks ended March 1.
, Four weeks ended March 3 •
• Five weeks ended February 2.
SOURCE: United States Bureau of the Census.