Annual Issue TEXAS BUSINESS REVIEW A Monthly Summary of Business and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH TIIE UNIVERSITY OF TEXAS Plant expansion and top-level production made 1954 a busy year in Texas industry and set a brisk pace for the coming months. ------~~~~~~~~~~~~~~~~~~~~~~~~~ I. Plants During 1954 Texas industry sustained the same rapid tempo that has characterized its advance during the years following World War II. At the close of 1953 there were some indications that the postwar boom in industrial ex­pansion would slacken off in intensity'. However, capital expenditures for new plant and equipment remained at a high level in 1954 and Texas industrialists, with few ex· ceptions, are optimistic about prospects for 1955. The most active sector in industrial expansion during the year has been in the field of chemicals, a consistent leader in plant expenditures during the past decade. In­vestments in facilities for the manufacture of polyethylene were particularly notable . .This raw material, used in many plastic end-products, is now manufactured at sev­eral Texas factories, and some polyethylene plants are still in the construction stage. In December federal authorities announced the sale of several government-owned Texas synthetic rubber plants to private industry. Purchasers of these plants included Phillips Chemical Company (two units), Humble Oil and Refining Company (two units), Goodyear Synthetic Rub­ber Corporation, Goodrich-Gulf Chemicals, Texas-U. S. Chemicals and Food Machinery and Chemical Corpora· lion. In each case the purchaser, with the exception of Food Machinery and Chemical Corporation, had operated the unit under government contract. Food Machinery and Chemical was the successful bidder on a Houston plant, which up to now has been operated by the Sinclair Rub­ber Company. One unit has not been sold, the General Tire and Rubber Company-operated copolymer plant at Baytown. These various facilities have been turning out three basic end-products: butadiene, copolymers, and butyl rubber. A general service rubber called GR-S used in automobile tires and in other products is being manu­factured by the copolymer plants. Butyl rubber is used in inner tubes, and butadiene is one of the chief ingredients of rubber synthetics. Another announcement of interest to the rubber indus­try during late 1954 concerned the plans of the newly or­ganized Texas Butadiene and Chemical Corporation. This company proposes to build a 40,000-ton, $26.5 million butadiene plant in the Houston area. United Carbide and Carbon also announced during the year that the company planned to spend $2.5 million for a butadiene unit to be operated in connection with its polyethylene manufactur­ing plant at Seadrift. And another company is known to be interested in establishing a 40,000-ton butadiene plant here. Stanolind is still eradicating process flaws from the (Continued on Page 14) TEXAS BUSINESS REVIEW The Business Situation in Texas Business activity in Texas showed a small overall gain in 1954 over 1953, establishing 1954 as an all-time rec· ord year. A few components of the total business picture did not exceed previous years, but enough of the economy established new highs to insure that the level of total ac· tivity broke all previous records. Total income payments to individuals in Texas in 1953 were $12,279 million, and it is estimated by the Bureau of Business Research that they will total approximately $12,650 million in 1954. Estimates as high as $12,830 mil­lion have been made, but the final figures will not be available until August of this year in the Survey of Cur· rent Business. l'he index of business activity compiled by the Bureau of Business Research closed the year at 159% of the 1947­49 base period. The average for the year 1954 was 150, an increase of 3% over the previous record year 1953. Even more significant than the respective levels of the two years is the fact that during 1953 the index declined steadily, while during 1954 it rose. The fourth quarter of 1954 averaged 156, a rise of 8% from the 144 registered in the first quarter of the year. The last quarter of 1953 also registered 144, a decline of 4% from the first quarter average of 150. The chart at the bottom of this page shows the trends of business activity during 1953 and 1954. During the first half of 1953 a slight decline occurred, followed by a much sharper drop in the second half of the year. Recov· ery started slowly in the early months of 1954 but picked up momentum in later months to close the year well ahead of the previous peak. The overal 1 picture of business is also measured by the index of bank debits shown in the chart on page 3. This index is based on debits to individual accounts by the banks in 20 Texas cities, and since most business trans· actions are carried out by check, it represents a good measure of total business activity. The index is construct· ed by the Bureau of Business Research from data collected by the Federal Reserve Bank of Dallas. The chart shows that the volume of business transactions declined in the second half of 1953, although the decline started some· what later than the index of business activity. The index of bank debits also shows an earlier rise in activity in 1954 than is shown by the index of business, but except for these slight differences in the timing, changes in busi­ness activity appear to be very similar when measured by these two entirely different indexes. This resemblance gives confidence in the interpretation of both barometers, since they are compiled independently. Not only was the margin of gain over 1953 small, but there was considerable variation in the behavior of the different segments of the business picture. The table be­low gives the components of the composite index of busi­ness activity and compares the 1954 level of each com­ponent with 1953. The components registering declines INDEX OF TEXAS BUSINESS ACTIVITY AND COMPONENT SERIES (1947-49 = 100) January-Decembert Percent Index Weight 1954 1953 chanire INDEX OF BUSINESS ACTIVITY (COMPOSITE) --------­---­-----­100.0 Total electric power consumption -­---­--­3.0 150• 235• 146 214 + 3 + 10 Crude oil runs to stills------­-----------­ 3_9 127 128 I Ordinary life insurance sales, deflated__ Crude petroleum production ___________ 4.2 8.1 172 120 164 124 + 5 -3 Building construction authorized, deflated -------------------------­---­--------­ 9.4 136• Ill + 23 Miscellaneous freight carloadings --------­ 10.0 93 98 5 Industrial electric power consumption______ 14.6 238• 218 + 9 Retail sales, deflated --------­-----------------­ 46.8 138 141 - 2 •Preliminary. tAnnual data are averages. represent a larger percentage of the weight in the index than those components showing an increase. However, the increases in several of the components were unusually large, with the result that the total of all components showed a gain for 1954. Texas Business Activity Index • Adiusted for seasonal variation • 1947-1949 •100 The index of retail sales receives the largest weight of any component of the index, and the total volume of re­tail sales for t4e year 1954 was 2% less than in 1953. At the other extreme, urban building authorized during the year, as measured by building permits issued, gained 23% over 1953. The two series measuring electric power con­sumption also showed substantial gains and contributed materially toward raising the level of the composite in­dex. Life insurance sales were up 5%. The somewhat lower level of the petroleum industry, both crude production and refining, exerted a slightly de­pressing influence on the total economic picture. The re­duced volume of miscellaneous freight carloadings in the Southwest also reflected the somewhat smaller volume of goods that moved in trade during the year. The sale of goods and services to consumers represents the largest single segment of business in Texas, and so al­though this element tends to be a little more stable than other portions of the economy·, it is an important part of the total. Retail sales rose rather steadily during 1954, al­though the rise did not completely offset the decline that occurred in the last three quarters of 1953 and the first quarter of 1954. The estimates made by the Bureau of Business Research show that December 1954 retail trade was at an all-time high in Texas. The index of retail sales was 170% of the 1947--49 base period, after adjustment for seasonal variation. Since December is the seasonal high point of sales for the year, it means that the total dollar sales during December were greater than in any previous month in history. Sales of durable goods were particularly strong during the last half of 1954 and finished the year with December surpassing all previous monthly peaks. It was sales of the durable-goods stores that were responsible for total sales setting a record, since nondurable-goods stores sales were not as great as January 1953 after allowance for seasonal variation. ,The gain registered in sales of durable-goods stores was well distributed throughout the various types of stores. Automobile dealers, furniture and appliance stores, and hardware and lumber dealers reported gains in Decem­ber, but only automobile dealers established a record with December sales. Sales of lumber and hardware stores were 196% of the 1947--49 base, automobile dealers sales were 189%, and furniture and appliance stores 183%. The index of sales of the durable-goods stores group was 190. The index of sales of nondurable-goods stores was 161 after adjustment for seasonal variation. While this repre­sented an increase over the 157 registered in December 1953, it was one point below the peak of 162 reached by the seasonally adjusted index in January 1953. It is nor­mal for nondurable-goods stores to show narrower sales fluctuations than durable-goods stores and to contribute less to the decline as well as the rise in business activity. Sales of nondurable goods represent one of the largest segments of the economy·, but their fluctuations are more an effect than a cause of change in the total business picture. Bank Debits in Texas ln~llX • Adjusted for seasonal variation •1947-1949 •100 t131 "" IMI 114.2 nu 1144 U45 IUI lH7 ?Ml 1941 1tSI tHI 115.2 1151 184 Retail sales in Texas followed the trend of sales in the country as a whole. For the United States retail sales in December were 9% above December a year ago, while in Texas they were nearly 10% above December 1953. The early predictions of merchants that the 1954 Christmas business would be a record breaker turned out to be correct. The outlook for consumer spending in 1955 appears to be good. The fact that consumers continued to buy goods and services in spite of the fact that business had suffered some reduction in 1954 indicates that they have not be­come fearful of the future. One of the important factors holding up the level of retail trade was the fact that busi­nessmen recognized the need for more aggressive selling to offset the effects of the slight recession in business ac­tivity. ,There is good reason to believe that this attitude towards the need for greater sales effort will be carried over into 1955. Many lines of business have reported that margins of profit are getting thinner, and some cries of "profitless prosperity" have been heard. New methods of distribution such as the discount houses are signs of the increased competition prevalent everywhere in retail trade. It appears likely that 1955 will witne5s a continua­tion of the competitive trend in retailing, and for those merchants that exert sufficient effort it should be a good year. THE UNIVERSITY OF TEXAS Executive Development Program March 7-April 7, 1955 A full-time, five-week course of study for executives immediately below top-management level, this program was organized by The University of Texas in cooperation with representatives of Texas industry. Specialists in management and related fields will take part in daily discussion sessions with participating executives. A brochure containing full information is available from the Bureau of Business Research. Wholesale Prices In the U.S. The rate of industrial expansion slackened slightly in 1954, although the total expenditures for new plant and equipment probably were second only to 1953. Expendi­tures for the year 1954-will probably total approximately $26.7 billion, compared to $28.4 billion in 1953 and $26..5 billion in 1952. The very large expenditure of busi­ness concerns for capital goods has been one of the major supports for business activity. Since expenditures of this type vary so greatly from year to year, and because of their great effect on consumer purchasing power, they are particularly influential factors in the business situation. Just as a low volume of capital expenditures in the thirties was one of the chief causes of depressed business, the very high level of expenditures in the postwar period has been a major factor in the high level of business activity. The rapid industrial development of Texas has largely accounted for the greatly· increased volume of busine>'s in the state. During 1954. expansion of the industries of the state continued with very little letup. A considerable por· tion of the new industrial capacity the nation is building is being located in the Southwest, a fact that has pro­foundly influenced the level of Texas business in the post­war period. The expansion during 19.54 was merely a con­tinuation of this trend. and there was no reason to believe that 1955 will not witness still further industrial expan­i;ion. And as long as industry continues to expand in the state, the level of business activity will remain high. The most dynamic portion of the economy of the state in 1954 was the construction industry. For the country as a whole the expenditures for new construction put in place, seasonally adjusted, reached a new record in De­cember. ,The value of new building authorized in Texas, as measured by building permits issued, equalled the total for 1950, which was greatly influenced by the wave of new building permi~s issued after the start of the Korean war. For the last quarter of 1954 the value of buildina permits issued exceeded the last quarter of 1953 by 57';,{~ and the year 1951 was 29% ahead of 1953. The buildirnr indus­try has contributed more than any other single f~ctor to the rise in business actiYity during 1954, and the forecast of a continued high level of activity relies to a consider­able extent on the expectation that the demand for con­struction will remain high in the state throughout 1955. .loHN R. STOCKTON TEXAS BUSINESS REVIEW TEXAS BUSINESS REVIEW Robert H. Ryan..... .. ·-·-----··· -·-·--._ ....M&naidnir Editor COLLEGE OF BUSINESS AD~1Il\"ISTRATION THE UNIVERSITY OF TEXAS William R. Spri~el. ------------..J.>f!aD RJJ•inP•• RP•PRrrh C.011nril Willlam R. Sprit>gel (ez officio), J. W. Cashin, A. F . Ftier, 1. L. Hazard, Elizabeth Lanham, R. H. Montgomery, and G. H. Newlove. STAFF OF THE BUREAU OF BUSINESS RESEARCH J ohn R. Stockton Stanley A. Arblnll'aat Florence Eacott DirectOT Assista'l'\t Director Research Sup.-r1Ji101" Resr.m.rce11 Spllldalist Richard C. Henshaw, Jr. A. Hamilton Chute Robert H. Ryan Statistician Retnili?t(J Sper.ialist Re1ea.rch A11aoriat4 Francis B. May Alfred G. Dale Anne K. Schuler Research Associate Re3earch Associate Research Associatd William S. Lowe, Jr. J o Overstreet Sylva Bowlby Research Associate Senior Clerk Research Assista.nt Marforie T. Cornw~ll Martha Ann Moore Calvin Jayroe Admini•trativ• Clerk StatiBtical AB•i•tant Of!ut Pr•H Op•rator David Lewis Tina Piedrahita Alice R. Locklin Cartographer Publication.! A•sistant Library Asmlant Judy Vaughan Mary Francee Oxford Secretaries Assistants Pierce Arthur, Jr., Marilyn Biel, Ben Cummins, Maurice Friedman, Benny Hill, J ulian J ones, Vir~inia Kindig, Patricia Ludwi£, Clifford McCormick, J r., Don Noble, Candis Pattillo, and Sharon Young. Cooperating Faculty A. B. Cox E'lizabeth Lanham ProfeaBnr of Asaociate Pf'ofesaor Cotton Marketino of Manaoement TABLE OF CO\'TENTS Texas Industrv, 1954-1955 ------·-· ···---------·---· -· CoYer The Business Situation in Texas ___ . ·---------------·· ----· 2 Foreign Trade ___·------------· ----------------··--·--------------------5 Retail Trade ________.. ··-------·--·-------------__ --------------------· 6 Construction -------------------------------------····-----------·---·--8 A)!riculture __ ___ -· ·-------------·-···-·--·---------· _----------------·--10 Finance ...-----------------------------------------·---..---------------------12 Labor ----------·-----·. -------------------------------------------18 Local Business Conditions _ --·--------------------------------20 Barometers of Texas Business -·---------····------------------32 Published monthly by the Burean ot Bu.sin""" Reaearch, ".ollell' of B1.J..Binese Administration, The Univeraity of Texas. Austin 12. Ent ­··-· 37.0 33.0 81.1 25.8 24.8 25.2 16.5 23.9 22.2 239.0 270.8 -12 District 24 (El Pasolt----·· 3.0 3.5 4.3 3.9 3.9 3.4 3.2 4.5 3.6 33.3 36.8 -10 TEXAS BUSINESS REVIEW RETAIL TRADE Retailing roundup: 1954. Developments of retail im­portance during 1954 included: (a) improved balance in stocks and assortments; (b) surprising overall stability of wholesale and retail prices in view of the continuing liquidation of inventories; (c) greater pressure of ex­penses onto margins, with resulting lower profits; ( d) return of customer confidence or sense of security and re­newed willingness to spend and to increase installment obligations; ( e) less reluctance among store buyers to make advance commitments in wholesale markets and to broaden stock assortments; (/) continued heavy empha­sis by customers on utility in gift purchases; (g) steadily increasing competition, including further inroads by dis­count houses and their stepped-up advertising, with retali­atory' cut-price promotions by large stores in some areas; ESTIMATES OF TOTAL RETAIL SALES Sales (mils of dols) Dec 1954 Percent change Dec 1954 Jan-Dec 1954 Type of Dec Jan-Dec from from from atore 1954 1954 Nov 1954 Dec 1953 Jan-Dec 1953 TOTAL ________$1,067.4 9,764.0 + 27 + 8 2 Durablo goods --------346.S 3,568.4 + 16 + 24 x Nondurable goods__ 721.1 6,195.6 + 34 + 2 xChange is less than one-half of one percent. (h) steadily increasing importance of suburban shopping centers, with squeezes on independent neighboring stores and a tendency of some city-central areas to "fight back" ; (i) increased catering to customers' needs developing out of the do-it-yourself movements; (j) more acceptance of colored household appliances; (k) increase in imported goods reaching customers, as in men's sport shirts; (l) older residences starting to sell more rapidly and at lower prices; (m) recovery in the textile markets; (n) definite strengthening in recorded consumer opinion that now is "a good time to buy." Consumers' Pri­soil left no water reserve upon which summer-growing crops could draw when daily temperatures ranged from 100 to llO degrees. Spring-planted crops over the easter!1 two-thirds of the state got off to a slow start, but Apnl showers and heavier May rains brightened the outlook. In the Blacklands and northeastern counties June corn prospects pointed to good yields. However, the crop was late, and extremely high summer temperatures sharply reduced prospects. Sorghums, which withstand hot, dry weather better than corn, also took a beating but turned out remarkably well_ In the Plains country, most farmers planted early when spring precipitation set up one of the best seasons in years. Prospects declined rapidly during the summer, but, aided by widespread irrigation, har­vest of both cotton and sorghums exceeded expectations. Throughout the state, ideal conditions prevailed at harvest time, and losses during harvest were extremely light. Cotton. The 3,920,000 bales of cotton harvested during 1954 in Texas was well above the 10-year average but still below 1953 total production. However, the acreage re­ duction to comply with allotments brought about abandon­ ment of marginal fields and the increased use of fertilizer and irrigation, with unusually high per-acre yields re­sulting. In fact, the state average of 244 pounds per acre was second only to the bumper crop of 1949. Very li~ht yields picked in central, eastern, and northern counties were offset to a large extent by the exceptional crops grown in irrigated areas. For 1955, acres allotted to cotton in Texas are down substantially from a year earlier. However, there is a pos­sibility that Congress will raise the .allotme?t. ~he supp?rt price in 1955 will be 90% of panty. Panty lS the pnce declared by law to be fair to farmers in relation to prices they pay. Corn. The 1954 corn crop, estimated at 33,184,000 bushels, was the smallest since 1925. Dry weather not only lowered yields per acre but also prevented planting all acreage originally intended. Average yield per acre was 16.0 bushels, 1.2 bushels below the 10-year average. This year, corn will be supported at possibly 87% or 88% of parity. A final decision has not been made. CARLOAD SHIPMENTS OF LIVESTOCK Source : Bureau of Business Research in cooperation with Agricultural Marketing Service, U. S. Department of Agr iculture Percent change Classification Dec 1954 Nov 1954 Dec 1953 Dec 1954 f rom Nov 1954 Dec 1954 from Dec 1953 TOTAL 3,308 2,109 -18 + 29 ----··-·-2,713 Cattle -----­2,015 2,412 1,427 - 16 + 41 Calves -----·--­ 476 660 359 - 28 + 33 Hogs ----·­ ··-·-·-­ 6 15 - 67 Sheep ·-------­ 217 231 308 - 6 - 30 INTERSTATE _ 2,448 2,980 1,823 - 18 + 34 Cattle __________ l ,812 2,183 1,200 - 17 + 61 Calves --------­ 433 589 325 - 26 + 33 Sheep -----------­ 203 208 298 - 2 - 32 INTRASTATE - 265 328 286 - 19 - 7 Cattle ---·-··--­ 203 229 227 - 11 - 11 Calves ---·----·-­ 43 71 34 - 39 + 26 Hogs ------­ 6 6 15 - 67 Sheep -­ 14 23 10 - 39 + 40 *Rail-car basis : cattle, 80 head per car; calves, 60; hogs, 80 ; and sheep, 250. Grain sorghums. Production of sorghums in 1954 more than doubled the 1953 crop and far exceeded pre­harvest estimates. The 117,386,000 bushels harvested was second only to 1950. Acreage was expanded sharply this year, as growers utilized land diverted from cotton and wheat. High per-acre yields were realized in South Texas and from irrigated acreage on the High Plains. Storage was inadequate in some areas, and considerable tonnage was piled on the ground. Because of the high production over the nation in 1954, the USDA has reduced price supports on 1955 sorghums, as well as other small grains, to 70% of parity. Prices had previously been propped at 85%. The reduction is de­signed to discourage overproduction this year as well as to bring prices of the grains to a point where more grain will move into use rather than into storage under a price support program. Wheat. The wheat crop in 1954, produced on sharply curtailed acreage, was estimated at 30,894,000 bushels, substantially above the 1953 total but far below the 10­year average. The crop got off to an unusually good start and provided much winter grazing. After deteriorating rapidly in the spring, late rains revived the stand, and final yields were higher than expected. CARLOAD SHIPMENTS OF FRUIT AND VEGETABLES Source. Compiled from reports received from Agricultural Marketing Service, U.S. Department of Agriculture J anuary-December Percen t Item 1954 1953 change TOTAL SHIPMENTS ----· 38,721 37,046 + 5 F RUIT -------------·-· 6,333 5,341 + 19 Cantaloupe -------····-----· 2,431 1,160 +no Grapefruit ---·---··----···--······-·-·-·-·--236 81 +190 Oranges ---····-·····----··-··--··---·-·----··-·-67 89 -25 Mixed citrus ··-------------······-220 234 -6 Watermelons ·····-···---·----·---····-·-3,379 3,777 -11 VEGETABLES ---·--·--····----·--31,906 31,241 + 2 Cabbage -----·····-·····--------·--------------2,841 1,840 + 54 Carrots -----·-----···-·----------·-4,407 4,930 -11 Cauliflower -------------·---··----1,180 366 +220 Corn -····-··---····------·-··-····---·-----··-····-667 565 + 18 Lettuce -------···-----·--······----··----3,924 3,063 + 28 Onions--------·--······-··-··-----4,761 6,669 -29 Peppers ····-------·-··-·············-······-·--835 638 + 31 Potatoes -----------------·--··················-876 889 -1 Spinach ·-----------------·-·-·····-959 1,341 -28 Tomatoes ·---·-------------5,365 4,715 + 14 Mixed vegetables ·------·--------------·--6,091 6,225 2 ALL OTHER ·---·-·----··-------·-482 464 + 4 A tremendous surplus of wheat, amounting to nearly three times the normal domestic and export demand, had been piled up in this country by the end of 1954. Thus the support price for 1955 will be the minimum allowed by law, 82.5% of parity, in an effort to discourage over­production. Livestock situation. Texas livestock are being brought through the winter in fair condition, and barring unfore­seen developments very little change is expected in the picture for 1955. On January 1, an estimated 126,000 head of cattle and calves, 2% less than a year earlier and a third below January 1, 1953, were on feed for market. High feed costs and shortages of short grain and roughage curtailed many planned feeder lot operations. The num­ber of sheep and lambs on feed, estimated at 100,000 head, was unchanged from a year earlier. During 1954, the outlook varied from very good to very bad, depending almost directly upon rainfall. Spring rains improved pasture conditions, thereby curtailing marketings and raising prices. However, rapid deterior­ation of ranges during the summer necessitated resumption of federal aid, and supplemental feeding has been neces­sary to some extent since that time. Winter rains and snow have improved pastures in parts of the state, but the scat­tered green areas serve best as a reminder of what might have been had moisture been more plentiful and timely. For 1955, the outlook is for very little change in price or production. Of course, extreme drouth could step up marketing and thus lower prices; likewise, a wet year could raise prices by curtailing marketings. However, most observers expect total cattle slaughter in 1955 to equal that of 1954, with per capita consumption of beef dropping slightly. Imports should remain about the same, although the Mexican border was reopened on January 1 for move­ment of livestock after the apparent eradication of foot­and-mouth disease in Mexico. WILLIAM s. LOWE, JR. TEXAS BUSINESS REVIEW FINANCE Bull market falters. The rise in prices of stocks which began in September 1953 continued through 1954 with only minor interruptions. This protracted period of rising prices began, by the fall of 1954, to arouse memories of the great bull market of the late 1920's when stock prices reached a high that was to remain unexceeded for more than two decades. In the past several months numerous articles have analyzed the current situation and noted the differences between the current period and the speculative mania which prevailed in 1920-29. Since 1929 there has been a tremendous expansion in industry, which has pro­duced earnings that will support a substantial level of stock prices. At noon on Friday, December 31, 1954, the ratio of the prices of the 50 industrial stocks in the Stand­ard and Poor's index to their earnings was 13.28. In 1929 the ratio was 19.45. This is not to say that the 1954 rise was free from im­petus supplied by speculative purchases. Any protracted rise attracts those who are interested in a quick profit based on a rapid turnover of capital. Signs had begun to appear in late 1954 indicating speculative activity. The daily lists of new highs had begun to show an increasing number of shares of doubtful investment quality. REVENUE RECEIPTS OF STATE COMPTROLLER Source: State Comptroller of Public Accounts September !-December 31 Percent Source 1954 1953 change TOTAL ------------­----------------­$243,651,530 $279,048,721 -13 Ad valorem taxes ----­-----­----­----­ 17,865,094 15,567,559 + 15 Natural and casinghead gas production taxes ---------------------­ 10,524,071 7,766,693 + 36 Crude oil production taxes -----------­ 40,461,636 43,532,983 7 Net motor fuel taxes --------------­ 39,059,335 36,922,323 + 6 Cigarette tax and licenses --­-------­---­ 11,559,206 11,740,384 2 Alcoholic beverage taxes and licenses 7,791,102 7,406,419 + 5 Automobile and other sales taxes ____ 10,769,441 10,205,360 + 6 Franchise taxes -------------­--­--­-----­ 4,096,276 273,169 +1400 Mineral leases, rentals. and bonuses.... 8,006,789 46,750,008 -83 Oil and gas royalties ----­-------------­ 7,780,567 7,623,289 + 2 Interest on securities owned -------­-----­ 6,072,168 7,357,591 -17 Unclassified receipts from county tax collectors ------­---­---------------­ 7,161,407 7,850,628 - 9 Motor vehicle license, permits, and miscellaneous ----------------------------­ 2,313,880 2,009,972 + 15 Sale of commodities ------------­ 4,130,582 4,397,092 - 6 Federal aid-highways -------------­---­ 6,001,144 11,487,706 -48 Federal aid-public welfare -------­--­ 38,411,343 35,922,444 + 7 Federal aid-public education -------­ 4,139,284 2,973,379 + 39 Unemployment compensation taxes____ 3,467,323 4,615,915 -25 All other receipts --------------------­ 14,040,882 14,645,807 - 4 It is difficult to select the point at which a normal rise in stock prices supported by increased earnings or the firm expectation of increases takes on a primarily specu­lative character. The market rise of the late 1920's is said to have assumed this character in 1927. However, it is usually easier to determine such events in retrospect than in the present. The illusory nature of anticipated profits becomes certain only after the profits fail to materialize. Increasing activity in low-quality issues is, however, a strong indication of increasing speculation. It was evi­dence of this kind that prompted the Federal Reserve Board to raise margin requirements from 50% to 60% on January 4. This increase applied only to purchases made subsequent to the issuance of the order. There ensued an immediate wave of selling which raised the volume of transactions to above 5 million shares a day and dropped the average price of industrials several points. The course of the market has been irregularly downward since this initial decline. LOANS MADE BY SAVINGS AND LOAN ASSOCIATIONS Source: Federal Home Loan Bank of Little Rock January-December Dec Percent Type 1954 1954 1958 change Number ALL LOANS -------------------4,006 46,205 39,887 + 16 Construction -----­---------------------­Purchase -----­----­-----­---------------­Other ----------­---------­------­ 926 1,424 1,655 9,486 15,225 20,847 7,745 18,096 18,996 + 22 +16 +10 Value (thousands of dollars) ALL LOANS --­----­-------­23,956 264,138 210,474 Construction ---------------------8,412 78,473 60,704 + 29 Purchase ----------------------9,359 98,987 78,137 + 27 Other ------------------------6,185 86,679 71,633 + 21 This downward course of prices is viewed by the financial community with equanimity. It was felt for some time prior to the downturn in prices that a corrective action was overdue. The prospective earnings of some of the better investment grade issues were discounted too far into the future. Support levels (price levels offering yields that would attract a large volume of investment buying) were being exceeded appreciably. It was felt by some that a drop of as much as 10% in prices would improve the technical position of the market. This would carry the Dow-Jones average of 30 industrial stocks from its 1954 high of 404.39 to 363.95, a figure 24% above the 1953 high of 293.79. Federal Reserve credit policy. The Federal Reserve Board continued throughout 1954 the policy of relaxation of restraint on credit and money begun in May and June 1953. The rediscount rate was reduced from 2% to 1%% in February and to Il/2% in April. Reserves required against net demand deposits were reduced by two per­centage points during the year for central reserve city banks and by one percentage point for reserve city and country banks. Reserves required to be held against time deposits were reduced one percentage point for all mem· her banks. The net effect of these reductions was to free about $1.5 billion of reserves during the June 16-August 1 period. In addition, open market operations involving about $900 million of sales during the January·June period and $400 million of net purchases in June-October were engaged in with the overall object of producing an expansion and cushioning the effect of certain other actions. It might be added that the increase in stock mar­gin requirements in January 1955 was regarded in many quarters as intended to be admonitory not punitive. Treasury debt policy. In a statement to the Subcom­mittee on Economic Stabilization of the Joint Committee on the Economic Report, December 7, Secretary of the Treasury Humphrey said that Treasury debt management has been carefully planned to coordinate with Feder~l Reserve policies both to restrain inflation and to avoid CHANGES IN CONDITION OF WEEKLY-REPORTING MEMBER BANKS IN THE DALLAS DISTRICT Source: Board of Governors of the Federal Reserve System Percent chanire• Dec 1954 Dec 1954 Dec 1953 from from from Item Nov 1954 Dec 1953 Nov 1953 ASSETS Loans and investments ------­-----­ + 14 + 2 x Loans ----------­--------------­----­-·-----­ + 13 + 3 + 2 Total U.S. Government securities + 15 + 1 3 Treasury bills --------­----------------­ + 19 + 18 -16 Treasury certificates of indebtedness ------------------­ -46 + 5 Treasury notes --------------------­-­+ 25 Bonds -------------------·-----------------­-+ 34 x + 1 Other securities ----------­-­----------­ + 14 2 + 1 Reserve with Federal Reserve Banks ----­-­-----­--------------­- - 5 + 1 + 14 Cash in vaults --------------------­ + 2 + 7 0 Balances with domestic banks.... -16 + 1 + 18 LIABILITIES Total deposits (except interbank) + 7 x + 3 Demand deposits (adjusted) .... + 5 + 3 + 4 Time deposits --------------------------­ + 15 + 1 + 4 U.S. Government deposit•----· + 9 -41 -16 Interbank deposits ---------------­ + 4 + 7 + 10 Domestic banks --------­-------------­ + 4 + 7 + 11 Foreign banks -----------­------­---­ + 18 -13 - 8 CAPITAL ACCOUNTS ····-­ + 12 x x •Percentaire chanirea are baaed on the Wednesday nearest the end of the month. xChange is less than one-half of one percent. deflation. The Treasury has also worked toward a well­balanced structure of the debt with regard to the amounts outstanding in different maturity date categories. Inter­mediate-term bonds and notes which are attractive to commercial banks were offered during the recession in order to avoid competition for long-term funds. Funds of the latter type are needed to support expansion of cor· porate investments in new plants and in the housing mar­ket. The possibility of a new long-term federal bond issue has been mentioned in market circles recently. This pros· pect of further efforts on the part of the Treasury to place more of the debt in long-term issues means further compe­tition for available long-term credit. The result has been lower prices for federal issues in this category. In a recent policy statement the Committee for Eco· nomic Development made the following recommendations with regard to the composition of the debt: "l. The amount of very short-term marketable debt, due within one or two years, should be smaller. "2. Most of the increase to take the place of the reduced volume of short-term marketable debt should be in the marketable debt of intermediate term, say up to ten years. "3. The long-term marketable debt outstanding should be moderately larger. "4. A larger part of the total debt should be in the form of savings bonds." It is believed by the Committee for Economic Develop· ment that the debt structure resulting if these recom­mendations are put into effect would result in a more stable economy. Mr. Humphrey seems to have in mind the kind of debt structure advocated by the Committee for Economic Development. 13 Eleventh District banking. Weekly reporting mem­ber banks in the Eleventh District made substantial gains in 1954. Total loans and investments in December were 14% above December 1953. Loans showed a 13% im­provement. Deposits were 7% above 1953, and capital accounts were up by 12%. The overall result reflects a con­tinued healthy growth of the economy of the Southwest. Prospects are bright for a continuation and acceleration of this trend in growth of the banking industry in 1955. State finance. The steady increase in the cost of state government since the end of World War II continued through 1954, creating a critical problem for the mem· hers of the 54th Legislature. Revenue has not increased at as rapid a rate as expenditures, with the result that new sources of income must be found in order to avoid a de­ficit in the coming biennium. On the basis of existing legislation, a deficit of $26 million will occur unless tax rates are raised or new sources of revenue found. The in­validation of the gas gathering tax and the opposition to a sales or state income tax leave no important untaxed areas to be explored. The difficulty of the problem is illustrated by the fact that state revenue for the September I-December 31 period of 1954 was 13% below the corresponding 1953 period. A deficit is expected in February; however, the state is expected tq be out of the red by March or April. Only courageous action by the Legislature can keep the state from a recurrence of the financial difficulties of the 1930's. Strengthening of state securities regulations. Sec­retary of State C. E. Fulgham has proposed two steps de­signed to protect Texas investors: 1. Revision of the securities act. 2. Increasing the size of the staff of the state securities division and their salaries. Ahout one-quarter billion dollars in stock issues an­ nually is now evaluated by a staff of three persons. The result is a lack of the kind of intensive securities super­ vision needed to protect the public. Small security issues and those sold within Texas by corporations doing business wholly within the state are exempt from regulation by the Securities and Exchange Commission and are subject only to regulation by the state securities division. The volume of these issues is now so large as to require the corrective action sought by the Secretary of State. FRANCIS B. MAY Bureau of Business Research Services Texas Business Review of the Air A weekly digest of authoritative and timely business reports based on information from the Texas Busi­ness Review. Presented in cooperation with Radio House, The Uni­versity of Texas, this informative program may be heard on several major Texas radio stations. Call your local station for information TEXAS BUSINESS REVIEW (Continued from front cover.) former Carthage Hydrocol plant at Brownsville, but it is believed that operating difficulties will soon be overcome. If operation proves to be successful, this $50 million.plant may become one of the largest producers of petrochemi· cals in the United States. A recent survey conducted by the Manufacturing Chem­ists Association revealed that ,Texas now ranks fourth among the states as a producer of chemicals. The Asso· ciation survey found that expenditure for completed chem· icals plants in Texas for the 12 month period ending Oc­tober 31 totaled $227.4 million and that $344 million was definitely slated for new manufacturing facilities within the next three years. Thirty-one projects valued at $264.4 million are now under construction. Several others total­ing around $80 million have been announced. Of course, phenomenal growth in Texas chemicals pro­duction has been no accident. No other state possesses such a fortunate array or quantity of raw materials. Cur­rent expansions when completed should push Texas up to a second place ranking, and there seems to be little doubt that Texa5 will eventually take over the number one posi­tion as a chemicals producer. Not only is the chemicals industry growing rapidly here-it is diversifying. Two news bulletins of particular interest concerned the establishment of a plant at Riviera on Baffin Bay near Corpus Christi and Kingsville to re· cover minerals from sea water and the plans of American Lithium Chemicals to build a $6.5 million plant at San Antonio. ,The latter company is a subsidiary of American Potash and Chemical and Bikita Minerals. The end prod­uct of its plant will be lithium hydroxide, used in the atomic energy industry and in storage batteries, lubri· eating greases, and general chemicals. The major raw ma· terials will be ore imported from Rhodesia and limestone purchased in the San Antonio area. The Trace Elements Corporation plant at Riviera will concentrate compounds of iodine, bromine, flourine, and molybdenum from the highly saline waters of Baffin Bay for use in agriculture and medicine. Scientists know that sea water contains many useful substances, and the more of them that can be produced jointly in one process or series of processes, the more economically they can be extracted. Besides common salt, the waters of the sea are rich in such elements as magnesium and bromine, already being extracted in Texas by Dow Chemical; manganese; potassium; and smaller amounts of many other minerals including even copper, gold, and silver. The vast po ten· tialities of the seas for mineral production and as a source of food other than fish have barely been touched. The South ,Texas areas fronting on the warm, salty Gulf prob· ably have much to gain from technological research in the expanding fields of marine chemistry and biology. In fact that area already leads all others in the nation in the ex· traction of elements from sea water, and the advantages of a head start in this type of industry are likely to be· come increasingly apparent. Advances in the Texas petroleum refining industry dur· ing 1954 were also notable. Refiners, in Texas as else­where, have found that it is uneconomical to operate with out·moded equipment and that it is difficult to meet com· petition without substantial production. As a result many refineries have been modernized and have expanded out. put. Some small refineries have been shut down. Cracking processes have been streamlined, and polymerization and reforming improvements now enable the refiner to shuffie thoroughly the molecular structure of hydrocarbons. And today he can produce more or less of his products, often within wide limits, as market demand may dictate. At the beginning of 1954 the Texas Mid.Continent Oil and Gas Association announced that Texas refineries had a crude oil charge capacity of 2,332,907 barrels a day, some 28 % of the national total. Refining capacity here is consistently being upped at a faster rate than in the nation as a whole; and many thousand barrels of capacity were added during the year. This, despite the fact there is some evidence of decrease in the raw-materials orien· tation of the refining and petrochemicals industries as a whole. Texas may lose some of its former attractive power for these industries, but central location in the Gulf South· west region and in the South Central portion of the nation plus the availability of low-cost bulk shipment by tanker and barge should help the state to retain and even in­crease its high percentage of the nation's refining capacity. Then, too, inertia and the drawing power of the huge res· ervoir of technically trained personnel with refining and petrochemical know-how are other reasons why .Texas is likely to be in the forefront of these vital industries in the future. Furthermore, the tidelands off the Gulf Coast hold great promise for future production, thus adding to the vast reserves which the state already possesses. Expansions of natural gasoline facilities were wide· spread in 1954. It is difficult to obtain a total of capital expenditures for such plants, but at least $50 million was spent on new plant facilities during the year, and millions more are being spent on those still under construction. In some parts of the South, particularly in East Texas, three crops are emerging as a leading source of income. Many East Texas farmers are abandoning the raising of cotton on marginal lands and are putting their acreage into pastures or tree farms. Demand for saw timber is at a high level and is likely to remain so as long as the construction industry thrives. Demand for woodpulp is also high. The new $28 mil· lion plant of the East Texas Pulp and Paper Company at Evadale in the Sabine Area of Southeast Texas was placed in operation late in the year. The mill uses an average of 600 cords per day; thus Texas has still another outlet for its forest products. It is of interest that a considerable portion of the output at Evadale plant will be made into milk bottle stock, cup paper, folding carton and tag and file folder stock for sale in the southwestern market. Mean· while, a gigantic expansion program is underway at the Southland Paper Mill at Lufkin, and an enlargement of capacity of the Champion Paper and Fibre plant at Pasa· dena was recently completed. It is not unreasonable to as· sume that one or more paper and pulp mills will be erected in ,Texas during the next five years. (A large mill is now projected for southeastern Oklahoma.) Other new wood products processing plants include the Atlas Plywood plant at Center and the new Kirby Lumber Corporation sawmill at Silsbee. The latter plant will cost well over $10 million and will employ about 500 people. Previously Kirby operated five smaller mills; operations of the five will now be concentrated at the Silsbee plant. From there Kirby will supply a considerable portion of the woodchips used as raw materials for the pulping op· eration at the East Texas Pulp and Paper Company mill at nearby Evadale. Construction has been carried on at a high level in Texas for the past decade. As a result demand for con· struction materials is high. Most of tb.e cement producers in the state have added to their output through expanded capacity. Many brick plants are being enlarged. Typical of expansions in brick manufacture are those underway in Athens, Henderson, and El Paso. The sanitary ware factory of the Kilgore Ceramics Corporation has an en­largement program underway, and Grandview in the Dal­las-Fort Worth area is the proposed site for a factory slated to manufacture glass fibre for insulation. Expanded shale and clay aggregate plants are compara­ tive newcomers to the Texas construction materials indus· try. Output of thes~ materials is increasing rapidly, and there are several companies now producing expanded ag· gregates in Texas. Many of the largest buildings recently completed or under construction in l'exas are built with the use of such materials. Since the Texas aircraft industry produces chiefly for military needs, it is somewhat vulnerable to fluctuations in the volume of contracts channeled from the Depart­ment of Defense. Late in the year Chance Vought, employ­ing about 14,000 at Dallas, was notified that a contract for the production of a Navy plane had been cancelled. The company announced that a reduction in operating personnel would be necessitated by the contract cancella­tion. However, it is fortunate that the booming labor mar· ket in the Upper Trinity River industrial nucleus can ab­sorb those temporarily laid off from work at the Chance Vought plant. Quite likely the plant will be awarded other contracts in the near future, and full scale operation will be resumed. The company backlog is estimated at well over $200 million. Meanwhile, other aircraft manufac­ turers and subcontractors in the Dallas-Fort Worth area are driving ahead on present contracts and are retooling for others. Temco, operating at Dallas, Garland, and Greenville, has subcontracts on the Republic F-84 Thunderstreak, the Lockheed P2V Neptune, and the McDonnell F3H Demon among others. The company is converting C-97 Strato­ freighters into Air Force hospital planes and is retooling to produce major components for B-52's. l'emco employs about 8,000 workers. Convair at Fort Worth is preparing to build the frames for giant B-58 supersonic bombers, having recently com· pleted its B-36 contract. Other work underway at Convair includes production on a subcontract to build parts for a new jet bomber, flight testing a turbogrop transport, and the operation of a nuclear reactor. Although B-36 produc­ tion has been completed at Fort Worth, all planes of this type in service will be sent to Convair plant for modern­ ization, inspection, and maintenance every two years. Con­ vair employs about 18,000. Emphasis at the Texas Divi­ sion of Bell Aircraft in Fort Worth is now on the com· mercial production of helicopters; the company recently reported a 20% increase in its volume of commercial sales. However, the plant is busy on several military con· tracts, including one for the manufacture of helicopters specially constructed as sub-hunters. Employment at Bell averages around 3,800. Each of the major Texas aircraft manufacturers has spent a considerable sum for plant expansion and new equipment during 1954. Notable among expansions were the new $900,000 low-speed wind tunnel at Chance Vought and a $4 million expenditure at Convair. The Aircraft Industries Association recently announced that the manufacture of aircraft accounted for the largest manufacturing payroll in the nation and that 1955 was expected to be another good year. Texas ranks second only to California in aircraft production and employment, and the growth potentiality of the industry here is considered encouraging. Another transportation equipment development during 1954 was the opening of the General Motors dual-purpose assembly plant at Arlington in Tarrant County. While this plant is presently turning out Buick, Pontiac, and Olds· mobile cars, it can readily be converted to the emergency manufacture of aircraft. About 2,000 persons are em· ployed there. The Ford Motor Company assembly opera­tion in Dallas reached an all-time high production rate of 654 cars and trucks a day late in 1954. More than 2,700 persons are employed in the Ford assembly plant. Texas aircraft manufacturers do not confine themselves to the production of airframes and subcontracts. Millions must be funneled into research. Competition is severe in an industry which thrives on rapid obsolescence. Chance Vought recently received a $45 million contract for con· tinued developmental research on a Navy day fighter. Large amounts are also spent on guided missile research by both Convair and Chance Vought; the latter already produces the Regulus guided missile for the Navy. Of added interest is the letting of an $8 million contract for the jet assisted takeoff plant which Phillips Chemical will operate for the government at McGregor. In general the metals and metals fabricating industries had a good year. Cutbacks in national defense expendi­tures affected ordnance production adversely, and employ­ment declined to a figure somewhat below the 1953 level. There was some slowdown in the production of welded pipe awaiting further contracts expected to be forthcom· ing in early 1955. Alcoa placed its Rockdale reduction plant in full operation. Reynolds Metals has an alumina expansion program underway at LaQuinta. A three-year expansion program estimated to cost $3.5 million was an­nounced by officials of the Texas Aluminum Company. The company manufactures aluminum and extrusions at Rockwall near Dallas. A plant addition estimated to cost one million is already under construction. Cabot Shops at Pampa received a multimillion-dollar defense contract for gun tubes. Dow Chemical Company has renewed its lease on the government-)Wned magnesium plant at Ve­lasco. Operations there are expected to be maintained at present levels. Growth of steel capacity in Texas along with that of the light metals has been one of the highlights of industrial expansion here. In January 1939 total productive capac­ ity for steel in the state was only 4,905 tons. By January 1, TEXAS BUSINESS REVIEW 1954 it had risen to almost 1.8 million tons. The Southern steel producing district (including the states extending from Virginia through Oklahoma and Texas) now ac· counts for 5.6% of the nation's capacity' as compared with 3.8% in 1940. Much of the increase is due to expansion in Texas, particularly at Houston and Daingerfield, and in Alabama. Among the new metals fabricating plants established this past year or planned for the near future are: Marlow Pumps and Pittsburg Screw and Bolt at Longview, Berke· ley Pump at Amarillo, ARA Air Conditioners at Weather­ford, Coldtemp Automobile Refrigeration at Dallas, Na­tional Gas Equipment Company at Denison, National Steel Supply at Gainesville, Oil Well Supply at Garland, and Jones and Laughlin at Port Arthur. Rapid industrializa­tion here is creating l}uge new markets for metals fabri­cators. L. S. Paine of the Texas Engineering Experiment Station found through a recent survey that upwards of $1 billion is still being spent annually by ,Texas com­panies for metals fabricated outside the state. The Texas apparel industry, particularly dynamic since World War II, spawned many new plants in 1954. Most of these were built outside the major cities, with a fairly heavy concentration in North Texas. Williamson-Dickie will put a new plant into operation at McAllen in the Rio Grande Valley. Williamson-Dickie has other branch plants at Weslaco, Eagle Pass, and Uvalde in Southwest Texas. The company expects to expand its Eagle Pass operation during 1955. El Paso has made great strides in the men's and boys' clothing industry during the past few years. Seven com­panies each employ over 200 persons there; total employ­ment is estimated as 3,600, and the completion of several expansion projects now underway will raise the total num­ber to an even more impressive figure. Production of containers in an area is closely allied to the growth of local markets. Container Corporation of America, Gaylord Container Corporation, Continental Can, and other companies have had plants here for some time. Gaylord plans to move its San Antonio operation into a new $350,000 factory. Dairy-Pak and Kieckhefer will establish new milk carton plants at Fort Worth. and Garland respectively. Continental Can is expanding at Houston. Other companies fabricating containers in var­ious parts of the state are also going ahead with expan­sion programs. One type of container which is new to Texas is the polyethylene bag. Several companies in South Texas are fabricating bags of this ,Texas-made plastic for sale to vegetable processors in the area. Many' other industrial developments during the year were noteworthy. Expansions in food processing, furni­ture manufacture, the production of electronic, geophysi­cal and oil field equipment, and in many other types of manufacture were of interest. Texas has an estimated population of slightly over 8 million now; a total of at least 12 million is expected by 1975. Industrialization already proceeding here at a rapid rate may be forced to step up to an even faster pace dur­ing the next two decades. STANLEY A. ARBINGAST Rising output of Texas industry is keyed to the expansio.n of plants, development of new processes and resources, and near-capacity operation of existing facilities. II. Production boom: A strong, rapid, and expanding growth in mar­ket value, development ••. (Webster's) The dictionary editor who defined boom might almost have had Texas industry in mind as he wrote. Yet most Texans themselves are reluctant to use the term to de­scribe their condition. Whether the word has an unpleas­ant echo of 1929, or whether Texans are turning to a pol­icy of understatement would be difficult to say. But word by word, Webster's definition can be held up against the overall pattern of Texas industrialization for the past year -and the two fit. Strong . . . Texas' chemical production projects a greatly enlarged image of itself into the future. For a number of reasons the ,Texas Gulf Coast holds an exceed­ingly strong position in the strategy of industrial loca­tion. So long as water shipment has an economic edge over other modes of transporting heavy bulk commodities, a coastal site is advantageous. And the Texas coast is close, as ocean distances go, to both the industrial East of this country and the growing markets and mineral re­sources of the Caribbean and South America. Water shipment is well suited to most of the products of the major Texas chemical plants, especially if oil re­fineries are included in that category. (They logically might be but seldom are.) Only a handful of the major Texas chemical plants concentrate on producing goods for immediate consumer use, although the southwestern market is expanding steadily in size and in buying power. The most important Texas chemical products are still mainly heavy inorganics-acids, alkalies, and salts-or else intermediate organic chemicals that must be processed further before they reach the consumer market-bulk polyethylene and nylon salts, for example. During 1954, a quarter-billion dollars' worth of new manufacturing plants went into operation in the Gulf Coast area, mainly in Texas. And most of them were either refineries or chemical plants. Two projects built by Car· bide and Carbon Chemical Company represent an invest· ment of $133 million. The larger of them, at Seadrift, produces polyethylene and ethylene oxide. The other, a $60 million plant at Texas City, expands the company's production in the field of alcohols, acids, and aldehydes. Other enormous petrochemical plants were finished --------------·-------$ End-of-month deposits (thousands) tll----------·-$ Annual rate of deposit turnoverll---------------­ 18,338 30,350 12,197 16,514 9.0 + 79 + 17 -93 + 2 + 17 -8 + 24 + 4 + 5 $ 131,439 $ 2,870,794 $ 142,918 $ 15,105 9.5 $ 130,794 $ 1,004,200 $ 141,401 $ 14,263 9.9 x +190 + 1 + 4 ALPINE (pop. 5,261) Postal receipts·-·---------------·----·-·-----------------­ $ 6,329 +100 -5 $ 44,937 $ 44,792 x Building permits, less federal contracts_____________ $ 7,300 -88 $ 160,300 $ 173,300 Bank debits (thousands >--------·---------­ $ 2,359 x + 2 $ 24,990 $ 26,544 End-of-month deposits (thousands) tll----­ $ 3,979 -3 -10 $ 4,015 $ 4,197 4 Annual rate of deposit turnoverll-----­--- 7.0 0 + 13 6.2 6.3 2 Air express shipments______________________ 7 -81 -12 346 76 +360 AMARILLO (pop. 108,034r) Retail sales*-------­·------­---­ + 32 + 35 x Automotive stores•-------­------------------­ + 32 + 63 + 9 Department and apparel stores__________________ Food stores•----------------·-----·--------·-­ + 62 + 9 + 10 + Furniture and household appliance stores•__ _ + 13 + 13 -17 Lumber, building material, and hardware stores•----------------------·­ + 9 -16 Postal receipts..---------------·-------------------------­ $ 209,865 + 59 + 8 $ 1,542,176 $ 1,535,519 x Building permits, less federal contracts---·-----··· Bank debits (thousands> -----·--------------------­End-of-month deposits (thousandsltll­-----­ $ $ $ 1,076,292 155,357 11,112,502 -66 + 11 + 2 + 29 + 20 + 11 $ 19,811,467 $ 1,574,177 $ 102,356 $ 18,884,242 $ 1,562,396 $ 105,353 + + Annual rate of deposit turnoverlJ ___________ 16.8 + 8 + 9 15.4 15.4 Employmentl\ --···----------------------------------­ 44,400 + + 2 43,467 43,220 + Manufacturing employmentll.---··---·---------­Percent unemployedll -------·------------­ 4,760 5.0 ++ 6 0 4,724 5.5 5,080 5.0 7 + 10 Air express shipments_________________ 1,168 + 72 + 27 8,642 8,223 + 6 AUSTIN (pop. 168,500r) Retail sales·---·-··-·-···--·------··------------·-·--------­Automotive stores_____________________ + 22 -16 + 3 -20 x Department and apparel stores_______ _ + 58 - 8 2 Eatinir and drinking places______ - 8 + 7 + 18 Filling stations.·-----­-----------­Food store•··-··­·---------·---------------­--­ + 51 + 11 -21 + 12 + 21 + 9 Lumber, building material, and hardware stores________________ + 2 + 26 + 5 Postal receipts_·------------·------·-·----·-----­Building permits, less federal contracts.___________ $ $ 338,142 3,151,767 + 53 -20 + 6 + 99 $ 2,873,960 $ 45,122,900 $ 2,573,987 $ 29,755,333 + 12 + 62 Bank debits (thousands) ·-·----------------··-----··-----·-·-­ $ 129,073 + 14 + 12 $ 1,415,528 $ 1,300,116 + 9 End-of-month deposits (thousands) tll -----·-----­Annual rate of deposit turnoverU·---------------­ $ 119,053 18.2 + 4 + 10 + 13 4 $ 106,931 13.3 $ 104,297 13.2 + + Employmentl\ ----------------·--------­Manufacturing employmentl\ .-----·--·---------­Percent unemployedl\ ...----------------·---··----·----­Air express shivments___________________ 63,500 4,340 3.1 1,047 x 0 3 + 32 + 4 -1 -11 + 8 61,733 4,255 4.1 9,028 59,110 4,190 3.3 8,335 ++ 2 + 24 + 8 FEBRUARY 1955 Conditions Percent change Dec 1954 Dec 1954 J anuary-Deoember Dea from from City and item 1954 Nov 1954 Dec 1953 1954 1953 Percent change BAYTOWN (pop. 22,983) Postal receipt•-------------------------------------------------$ 34,635 +130 + 7 $ 206,993 $ 197,330 + contracts____________ Building permits, less federal $ 269,170 -35 + 91 $ 3,151,906 $ 2,959,790 + 6 Bank debits (thou.ands)--------------------------$ 17,963 + 14 6 $ 201,353 $ 220,106 9 End-of-month deposits (thousands) tll----------$ 21,214 8 2 $ 20,785 $ 20,084 + 3 Annual rate of deposit turnoverH-------------10.0 + 8 8 9.7 11.0 -12 Employment (area) 11-----------------376,100 + 2 + 3 360,867 356,680 + 1 Manufacturing employment (area) 11-------------80,600 0 x 80,833 83,820 -4 Percent unemployed (area) 11-------------------------3.6 8 + 9 4.1 3.1 + 32 BEAUMONT (pop. 104,416r) Retail sales•----------------------------------------­ + 27 + 5 - 7 Automotive stores•---­------------------­ + 7 + 11 - 12 Department and apparel stores____________ + 74 + 3 x Eating and drinking places•------------­ + 10 - 11 Food stores•------------------------------------­ + 5 + + General merchandise stores•----------------------­ + 74 + 2 Lumber, building material, and hardware stores*--------------­ - 25 + 7 Postal receipts-----------------------------·---­Building permits, less federal contracts____________ $ $ 153,262 383,220 + - 91 32 + x 37 $ $ 1,052,335 7,523,670 $ $ 1,014,744 8,050,956 + 4 7 Bank debits (thousands) --------------------------­ $ 125,015 + 1 - 10 $ 1,395,209 $ 1,572,331 - 11 End-of-month deposits (thousands) ti!---------­----­ $ 104,727 + 2 x $ 97,423 $ 96,633 + 1 Annual rate of deposit turnoverll-----------------­-­ 14.4 - 12 14.3 16.6 4 Employment (area) 11 ----------------------------------­ 80,800 + + 2 79,214 78,970 x Manufacturing employment (area) 11 ------------­ 25,940 x - 2 26,425 26,520 x Percent unemployed (area) 11 ----------------­Air express shipments_________________ 6.3 543 + 6 28 + + 13 51 7.0 3,980 5.3 3,264 + + 82 22 BEEVILLE (pop. 10,500) Postal receipts_____________________________________________________ $ 13,072 + 90 + 17 $ 91,426 $ 81,858 + 12 Building permits, less federal contracts_____________ $ 499,326 +190 +5050 $ 4,002,803 $ 844,677 +1060 Bank debits (thousands) ----------------------------------­End-of-month deposits (thousands) tU ---------­ $ $ 8,197 12,826 + 18 -2 + 19 + 4 $ $ 85,023 12,248 $ -$ 76,842 12,08( +11 + 1 Annual rate of deposit turnoverU-----------------­Air express shipments_________________ 7.6 21 + 12 -5 + 13 + 50 6.9 177 6.4 117 + + 8 51 BIG SPRING (pop. 20,654r) Retail sales--------------------------------------­-------­----------­Department and apparel stores__________________ Drug stores_________________________________ + 83 +102 + 61 + 30 + 2 x + + 2 1 Postal receipts________________________________________ Building permits. less federal contracts______________ $ $ 84,110 606,285 + 96 + 65 -11 +2160 $ $ 233,780 3,125,930 $ $ 229,218 2,300,320 + + 2 36 Bank debits (thousands) ----------------------------­ $ 24,210 4 + 16 $ 255,644 $ 242,266 + 6 End-of-month deposits (thousands) t 11-------------­ $ 26,921 + 4 + 12 $ 23,980 $ 23,064 + 4 Annual rate of deposit turnovern---------·-----­ 11.0 + 8 + 5 10.7 10.5 + 2 Air express shipments----------------------------------­ 60 + 30 + 13 455 651 - 28 BROWNSVILLE (pop. 36,066)Retail sales•__________________________ + 41 + 24 2 Automotive stores•------------------­ + 33 + 48 x Lumber, building material, and hardware stores•--------------------------­ + 46 + 44 Postal receipts_________________________ Building permits, less federal contracts______________ Air express shipments________________________________ $ $ 35,053 95,090 240 + + - 60 8 6 -4 +490 -43 $ $ 275,564 1,367 ,666 3,400 $ $ 262,423 2,899,447 4,853 + -- 53 30 BRYAN (pop. 18,102) Retail sales*-------------------------­Automotive stores• Department and apparel stores___________ + + + 32 30 92 + - 9 3 3 7 Food stores•------------------------­Postal receipts_________________ Building permits, less federal contracts________ Air express shipments_____________________ $ $ 30,197 197 ,180 35 + + + - 3 70 52 15 + + + 6 98 59 $ $ 229,425 4,013,770 338 $ $ 211,286 2,337,038 246 -+ + + 14 9 72 37 TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change City and item Dec 1954 Dec 1954 from Nov 1954 Dec 1954 from Dec 1953 1954 January-December 1953 Percent change BORGER (pop.18,159) Postal receipt•------------------------­ 25,197 + loo - 8 $ 162,014 $ 160,877 + 1 Building permits, less federal contracts_____ $ 105,900 + 53 +670 $ 1,062,183 $ 1,015,850 + 6 Bank debits (thousands) ------------­ - $ 13,663 + 7 + 17 $ 142,806 End-of-month deposits (thousands) t ll-----­- $ 15,483 + 18 + 9 $ 13,708 Annual rate of deposit turnoverlJ _________ 11.5 + 6 10.4 Air express shipments_______________ 48 + 2 -23 523 667 - 22 BRENHAM (pop. 6,941) Postal receipts_______________________________ $ 11,757 +120 + 7 $ 76,666 $ 78,332 2 Building permits, less federal contracts_____ $ 63,337 + 32 + 89 $ 773,606 $ 767,910 + Bank debits (thousands) ---------------­ $ 6,176 3 + 7 $ 73,567 $ 71,244 + End-of-month deposits (thousands) tll $ 11,700 + 3 + $ 10,893 $ 10,678 + 2 Annual rate of deposit turnoverll-----­---­ 6.4 4 + 3 6.8 6.7 + BROWNWOOD (pop. 20,181) Retail sales____________ _ _ ___ + 48 1 7 Automotive stores. + 7 2 Department and apparel stores_ ____ Postal receipts______________________ $ 27,461 + + 79 91 + 3 6 $ 202,592 $ 190,756 + x 6 Building permits, less federal contracts_____ $ 22,112 - 29 - 70 $ 1,240,007 $ 497,221 +150 Bank debits (thousands) --------­End-of-month deposits (thousands)tlJ_ _ ___ $ $ 9,897 14,139 + + 9 3 + - 11 2 $ $ 112,110 13,536 $ $ 107,211 13,124 + 5 + 8 Annual rate of deposit turnover/I-----­---Air express shipments_______________ 8.5 24 + - 8 14 + - 12 20 8.3 287 8.2 241 + + 1 19 CHILDRESS (pop. 7,619) Retail sales•---------------------­Department and apparel stores_________ Filling stations*-------------­Food stores•-----­----------­ + 24 + 64 -5 -15 + 7 + 10 + 4 -11 + 9 Lumber, building material, and hardware stores•----­----­-­Postal receipts___________________ Building permits, less federal contracts______ $ $ 8,095 29,175 + 24 + 64 -5 + 42 -2 +6380 $ $ 57,642 193,890 $ $ 5!,972 359,162 + - 46 CORPUS CHRISTI (pop.122,956°) Retail sales --­-------­ -----­ + 51 + 2 Apparel stores_________________ + 53 - 4 + Department storest­-----------­--­ + 76 + 12 + Lumber, building material, and hardware stores._____________ Postal receipts__________________ $ 213,228 -3 + 73 + 66 -3 $ 1,578,485 $ 1,475,807 + + 7 Building permits, less federal contracts______ $ 2,291,484 -22 -57 $ 34,219,916 $ 30,998,946 + 10 Bank debits (thousands ) ----------------­ $ 117,368 -26 -18 $ 1,871,735 $ 1, 765,339 + 6 End-of-month deposits (thousands)tJI____ $ 120,683 + 1 + 12 114,847 109,733 + 6 Annual rate of deposit turnover/I ...______ 17.8 + 14 + 11 16.4 16.5 Employmentll --------------­---­ 62,500 + + 2 61,292 60,730 + Manufacturing employmentll------------­ 8,030 0 + 4 7,953 7,470 + 6 Percent unemployedll-----­--------­ 5.3 + 4 + 2 5.8 4.7 + 23 Air express shipment.a ..___________ ______ 848 + 44 + 38 5,936 5,295 + 12 CORSICANA (pop. 19,211) Department and apparel store sales. _____ + 84 -3 + 2 Postal receipts___________________ $ 73,037 +220 + 81 $ 241,890 $ 202,049 + 20 Building permits, less federal contracts.____ $ 50,325 -29 -51 $ 920,752 $ 749,615 + 23 Bank debits (thousands) -------------­ $ 17,046 + 40 + 3 $ 162,877 $ 163,628 x End-of-month deposits (thousands) l: ll----­ $ 22,690 + 4 + 1 $ 21,236 $ 20,852 + 2 Annual rate of deposit turnoverll-----­ 9.2 + 35 + 3 7.7 8.0 FEBRUARY 1955 LOCAL BUSINESS CONDITIONS Percent change Dec 1954 Dec 1954 January-December City and item Dec 1954 from Nov 1954 from Dec 1953 1954 1953 Percent change DALLAS (pop. 538,924u) Retail sales*----------------·­------­------­ + 66 + 11 + Apparel stores•--­----­---­--­-------------­ + 61 + 3 + 1 Automotive stores•--------------­---------------­- + 74 - 26 + 2 Department storest----·-------------­ + 62 + 11 + 1 Eating and drinking places•-------·­ + 8 + 11 1 Filling stations•··········-···-··---··--····-----··­··-­ + 6 x + 2 Food stores•----------------------------------------­ + 10 + 26 + 3 Furniture and household appliance stores•-­ + 38 + 12 - 10 General merchandise stores*--------------------­ + 66 + 24 - 1 Lumber, building material, and hardware stores•-----------­------­-----­ + 7 + 63 + 12 Office, store, and school supply dealers•---­ + 30 + 19 - 5 Postal receipts--------------------­-----------­--­ $ 2,129,888 + 27 - 2 $ 1,934,839 1,829,169 + 6 Building permits, less federal contracts.... ·---·-····· $ 10,238,421 -16 + 64 $141,453,751 $107,221,610 + 32 Bank debits (thousands) ···-·--·-··-·····-·-·--· $ 2,368,453 + 28 + 12 $ 21,494,670 $ 19,846,785 + 8 End-of-month deposits (thousands) tll---·­ $ 1,042,966 + 9 + 10 $ 931,347 $ 918,617 + Annual rate of deposit turnoverll.--·······-·-···-···-·­ 28.4 + 21 + 3 23.1 22.7 + 2 EmploymentII -----------------------------­----------­ 315,400 + 1 + 1 307,433 305,770 + 1 Manufacturing employmentl[ ....------­ 78,600 x 76,948 Percent unemployedl[ ... -······-··---····--···-·-··-­ 2.4 -11 + 9 3.1 2.2 + 41 Air express shipments--------------­------­--------------­ 13,569 + 14 + 37 119,300 104,627 + 14 DELRIO (pop.14,211) Postal receipts·--------------------------------------------$ 18,024 + 78 -2 $ 127,576 $ 117,998 + 8 Building permits, less federal contract•-·-··········· $ 89,815 +310 + 23 $ 1,104,497 $ 621,449 +no Bank debits 1 (thousands) -----·-·--·-··-­$ End-of-month deposits (thousands) tll -----··­$ Annual rate of deposit turnoverl[ ...-····--·-··-···--··· 7,681 11,251 8.2 + 3 1 + 5 + 2 + 10 -7 $ 90,164 $ 10,959 8.2 $ 90,817 $ 10,152 9.0 + 8 9 DENISON (pop. 17,504) Retail sales•--------------------­----------­Department and apparel stores·----···---····· Postal receipts.---------------------­-­$ Building permits, less federal contracts.._._____ $ Bank debits (thousands) ··-····-··-······-··--·····--··· $ End-of-month deposits (thousands) t 11 ---····--·-··· $ Annual rate of deposit turnoverl[._________________ 24,531 372,742 14,698 20,075 9.0 + 53 + 80 + 90 -7 + 33 + 6 + 18 + + + 1 +250 + 24 + 2 + 23 $ 167,630 $ 2,009,841 $ 148,622 $ 18,613 8.0 $ 159,479 $ 1,887,637 $ 131,653 $ 17,212 7.9 4 x + 5 + 6 + 13 + 8 + 1 DENTON (pop. 21,372) Postal receipts____..:.___________________________ $ Building permits, less federal contracts. _________ $ Bank debits (thousands) ········--········-···-·-······-·· $ End-of-month deposits (thousands) tll ----$ Annual rate of deposit turnoverll-----·-·--··· EAGLE PASS (pop. 7,276) Postal receipts______________________________ $ Building permits, less federal contracts.. ________ $ Bank debits (thousands) ···-··-·-·····--···---··­$ End-of-month deposits (thousands) t ll-----··· $ Annual rate of deposit turnoverll ------··-········· EL PASO (pop. 182,505r) Retail sales•-----------------­------­Department and apparel stores___________ Drug stores•----·--·-···------------······-··· Furniture and household appliance stores*---­Lumber, building material, and hardware stores*------------------­Postal receipts_____________________________________ $ Building permits, less federal contracts_________ $ Bank debits (thousands) -····--··------··--· $ End-of-month deposits (thousands) t ll---·-·· $ Annual rate of deposit turnoverl[.___________ EmploymentII -----------·--­------------­Manufacturing employmentl[ ________ 33,875 158,950 15,724 14,829 11.7 8,772 21,482 3,886 3,963 12.2 335,444 3,085,007 250,637 135,567 22.6 74,400 11,530 + 78 -6 + 28 -16 + 26 + 92 -41 + 3 + 8 2 + 46 + 51 + 55 + 52 + 39 + 56 + 26 + 13 + 3 + + 2 + 16 +240 + 31 + 6 + 15 + 6 -32 + 6 + 7 + + 25 + 31 -19 + 37 + 119 + 2 +260 + 10 + 2 + + 5 + 6 $ 263,663 $ 2,095,675 $ 137,624 $ 14,301 9.6 $ 61,037 $ 673,233 $ 42,925 $ 3,622 11.9 $ 2,485,906 $ 29,732,961 $ 2,376,766 $ 124,005 19.2 71,276 11,080 $ 232,125 $ 1,359,647 $ 126,107 $ 13,596 9.3 $ 60,924 $ 639,404 $ 40,704 $ 3,502 12.3 $ 2,328,005 $ 19,198,971 $ 2,478,371 $ 129,108 20.5 69,740 10,674 + 14 + 54 + 9 + 5 + 3 x -10 + + 3 3 -1 + 17 + 9 -27 -14 + 7 + 55 4 4 + 2 + 4 Percent unemployedll.--·---------·-4.1 0 0 4.6 Air express shipments-------------------------------2,143 + 19 + 16 20,133 18,833 + TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change City and item Dec 1954 Dec 1954 from Nov 1954 Dec 1954 from Dec 1953 1954 January-December 1953 Percent change EDINBURG (pop. 15,993r) Postal receipts_______________________________ Building permits, less federal contracts____________ $ $ 14,469 76,025 + 93 + 28 x +3340 $ $ 101,335 641,848 $ $ 97,215 349,718 + 4 + 84 Bank debits (thousands) ----------­------------­End-of-month deposits (thousands) t ll-------------­Annual rate of deposit turnoverll -------····-­Air express shipments---­-------------------------------­ $ $ 7,837 7,891 12.9 8 + 24 + 18 + 12 + 14 -6 -25 + 30 -58 $ $ 92,214 8,630 10.7 111 $ $ 101,063 9,690 10.4 143 -9 -11 + 3 -22 FORT WORTH (pop. 315,578u) Retail sales•··----------··-··---­---------­-----­Apparel stores•--------------······------­------­­Automotive stores•-----­--------­---­Department stores t--------------­----­----­Drug stores•---­----­----------­-------­Eating and drinking places•---·­-·-···­­Filling stations•----­---------­------­­Food stores•----------­---­---------------­ + 16 + 61 + 20 + 56 + 22 + 3 + 3 + 21 + 12 -8 + 46 + 7 -3 + 2 + 26 -1 + + 9 + 28 -5 Fumiture and household appliance stores..... + 22 -82 -17 Lumber, building material, and hardware stores•________________ Postal receipts________________ __ __________ _ _ __ Building permits, less federal contracts--------······­Bank debits (thousands) ----------·-·-····-------­End-of-month deposits (thousands) tll ------­Annual rate of deposit turnoverll-----······-···­Employmentll ---------------­-----­-----­--­Manufacturing employmentll-----­----­Percent unemployed11-----------·-···­---·--·-··-··· Air express shipments____________ ____________ _______________ $ $ $ $ 842,954 4,719,939 669,323 345,879 23.2 181,500 53,075 4.3 2,393 -12 + 43 + 58 + 30 + 3 + 30 + 1 x 2 + 33 + 25 -2 +zoo + 16 + 2 + 11 + 5 + 5 -7 + 18 6,471,075 $ 46,885,083 $ 6,413,989 $ 336,287 19.l 175,150 52,440 5.0 21,332 $ 6,217,269 $ 48,141,164 $ 6,240,560 $ 344,987 19.0 172,890 53,100 4.3 21,973 + + + + + + 1 + 16 -8 GALVESTON (pop. 71,527u) Retail sales__·-·-··--·-------------------------­----­-Department and apparel stores_________________ + 40 + 72 x 4 -- 8 7 Food otores..·-­------------­---­------­------­ + 8 + 43 + 27 Lumber, building material, and hardware stores____________________________ -27 + 1 - 19 Postal receipts-------------·----------·--·····--··--··· Building permits, less federal contracts_________________ $ $ 111,436 418,645 + 48 + 6 -2 + 72 $ $ 856,936 5,918,546 $ $ 834,679 4,731,829 + 3 + 25 Bank debits (thousands) ------------·--·-·-··---------­ $ 91,976 + 20 + 16 $ 912,705 $ 911,658 x End-of-month deposits (thousands) tll ---­----­----­Annual rate of deposit turnoverll---------·-------­Employment (area) 11 ---·---------···-·--··-------------­Manufacturing employment (area) 0--------­-­Percent unemployed (a.real 11----------­-----------· Air express shipments------------------­--------------­ $ 68,505 15.7 46,000 11,630 5.9 589 -4 + 20 + 1 + 2 -2 +loo -16 + 33 -1 + 4 + 44 + 15 $ 70,256 12.9 45,004 11,061 6.0 4,456 $ 84,408 11.9 47,860 11,580 3.7 5,187 -17 + 8 -6 -4 + 62 -14 GARLAND (pop.10,570) Postal receipt•----------······-··----------------------$ 24,784 + 88 + 11 154,778 $ 132,247 + 17 Building permits, less federal contracts-·-··-···-··---$ 4,628,576 +230 +2230 $ 12,945,468 $ 6,705,099 + 93 Bank debits (thousands ) ·--···---------------------········· $ 11,544 + 9 + 20 $ 126,911 $ 112,855 + 12 End-of-month deposits (thousands ) tll ----------$ 12,533 + 9 + 15 $ 10,889 $ 9,501 + 15 Annual rate of deposit turnoverll -----·-···--··------11.5 + + 6 11.7 12.2 -4 GLADEWATER (pop. 5,305) Postal receipts_________________________________________ Building permits, less federal contracts_____________ $ $ 9,829 80,000 + 99 + 6 -50 $ $ 64,598 1,272,900 $ $ G4,027 639,550 + 1 + 99 Ba nk debits (thousands ) --·-···--------------------------· $ 4,222 + 18 -22 $ 47,340 $ 52,391 -10 End-of-month deposits (thousands) t ll-----------··· Annual rate of deposit turnoverll ------·---··------·­ $ 4,442 11.4 x + 20 -9 -15 $ 4,274 11.1 $ 4,614 11.4 -- 7 3 Employment (area) 11 --·-·······-·--·-···--·-··--·-···--·· 24,200 + 1 23,958 Manufacturing employment (area) 11 ---------­Percent unemployed (area) 11-----·-----------­Air express shipments______________________ 3,800 5.1 5 x -14 -17 + 21 -37 3,937 5.4 53 51 + 4 GOLDTHWAITE (pop.1,566) Retail sales*-----------------------------------------­+ 2 Postal receipts_______________________ $ 3,956 +240 + 8 $ 21,481 20,661 + 4 Ba nk debits (thousands>-----·-···------------$ 2,006 2 + 16 $ 30,574 28,283 + 8 End-of-month deposits (thousands) t ll-----·-------$ 3,217 3 + 3 $ 3,203 2,774 + 15 Annual rate of deposit tumoverll----······---·-··----··-7.6 + 9 9.5 10.3 -8 FEBRUARY 1955 LOCAL BUSINESS CONDITIONS Percent change Dec 1954 Dec 1954 January-December Dec from from City and item 1954 Nov 1954 Dec 1953 1954 1953 Percent change GONZALES {pop. 5,659) Poetal receipts-------------------------------------------$ 11,028 + 84 + 30 $ 61,177 $ 59,672 + 3 Building permits, less federal contracts_________________ $ 32,100 +920 + 11 $ 223,956 $ 253,291 -12 Bank debits (thousands> --------------------------------$ 6,361 + 10 + 9 $ 68,989 $ 58,302 + 1 End-of-month deposits $ 6,021 3 $ 5,828 $ 6,097 (thousands) tJI ________________ • Annual rate of deposit turnoverJI ______________________ 10.5 11 2 10.1 9.6 5 + + GREENVILLE {pop. 12,500r) Retail sales•------------------------------------------------------­ + 23 + 15 Automotive stores•---------------------------­-----­ + 15 + 33 Department and apparel stores____________________ + 65 + 4 + 2 Drug stores•-----------------------------------­ + 47 + 16 Food a tores*---------------------------------­ + 23 6 Lumber, building material, and hardware stores•---------------­------­-------------­ -s 5 Poetal receipts------------------------------------------­Building permits, less federal contracts_____________ $ $ 30,028 60,470 + 64 -58 + 5 +260 $ $ 221,768 1,271,476 $ $ 207,929 894,640 + + 7 42 Bank debits (thousands) ---------------------------­ $ 12,680 + 7 5 $ 144,867 $ 144,921 x End-of-month deposits (thousands) t11----------­ $ 16,641 + 1 6 $ 16,440 $ 13,652 + 13 Annual rate of deposit turnoverJI ___________________ 9.8 + 7 9.4 10.8 - 13 HARLINGEN {pop. 30,038r) Postal receipts.---------------------------------------­ $ 43,652 + 70 + 1 $ 323,316 $ 303,995 + 6 Building permits, less federal contracts·----------·--··­ $ 192,700 +210 +320 $ 3,698,456 $ 2,063,682 + 79 Bank debits (thousands) ·-·--·-----···--·--------·-----··-·-­End-of-month deposits (thousands) tJI _____________ $ $ 28,613 22,432 + 9 + 2 + 18 + 21 $ $ 877,438 21,328 $ $ 324,235 19,359 + 16 + 10 Annual rate of deposit turnoverll --------------------·­Air express shipments____________________________________________ 15.4 268 + 10 + 9 -2 + 14 17.7 2,812 16.6 1,162 + 7 +140 HENDERSON {pop. 6,833) Retail sales•-·------·-·---------··-----------------------------------­ + 10 - 8 2 Automotive stores*------------------------­ 9 + 12 2 Filling stations*----------------------------------------­ + 6 - 13 s Food stores*-----­--------------------­------------------­ + 21 - 13 7 Furniture and household appliance stores•._ + 5 + Postal receipts----------------------------------------------------­ $ 12,946 + 73 - 15 $ 97,228 $ 97,161 x Building permits, less federal contracts---·----·-······­ $ 29,970 - 73 + 30 $ 929,685 $ 760,336 + 24 Bank debits (thousands) ------·-----------------·----··---­ $ 6,998 + 30 11 $ 70,120 $ 71,336 2 End-of-month deposits (thousands) t11-­---------·· $ 14,469 - 1 x $ 13,770 $ 14,028 + 2 Annual rate of deposit turnoverJI---·--------·-------·-·­ 5.8 + 32 11 6.1 5.1 0 HOUSTON (pop. 700,508u) Retail sales fi ---·----··------------------··--·--------·----------------·--· + 34 + 13 x Apparel storesn·---·-··----···--------·----·-------,----·-·­Automotive storesfi ----------------------------------------­ + + 47 30 -+ 2 43 5 2 Department storest·--·-·-----------------------------­ + 56 + 6 0 Drug storesfi----------·----------···---­ + 26 + 23 + 4 Eating and drinking placesfi---------···-------­ + 9 + 5 x Filling stationsfi--------·--------------·-----------­ + 1 + 3 + 10 Food storesn···------------------------·---------­ + 43 + 5 x Furniture and household appliance storesfi____ + 12 + 2 + 3 General merchandise storesU-------------------­--······· + 59 + 9 + 1 Liquor storesfi-------------·-------------------·---------··---­ + 86 3 Lumber, building material, and hardware storesn·----------------­ - 11 + 26 + 14 Postal receipts.------------------­ $ 1,604,995 + 66 + 2 $ 12,380,956 11,444,651 + 8 Building permits, less federal contracts------···-----­ $ 12,324,640 " + 37 $165,297,998 $180,212,636 + 27 Bank debits (thousands) -----------------------·---·------­End-of-month deposits (thousands) tJI _______________ $ 2,181,280 $ 1,218,109 + + 26 6 + + 16 6 $ 21,219,565 $ 1,120,188 $ 20,163,255 $ 1,105,774 + + 5 1 Annual rate of deposit turnoverJI .. ·---------­------·--··· 22.1 + 21 + 11 19.0 19.0 0 Employment (area) JI-----·--------------·----·-·-------­ 376,100 + 2 + 3 360,867 356,680 + Manufacturing employment (area) JI --·-------­ 80,600 0 x 80,833 83,820 ( Percent unemployed (area) JI----------··-·--------·­ 3.6 3 + 9 4.1 3.1 + 32 Air express shipments·------------­---------------------­ 6,111 + 29 + 14 64,655 54,548 x HEREFORD (pop. 5,202) Poetal receipts .. ·---------------------------------------­ $ 11,263 + 78 + 2 $ 71,186 $ 69,843 + 2 Building permits, less federal contracts________________ $ 78,000 - 22 +no $ 1,564,660 $ 1,226,619 + 28 Bank debits (thousands) --·-·----------------·---­ $ 11,175 - 17 + 26 $ 102,307 s 97,173 + 6 End-of-month deposits (thousands) tIl---------·­ $ 10,860 + 1 + 9 $ 9,523 s 9,006 + 6 Annual rate of deposit turnoverll -----------------­ 12.4 - 21 + 10 10.7 10.8 TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Dec Dec 1954 from Dec 1954 from J anua.ry.December City and item 1954 Nov 1954 Dec 1953 1954 1953 Percent change JASPER (pop. 4,403) Retail •ales*-----------------------+ 23 -3 + 12 Postal receipts----------------------------------------------$ 7,108 + 28 -11 $ 55,091 $ 50,708 + 9 Bank debits (thousands) ------------------------------$ 5,064 + 14 + 12 $ 54,293 $ 51,549 + 5 End-of-month deposits $ 6,616 + 12 + 17 $ 5,897 $ 5,349 + 10 (thousands ) ;n _____-___ Annual rate of deposit turnoverll---------------9.7 + 10 -2 9.2 9.6 -4 KERMIT (pop. 6,912) Postal receipts__________________________ $ 9,437 + 82 + 2 $ 65,613 $ 62,465 + 5 Building permits, less federal contracts________ $ 20,875 -74 +500 $ 1,142,446 $ 171,300 +570 Bank debits (thousands) ------------------------­ $ 3,244 3 + 15 $ 36,500 $ 39,274 -7 End-of-month deposits (thousands ) ; 11-----­ $ 3,531 2 + 19 $ 3,086 $ 3,444 -JO Annual rate of deposit turnoverll-------------­ 10.9 2 - 3 11.8 11.3 + 4 KILGORE (pop. 9,638) Postal receipts---­-----------­- - $ 19,348 + 60 - 9 $ 140,848 $ 138,206 + 2 Building permits, lesa federal contracts_________ $ 96,951 + 53 +240 $ 944,102 $ 329,500 +190 Bank debits (thousands) --------------------------­ $ 13,293 + 8 + 1 $ 154,161 $ 157,250 2 End-of-month deposits (thousands ltll-----­ $ 15,690 + + 3 $ 14,839 $ 14,878 x Annual rate of deposit turnoverU------------­ 10.4 + 5 + 4 10-4 10.6 Employment (area) 11 -------------------------­ 24,200 + 1 23,958 Manufacturing employment (area) 11----------­ 3,800 x 3,937 Percent unemployed (area) 11-----------­ 5.1 - 14 + 21 5.4 Air express shipments______________ 30 - 14 + 3 258 200 + 29 K.IlLEEN (pop. 7,045) Postal receipts___________________ $ 45,672 + 41 + 49 $ 327,322 $ 205,820 + 60 Building :permits, less federal contracts__________ $ 1,472,770 +260 +3030 $ 7,299,673 $ 661,746 +1000 Bank debits (thousands) ---------------­ $ 7,865 + 9 + 76 $ 75,141 $ 52,281 + 44 End-of-month deposits (thousands) <11-----­ $ 6,363 + 9 -36 $ 8,989 $ 9,539 -6 Annual rate of deposit turnoverll---­-------­ 15.5 0 + 180 8.4 5.3 + 58 LAMESA (pop.10,704) Poetal receipts--------------------­Building permits, less federal contracts____________ $ $ 13,027 12,200 + - 59 75 -- 9 60 $ $ 95,686 231,450 $ $ 91,805 561,750 + - 4 59 Bank debits (thousands) -----------------------­ $ 13,244 - 27 + 62 $ 112,914 $ 90,399 + 25 End-of-month deposits (thousands) <11------$ 14,518 - 2 - 23 $ 11,386 $ 12,322 - 8 Annual rate of deposit turnoverll ­-----------­ 10.8 - 32 + 30 9.9 7.2 + 38 LAMPASAS (pop. 4,869) Retail sales* + 12 + 2 Poetal receipts -----------------------­Building permits, leas federal contracts____________ $ $ 6,974 66,600 + 94 +100 + 2 +280 $ $ 46,713 658,250 $ $ 43,891 245,415 + 6 +170 Bank debits (thousands) ---------------------­ $ 4,261 + 6 + 32 $ 49,241 $ 44, 701 + 10 End-of-month deposits (thousands) t 11-----­ $ 6,682 + 3 + 5 $ 6,510 $ 6,480 x Annual rate of deposit turnoverll----------------­- 7.8 + + 26 7.6 6.9 + 10 LAREDO (pop. 59,350r) Postal receipts_____________________ $ 38,634 + 61 - 4 $ 305,569 $ 265,703 + 15 Building permits, less federal contracts________________ $ 52,475 + 15 + 18 $ 717,720 $ 1,074,900 - 33 Bank debits (thousands) -----------­-------------­ $ 21,336 + 12 + 1 $ 228,934 $ 243,286 + End-of-month deposits (thousands) <11-------­ $ 19,235 + 2 x $ 18,497 $ 19,926 - 7 Annual rate of deposit turnoverll----------------­ 13.4 + 11 0 12.4 12.8 - 3 Air express shipments.-----------------------------------­ 214 + 27 1,786 2,163 - 17 LLANO (pop. 2,954)Postal receipts_________________________ $ 3,336 +210 + 7 $ 24,266 $ 22,563 + 8 Building permits, less federal contracts________________ $ 62,500 +a8o $ 166,500 $ 134,000 + 24 Bank debits (thousands ) ------------------------­ $ 2,109 6 + 2 $ 27,515 $ 26,768 + 3 End-of-month deposits (thousands) <11 ---------­ $ 3,559 1 x $ 3,574 $ 3,517 + Annual rate of deposit turnoverll-----------------------­ 7.2 3 + 4 7.7 7.6 LOCKHART (pop. 5,573)Dep&rtment &nd apparel store sales_________________ + 57 -1 - 1 Postal receipts-----------------------------------­ $ 6,151 + 72 + 2 $ 45,599 $ 40,828 + 12 Building permits, less federal contracts______________ $ 13,200 + 10 -53 $ 194,405 $ 206,065 6 Bank debits (thousands> --------------------------­ $ 3,116 2 + 7 $ 37,093 $ 38,695 End-o!-month deposits (thousands) <11----------­Annual rate of deposit turnovern-----------------------­ $ 5,058 7.3 2 1 -8 + 14 $ 4,879 7.6 $ 4,991 7.8 FEBRUARY 1955 LOCAL BUSINESS CONDITIONS Percent chaLge Dec 195' Dec 1954 January-December Dea from from City and item 1954 Nov 1954 Dec 1953 1954 1953 Percent chana-e LONGVIEW (pop. 34,328r) Building permits, less federal contracts____________ $ 1,791,975 +620 +120 $ 5,829,441 $ 4,407,682 + 32 Bank debits (thousands) ---------····-·····--------$ 35,231 + 14 + 6 $ 378,624 $ 392,869 4 End-of-month deposits (thousands) t 11---------$ 38,632 + 8 + 3 $ 84,828 $ 36,925 + 6 Annual rate of deposit turnoverll---------··------------11.4 + 9 + 6 10.9 10.6 + 8 Employment (area) 11 ---------------------------------24,200 + l 23,958 Manufacturing employment (area) 11 ----------3,800 3,937 Percent unemployed (area) 11 ----------------------5.1 -14 + 21 5.4 Air express shipments------------------------------206 + 18 + 2 1,931 2,165 + 11 LUBBOCK (pop. nr2,734) Retail sales -------------·········----------------­ + 27 + 19 2 Department and apparel store•------------·­ +n + s + Lumber, building material, and hardware stores..--------------------­------------­ + 7 + 42 2 Postal receipts------------------------­-------------­ $ 154,279 + 73 + 9 $ 1,089,746 $ 1,038,844 + 5 Building permits, less federal contracts._____ $ 1,825,486 + 15 +130 $ 26,395,944 $ 16, 709,689 + 58 Bank debits (thousands) ······----------------­-··· $ 186,095 + 18 + 26 $ 1,402,810 $ 1,301,872 + 8 End-of-month deposits (thousands) t 11 ----···-----­ $ 113,393 + 15 + 25 $ 87,138 $ 87,221 x Annual rate of deposit turnoverll-----······-··------··· 21.l 1 + 3 16.1 15.4 + I Employmentll ----------------------------------------------­ 42,550 + 2 + 6 40,221 88,920 + I Manufacturing employmentII ----------­Percent unemployed11 -------------------------­ 4,200 4.5 + 2 + 29 + 11 -12 3,940 5.0 3,640 4.2 + 8 + 19 Air express shipments ---------------------------------­ 720 + 26 -27 7,754 8,579 -10 LUFKIN (pop.15,135) Postal receipts...--------------------­Building permits, less federal contracts______________ $ $ 24,286 82,775 + - 61 20 + 14 + 230 .. $ 176,152 1,902,935 $ $ 168,937 2,422,794 + - 4 21 Bank debits (thousands) ----------------···-···-··--­ $ 19,485 + 24 + 14 $ 194,862 $ 195,784 x End-of-month deposits (thousands) tll----·····-······· $ 24,726 - 2 + 18 $ 22,910 $ 21,013 + 9 Annual rate of deposit turnoverll---········--·-···-·----··· Air express shipments______________________________ 9.4 48 + + 24 66 -4 -24 8.5 871 9.3 479 -- 9 23 MARSHALL (pop. 22,327) Department and apparel store sales............. _______ + 74 + 35 + g Postal receipts..·-··········-···------······-··-···-·-------­Building permits, less federal contracts_____________ $ $ 29,859 145,817 + 68 -28 -+ 9 6 $ $ 211,105 2,014,371 $ $ 223,870 2,557,091 -6 -21 Bank debits (thousands) ----------­----·-····--· $ 15,603 + 6 + 13 f 163,499 $ 168,631 a End-of-month deposits (thousands) t 11 ----------· $ 22,210 + 1 + 8 $ 21,039 $ 20,192 + 4 Annual rate of deposit turnoverll---·····--·------····-··· Air express shipments__________________________________ 8.5 36 + 6 +100 4 5 7.8 243 8.3 76 -6 +220 MERCEDES (pop. 10,081) Postal receipts..·-·--------·-··---------Buildinl!" permits, less federal contracts....________ $ $ 7,420 15,000 + 46 +540 -13 +970 $ $ 59,558 73,584 $ $ 60,332 204,218 -1 -64 Bank debits (thousands) ---------·-··--·-·----------­ $ 6,326 + 29 + 1 $ 75,429 $ 74,674 + 1 End-of-month deposits (thousands) tll-----·-·· $ 6,821 -2 7 $ 5,890 $ S,399 + 8 Annual rate of deposit turnoverll---····-----·· 11.9 + 81 1 12.8 11.8 + 8 MIDLAND (pop. 34,378r) Postal receipts.. ·---·----··-····--------------­Building permits, less federal contracts________ $ $ 79,476 597,850 + - 68 66 + 4 +130 $ 575,531 $ 11,647,138 $ 541,966 $ 12,124,560 + 6 4 Bank debits (thousands ) ···········-------------­ $ 56,822 + 15 +H $ 598,255 $ 600,182 x End-of-month deposits (thousands) tH------­ $ 74,760 + 6 + 9 $ 69,764 $ 68,313 + 10 Annual rate of deposit turnoverll -----····-······-----··­ 9.4 + 12 + 4 8.6 9.5 - D Air express shipments------·--·----------·----------­- 484 + 83 + 21 4,460 2,485 + 79 NACOGDOCHES (pop. 12,327) Postal receipts --·----·-····--·-----------$ 14,107 + 58 -6 $ 123,302 $ 113,606 + 9 Building permits, less federal contracts-------···-···· $ 35,950 -20 +210 $ 951,573 $ 732,961 +so Bank debits (thousands) ···········-·-·····-··-··--·--·-··· $ 10,669 + 9 + 16 $ 110,454 $ 112,419 2 End-of-month deposits (thousands) t 11----------$ H,407 -2 -2 $ 14,799 $ H,947 1 Annual rate of deposit turnoverll ·-·-·····-··------8.8 + 11 + 17 7.5 7.5 0 NAVASOTA (pop. 5,188) Retail sales• ··-·--·····-·········---------··-·--···----­ 8 - D Filling stations•--···--··------------­ + 5 -15 Food stores•-------··--·--------------­ + 8 2 Lumber, building material, and hardware stores•---·--------------··--·---------·-­Postal receipts____________________________________ Building permits, less federal contracts...__________ $ $ 7,201 28,61i0 -35 + 80 + 22 -8 +470 $ $ 49,492 185,930 $ $ 49,124 145,285 + + 1 + 28 TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change City and item Deo 1954 Dec 1954 from Nov 1954 Dec 1954 from Dec 1953 1954 January-December 1953 Percent change NEW BRAUNFELS (pop.12,210)Postal receipts_________________________________ $ 28,717 + 96 + 11 $ 159,933 $ 145,613 + 10 Building permits, less federal contracts____________ $ 261,150 + 50 +no $ 1,458,410 $ 1,066,917 + 37 Bank debits (thousands) -----------------------­ $ 7,492 + 20 -24 $ 83,200 $ 88,740 - 6 End-of-month deposits (thousands) t11--------------­ $ 10,415 + 3 + 10 $ 9,823 $ 9,744 + 1 Annual rate of deposit turnoverll--------------------­--­ 8.8 + 19 -27 8.5 11.8 - 28 ODESSA (pop. 50,807r) Postal receipts________________________________ $ 73,791 + 92 + 13 $ 495,457 452,497 + 9 Building permits, less federal contracts__________ $ 1,066,820 + 4 +180 $ 13,895,979 $ 10,129,407 + 37 Bank debits (thousands) --------------------------------­ $ 41,340 + 12 + 19 $ 428,561 $ 417,477 3 End-of-month deposits (thousands) t11-----------­ $ 39,050 + 7 + 15 $ 33,578 $ 33,599 x Annual rate of deposit turnoverll-------------­ 13.1 + 8 + 2 12.8 12.4 + 8 Air express shipments________________________________ 198 + 45 + 31 1,661 1,693 ORANGE (pop. 21,174) Postal receipts___________________________________ $ 31,043 + 100 + 7 $ 201,879 $ 184,489 + Building permits, less federal contracts___________ $ 214,546 -25 - 52 $ 2,847,345 $ 8,142,170 Bank debits (thousands) -----·-------------­···-------­ $ 20,461 + 7 8 $ 229,468 $ 224,421 + End-of-month deposits (thousands) t11----------­ $ 24,974 1 + $ 24,492 $ 24,169 + Annual rate of deposit turnoverll-------·----------------­ 9.8 + 8 9 9.4 9.3 + PALESTINE (pop. 15,063) Postal receipts____________________________________ $ 24,807 + 71 + 7 $ 135,367 $ 130,323 + 4 Building permits, less federal contracts____________ $ 110,570 + 67 +170 $ 963,520 $ 767,457 + 26 Bank debits (thousands) --------------------------------·-· $ 6,587 + 12 + 4 $ 70,744 $ 70,412 x End-of-month deposits (thousands) t11-------·----· $ 13,180 - 1 + $ 12,872 $ 12,576 + Annual rate of deposit turnoverll -----------------------­ 6.0 + 13 + 2 5.5 5.6 PAMPA (pop. 20,448") Postal receipts______________________________________ $ 29,252 + llo + 2 $ 190,299 $ 183,496 + 4 Building permits, less federal contracts_____________ $ 127,100 -55 +3230 $ 2,829,454 $ 2,212,667 + 28 Bank debits (thousands) -------------------·-·----·--­----­ $ 16,304 + 8 + 4 $ 177,328 $ 176,194 + 1 End-of-month deposits (thousands) t11------------" $ 22,198 + 2 + 5 $ 20,825 $ 19,837 + Annual rate of deposit turnoverll --------------------·· 8.9 + 2 8.5 8.9 PARIS (pop. 21,643)Department and apparel store sales_____________________ + 90 - 7 -11 Postal receipts_________________________________ Building permits, less federal contracts._________________ $ $ 25,390 96,203 + 67 +130 + 2 + 260 $ $ 190,275 999,224 $ $ 181,427 702,635 + 5 + 42 Bank debits (thousands ) ---·---··-------·---------------­ $ 14,055 + 12 + $ 153,465 $ 150,956 + 2 End-of-month deposits (thousands) t11-------------­Annual rate of deposit turnoverll--------------------· Air express shipments___________________________ __ $ 15,356 11.3 44 + 6 + 10 -20 -9 + 9 -23 $ 14,314 10.7 524 $ 14,618 10.3 579 + PLAINVIEW (pop. 14,044) Retail sales•------------------------··-----------+ 13 + 6 + Department and apparel stores_______________________ + 47 + 7 + Postal receipts______________________________________ $ 28,958 $ 172,235 $ 164,626 + 5 +llo + 12 Building permits, less federal contracts..·--·---·--·· $ 131,500 -3 + 5 $ 2,275,550 $ 1,621,400 + 40 Bank debits (thousands) -------------····-----·-·--------· $ 33,050 + I + 20 $ 227,649 $ 205,502 + 11 End-of-month deposits (thousands) t11-------------$ 28,381 + 12 + 13 $ 22,566 $ 21,581 -5 Annual rate of deposit turnoverll------------------14.8 -13 + 3 10.1 9.7 + • Air express shipments________________________________ -17 45 + 55 + 10 314 379 PORT ARTHUR (pop. 82,150r) Retail sales*-----------------------------·-------­ + 28 + 10 x Automobile stores•------------------------­ + 20 + 18 Department and apparel stores_____________ Food stores•------------·--------·------------" + 88 + 19 6 2 -IO + 14 Furniture and household appliance stores•____ + 43 + 5 5 Lumber, building material, and hardware stores*-------------------------------­ + 3 + 45 + Postal receipts----------------------··------­-------­Building permits, less federal contracts________ $ $ 78,943 84,375 +loo -68 -2 -H $ $ 474,114 3,490,974 $ $ 459,182 3,220,330 + 3 + 8 Bank debits (thousands) -------------------------· $ 54,828 + 17 + 10 $ 558,410 $ 556,410 x End-of-month deposits (thousands) t11-----·­ $ 39,496 -1 + 3 $ 38,926 $ 38,719 Annual rate of deposit turnoverll---------------------­ 16.6 + 16 + 6 14.4 14.7 Employment (area) 11---------------------------­ 80,800 + 1 + 2 79,214 78,970 x Manufacturing employment (area) 11----------­Percent unemployed (area) 11-----­--­------­Air express shipments__________________________ 25,940 6.3 170 + x 6 22 2 + 13 -2 26,425 7.0 1,568 26,520 5.3 1.653 x + 32 -5 FEBRUARY 1955 LOCAL BUSINESS CONDITIONS Percent change City and item Dea 1954 Dec 1954 from Nov 1954 Dec 1954 from Dec 1953 1954 January-December 1953 Percent change RAYMONDVILLE (pop. 9,136) Postal receipts ---------------------------­-------­Building permits, less federal contracts---­---------­ $ $ 8,972 29,280 + + 98 90 + 7 +11600 $ $ 66,604 120,195 $ $ 57,196 190,800 + - 16 37 Bank debits (thousands) --------------------------------------­ $ 5,497 + 7 + 39 $ 81,101 $ 65,476 + 24 End-of-month deposits (thousands) t 11 -------­-------­ $ 9,874 + 22 $ 9,080 $ 8,693 + 4 Annual rate of deposit turnoverll --------------------­------­ 6.5 + 10 + 12 8.9 7.4 + 20 ROCKDALE (pop. 4,550r) Postal receipts ----------------------------------­---­-­Building permits, less federal contracts..______________ $ $ 6,482 46,700 + 94 -91 -- 2 82 $ $ 48,095 1,508,610 $ $ 45,96() 1,381,510 + + 9 Bank debits (thousands) ----------­--------------------­ $ 3,658 + 9 - 8 $ 44,598 $ 44,034 + 1 End-of-month deposits (thousands) t 11 -----------­ $ 3,690 + 10 - 13 $ 3,678 $ 3,705 Annual rate of deposit turnoverll ----------------·----------­ 12.4 + 1 + 8 12.1 12.0 + SAN ANGELO (pop. 62,359r) Retail sales• -------­--------·-------· ----------­----­-·-----------­ + 47 + 2 + 5 Department and apparel stores --------------­--­ + 73 + 3 + 2 Postal receipts ----------------------------------------------­Building permits, less federal contracts__ ______________ $ $ 86,449 950,739 + + 66 70 + - 10 21 $ $ 657,546 7,878,801 $ $ 568,192 5,472,711 + + 16 44 Bank debits (thousands) ---------------------------------­ $ 45,382 + 13 + 18 $ 479,636 $ 442,512 + 8 End-of-month deposits (thousands) 111 -----------­ $ 47,314 + 1 + 4 $ 45,299 $ 46,097 2 Annual rate of deposit turnoverll -------------­-­ 11.5 + 12 + 12 10.6 9.9 + 7 Employmentll -------------------------------------------------­ 22,550 + 1 + 2 22,125 21,440 + 3 Manufacturing employmentll---------­--------­------­ 2,775 + 2 + 11 2,748 2,280 + 21 Percent unemployedll ------------------------·-----------------------­ 5.1 - 4 + 13 5.3 4.6 + 15 Air express shipments------------·------------------------------­--­ 461 + 45 - 15 4,088 3,621 + 13 SANANTONIO (pop. 449,521u) Retail sales•--------­------------------------------------------­ + 20 + 9 + Automobile stores*---------------------------------­ + 7 + 29 Department and apparel stores_______________ + 38 x Drug stores•--------------------------­----------------­ + 34 + Eating and drinking places•------------------------­-­ + 6 + ~ Filling stations•----------------------------------------­ x 1 + 2 Food stores*-····------------------------------­ + 13 + 7 + 5 Furniture and household appliance stores•.___ + 17 + 2 8 General merchandise stores•-------­-----------------­ + 23 4 Lumber, building material, and hardware stores•----------------------------------­Postal receipts ___________________________ __ Building permits, less federal contracts__________ $ $ 812,792 5,708,641 + + + 3 48 34 + + 45 x 93 $ 6,381,014 $ 57,552,321 $ 5,983,525 $ 50,243,5g2 + 10 + 7 + 15 Bank debits (thousands) ---------------------------­ $ 476,127 + 18 + 19 $ 4,856,856 $ 4,602,609 + 6 End-of-month deposits (thousands) t 11 ------­--------­ $ 339,004 + 4 + 7 $ 315,465 $ 330,537 5 Annual rate of deposit turnoverll ----------------------­-­ 17.2 + 15 + 14 15.4 14.7 + 5 Employmentll -------------------------------­-­ 180,600 + 1 x 177,017 184,420 4 Manufacturing employment_____________ 20,81() x + 4 20,227 17,350 + 17 Percent unemployed H-------------------------------------­Air express shipments________________________________________ 6.2 2,804 + + 17 30 + 10 11 7.2 26,655 5.3 26,175 + + 36 2 SAN MARCOS (pop. 9,980) Postal receipts ----------------------­---------­Building permits, less federal contracts____________ $ $ 19,051 327,976 + + 77 8 + 11 +990 $ $ 138,697 1,874,442 $ $ 129,286 1,281,586 + + 7 46 Bank debits (thousands ) _ -----------------------------­ $ 5,930 + 7 + 16 $ 64,463 $ 61,552 + 5 End-of-mont h deposits (thousands) tll ------­------­ $ 17,349 + 3 + $ 16,823 $ 15,994 + 5 Annual ra te of deposit turnoverll ---------·------------­ 8.5 + 9 + 15 7.6 7.7 SEGUIN (pop. 14,000r) Postal receivts ----------------------------------------------------­ $ 16.147 + 68 + 2 $ 116,072 $ 102,181 + 14 Building permits, less federal contracts______________ $ 24,780 - 73 + 41 $ 1,008,451 $ 856,638 + 18 Bank debits (thousands) -------------­---------------------­ $ 7,194 + 5 + 2 $ 84,529 $ 79,427 + 6 End-of-month deposits (thousands) t 11 -------­-------­ $ 17,349 + + 2 $ 16,823 $ 15,994 + 5 Annual rate of deposit turnoverll .-------------------------­ 5.0 + 4 5.0 5.1 2 SNYDER (pop. 14,Illr) P ostal receivts ----------------­--------------­ $ 18,390 +loo - 2 $ 121,139 $ 112,318 + 8 Building permits, less federal contracts_______________ $ 287,750 +lloo + 220 $ 1,487,790 $ 1,456,280 + 2 Bank debits (thousands) ---------------------------------- $ 15,000 + 9 + 23 $ 154,419 $ 142,847 + 8 End-of-month deposits (thousands) t II -------­--------­ $ 14,975 + 15 + 15 $ 12,760 $ 11,685 + 9 Annual rate of deposit turnoverll ..---------------------­Air express shipments___________________ 12.8 19 + 11 + 12 + 10 12.1 123 11.2 0 + 8 TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change City and item Dec 1954 Dec 1954 from Nov 1954 Dec 1954 from Dec 1953 1954 January-December 1953 Percent change SHERMAN (pop. 20,150) Retail sales•--------­---------------------------­-----­Department and apparel stores____________________ + 34 + 83 + 2 + 4 + 6 3 Furniture and household appliance stores•___ + 4 + 2 4 Lumber, buildin~ material, and hardware stores•--------------------­---------­-­ -37 + 28 + 21 Postal receipts..---------------------­------------­ $ 42,786 + 67 + 2 $ 299,558 $ 280,291 + 7 Building permits, less federal contracts__________ $ 85,339 -29 -15 $ 2,406,766 $ 2,584,357 Bank debits (thousands) --------------------------­ $ 29,260 + 8 + 11 $ 314,987 $ 301,156 + End-of-month deposits (thousands) t "----------­-­ $ 17,943 + 5 + 1 $ 16,081 $ 15,429 + Annual rate of deposit turnoverll -------­------------­ 20.1 + 2 + 8 19.6 19.5 + SULPHUR SPRINGS (pop. 9,890r) Postal receipts______________________________________________ Building permits, less federal contracts..______________ $ $ 11,040 19,400 + 88 -60 + 7 $ 76,695 $ 71,118 + 8 Bank debits (thousands) ----------------------­ $ 7,725 + 9 + 7 $ 86,323 $ 76,728 + 18 End-of-month deposits (thousands) tll--------­ $ 11,021 -4 2 $ 10,986 $ 10,568 + 4 Annual rate of deposit turnoverll--­---­-------­ 8.3 + 11 + 9 7.9 7.3 + 8 SWEETWATER (pop.13,619) Postal receipts------­------­---··----------------­ $ 21,491 +130 -10 $ 164,151 158,339 + 4 Building permits, less federal contracts__________ $ 44,100 +820 + 61 $ 907,085 369,910 +150 Bank debits (thousands) -----·----··------·---­---­ $ 9,698 5 -4 $ 105,501 $ 101,127 + End-of-month deposits (thousands) tll--------··-··-·-· $ 11,372 -2 + 10 $ 10,285 $ 10,191 + Annual rate of deposit turnoverll ......_____________________ 10.2 - 1 -12 10.3 9.9 + 4 Air express shipments_____________________________________ 22 + 29 -53 272 265 + 8 TAYLOR (pop. 9,071) Retail sales•------------------·----­·-···----­--­----·-­- + 50 + 6 - 2 PoetaI receipts ·-----··---·---·--·------·------------­ $ 12,686 + 67 + 2 $ 95,842 $ 91,471 + fi Building permits, less federal contracts···---··---­ $ 13,115 -96 -26 $ 1,116,452 $ 618,818 + 80 Bank debits (thousands) ··----·---·-·--··---··-------­ $ 10,273 -14 + 4 $ 118,768 $ 130,141 9 End-of-month deposits (thousands) t11 --·-··-----·­ $ 15,640 + s 1 $ 15,107 $ 14,797 + Annual rate of deposit turnoverll -------·---·-------·-·­ 8.0 + 14 + 7 7.9 8.6 TEMPLE (pop. 25,467) Retail sales...------------------------­--­Department and apparel storea.__________________ + 27 + 55 + 15 + 2 Drug stores-----------------·--·-­---­Food stores____ _____________________________ Furniture and household appliance stores._ + 47 + 16 + 88 + 7 + 3 + 17 + 7 -31 + 14 Lumber, building material, and hardware stores_________________________ + 18 + 76 + 88 Postal receipts·--·--·-----·-·--------------------··-----·· Building permita, less federal contracts___________ $ $ 45,576 232,388 + 71 -64 + 4 +260 $ $ 338,241 3,212,347 $ $ 318,887 1,589,755 + 6 +ioo Bank debits (thousands) ---------·---·------------------· End-of-month deposits (thousands) iU --------------­ $ $ 18,285 28,858 + 6 + 12 + 4 + 9 $ $ 206,459 24,506 $ $ 204,172 23,170 + 1 + 6 Annual rate of deposit turnoverU-------··----------­Air express shipments___________________________ 8.2 193 -2 + 61 -2 + 82 8.4 l,678 8.8 760 -6 +120 TEXARKANA (pop. 24,753) Retail sales§-------·-·-·-------------­---------­Automotive stores§______________________ + 34 + 16 -10 -15 -19 Department and apparel stores§___________________ + 85 -8 -8 Furniture and household appliance stores§___ + 25 -16 -25 Postal receipts§__________··-----~----$ 78,214 + 95 -6 $ 680,828 $ 600,205 -8 Building permits, less federal contracts__________ $ 158,360 +no +160 $ 1,371,782 $ 1,302,444 + 5 !lank debits (thousands)§___________________ $ 88,912 + 13 x $ 424,039 $ 480,398 -12 End-of-month deposits (thousands) i 11 ----···­------­Annual rate of deposit turnoverll---··----·-----------·--­Employment§ i ------------------------------------­Manufacturing employment§Q_______ _____ ' 18,117 14.2 34,850 6,480 + 5 + 19 x + 1 -1 + 16 -9 -35 $ 17,697 11.8 34,792 6,897 $ 20,229 12.0 38,290 10,170 -18 -2 -9 -42 Percent unemployed§ U---­---· Air express shipments§.________________ 9.8 326 + 1 + 23 + 16 + 81 11.1 2,671 6.0 1,434 + 85 + 79 FEBRUARY 1955 LOCAL BUSINESS CONDITIONS Percent change Dec 1954 Dec 1954 January-December Deo from from City and item 1954 Nov 1954 Dec 1953 1954 1953 Percent change rrEXAS CITY (pop.16,620) Postal receipts........ ---------------·-···----·--·--------------··-··· $ 28,859 + 96 + 4 $ 184,090 $ 180,126 + 2 Building permits, less federal contracts_________________ $ 564,290 +120 + 77 $ 7,021,809 $ 5,158,947 + 36 Bank debits (thousandsl ---------·----······--·····--·--------$ 25,319 2 3 $ 309,714 $ 310,941 x End-of-month deposits (thousands) t ll------·--···--$ 26,050 + 7 1 $ 25,799 $ 25,812 x Annual rate of deposit turnoverll-------····---------·--­12.1 + 2 5 12.0 12.2 2 Employment (area) 11----····-----·-·-------------------------46,000 + 45,004 47,860 6 Manufacturing employment (area) 11 -------------­11,630 + 2 + 4 11,061 11,580 Percent unemployed (area) 11 --·---------···---·-----·-5.9 2 + 44 6.0 3.7 + 62' VICTORIA (pop. 16,126) Retail sales•---------·-------------------------·----·---· + 22 + 4 1 Automobile stores•---------------------------·----­-1 -13 6 Department and apparel store•--------------·----­+us -14 6 Eating and drinking places*·----·--------·····---·-­-5 + 19 + 8 Filling stations•-------------·-·--------­+ 10 -8 -11 Food stores*--·---------------·---·-­+ 10 -1 + 6 Furniture and household appliance stores•---· + 62 9 Lumber, building material, and hardware stores•-----------------------­+ 23 7 Postal receipts·---·---···------------------·-·------$ 87,906 + 67 + 3 $ 269,485 $ 252,781 + 7 Building permits, less federal contracts____________ $ 176,880 -30 Air express shipments_____________________________ + 87 + 50 + 45 650 681 -6 TYLER (pop. 49,443r) Postal receipts--------------------------·-------------------$ 89,709 + 50 + 2 $ 732,988 $ 728,653 + 1 Building permits, less federal contracts._______________ $ 894,883 -12 +180 $ 12,383,904 $ 10,013,974 + 24 Bank debits (thousands) -------------------------------·----$ 70,166 + 12 + 17 $ 730,143 $ 689,592 + 6 End-of-month deposits (thousands) 1:11 -----------· $ 59,625 + 7 -1 $ 56,485 $ 55,613 + 2 Annual rate of deposit turnoverll·------·--------------14.5 + 9 + 19 12.9 12.8 + 1 Air express shipments________________________________ 356 + 31 -29 2,840 3,057 7 WACO (pop. 92,834u) Retail sales.·--------·--------·------------+ 52 + 21 1 Department storest ··---·-·------------------­+ 74 + 8 + Postal receipts·---------·--·-------------------------$ 169,830 + 48 + 2 $ 1,364,370 $ 1,290,187 + 6 Building permits, less federal contracts_._______ $ 1,152,682 + 50 -16 $ 14,562,303 $ 11,249,328 + 29 Bank debits (thousands) --------------·----------------$ 87,979 + 8 + 8 $ 965,823 $ 902,858 + 7 End-of-month deposits (thousands) 1:11 -------------$ 72,298 + 6 + 4 $ 65,094 $ 66,996 Annual rate of deposit turnoverU ----------------------15.0 + 4 + 4 14.9 14.5 + s Employmentll ·-------·--------·---------·-------------------45,800 + + 4 44,421 43,750 + 2 Manufacturing employmentlJ______________________ 8,440 4 + 8,878 8,170 + a Percent unemployed11 --·------------------------5.6 + 4 -12 6.3 5.0 + 26 Air express shipments______________________ 282 + 22 -17 2,949 2,211 + 33 WICIDTAFALLS (pop.103,192r) Postal receipts.. ·---·----------------------·-----------$ 145,647 + 78 + 8 $ 1,002,355 $ 1,020,992 -2 Building permits, less federal contracts........ _______ $ 715,330 + 30 + 44 $ 10,342,630 $ 7,338,510 + 41 Bank debits (thousands) -----------------------·---·-·--·-------$ 100,196 + 13 + 13 $ 1,018,892 $ 984,547 + s End-of-month deposits (thousands ) 1:11---·--···---$ 11,601 + 5 + 7 $ 101,900 $ 99,399 + 8 Annual rate of deposit turnoverll ----------------------11.0 + 7 + 10.0 10.2 2 EmploymentU ---·-----···----------------··------------------36,350 + 2 + 2 34,875 36,160 4 Manufacturing employmentlJ____________________________ 3,425 x 3,378 3,780 -11 Percent unemployedlJ ________·------·---·---·-------------4.0 9 -23 5.4 5.0 8 Air express shipments_______________________________ + 652 + 37 -21 5,685 5,321 + 7 x Change is less than one-half of one per cent. • Preliminary. tReported by the Federal Reserve Board of Dallas. t Money on deposit at the end of the month, but excludes deposits to the credit of banks. YReported by the Bureau of Business and Economic Research, University of Houston. II Annual data are averages. §Figures include Texarkana, Arkansas (pop. 15,875) and Texarkana, Texas (pop. 24,758). r Revised for use by Texas Highway Department. u 1950 Urbanized Census. TEXAS BUSINESS REVIEW BAROMETERS OF TEXAS BUSINESS December 195• November 1954 October 1954 Y ear-to=