Creator:Bureau of Economic and Business Research Date Created:August 1951 Place Created:Salt Lake City, Utah Keywords:Utah business activity Context:Utah Economic and Business Review ************************************************** BUREAU OF ECONOMIC AND BUSINESS RESEARCH Monthly Review of Business COLLEGE OF BUSINESS UNIVERSITY OF UTAH for August, 1951 Vol. II Salt Lake City, Utah, September, 1951 No. 9 BUSINESS ACTIVITY IN UTAH Aug., 1951 Compared With July, 1951 Coal Production p Postal Receipts, Ogden and Salt Lake Cash Farm Income 2 Demand Deposits, Salt Lake' Bank Debits, Ogden and Salt Lake Electrical Energy Utilized Employment Bank Loans, Salt Lake1 Steel Ingot Production Copper, Lead and Zinc Production Sales of U. S. Savings Bonds 2 Aug., 1951 Compared With Aug., 1950 Cash Farm Income 2 Postal Receipts, Ogden and Salt Lake Bank Loans, Salt Lake1 Electrical Energy Utilized Employment Sales of U. S. Savings Bonds 3 Copper, Lead and Zinc Production Bank Debits, Ogden and Salt Lake Demand Deposits, Salt Lake1 Steel Ingot Production Coal Production13 p preliminary I end of period 2 latest data 3 Series E Printed under grant from Industrial Development Committee, Salt Lake City Chamber of Commerce 2 UTAH ECONOMIC AND BUSINESS REVIEW BUSINESS CONDITIONS IN UTAH PRODUCTION Strikes at the non-ferrous metal mines, mills, and smelters, which began August 2, seriously affected all major producers except the American Smelting and Refining Company atGarfield, (which hadhad its strike in July). Only one strike -- that at Kennecott -- was settled with new contracts. Operations of the other mills and smelters were resumed pending completion of job analyses as a basis for new contracts. Because of the strikes, production in August was considerably below that for July. Copper output at 40.4 million pounds was some 10 per cent below that for July, and 4.4 per cent below that for August one year ago. Lead production, at 7. 9 million pounds , and zinc at 5.9 million pounds, were 13 and 22.6 per cent below production in July. Gold and silver output was also somewhat lower. By comparison with August one year ago, production of most metals was lower. Zinc was the exception. This is accounted for by the resumption of operations in late August 1950 of two of the major zinc producers in the Park City area, after 14 months of negotiations on new contracts. Pig iron production in August, at 121 thousand tons, was 11 per cent above that for July, and almost 20 per cent above that for August 1950. This was the highest monthly output of pig iron in the history of the industry in Utah. Steel ingots and castings, at 124 thousand tons, was slightly below that for July as well as for August last year. C oke production, at 126 thousand tons, was 29 per cent above that for July, but it was some 6 per cent below that for August 1950. ****** Coal production in August, at 544 thousand tons, was 83 per cent above that for July. However, July output had been affected by the annual 4th of July coal mine holiday and the extension of that holiday to the middle of the month in some of the coking coal mines. Production was 19 per cent below that of August 1950 . ****** Crude oil delivered to refineries in August totaled almost 2 million barrels. This was some 7.3 per cent above July deliveries and 31 per cent above deliveries one year ago. ****** Electric power utilized in the state in August totaled 194 million kwh. This was slightly above utilization in July, and some 8. 3 per cent above that used in August one year ago. relatively small in size; pears were excellent. Some 60 million pounds of milk and 36 million eggs were produced in Utah during August as compared with 58 million pounds of milk and 34 million eggs during August 1950. Utah farmers will account for 2.2 mil-lionturkeys in the record national turkey crop of 52. 8 million birds. Number of turkeys in Utah is 30 per cent greater than in 1950, and approximately 80 per cent above the 1938 -1947 average. Growe rs are expec -ted to market as much as 30 per cent of the turkeys in September or October -- prior to the traditional market season. Wool production in Utah during 1951, at 12. 3 million pounds, was slightly better than one year ago, but some 23 per cent less than the 1940-49 average. Average prices received by farmers declined for the sixth consecutive month, but remained relatively high as compared with previous years. Nationally, the Parity Ratio, at 104 was the same as one month and one year ago. Cattle slaughtered in Utah during July totaled 9. 5 million pounds live weight, 12.9 per cent greater than in June but 16 per cent less than one year ago. Sheep and lambs slaughtered were up 52 per cent from June, and 28 per cent from July 1950. Slaughter of hogs reflected decreases from both comparative periods --down 16. 8 per cent from June, and 8. 5 per cent from the corresponding period last year. August livestock receipts at North Salt Lake and Ogden stockyards, with percentage changes from August 1950, were: cattle, 30,817, down 8.6 per cent; hogs, 105, 393, up 30. 6 per cent; and sheep, 308, 137, down 2 per cent. Volume 11 September, 1951 Number 9 Published monthly by the Bureau of Economic and Bus -ness Research, College of Business, University of Utah Salt Lake City 1, Utah Printed under a grant from the Industrial Development Committee of the Salt Lake CityChamber of Commerce Subscription $1.50 per year Single copy 15 cents A. Ray Olpin..........President, University of Utah Dilworth Walker..........Dean, College of Business BUREAU OF ECONOMIC AND BUSINESS RESEARCH College of Business University of Utah AGRICULTURE Abnormal precipitation over much of the state during August was very beneficial to most farm crops and ranges. Although hay in the windrow suffered somewhat from moisture as did mature stands of grain, in general, the rains helped the agricultural situation --particularly in southern Utah areas. Harvesting of crops was in full swing during the month. Yields of dry-land winter wheat, at 16 bushel per acre, were below average. Total Utah production of dry-land wheat was 5.2 million bushels, as estimated by the U. S. Department of Agriculture. Irrigated grains were above average in yield, with the crop estimated at 3 million bushels of wheat, 2. 1 million bushels of oats, and 5.9 million bushels of barley. Approximately one million bushels of peaches, and 150 thousand bushels of pears were available for harvest. The peach crop was above average in quantity, but EIRoy Nelson............................Director L. Victor Riches...............Research Associate Ralph Berrett...........................Secretary Richard Arnold.................Statistical Assistant Harvey Frazier................Statistical Assistant Keith S. Potts.................Statistical Assistant COOPERATING AGENCIES Salt Lake City Chamber of Commerce, Utah Mining Assn. , Utah Manufacturers Assn. , Central Western Shippers Advisory Board, Federal Reserve Bank of San Francisco, Salt Lake Retail Credit Bureau, Utah State Dept. of Employment Security, Utah Coal Operators Assn. , U. S. Bureau of Mines, Bureau of Agricultural Economics, Dun & BradstreetInc. , Salt Lake Clearing House, and Utah Motor Transport Assn. , as well as other governmental and private agencies, individuals, and companies. UTAH ECONOMIC AND BUSINESS REVIEW EMPLOYMENT Utah's labor force in August, estimated at 263 thousand persons, declined slightly from the peak reached during July, the previous month. Unemployed numbered 8,600 as compared with 8,200 in July and 18, 100 in the comparable period one year ago. Unemployment insurance payments totaled $143 thousand, 7 per cent greater than in July, but 35 per cent less in amount than payments in August 1950. Employment in all industry categories reflected inc reases from a year ago. Workers employed in mining numbered 1 3, 100, up 8 per cent from August 1950; workers in contract construction totaled 15, 700, 4 per cent greater than one year ago; manufacturing employ -ees, at 32,700, were 10 per cent greater in number; and workers in other industries -- including trade, finance, real estate, service, and transportation --at 79, 500, increased 2. 3 per cent from August 1950. Federal, state, and local government employees totaled 54,800, a 25 per cent increase from a year ago -- the most substantial gain noted. Railroad employment, at 11, 800, was only slightly higher than in the corres -ponding period of 1950. The major upset in August employment in Utah arose from the labor disputes in the non-ferrous metal industry. The s trikes (all relatively short in duration) idled directly or indirectly thousands of workers . Another characteristic of the labor picture during the month was a diminished tourist trade which affected hotel, motel, restaurant, and other service establishments. Canning factories, in processing late summer crops, felt the impact of the back-to-school movement of youth which res ulted in minor labor shortages. Employment in ready-to-wear and other retail trades increased as buying accelerated earlier in the season than usual. Recruiting of workers by military establishments continued. Welfare assistance disbursements from the state totaled $1.03 million in August 1951. This was a 15 per cent increase from August 1950, and a 5 per cent increase from July, one month ago. FINANC E Bank debits in Salt Lake City during August, at $268. 4 million, were 2.4 per cent greater than in July 1951, and in August 1950. Debits in Ogden totaling $78.2 million, were 1.8 per cent lower than during July, but 2.6 per cent higher than in August, 1950. Loans outstanding at Salt Lake City Banks totaled $114 million at the end of the month. This was the same as at the end of July, but 9. 6 per cent higher than 1950. Loans on real estate, at $41 million, were up $5 million from one year ago. During the same period, commercial, industrial, and agricultural loans increased $7 million, but other types of loans totaled $2 million less than in August of last year. Demand deposits of individuals, partnerships and corporations inSalt Lake City banks at the end of August totaled $184 million, a 2.2percent increase from July and a 1.7 per cent increase from August 1950. Time deposits at $94 million, were the same as at the end of July, 1951, and 2. 2 per cent higher than at the end of August one year ago. Life insurance sales during August totaled $8. 6 million. This is 12 percent below sales during the comparable period of 1950. Sales of U. S. Savings Bonds, series E, totaled $730 thousand. Although down 17.5 per cent from July, sales were 2. 4 per cent higher than in August of last year. Elevenbusiness failures were recorded at the Fed- eral District Court during August. Liabilities totaled $103 thousand. There were 31 new corporations chartered or licensed in Utah during the month, 4 more than during July, but 16 less than during August 1950. Taxes collected by the state during August, at $1.9 million, were 28. 7 percent higher than during August of last year. Cumulative for the first eight months of 1951 collections totaled $32. 7 million, 25.4 per cent greater than in the corresponding period of last year . TRADE August department store sales in Utah andSouthern Idaho were 3 per cent lower in volume than during August 1950. However, cumulative sales for the elapsed eight months of the year were 3 per cent ahead of the comparable period one year ago. Salt Lake City stores noted a 4 per cent decrease in sales during the month as compared with August 1950, but cumulative sales for the year were 7 per cent greater than last year. Department store collection ratios in Salt Lake City in August, as compared with July, were up 10.2 percent on open accounts and 5.2 per cent on installment accounts. As compared with August of last year, installment account collections were up 6.9 per cent. Wholesale trade during the month was off 22.8 per cent from August one year ago, but was up 4.8 per cent from July, one month ago. Substantial decreases from August 1950 were noted in electric wiring supplies and equipment, hardware, and major appliances, including radio and television. Value of wholesale inventories was 17.6 per cent greater than one year ago and 3.6 per cent less than July. Real estate sales during August, as reported by the Multiple Listing Bureau, numbered 352 with a total valuation of $4. 9 million. Number of sales exceeded the previous month by 69, and valuation was 20 per cent greater. As compared with a year ago, sales were down 31 per cent in number and 17 per cent in valuation. Units sold included 242 family units, 6 apartment houses, 3 business properties, 21 vacant lots, and 3 farms or ranches. Postal receipts at major Utah post offices during August, at $438 thousand were up 17. 3 per cent from July, and 13.2 per cent from one year ago. CONS TRUC TION Construction authorized by leading areas of the state during August, 1951, totaled $5.2 million. This was 47.2 per cent lower than in August one year ago. Value of residential construction, at $2.3 million, was 60. 8 per cent lower; new non-residential construction, at $2. 1 million, was 35. 6 per cent lower. However , additions, alterations, and repairs were 21.1 percent higher than in the comparable period of last year. Building permits issued in Salt Lake County during August were 64 per cent lower than in August of last year, with no inc reases shown in any of the six reporting areas. The greatest decrease occurred inSouth Salt Lake, where value of construction started was down 87 per cent from August 1950. Salt Lake City construction activity was 38. 5 per cent lower. The number of new dwelling units authorized in the state totaled 293. This is 498 units less than were authorized during this same month of last year. In the unincorporated parts of Salt Lake County, 88 new dwelling units were started as compared with 220 one year ago. InOgden, 35 new units were started as compared with 135, and in Salt Lake City, 87 new units were started as compared with 186 in August 1950. 4 UTAH ECONOMIC AND BUSINESS REVIEW THE PETROLEUM INDUSTRY OF UTAH (In observance of "Oil Progress Week, " October 14 to 20, the following article describes briefly the petroleum industry of Utah from the production of crude oil to the distribution of refined petroleum products. ) Exploration and Production The Utah petroleum industry developed its first commercial-producing oil well in mid-September 1948. Previously, a number of wells in the Virgin and San Juan areas of the extreme southern portion of the state produced small quantities of oil intermittently dating from 1907. During this forty-year period a total of 183 thousand barrels were produced. This is approximately one month's production at the present time. Since September 1948, the industry has completed 117 exploratory and developmentary wells totaling 514 thousand feet in depth, in widespread areas of the state. Two-thirds of the wells have been dry holes. Thirty-nine have become commercial producers . Utah's crude production rose from 260 barrels per day in September 1948 to 3647 barrels per day at the end of June 1951. Although notable increases in crude production have been made in Utah during the last year, this quantity is far short of supplying Utah's refineries. During the first six months of 1951, only 6. 3 per cent of the petroleum processed by refineries in Utah came from oil structures in the state; this same quantity represents only 11. 5per cent of the refined petroleum products consumed in Utah. Utah's oil production for the first six months of 1951 totaled 648 thousand barrels. As shown by the accompanying table, this oil came from four different fields in the state. Ashley Valley, Roosevelt and Red Wash fields in the Uintah Basin supplied 99.6 per cent of the total. During the first six months of this year, oil production was 24. 3 per cent greater than during the corresponding period in 1950. CRUDE OIL PRODUCTION IN UTAH First six months of 1951 Field Barrels Ashley Valley Boundary Butte Red Wash Roosevelt Total locate a potential oil-bearing structure. These variables make estimates of average drilling costs, when taken over a wide area, virtually meaningless. For example, cost figures averaged over an entire state will give no indication of the expense involved in drilling a well in any given location. More value can be placed on exploratory drilling costs experienced in a single area. As an indication of the expense involved in finding a location and drilling for oil, one company searching for oil in the Uintah Basin has spent more than$5 million in the five years preceding June, 1951. This company drilled a total of 7 wells, ranging in depth from 6 to 12.5 thousand feet. The average cost per foot drilled in these wells was $90, and the avera,fifi^ccisi-iier_well was $715 thousand. 502,939 2, 410 24,391 ' 118,767 648,507 Source: United States Department of the Interior, Geological Survey. Discovery The portion of Utah's future petroleum demands that can be supplied from its oil bearing structures is not known. The potentials of Roosevelt, Red Wash, and the more recentDuchesne discoveries have not as yet been determined, nor have many other possible oil producing structures been thoroughly tested. Twenty-seven wells are currently being drilled in as many new areas. Thirteen wells are being drilled to find the extent of oil deposits already located. The cost of drilling an oil well varies considerably. Some of the major factors involved are: (1) depth, (2) formations encountered, (3) operating difficulties, and (4) the amount of exploratory activity necessary to * A series of four feature articles appeared in 1950 April, "Oil and Gas Leasing, " May, "Oil Drilling, 1891 The search for, and production oFpetroleum creates considerable employment for a wide range of occupations including technical and professional. Estimates indicate that the drilling of one exploratory well creates employment for 130 individuals. Many of these people are involved in industries or professions that service or supply crews thatare searching, drilling, and producing crude oil. Many are also of service to the drilling of more than one oil well at the same time. Because of these and other similar circumstances, it is not knownhow many man-hours are created by this industry. However, those directly involved in exploration and production of the state's petroleum reserves during the first three months of 1951 averaged 386. Wages paid to this group for the same period totaled $429 thousand. Refining Processing capacity of crude oil in Utah's five refineries totals 61 thousand barrels per day. This capacity is approximately 48 per cent greater than that necessary to supply the demand for petroleum products . in the state. The petroleum refining industry is currently operating at 94 per cent of this capacity. This is a far cry from 7 barrels per day some 40 years ago in 1910 when the refining of crude petroleum had its beginning in Utah. One of the largest manufacturing industries in the state, the five refineries currently have a total investment of $34 million. This is an investment of $36 thousand for each of the 892 workers currently employed and is considerably higher than investment per employee in most other industries. It is approximately the same dollar investment per employee as found in the non-ferrous metal mining, milling, and smelting industries. Wages paid by the petroleum refineries in Utah totaled $2.0 million during the firstsixmonths of 1951. This represents approximately 6 per cent of total wages paid by all manufacturing industries, and of these industries, only two, in refining and smelting of primary metals, and in food processing, were the dollar values of wages paid greater than in petroleum refining. Associated directly with the refining industry of Utah are two crude and one refined product transport pipelines. These represent an additional $31 million investment, or an investment of $87 thousand per employee. Capacity of these transport lines are: 62 thousand barrels per day in the combined crude pipelines, and 22 thousand barrels per day in the finished products line. Interconnections at the pipeline terminals in this Review. They were, "Public Land in Utah, " -1950, " July, and "Oil Refining, " August. UTAH ECONOMIC AND BUSINESS REVIEW 5 north of Salt Lake City make possible shipments to or from any of the four refineries located in the area_. During the first six months of this year a total of $802 thousand were paid to transport pipeline workers. Employed in this phase of the industry are 355 workers. Source of Oil Crude oil, totaling 10. 4 million barrels, was delivered to Utah's refineries during the first half of 1951. Origin of this oil is a relatively small area covering portions of northwestern Colorado, northeastern Utah, and southwestern Wyoming. During 1950, as shown by the accompanying table, refineries obtained their oil from 13 different fields, in the above mentioned area, with 75 per cent coming from the oil rich Rangely field in Colorado. Another 11 per cent comes from Wilson Creek, also in Colorado, and 6 per cent from Ashley Valley in Utah. PORTIONS OF CRUDE OIL DELIVERED TO UTAH REFINERIES -- BY SOURCES 1950 Per cent Field of Total Rangely, Colorado 74.6 Wilson Creek, Colorado 11.0 ASHLEY VALLEY, UTAH 5.6 lies Dome, Colorado 2. 8 La Barge, Wyoming 2.2 ROOSEVELT, UTAH 1. 3 Maudlin, Colorado 1.0 Moffatt, Colorado . 5 Church Buttes, Wyoming . 4 Rock Springs, Wyoming . 3 Elk Springs, Colorado .2 North La Barge, Wyoming .2 Transportation of crude oil from field to Utah refineries is done chiefly by pipelines. During the first six months of thecurrent year, 97per cent of the crude oil shipped into the state moved via pipelines. In addition, the pipelines transported some crude oil to the Salt Lake area for further shipment to the Phillips Re -finery in Pocatello. The remaining three per cent delivered to Utah refineries was transported by tank truck and rail. Produc ts Few industries have shown the technological advancements thathave been demonstrated by the refining industry over the last half-century. Modern refining methods have made possible a greater variety of products possible, and divorced the industry from its original storage problems. Gasoline, long considered the "money product" of the petroleum industry, represented 47 per cent of the crude oil processed in the state during the first six months of the current year. Another 27 per cent came out in the form of diesel, stove oil, and furnace fuel. Kerosene and lubricants, that once dominated the petroleum market, represented less than 10 per cent during the above period. In all, a total of over 200 different products are refined from petroleum in Utah, many of these become raw materials for other manufacturers. Petroleum Markets Although the marketing areas served by Utah refineries extend into ten of the eleven western states, the bulk of the products are sold in Utah, Idaho, and Washington, and particularly to areas that conform with the finished product pipeline that extends from Salt Lake City to Pasco, Washington. Shown in the accompanying table are the approximate proportions of the petroleum markets in each of the Eleven Western states that were s upplied by Utah refineries during the first half of 1951. PERCENTAGE OF ESTIMATED PETROLEUM MARKETS IN THE ELEVEN WESTERN STATES SUPPLIED BY UTAH REFINERIES First Six Months, 1951 Per cent of State Market Served Arizona .6 California .01 Colorado .8 Idaho 44. 3 Monta na . 8 Nevada 14.0 New Mexico 0.0 Oregon 2.6 UTAH 96.9 Washington 8. 8 W yoming 3. 4 Eleven Western States 1.5 Source: Motor Fuel Tax Summary Reports, State Tax Commissi on of Utah, January through June of 1951, and estimates made by the Bureau of Economic and Business Research, University of Utah. As noted in the table, 97 per cent of the petroleum market in Utah is supplied by the state's refineries. The marketing area for any one refinery is determined by its refining costs and consumer preference for its products, thus, it is possible for refineries in other states to compete and supply a portion of the petroleum market in Utah. However, it is interesting to note that the refining industry in Utah supplied seven per cent more of the market demand during the first half of 1951 than during the same period last year. Distribution of Petroleum Products in Utah Estimated retail sales of refined petroleum products sold in Utah during the first six months of 1951 totaled $50 million. Of this, approximately 70 per cent was received from the sale of various motor fuels and lubricants. This portion of the total sales was carried on by some 1500 service stations throughout the state. In operating size, service stations run from the single pump units that are connected with general stores, eating establishments, or other form of retailing, to the multi-pump super service station. Total investment in these enterprises is not known, but estimates show a service station, operated as a complete unit and exclusive of real estate, is valued between $25 thousand and $40 thousand. Primarily a small busines s enterprise, more than 1400 of these outlets are currently being operated by their owners or lessees. Workers employed at the present in retail service stations total 2, 356, but only 1,686 are on a full-time basis. A goodly number of service stations are operated completely within a family. This adds an additional 719 workers to the number involved in service station operation, making a total of 4,544 workers. Wages paid to full and part-time employees working in these enterprises during the first six months of 1951 amounted to $3 million. Purchase of petroleum products by service stations are almost always from one of the 59 distributors currently operating in Utah. Richard Arnold 6 UTAH ECONOMIC AND BUSINESS REVIEW BUSINESS TRENDS IN UTAH CURRENT MONTH Per cent Change August 1951 from August July August July August 1951 1951 1950 1951 1950 PRODUCTION Net Electric Power Utilized (millions of KWH)....... 193. 6 192. 3 178. 8 + 7 + 8.3 Copper a (thousands of pounds).................... 40, 480. 7 45, 020. 1 42, 347.7 -10. 1 - 4.4 Lead a (thousands of pounds)...................... 7, 921. 8 9, 133. 1 7,250.4 -13. 3 - 9.3 Zinc k (thousands of pounds)...................... 5, 884. 5 7, 607. 1 3, 030. 9 -22. 6 + 94.2 Gold a (ounces).................................. 33, 604. 0 36, 386.0 38, 445. 0 - 7. 6 -12.6 Silver (thousands of ounces)..................... 685. 7 783. 3 690. 0 -12. 5 - .6 Coal (thousands of tons).......................... 544. 0 297.4 668. 0 + 82. 9 -18. 6 Coke (thousands of tons)........................... 126. 1 97. 4 134. 3 + 29. 5 - 6. 1 Pig Iron (thousands of tons)........................ 121.2 109. 0 101. 5 + 11. 2 + 19. 4 Steel Ingots and Castings (thousands of tons)......... 124. 0 128. 6 132. 7 - 3. 6 - 6.6 Crude Oil to Refineries (thousands of barrels)....... 1,911.2 1, 780. 9 1, 457. 0 + 7. 3 + 31.2 AGRICULTURE. 2§ Cash Receipts from Farm Marketings (thousands). . . . $12, 247. 0 ] $11, 758.0^ $ 9, 144. 0^ + 4. + 33. 9' Livestock and Livestock Products (thousands)..... 11, 401. o! 9, 986.0J 8, 631.0^ + 14. + 32. 1J Crops (thousands).............................. 846. 01 1, 772. 0^ 513. 01 -52. 3^ + 64. 91 Average Prices Received by Farmers (15th of each month) Wheat (cwt.).................................. 3. 15 3. 18 3. 05 - 1. 0 + 3. 3 Beef Cattle (cwt. )............................. 29. 90 29.90 24. 00 0. 0 + 24. 6 30. 00 30. 50 24. 00 - 1. 6 + 25. 0 . 55 . 52 . 41 + 5. 8 + 34. 1 Wool (pounds)................................. . 80 . 95 .63 -15. 8 +27. 0 Alfalfa Hay, Baled (tons)........................ 25. 00 25. 00 22. 50 0. 0 + 11. 1 Livestock Slaughtered (live weight)................. 8, 485. 0f 9g Cattle (thousands of pounds).................... 9, 580. 0 8, 253. 0C + 12. -16. I1 Calves (thousands of pounds).................... 380. 0d 270. (/ 536. 0C + 40. 7^ -29. I1 Sheep and Lambs (thousands of pounds)........... 2, 621. 0d 1, 797. (/ 2, 042. 0C + 52. 5« + 28. 41 Hogs and Pigs (thousands of pounds)............. 3, 986. 0d 4, 791. 0£ 3, 675. 0C -16. 8^ - 8.51 FINANCE Loans ^ total, Salt Lake City comm. banks (millions) $ 114.0 114. 0 104. 0 0. 0 + 9.6 Demand Deposits Salt Lake City comm. banks (millions) 184.0 180. 0 181. 0 + 2. 2 + 1.7 Time Deposits, k Salt Lake City comm. banks (millions) 94. 0 94. 0 92. 0 0. 0 + 2.2 Bank Debits: 78. 2 79. 6 76. 2 - 1. 8 + 2.6 Salt Lake City (millions)....................... 268. 4 262. 0 262.2 + 2. 4 + 2.4 Sale of U. S. Savings Bonds -- Series E. (thousands) 730. 3 874. 6 697. 1 -17. 5 + 4.8 New Corporations (number)...................... 35. 0 31. 0 51. 0 + 12. 9 -31.4 Business Failures (number)...................... 11. 0 2. 0 3. 0 + 450. 0 +266.7 Average liability per failure (thousands).......... $ 9.4 11.8 12. 2 -20. 3 -23. 0 Total tax collections by the State of Utah (thousands). 1, 902. 5 3, 881. 6 1, 477. 9 -51. 0 + 28. 7 EMPLOYMENT i Average Weekly Hours 43.4 41. 8 41. 7 + 3. 8 + 4. 1 Manufacturing................................ 41. 0 42. 1 41. 0 - 2. 6 0. 0 Average Hourly Earnings'' Mining....................................... $ 1.91 1. 82 1. 80 + 4. 9 + 6. 1 Manufacturing............................... 1. 57 1. 51 1.41 + 4. 0 + 11.3 Total Labor Force (thousands)................... 263. 0 264. 0 255. 0 - 4 + 3. 1 Unemployed e................................. 8.6 8.2 18. 1 + 4. 9 -52. 5 Employed, including self-employed and agriculture"1 254. 0 254. 0 237. 0 0. 0 + 7.2 Non Agricultural Employees................. 213. 0 211.0 195. 0 + . 9 + 9.2 Industries covered by Unemployment Insurance 141. 0 138. 0 134.6 + 2. 2 + 4. 8 13. 1 11.4 12. 1 + 14. 9 + 8.3 Contract Construction................... 15; 7 15.4 15. 1 + 1. 9 + 4. 0 Manufacturing.......................... 32. 7 32.9 29. 7 - 6 + 10. 1 Otherl................................. 79. 5 78. 3 77. 7 + 1. 5 + 2.3 Industries not covered by unemployment insurance 72. 3 72. 7 60. 7 - 6 + 19. 1 Government, Federal, State, and Local. . . 54. 8 55. 2 43. 8 - 7 + 25. 1 Railroad.............................. 11.8 11.7 11.7 + . 9 + . 9 Unemployment Insurance Benefits (thousands)..... $ 143.0 133. 4 221.4 + 7. 2 -35.4 Welfare Assistance Expenditures (thousands)..... 1, 029.4 980. 3 894. 1 + 5. 0 + 15. 1 UTAH ECONOMIC AND BUSINESS REVIEW Per centChange August 1951 from Per cent Change August 1951 from TRADE: Wholesale Sales -- All Groups........... Automotive Parts, Supplies and Equipment Machinery and Equipment (Except Electrical) Electric Wiring, Supplies and Equipment. Hardware............................. Major Appliances, Radio and Television.. Groceries............................. All Other............................. Wholesale Inventories (value, end of period) Credit Collections, Salt Lake City Retail Stores: Department Stores: Open Accounts....... Installment Accounts . Salt Lake Real Estate Sales, Number of Sales Value of Sales. Retail Trade, Value of Sales: Eight Months, 1951 Department Stores, Utah and So. Idaho... Salt Lake City....... Boise and Nampa .... Other Utah & So. Idaho July August July August 1951 1950 1951 1950 + 4. 8 - 22.8 Postal Receipts + 9. 1 - 12.0 Salt Lake City..... . +19. 9 + 5.6 - 32.6 - 3.2 + 26. 2 + 53.8 + 17.4 - 34.6 Provo. ........... 3 + 9. 7 + 1.8 - 25. 5 . + 6. 1 - . 1 + 16.7 - 47.4 Brigham City..... + 14. 6 + 3. 5 + 4. 0 - 13.0 Tooele........... + 1. 5 + 46.6 + 14.6 - 5.9 - 4. 7 -16.8 - 3.6 + 17.6 Cedar City....... - 8. 1 + 17.4 American Fork. . . . + 35.3 + 15. 5 + 10.2 0.0 Payson........... - 6. 7 + 13. 0 + 5.2 + 6.9 Spanish Fork..... 1 -22. 4 + 24. 4 - 31.1 , Springville........ + 17. 0 +26.8 + 20.4 - 17. 1 + 2. 9 + 41.0 from 1950 Pleasant Grove . ... - 8. 9 NA + 3.0 - 3.0 -17. 6 + 47. 9 + 7. 0 NA NA - 4.0 NA NA CONSTRUCTION: Building Permits: New Dwelling Units1 Permit Valuation11 Per cent Change from August 1950 Midvale.......... _ 16,700 _ 75. 8 South Ogden.......... Murray.......... 4 32,750 - 81. 7 Weber County (unincorp. ) Salt Lake City .... 87 1,462,607 - 38. 5 Bountiful............. i nn 0 B righam C ity......... South Salt Lake . . . 3 28, 000 _ 87. 1 C edar C ity........... Salt Lake County (unin.)88 821,730 - 77. 8 Helper.............. American Fork. . . 4 45, 450 - 32. , 2 Logan ............... Pleasant Grove.. . - 4, 100 - 70. 3 Milford.............. Provo .......... 12 127, 950 - 29. 1 Spanish Fork. . . . 5 33, 900 - 70. 9 Richfield............. Utah County (unincorp •)7 65, 100 - 3. 7 St. George........... Ogden........... 35 2, 066, 800 + 34. 7 Tooele.............. Tremonton........... New Permit PercentChan Dwelling Units' Valua- from tion" August 1950 1 NA NA 7 21, 619 - 34. 5 11 137, 730 - 48. 5 6 82,526 + 57. 2 4 63, 375 - 50. 3 - 500 - 95.0 4 55, 100 - 85.7 - - -100. 0 2 25, 000 - 57. 3 1 15,000 - 82.4 2 13, 400 - 80. 3 5 21, 000 - 51.3 - 500 w CUMULATIVE FOR CALENDAR YEAR TO DATE First Eight Months Per centChange Net Electric Power Utilized (millions of KWH) , Copper a (millions of pounds)................ Lead (millions of pounds).............................. Zinc (millions of pounds).............................. Gold a (thousands of ounces)............................. Silver a (thousands of ounces)............................ Coal (thousands of tons)................................. Coke (thousands of tons)................................. Pig Iron (thousands of tons).............................. Steel Ingots and Castings (thousands of tons)............... Crude Oil to Refineries (thousands of barrels)............. Cash Receipts from Farm Marketings 0 (millions of dollars). Bank Debits, Salt Lake City and Ogden (millions of dollars) . State Tax Collections (thousands of dollars)............... Real Estate Sales, Salt Lake City Listing Bureau (number). . Real Estate Sales, Value (thousands of dollars)............ 1951 1950 1951 from 1, 552.6 1, 344.6 + 15. 5 351. 1 355. 7 - 1.3 93. 8 96. 0 - 2. 3 65.7 52.6 + 24.9 303. 8 343. 5 -11.6 6, 855. 1 7, 054. 1 - 2.8 3, 230. 3 3, 430. 1 - 5.8 860. 5 758. 4 + 13. 5 803. 4 760. 5 + 5.6 984. 0 930. 9 1- 5. 7 14, 051.0 10, 354. 0 + 35. 7 57. 7 45.6 + 26. 5 2,757.6 2, 301. 3 + 19.8 32,732. 1 26, 101. 5 + 25.4 2,394.0 2. 809. 0 -14.8 31,404. 1 32, 088. 8 - 2. 1 FOOTNOTES- PPreliminary. eEstimated. NANot Available. Recoverable metal from smelting. Recoverable metal in zinc concentrates and ores. cJuly, 1950. "July, 1951. 'June, 1951. SPer cent change from preceeding month, nper cent change from same period last year.lMay. JApril. KEnd of period, includes reporting non-member banks of Federal Reserve System in Salt Lake City. Excludes administrative and salaried personnel. For payroll ending nearest 15th of month. mTotals for individual industry groups reduced 10 per cent for dual job holdings and payroll turnover. Details do not necessarily add to totals due to rounding. "First five months. HOther industries include wholesale and re.tail trade, finance, insurance, and real estate, service and transportation. sIncludes non-profit and religious. lA single family dwelling is one unit, a duplex is two units, etc. uTotal new construction, plus additions, alterations, and repairs. "Increase from zero. INDEXES OF UTAH BUSINESS DEPARTMENT STORE SALES, Utah* I946-I949-I00 BANK DEBITS* UTAH CASH FARM INCOME * RETAIL FOOD PRICE INDEX, Salt Lake City, Utah MOTOR FUEL CONSUMPTION, Utah* UTILIZATION OF ELECTRIC ENERGY, UtahA METAL PRODUCTION, Utah COAL PRODUCTION, Utah it ADJUSTED FOR SEASONAL VARIATION **MOOFIEO 1948-1949.100 BUREAU OF ECONOMIC AND BUSINESS RESEARCH UNIVERSITY OF UTAH 9/22/51 K.S.P