TEXAS BUSINESS REVIEW 

A Monthly Summary of Business and Economic Conditions in Texas 
:i ) f '1 ' '· ,.
j ; I 
BUREAU OF BUSINESS RESEARCH : THE UNIVERSirl OF:TE'XAs ,­
VOL. XXIX, NO. 10 TWENTY CENTS A COPY-TWO DOLLARS A YEAR 
OCTOBl:It 1955 

Texas forest industries, with nearly 2,300 mills and fac· tories producing timber products at the rate of $550 mil­lion per year, are fast increasing their stature as impor­tant Texas businesses. A combination of several natural and commercial advantages gives Texas the basis for its profitable forest industries. 
East Texas, the region containing most of the state's commercial forests, receives fairly abundant rainfall and has long growing seasons plus soils adequate for tree growth. These factors make for a rapid growth cycle. As little as 15 years is required for Southern pine to reach a profitable size, as contrasted to the 40 or 50 years needed by its major northern competitor, the spruce. Other ad­vantages, too--good transportation facilities, favorable la­bor conditions and wage rates, and the 1!Vailability of com· plementary raw materials-add to the natural advantages presented by Texas for forest growth. 
While thousands of products are obtained from Texas timber, it is possible to divide these products into five pri­mary categories: lumber; plywood and veneer; poles, pil­ing, and posts; crossties; and pulpwood. 
I. Lumber 

,The early history of Texas timber production led to what appeared to be a dead end. The first producers, who began cutting as early as 1830 and expanded rapidly after 1880, followed the "cut-out and get-out" philosophy. For· tunately for Texas and the nation, today's timbermen do 



Forest OCT 

1955 
Indust~~®ifilb}oow 

not follow this policy. Texas now has 10.5 million acres of fast-maturing second-growth timber. Much of this area, some 3,336,000 acres, is in the state's 652 tree farms. These tree farms provide continuous production of timber of commercial value. Through this farm system and scien· tific reforestation, trees have become an important Texas cash crop. 
The profitability of tree farming is shown by a look at a few statistics from the state's oldest pine plantation at the close of its 25th year. Jhinnings yielded a net return of $24.63 per acre; estimated value of the remaining tim· ber was $204.93 per acre. Cutting yielded 11.3 cords of pulpwood and 57 poles per acre. Standing timber repre· sented over 7,000 board-feet of lumber and 14.9 cords of pulpwood per acre. 
Studies by the Texas Forest Service show that pine tim· ber stands increase at the rate of from 5% to 7'/~ annually and that an average acre of good forest land can support 10,000 board-feet of timber. The use of proprr forestry methods, including selective thinning and cutting, will per­mit an annual increase of some 700 board-feet per acre. Yearly earnings per acre, directly dependent on the qua!· ity of forest practices used, will normally rnry fro~ $10.00 to $20.00. Tree farming can be made to pay off m sustained vields for the indiYidual land owner as \\el: as provid(ng the economy with vitally needed woo<l 
products. 
(Please turn to page 16) 
TEXAS BUSINESS REVIEW 

The Business Situation in Texas 

Business activity in Texas during August recovered the small losses registered in July, with the result that the index of business activity compiled by the Bureau of Business Research moved to within two points of the all­time high. The fluctuations in the index of business during the past six months have mostly been erratic variations, with only a slight net increase in the average level of the index. The course can be seen in the chart at the bottom of this page as a somewhat jagged line. Since most series measuring monthly volume show some erratic movement 
(see table below) , it is necessary to look for the under­lying direction of the movement. 
INDEX OF TEXA!l BUSINESS ACTIVITY AND COMPONENT SERIES 
(Adjusted for seasonal variation, 1947-49 = 100) 
Aug July Percent Index Weight 1955 1954 change 

INDEX OF BUSINESS ACTIVITY (COMPOSITE) --------------------100.0 175* 170* + 3 Retail sales, deflated ------------------------46.8 163* 158* + 3 
Industrial electric power consumption____ 14.6 294* 280* + 5 
Construction auth orized, deflated ______ 9.4 146* 146* 
Crude petroleum production ---------------8.1 119* 119* 

Ordinary life insurance sales, deflated____ 4.2 214* 201 + 6 Crude oil r uns to stills ---------------3.9 141 135 + 4 Total electric power consumption _____ 3.0 287* 276* 4
+ 
*Preliminary. 

It is perhaps helpful in establishing the basic trend of business activity during 1955 to study the general direc­tion taken by the index during 1954. The very pronounced rise during 1954 contrasts rather sharply with the tendency of the line to fall back after each rise that has come during the past six months. It is also significant to note that the index of bank debits, charted on the opposite page, has also behaved in much the same manner as the index of business activity. 
The components of the index of business activity con­tinued to behave consistently during August. Two of the c?nstituent series remained unchanged from the pre­Vlous month and six rose. During July when the composite declined 2%, two of the series remained unchanged, one increased, and five registered decreases. The largest in­crease registered by one of the component series in August was the 6'/c rise in life insurance sales. This series showed the greatest decline in July. The next largest increase dur­ing August appeared in industrial electric power con· sum ption; during July this series showed the second largest decrease from the previous month. The behavior of these two series appears to be somewhat erratic, and their fluctuations helped to impart an erratic movement to the whole index. All of the series have been adjusted for normal seasonal variation, and there is always the pos· sibility that shifts in the seasonal pattern may occur and make the month-to-month changes depart briefly from the underlying trend of the series. 
Consumer spending in Texas during August, after allow­ance for seasonal variation, showed the first substantial increase over the previous month since March. This in· crease, however, was confined to the durable-goods com­ponent of consumer spending. Sales of nondurable-goods stores remained unchanged from July, but sales of durable­goods stores over the same period rose 9%. Lumber, build­ing material, and hardware stores reported an increase of 
11 '/c from July, furniture and appliance stores 8%, and automobile dealers 9%. All of these figures were adjusted for seasonal variation, which makes allowance for the fact that August volume in certain lines of business normally declines. 
Sales of durable-goods stores in Texas during August 1955 were 22% above August 1954, and for the first eight months of 1955 sales have averaged 17% above the average monthly sales during 1954. This contrasts sharply with the level of nondurable-goods sales, which has been only 5% above the average for last year. This emphasizes a fact ob­served by all analysts of the business situation, that con· 

TEXAS BUSINESS ACTIVITY 


1939 40 '41 '42 '43 '44 '45 '46 '47 '48 '49 'SO '51 '52 '53 '54 '55 

sumer 	purchasing of furniture appliances homes and b'l h ' ' ' 
automo l es as been one of the major sustainina factors in the present high level of business activity. The behavior of Texas consumers has been very little different from that of consumers in other parts of the country. 
One of the least satisfactory aspects of the present busi· ness boom is the increasing volume of consumer purchases on credit. The only data available on consumer credit are compiled by the Board of Governors of the Federal Re­serve System .for the country as a whole, but there is no reason to beheve that consumers in Texas deviate much from the consumers in the rest of the country. 
Total instalment credit outstanding in the United States 
incr~ased $~62.million du~ing July, largely because of the 
contmued n se m automobile credit. Between December 31, 
1954, and July 31, 1955, instalment credit secured by auto­
mobiles increased 25%, bringing the total outstandino­
from $10.4 billion to $13.0 billion. 	" 
There was a reduction in the total amount of instalment 
credit extended during July compared with June, Lut 
the amount of instalment credit repaid during the month 
declined more that $100 million. The amount of instal­
ment credit repaid during July was less than the amount 
repaid in December 1954, although the amount outstand ­
ing on 	July 1 was nearly $3 billion greater than the 
amount outstanding on December 1. The increase in in· 
stalment debt during July was more than double Lhe in­
crease in total personal income. 
Bank Debits in Texas 
Index· Adjusted fer seasonal variation· 1947-1949=100 
250 
250 
I
200 
200
v· 
."'
~.J.
150 
150 
.r­
v· 
_Ir'
100 
100
Lr-/ 
~ ~
SI 
so 
~_,.. 
t 

...J!! '40 '41 '42 '43 '44 '4S '46 '47 '48 '49 'SO 'SI 'S2 'S3 'S4 'SS 
New construction in Texas, as represented by building 
permits issued, has held steady for the past three months 
at a level somewhat lower than in the earlier months of 
the year. This recent level was 10% higher than Lhal of 
August 1954, and new construction authorized during Lhe 
first eight months of 1955 averaged 13% higher than for 
the average month of 1954. These figures indicate that 
building continues to give support to the high level of ac­
tivity but during the past few months has not contributed to 
an increase in the level of activity. The seasonally adjusted 
measure of contracts awarded in 37 states declined 8% 
from July to August. Total new construction in the United 
States declined slightly for the third consecutive month 
but still stood near record levels. During the first eight 
months of 1955 new construction has averaged 11%more 
than during the previous record year, 1954. 
The latest survey by the Securities and Exchange Com­mission and the Department of Commerce, made during July and August, indicates that business plans for capital expansion have been revised upward since the last sur· vey was made. Data are not available for Texas alone, since the sample survey was designed to give information for the United Stat~s as a whole. However, in the past Texa.s industrial expan,ion has bt·rn clo~wly ~Pared to ex­pansion plans for the entire country, and thrre is no reason lo belieYe that there ha~ liPen anr 0dta11!!t' i11 thi,; rl'lation­
ship. 	· · 
Wholesale Prices in the U.S. 
Index· Adjusted for seasonal variation· 1947-1949=100 


1939 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 'SO 'SI 'S2 'S3 'S4 'SS 
.Expenditures for new plant and equipment during the third and fourth quarters of 1955 are programmed at annual rates of $29.0 billion and $29.7 billion, re>'pec­tiYcly. These anticipated expenditure rates are substan· tially above the first-quarter rate of $25.7 billion and the second-quarter rate of 827.2 billion and are higher than any previous quarter on record. 
Investment expenditures of the type represented by the purchase of new plant and equipment have a pronounced effect on the business situation. It has been this type of expansion that has kept the level of Texas business ex­panding at a greater rate than that reached by the total economy. It should be recognized, however, that this up­ward revision of expansion plans of industry was brought about by the continued demand for consumer goods, and if it should develop that the present buying, particularly of durable goods, is in excess of the ability of consumers to pay, the present plans for expansion of capacity might be revised. Yet in spite of the fact that anticipated expendi­tures are not completely reliable as a guide to the future course of business activity, this reporl is an optimistic factor in the present situation. 
INDEX OF WHOLESALE PRICES IN THE UNITED STATES (1947-49 = 100) 
Source: Bureau of Labor Statistics, U. S. Department of Labor 
1955'  
Aug  Sept  
Index  Sept 13  Sept 6  1955  1954  

ALL COMMODITIES __ 111.4  111.l  110.8  110.0  
Farm product.a ------------­ 89.5  88.3  88.l  93.6  
Processed foods  --------·-·--·--­102.2  101.8  101.9  105.5  
All other commodities ---­117.9  117.8  117.4  114.4  

*Estimates of the index for the week ending on date e-iven. 
Farm income conlinurs lo reprc!'ent the most unsatis­factory segment of the Tcxa:.: economy. Price;< recciYed hY Texas farmers were 5'1i lower in Augu:.:t 1955 than a year earlier. Farm cash income for the first eight months of 1955 'ms 6';( below the same period of 1954. 
The decline in farm prices Lends to obscure a gradual rise that has been taking place in industrial prices. The consumer price index declined in August, chiefly as a. re­sult of declining food prices. The index of wholesale pnces 
J OHN R. STOCKTON 
rose slightly in August, with an increa<;e of 0.8';~:  m  the  
prices  of  industrial  products  more  than  offsetting  the  
decline in farm products.  



Editor ---------------------------···-·····----············John R. Stockton 
Managing Editor -······-·--·······-------···········Robert H. Ryan 
CONTENTS 
Texas Forest Industries ····-------------------······-------·-··-I The Business Situation in Texas ·---·-·······-···············-2 Construction --···-··-·-···········-··············-···-···········-···· 4 Retail Trade························--··--··-·········--··········--·---6 Industrial Production ·--····---------······················-·--··--8 Finance -----·· --------·····-··-······-··-----------····--······-------·--· I 0 Agriculture -···---···············--····----------------------------------12 Foreign Trade -----·---·--··------·-----------···········-·········---13 Labor ······-···----------·-·-·····-------··---·--·-·········-·-·-······-··-14 Local Business Conditions ········--------·········---------···· 18 Barometers of Texas Business ·--------···········---------··· 24 

BUSINESS RESEARCH COUNCIL 
William R. Spriegel, Dean of the College of Business Administrs­tration (• X officio); J. W. Cashin; A. F. Etier; J. L. Hazard; 
Eastin Nelson; and G. H . Newlove. 

BUREAU OF BUSINESS RESEARCH 
John R. Stockton Director  Stanley A. Arbingast Assistant Director Resource• Specialist  Florence Escott Research Supervisor  
A. H am ilton Chute Retailino Specialist  H . T . Owen Insurance Specialist  Francis B. May Research Scientist  
Richard C. Henshaw,Jr. Statistician  R obert H . Ryan Research A ssociate  Alfred G. Dale Research Associate  
Anne K . Schuler Research A ssociate  J o Overstreet Senior Clerk  Ma rjorie T. Cornwell Administrative Clerk  
Martha G. Moor e  Tina Piedrahita  R oberta Steele  
Statistical Assistant Libra,ry Assistant  Cartographer  
Mary W eber Statistical Technician  Judy Vaughan Senior Secretary  Calvin Jayroe Offse t Press Operator  
Phyllis L emon Secretary  
Assistants  

Charles R. Akin, Jr., Pierce Arthur, Jr., William A. Fagan, Jr., Maurice H. Friedman, Cahill Hitt, Julian Jones, James H. Keahey, J am es R. Leonard, Patricia Ludwig, Clifford McCormick, Jr., Monte 
W. Methews, Candis Pattillo, Marie Payne, Josef H. Perry, Billye Reed, and Margaret Thorn. 
Published m onthly by the Bureau of Busin-Research, Coll~ of Business Administration, The University of Texas, Austin 1~. Ente1·ed as second class matter May 7, 1928 at the poet office at Aus tin Texas, under the act of Au~'llst 24, 1912. Content of this publication is not copyrighted "nd r.>11y be reproduced freely. Acknowledgement of source will be appreciated. Subocription, $2.011 l'. year: individual copies, 20 centa. 
,TEXAS BUSINESS REVIEW 
CONSTRUCTION 
The seasonally-adjusted value of building authorized in Texas during August 1955 stayed at the level of June and July. The dollar value of $87.5 million, however, was almost 1% below July, 3% below June, and 10% greater than August 1954. The year-to-date totals since January have shown progressively smaller margins over the comparable 1954 totals, with the exception of January-May. To sum­marize 1955 as compared to 1954: January 1955 was 45% greater than January 1954; January-February, 41 % over the same period in 1954; January-March, +37% ; January. April, + 34% ; January-May, + 36% ; January-June, +327'c ; January-July, +297c ; and January-August 1955 was only 26% greater than January-August 1954. 
One-family houses authorized in August 1955 exceeded those in July by 10% . But in this category, as in the total, 
Value of Buildina Construction Authorized in Texas 
Index• Adjusted for seasonal variation • 1947-1949:100 
300 
300 
250 
250 
j 
I 
'II 
200 
200
.II 
.I
,. 
fV
II
150 
ISO
Ill 
IJ 
IA 1 
I\: v
I 
v I
Iv'
JOO 
100
II 
ti 
I 
A 
\,V 
I
50 
,....,
~ 
50
~ 
I 
" 
I
-
0 
0
" 
1939 '40 '41 '42 '43 '44 '45 '46 '4 7 '48 '49 '50 '51 '52 '53 '54 '55 
the decreases are getting smaller with the tightening of FHA and VA home loans, which now require larger down payments. Houses for more than one family seem to be on the way out in Texas, particularly apartment buildings, with the exception of luxury apartment-hotels in Texas' larger cities. 
l\onresidential building decreased 14% from July, but in comparison with the greater decrease in August 1954 from July of that year, the January-August 1955 total in­creased over the same period of 1954 by 26% and left January-August 1955 4% over the January-July total. 
1956 building forecast. Approved spending by fed­eral and state agencies in 97 Texas counties and 56 of the state's largest cities, as revealed in a survey made by the Texas Construction Journal (September 6, 1955), will amount to at least Sl.65 billion for waterworks, sewer>, streets, public buildings, schools, commercial buildings, industrial buildings, and dwelling units. Of the near $227 million of federal and federal-participating funds which will be spent, almost $94 million is set aside for military reservations for building, machinery, and equipment; $69 million has been approved for federal highway aid; $2-1­million will be spent by the Rural Electrification Adminis­tration; and another $20 million will be spent on municipal hospitals, veterans' hospitals, and schools. In the 56 cities covered in the survey nearly $899 million is earmarked for the construction of schools, churches, commercial and industrial buildings, dwellings, and public buildings. The 1956 state and county programs include a little over $35 million for building. 
1956 spending by cities. Next year, as in 1955, Dal­las should lead all other Texas cities for new construction and the expansion of existing facilities. On the $268 mil­lion program for 1956 in Dallas are $3.5 million for the Southwest Medical College, two dormitories at Southern Methodist University, the Exchange Park "City within a City," a $10 million school building program, new head­quarters for Southwest Airmotive and Braniff Airways, a $3.5 million luxury hotel, and a $20 million center for Southland Life Insurance Company. 
Houston, only $6 million behind Dallas, plans for 1956 a 75-acre shopping center with a six-story building and heliport, a $26 million aviation and motor fuel plant, three luxury hotels totalling $17 million, a $2.5 million clothing center, $8.5 million in additional port facilities, and a $20 million apartment-office building. 
Included in Fort Worth's proposed $158 million con­struction year are major expansions of water and sewer installations, a $5 million machinery plant near Arlington, and a $2.5 million building where an atomic reactor will be developed. 
San Antonio expects $10.8 million to be spent in 1956 for commercial and industrial buildings and M2 million for residential expansion. Other expenditures in the total $74 million forecast are mostly for sewage collection and treatment facilities. 
Austin and Lubbock are in fifth and sixth places for dollar volume construction in 1956, with $48 million and $37 million, respectively. Other construction centers will be EI Paso ($36.8 million) and Corpus Christi ($36.5 million). 
Construction contracts. Total awards in Texas during August 1955 amounted to $125 million, 34% of which was for residential building, 44% for nonresidential building, and the remainder for public works and utilities. Of the $42 million in residential building, over $31 million was one-family houses for sale or rent, a decrease of 38% from July 1955 and a 5% decrease from August 1954. However, the eight-month total for this category so far in 1955 led the same period of last year by 33%. These decreases may indicate that the slackening in speculative building antici­pated earlier this year has begun. 
Building of one-family houses for owner occupancy, on the other hand, is on the increase. Still some 20% less in volume than the larger "for sale or rent" category, houses 
VALUE OF CONSTRUCTION CONTRACTS AWARDED 
Source: Dodge Statistical Research Service 
January-August 
Type of Aug Percent construction 1955 1955 1954 change 
Value (thousands of dols) 
NEW CONSTRUCTION ---125,006 1,043,192 797,242 + 31 

ALL BUILDING ·-····-·  97,163  845,527  628,262  + 35  
Residential buildings ··-···-··· Nonresidential building ···-···  42,643 54,520  478,796 366,731  373,908 254,354  + 28 + 44  
PUBLIC WORKS  
AND UTILITIES ····­ 27,843  197,665  168,980  + 17  

for owner occupancy set in place during August increased 21% over the preceding month and 45% over August a year ago. During the eight months of 1955 some 21 %mo:e houses have been set in place for owner occupancy than in the January-August period of 1954. 
.') 
ESTIMATES OF VALUE OF DC.:ILOl. ·c Ai:Tl!OHIZED 
Source : Bureau of Business Research in cooperation with the Bureau 
of Labor Statistics, U. S. Department ol Labor 
January-August Aull Percent
Class ifica lion 
1955* 1955 1954 change 
CONSTRUCTION CLASS Value (thousand ol dollars) 
ALL PERMITS ·····--·---· 87,462 734,9 3 583, 87 -L-26 

New construction --------­ 78,673  663,624  521,986  27  
Residential buildings ·----··­ 50,320  447,7 1  350, 77  +2  
Housekeeping dwellings ____  49,872  441,719  346,375  + 2  
One-family houses  --------­ 48,561  424,007  325,645  + 30  
Multiple-family houses ·-·­ 1,311  17,712  20,730  -15  
Nonhousekeeping buildings __  448  6,062  4,502  + 35  
Nonresidential buildings ··---­ 28,353  215,843  171,109  + 26  
Additions, alterations, and  
repa irs ---·-----· ·--··-----··­ 8,789  71,359  61,901  + 15  
METROPOLITAN vs. NON- 
METROPOLITANt  
ALL PERMITS ··----··-··-­ 87,462  734,983  583,8 7  + 26  

Total metropolitan ·----·--·-·­ 64,160  555,180  444,676  + 25  
Central cities ··--··--·---­ 54,305  460,011  3 1,431  + 21  
Outiide central cities ----­ 9,855  95,169  63,245  + 50  
Total nonmetropolitan ·----­ 23,302  179, 03  139,211  + 29  
10,000 to 50,000 pop. ·----­ 14, 777  114,003  76,890  +4  
Less than 10,000 pop. ___  8,525  65, 00  62,321  + 6  

Only building for which permits were issued within the incorporated area of a city is included. Federal contract1 and public housings are not included. 
*Preliminary. 
tA1 defined in the 1950 Censua. 
Other residential building put in plarc.' ha;o marle a Yen· definite downwarrl turn. Januan-.Au!:!ust 19.SS Ins ;oho'"n a decrease of 41/r in value of apai:tme~t huilclin'.". \\'ith n<;. fewer buildings than in 1954. There has been a .) -J. <'( decrease in value of duplrxrs anrl 37'; fP\\('r h11ildin""· However, these figures indicate that the apartments that are being built ar~ of li<'ltcr <'<Jn•trn('lion than tho,e J.11ilt last year, because the aYerage floor nrea i,; snrnllt'r. 
Per capita building Yalut>. The aYeraµ-r pt>r c-apita building value in Texas for Au'!u:•t 1955 \la' $21U/. j11.-t six cents more than in Juh· Lut S2.H m0re than f<>r ..\u•: 11-t 1954. The city reporting thr hir:l1<'-'t prr f'ilfiila linildin,!! in August ,1·as Richard"on. "ith SS.'i 1.09. follr_:.11rrl J.,-~T:"· quite, \1·ith .g433.?.7, and Irdn'!. ,,i1h S:lJ.].11. Othn r-1tlf·,­with larae per capita spending for r011•lnll'tion 11·rre !.!-.>\<'.• !S239.2'3); Richland Hilk lll'Ur Fort \\'orth 1$:Zlr:.:itl 1: Arlin!rton !8199.4;)) : Fri0na 1$}g(d61: Din>!•1iti !Sl70.43); Lake Jacbon 1~163.271: and (a-11" Hilk near San Antonio !Sl56J>~ ). Cities outside keY <'rnlral cities showed the only major clrcrcase in tlw c-timnl•· 0f authorized building during .-\ ugu;-t 1955 on~r J11h (-13<'/,;.) . TogethC'r \\'ith a ;di!d1t rl1·n1·a-r· in the kr' c-1t11·• (-5%), the l~rge increase (almost 110~() in nonmetro· politan cities held the tot al P;:t ima~r·d li11ildin ,'.! \aliw to a decrease of onlv 0.71 '.;{ . 
Employme;1t. The Tcxa;; Lm!'Jo,_·ment (ornmi_"".ion r,. timates on construction eml'lo,·mf'nt 111d:catP 1!ia1 11 1• 'la\·· ina on a hi <!h JeyeJ. So~c r·0;1c·ern j, n0\1· fr!i a,; In'' fw!!:r; th; ti !:!hter .loan po]i,.irs anno:1nr1·d ]-.y thf' frclr-rnl '!fJ\•·rn· ment '"·ill serioush· affer;t the Lon!l1 in rr1n"truC'linn em;•!O'" ment. :\o clo\\'nt~end is looked for 1hro11'!11 ~r·ptPmhC'r, ho"·eyer. although the expaw0ion rate ma,· he ,]o"ed. 
. J0 OHHSTHEET 
TEXAS BUSINESS REVIEW 
RETAIL TRADE 

Sales still soaring. After a "summer slump" much more shallow than usual, sales have continued their record advances. Late summer produced fewer clearance sales than usual and smaller markdowns than "normal." Aided by an extra business day, this August found white sales and house furnishings promotions unusually successful. De­mand has been heavy for dining sets and bedroom suites, upholstered pieces, outdoor furniture and equipment, car· pets, and draperies. As cooler weather arrived, many areas reported an increased demand for television and radio sets and household appliances other than cooling equipment. 
Retail Sales in Texas 

Index· Adjusted for seasonal variation· 1947-1949:100 
1939 '40 '41 '42 '43 '44 '4S '~6 '47 '48 '49 '50 'SI 'S2 '53 '54 'SS 

Hardware, paint, and decorating material sales reflected strongly increased demand, as did higher-priced lines in glassware and china. Apparel lines were stimulated by the brisk demand for school and college clothing. Men's cloth· ing other than sportswear was slow until mid-September, when the situation reversed and the continued call for sportswear tapered off significantly. Food sales continued strong and well above last year, except that fresh meats were in reduced demand until early September. 
ESTIMATES OF TOTAL RETAIL SALES 
Sales Percent change (mils of dola) Aug 1955 Aug 1955 Jan-Aug 1955 Type of Aug Jan-Aug from from from store 1955 1955 July 1955 Aug 1954 Jan-Aug 1954 
TOTAL ------944.7 7,217.3 + 6 + 15 + 12 

Durable goods-·-----369.7 2,722.6 + 9 + 23 + 18 Nondurable goods ... 575.0 4,494.7 + 4 + 10 + 8 
Sales in the Southwest were reported to be above the national average rate of increase in 30 of the first 37 weeks of this year. For the first eight months, sales of durable goods in Texas increased 18%, equalling the estimated nation.al average. But nondurable goods rose 8% in Texas, 5% nationally. The total retail trade nationally stood about 5% above the peaks of 1953. 
Strong buying activity. This year's output of con· sumer goods has exceeded that of 1954 in numerous lines, including: farm equipment (+15% ), television sets {+32%), radio sets (+46%), large appliances (+24%), and furniture (+15% ). Manufacture of soft goods has reached a record high point. Unfilled orders for consumers' durable goods increased during July to the amount of four months' production. 
Attendance at wholesale market centers has continued well above that of last year. Reorders for apparel and other fall merchandise have been large and urgent. Attempts to build up depleted inventories have been handicapped, both 
RETAIL SALES TRENDS 

Source: Bureau of BU8lness Research In cooperation with the Bureau of the Census, U.S. Department of Commerce 
Percent change 
Number of -----------­
reporting Aug 1955 Aug 1955 Jan-Aug 1955 
estabJish-from from from 
Group ments July 1955 Aug 1954 Jan-Aug 1954 

KIND OF BUSINESS DURABLE GOODS Automotive stores ____ 
352 + 10 + 86 + 30 

Furniture and household 
appliance stores ---------171 6 + 13 7 Lumber, building material, and hardware stores ___ 351 
+ + 
+ 10 + 11 + 13 

NONDURABLE GOODS Apparel stores ---------242 + 9 3 5
+ + 

Drug stores -------190 3 9 6
+ + + 

Eating and drinking places. 139 x -1 -1 Filling stations ---------827 + 13 + 26 + 18 Food stores -------------354 -3 + 2 + 2 General merchandise stores 226 + 13 + 15 + 9 Other retail stores ------250 6 2 6
+ + + 

CITY-SIZE CLASS (1950) 
Over 250,000 -------1,221 9 + 20 + 16

+ 

100,000 to 250,000 -------201 + 13 + 17 + 15 50,000 to 100,000 -------322 + 10 + 17 + 16 2,500 to 50,000 --------1,112 7 + 19 + 14
+ 

Under 2,500 ---------246 + 2 + 6 + 3 
xChange Is less than one-half of one percent. 

by the heavy reordering and by flood damage incurred in various production areas. Order commitments were re· ported heavy at the New York Jewelry Trade Show, the New York Gift Show, and the Houston Gift and House· wares Show. Buying activity is now reflecting more realis· tically many merchant's expectation that Christmas 1955 is to bring the largest holiday business ever encountered. 
Income and business prospects. Consumers' income, on the whole, stands at an all-time high point, as does their total indebtedness. Yet consumers' total net assets equal six times the total amount of their debts. The weak link lies in the impaired incomes (}f the farmers, since farm prices are about 4% below last year and are said to have reached their lowest point in nine years. Opinions differ sharply and widely as to whether the extent of present credit obli· gations seriously threatens our economic stability. Recent efforts to curb credit excesses have produced no apparent serious restrictions as yet, except possibly in new housing starts. Savings, as well as expenditures and credit commit· ments, continue at high rates. 
Although some economic indicators have displayed a tendency toward reduced acceleration of the present "boom," income sources remain fertile and business opti· mism stalwart. Barring further extensive storm damages to production areas and income producing sources, exten· sive labor disturbances, or some adverse international developments, it now appears probable that excellent retail business should continue well into, and perhaps through, next year. 
Survey of Texas trade. With 3,102 retailers reporting, August sales bettered July by 6%, topped last August by 15%, and were ahead of January-August 1954 by 12%. Durable goods continued to contribute the largest gains, 23 % for August, as against 10% for nondurable. 
Retail lines averaging largest gains over July were farm implement dealers ( +54% ), department stores ( + 14%), filling stations ( +13% ) , family clothing stores ( +12%), 
and women's ready-to-wear stores and motor vehicle dealers (each+11 % ) . Best increases over last August were among farm implement dealers (+44%), motor vehicle dealers (+38%), filling stations (+26%), hardware stores (+23% ) , and department stores ( + 18 % ) . Comparing the eight months, January-August, with the same period of 1954, largest increases were shown by motor vehicle dealers (+32%), filling stations (+18% ), lumber and building material dealers ( + 14%), hardware stores ( + 12%), and department and furniture stores (each + 10% ). All of the 12 crop-reporting districts topped July ( + 2% to +23 % ) and January-August 1954 (+3% to + 34%). Only one district ( # 10) failed to top last August. The others ranged from +8% to +39%. All sizes of city reported increases, and towns over 2,500 registered gains of 14% to 16%. 
A total of 320 Texas department and apparel stores 
bettered July by 12%, last August by 11 %, and last Janu­
ary-August by 8%. Of the 37 cities reporting, 27 topped 
July sales, 34 bettered last August, and 28 were cumulative­
ly ahead of January-August 1954. In the August-to-August 
comparison largest gains were at Lubbock ( + 32% ) ; Chil­
dress, Paris, and Port Arthur (each +26% ) ; Tyler 
(+20%); McAllen (+19%); Cleburne, Dallas, and Fort 
Worth (each +16%); Denison, Greenville, and Hender­
son (each + 15 % ) ; and Brownwood and Waco (each 
+14%) . Leaders for the first eight months of 1955 were 
Lubbock ( +27%) ; McAllen ( +22% ) ; Odessa ( + 15% ) ; 
Fort Worth ( + 12%) ; Dallas, Port Arthur, Temple, and 
Tyler (each +9%); and Abilene and Houston (each 
+8%)­
0£ the 34 cities reporting enough retailers of various 
types to be listed individually, 27 rose from July, 33 sur­
passed last August, and 30 exceeded January-August 1954. 
CREDIT RATIOS IN DEPARTMENT AND APPAREL ST ORES 
Credit Collection Number ratios• ratiost of reporting Aug Aug Aug Aug Classification stores 1955 1954 1955 1954 
ALL STORES 66 62 .6 63.3 35 .2 35. 1 
BY CITIES Austin ..... -...................................... 4 63.1 61.4 56.4 52.7 Cleburne --·--·------·-----------3 37.8 38.8 42.9 

33.5 Dallas 7 58.9 65.8 36.0 36.1 
3 66.5 57.1 32.3 30.8 
Fort Worth --------------·-3 67.3 66.1 34.8 33.9 Galveston 5 57.0 55.7 47.4 47.8 Houston 65.1 65.8 30.5 30.6 
El Paso ------------·-----·----· 
------------------------4 San Antonio ·-------------5 60.7 59.4 40.4 40.6 Waco -----------------·---·-· 
5 60.3 60.2 51.2 47.3 AU others ....................____________ 27 60.0 57.8 41.8 41.2 BY TYPE OF STORE Department stores (over $1 million) 20 63.4 64.7 33.6 33.3 
Department stores (under $1 million) -----------------------------18 43.8
43.8 41.7 40.3 Dry goods and apparel stores.... 4 59.7 63.2 48.2 45.2 Women's specialty shops -------14 61.6 59.8 44.0 44.0 Men's clothing stores .................. 10 64.7 64.6 51.9 52.9 
BY VOLUME OF NET SA LES ( 1954) Over $3,000,000 19 63.6 64.6 34.0 34.0 $1,500,000 to $3,000,000 .............. 5 62.0 60.7 48.4 47.9 $500,000 to $1,500,000 ----·-·--17 56.0 55.2 48.5 46.2 $250,000 to $500,000 ------------12 44.5 44.8 45.1 43 .3 Lesa t han $250,000 -------13 39.4 41.1 40.3 40.2 
•Credit sales as a percent of net sales. 
tCollectiona durlnll' the month a.a a percent of accounts unpaid on the ftl'lt of the month. 
POSTAL R E CE IPT!! 
Percent chanire  
City  Aug 1955  J uly 1955  Aug 1954  Auir 1955 from July 1955  Auir 1955 from Aug 1954  
+ 
11 + 8 



TOTAL• ·-·-$6,260,836 $5,642,176 $5,809,189 
Alice -----10,899 10,873 12,820 x -12 
Bastrop 1,278
---1,356 1,481 -6 -14 Belton ------5,728 4,568 4,609 + 25 
+ 24 
Brownfield ---· 6,393 6,698 5,869 -5 + 9 Cameron 4,680 4,016 3,351
---+ 17 + 40 
Cleburne 9,424
-----9,971 10,306 -5 -9 Coleman -------5,384 3,828 4,882 + 41 
+ 10
Crystal City ___ 2,837 1,932 2,288 + 47 + 24 
Cuero 3,972 4,263
---------5,523 -7 -28 
Eagle Pass ___ 
5,036 4,265 4,159 + 18 + 21 E l Campo ......___ 8,613 7,817 7,701 
+ 10 + 12 
Gainesville -------11,964 10,117 12,687 + 18 -6 Gatesville ·------3,859 4,028 4,191 -4 -8 Gilmer ----------3,223 3,957 3,883 -19 -17 
Graham 5,904 6,369 5,728
--------7 + 3 
Granbury -·--1,745 1,928 1,778 -9 2 Hale Center ___ 
1,069 1,345 1,087 -21 2 ------9
Hillsboro 4,729 5,087 5,225 -7 Huntsville --6,597 5,677 6,104 + 16 + 8 J acksonville ----8,851 11,612 8,720 -24 2
+ 
Kenedy ---·-3,068 2,632 2,977 + 17 3
+
Kermit 4,629 4,566 4,630 1 Kerrville --·---8,053 7,991 7,956 1 1 
------+ x 
+ +
Kingsville ----10,110 9,180 9,578 + 10 6
+ 
Kirbyville ·----2,173 1,767 1,676 + 23 + 30 La Grange -----3,321 4,349 3,217 -24 + 3 +
Littlefield ·-----4,418 4,376 4,678 1 -6 Luling .........____ 2,887 3,091 2,293 -7 + 26 
McCamey ·--·-·-2,486 2,293 2,513 + 8 -1 Mission --------------6,412 7,198 6,339 -11 + 20 Pasadena -------18,681 16,809 16,640 + 11 + 12 Pecos 7,924 8,397 5,663 6 + 40 Pittsburg ·-----2,344 2,314 2,480 + 1 -5 Raymondville ----5,464 8,403 6,395 -35 -16 Taft 3,232 2,105 2,792 + 54 + 16
-----· 
Terrell 5,478 6,877 5,940 -20 -8 Vernon ____ 8,737 8,009 8,470 + 9 3
+ 
Waxahachie 9,092 7,433 7,785 + 22 + 17
--· 
Yoakum -----11,300 7,909 12,265 + 43 -8 
•The total includes receipts for cities which are lilted Individually under 
,.Local Business Conditions." 
x Cha n ge is less than one-half of one percent. 
Topping July by best margins were Lubbock and Waco (each + 19% ), Beaumont and l\arnsota (each + 16':;'c ), Henderson ( + 15%), Port Arthur ( + 13%), and El Paso and Gah-eston (each + 12% ). Bettering last August were Big Spring (+49%) ; Shrrman (+4~%) ; Luh~?c~ (+39%) ; Brownwood ( + 297c) ; Abilene (+27 1< ), Waco (+24% ) ; Henderson (+ l 9 j'c ) ; and Amarillo, Austin, and Beaumont (each + 18% ). Twelve other cities gained 13% to 17%. Best showings for the .eig~t months were at Big Spring ( +4-3% ); Lubbock ( + 35'/< ) ; Ama­rillo (+23%) ; Texa~kana ( +_207c ) _;, Brownsvill~ a~1d Lampasas (each +19 1?J); Drn1son, \\ aco, and \\ 1ch1ta Falls !each + 17%); and Dallas and El Paso (each 
+16/(). . . . . Sccond!!ry trade indicators. AdYert1smg Image m 28 Texas newspapers a\·eraged 2';;. OYer July and 9';{ abo\·e a year ago. Of the 28 papers, 20 topprd July_a_nd 2.i bettered last Auo-ust. Postal receipts for 127 Texas c1t1es were ahead 
of Julv bv 11 %and of last August by 8~ ;. Of the 127 cities. 84 topped July and 85 surpassed last August. 
A. H .HllLTON CHl..iTE 
,TEXAS BUSINESS REVIEW 
INDUSTRIAL PRODUCTION 

Longhorn tin smeh er sold. Sale of the federally owned 40-thousand-ton tin smelter at Texas City has been authorized by the Office of Defense Mobilization. The Fed­eral Facilities Corporation is in charge of receiving bids from prospective purchasers. As in the case of synthetic rubber plants, Congress will make the final decision con­cerning disposal of the smelter. 
Congress, during its recent session, was faced with the necessity of taking action on the future of the smelter. There were three alternatives. The government could con­tinue to operate the smelter, sell it, or shut it down. If the $13 million facility had been shut down, it would have be­come unusable in a short time because of deterioration of equipment, so that alternative was not seriously considered. 
The plant, which smelts low-grade Bolivian ores, is con­sidered to be a high-cost operation, and some doubt has been expressed whether private industry will be willing to risk capital for investment in the enterprise. The Bolivian government may be interested in purchasing the plant. 
Petrochemical expansion. During a recent tour of the company, W. I. Burt, president of Goodrich-Gulf chem­ical facilities at Port Neches, said that the plant would be­gin to produce latex at the rate of one million pounds per month immediately and that production facilities would very likely be tripled in the near future. 
Crude Oil Prod11ction in Texas 
Index· Adjusted for seasonal variation • 1947-1949: 100 150 
100 

ISO 100 
so 
0 
I\  "'  
- ,..,...,  t  ff- v  W\,  '­ 
/ ,.r  V v'W  \) !  
"'If  rv-. .,,,¥  \..r v  
v  

50 
0 1939 '40 '41 '42 '43 '44 '45 '46 '47 '48 '41 '50 '51 '52 '53 '54 'SS 

Phillips Chemical plans to add 15% more capacity to its copolymer plant at Borger. Construction will begin immediately, and the completion date has been set for Sep­tember 1956. The Borger copolymer plant and an adjacent butadiene plant were purchased by Phillips from the gov­ernment in April 1955. Both plants were previously op­erated under contract for the government by Phillips. 
Another significant expansion in the .Texas synthetic rubber industry has been announced by t}ie board of di­rectors of Cosden Petroleum Company. Cosden plans to construct a $3 million styrene unit at Big Spring in the near future. 
Styrene, a major petrochemical, is used in the manufac. ture of plastics and synthetic rubber. About one billion pounds of styrene is produced annually in the United States, of which some 80 percent is used in the manufac­ture of synthetic rubber. Cosden's expansion into this field adds a key industry to the West Texas production com· plex. The $3 million appropriation by Cosden officials is 
Crude Oil Runs to Stills in Texas 
Index· Adjusted for seasonal variation· 1947-1949: 100 

2SO 200 
250 
lSO 
so
/\J 
I
,. ,., A. 
A 
./'.. 
r 
II
100 
I00
I
rv
~1,V"--.r
r
. 
"---' 
so 
so 
0 
0 
1939 ·40 ·41 ·42 ·43 ·44 ·45 '46 ·41 ·4s ·49 ·so ·51 'S2 ·53 ·54 ·ss 
in addition to $2.5 million authorized some time ago for a Rexformer unit and other improvements. Construction of the Rexformer, a recycling type of platformer designed to yield 100-plus octane gasoline, will enable Cosden's BTX plant to be diverted entirely to the production of aromatics, for use as feedstocks for the styrene unit. 
San Marcos mill postponed. Construction of a $10 million denim mill at San Marcos has been postponed in­definitely by Cone Corporation Mills of Greensboro, North Carolina. "Present unsettled conditions in the United States textile industry" was the reason given by Caesar Cone, treasurer, for postponement. The company is keep· ing its San Marcos site and will reconsider plant construc­tion at a later date. 
Corsicana industrialized. Corsicana will be the lo­cation of a million-dollar insulation plant of the American Rockwool Corporation. The new Corsicana factory will be the company's eighth but its first in Texas. Expected com­pletion date for the plant, which will employ 85-100 work­ers, is spring 1956. 
Corsicana is rapidly emerging as an inland manufactur· ing center. During August the Chattanooga Glass Com· pany announced that they would build a $750,000 glass plant there_ Haggar of Dallas recently expanded opera· tions with the opening of a clothing plant in the same community. 

PRODUCTION OF HYDROCARBON LIQUIDS FROM GASOLINE AND RECYCLING PLANTS 
(in 42-gallon bar rels) 
Source: Oil and Gas Division, Railroad Commission of Texas 

January-June  
Product  Jan 1955  Feb 1955  Mar 1955  Apr 1955  May 1955  June 1955  1955  1954  
TOTAL PRODUCTION ............_  13,811,508  12,574,129  13,969,550  13,176,322  13,050,355  12,650,368  79,232,232  71,444 ,847  
Condensate-crude. __________ ___ _________________.  883,172  744,276  858,842  795,630  787,370  778,266  4,487,556  4,651,367  
Gasoline_____________________________ ____________ ___ .  6,680,059  6,218,929  7,001,258  7,039,308  6,968,355  6,725,363  40,663,272  37,836,217  
Butane-propane____________________ __ ___________ __  5,922,540  5,315,098  5,859,687  5,022,712  4,982,611  4,836,851  31,939,499  27,289,371  
Other products.....................................  325,737  295,826  249,763  318,672  312,019  309,888  1,811,905  1,667,892  
TOTAL GAS PROCESSED*.......  429,463  390,536  423,890  392,381  391,06()  379,369  2,406,699  2,281,835  
Yield per Mcf in gallons ................... ­ 1.35  1.35  1.38  1.41  1.40  1.40  1.38  !.32  

*ln mijlic.11s of cubic !~et. 
Industrial Electric Power Use in Texas 

Total Electric Power Use in Texas Index· Adjusted for seasonal variation •1947-1949 =100 
Index· Adjusted for seasor.al voriaticn · 1947-1949=100

350 
JSO 300 
300 250 
2SO 200 
200 
lSO 10 
00 
1939 '40 '41 '42 '43 '44 '4S '46 '47 '48 '49 'SO 'St 'S2 'SJ '54 'SS 1939 '40 '41 '42 '43 '44 '4S '46 '47 '48 '49 'SO 'SJ 'S2 '53 · '54 'SS 

PETROLEUM AND GAS ACTIVITY 
ELECTRIC POWER CONSUMPTIO:-i 
Source : State Comptroller of Public Accounts and Railroad Commission 

of Texas Percent change
Consumption (thous kw-hrs) Aug 1955 Aug 1955


:-===-=-==·================================= 
Aug July Aug from fromPercent change 

U se 1955• 1955* 1954t July 1955 Aug 1954 Aug 1955 Aug 1955 
TOTAL --------3,329,218 3,109,113 2,883,668

Aug July Aug from from + 7 + 15 Product 1955 1955 1954 July 1955 Aug 1954 
Commercial -------521, 704 490,093 479,878 
+ + 9 

CRUDE OIL Industrial ···-----2,003,892 1,878,766 1,614, 710 + 7 + 24 
Value (thous of dols ) .... 227,989 199,748 227,051 + 14 x Residential -------669,612 604,616 623,531 + 11 + 7 
Production (thous of Other ----------------134,010 135,638 165,549 -1 -19 
bbls) .... -·· ············------80,584 80,037 79,982 

+ + 

Runs to stills (thous •Preliminary-based on reports of 10 electric power companies, leveled of bbls ) -··············--------67,850 65,550 59,523 + H to Federal Power Commission estimates by the Bureau of Busines1
+ 

NATURAL AND Research. 
CASINGHEAD GAS tRevised to preliminary Federal Power Commission data. 
PRODUCED (value 
in thous of dols) __ 40,880 32,989 39,805 + 24 + 3 

SULFUR RECOVERED Another factor of incrl'asing significancr to Corsicana (long tons) ········--125 770 0 -84 as well as to other small cilie;; of i\orth Texe1;;, as far as industrial expansion is concerned, i;; proximity to thP 
xChange is less than one-half of one percent. 
Dallas-Fort \~forth industrial complex. Communities such 


These new industries, together with such well-estab­lished ones as Bethlehem Supply, Jhe Collin Street Bakery (baker and distributor of nationally famous fruit cakes), Corsicana Cotton Mills, Oil City Iron Works, Southland Cotton Oil, Tex Sun Glove Company, and Texas Miller Products (manufacturer of Adam hats), will provide Cor­sciana with a diversified manufacturing base matched in few communities of comparable size. Corsicana has excel­lent highway and rail transportation facilities and is favor­ably located to serve the expanding market for consumer goods in Texas and the Gulf Southwest. 

as Waxahachie, Drnton, Clclnmw, Hoc:brnll. Ennis. Cor· sicana, Hillsboro, GrecnYille, \Veathcrford, Terrell, Kauf­man, and McKinnC'y will int·\·itably lwndit from thr growth of Dallas, Fort Worth, and their satcllitro;. Growth of such cities as Corsicana and Waxahal'hir during tlw next decade may not be spectacular, but it will be ~teady because as suitable industrial sites become more searct' near the core of the industrial nucleus, manufacturers will seriously consider and often choose new plant locations in outlying communities. 
STA'\LJ::Y A. AHlll'\GAST 

REPORTED PETROLEl'M PRODUCTION REFINERY STOCKS 
Source: OiJ and Gas Division, Railroad Commission of TeiaB 

Source: Tho Oil and Gaa J ourna.l January-June Percent 
Percent change 1955 1954 changeStocks (thousands of barrels) -------­Aug 1955 Aug 1955 Area a!ld Aug July Aug from from 
Production (thous of barrels) produci. 1955 1955 1954 July 1955 Aug 1954 TEXAS ---------512,392,329 482,627,716 + 6 
UNITED STATES 8,900,241 7,438,840 + 20
District 1 ------------­Gasoline --------------153,292 157,005 153,497 -2 x District 2 -----------­26,523,479 25,324,788 + 5 Distillate ·········----·------133,365 115,936 117,458 + 15 + 14 District 3 ----------­78,439,882 76,247,498 + Residual ------------46,587 45,457 56,194 + 2 -17 District 4 ----------· 44,262,448 44,028,463 + Kerosene -------------------34,945 32,000 35,364 + 9 1 District 5 ----------­8,493,907 8,225, 799 + TEXAS 63,447,349 63,182,044 x
District 6 ---------­

Gasoline ----------------26,827 26,655 25,360 + + District 7b -------­26,109,140 22,509,152 + 16 i.;tilJate ···--·-···----17,550 16,451 15,227 + 7 + 15 District 7c -----···-­33,190,226 32,350,417 + 3 esidual 6,673 7,775 170,747,356 154,718,636 + 10
-----------------8,717 + 31 + 12 District 8 -------­crosene ----------------4,064 4,321 4,593 -6 -12 District 9 --------­36,194,106 33,678,831 + 7 District 10 -----------­
16,084,195 14,923,248 + 8 
*Figures shown for week ending nearest the last day of the month. 
xChange is less than one-half of one percent. 

xChange is less than one-ha1f of one percent. 
,TEXAS BUSINESS REVIEW 

FINANCE 
Rediscount rate increased. On August 25, the At· lanta Federal Reserve Bank raised its rediscount rate to 2% %· This was the second increase within a month; the rate was put up to 2% on August 3. This action takes on added significance when it is considered that it occurred at a time when the usual seasonal upturn in the demand for credit begins. 
Federal Reserve Board officials declined to comment on whether the Atlanta action would result in an increase 
CHANGES IN CONDITION OF WEEKLY REPORTING MEMBER 
BANKS IN THE DALLAS DISTRICT 
Source: Board of Governors of the Federal Reserve Syatem 
Percent change 
Aug 1955 from  Aug 1955 from  Aug 1954 from  
Item  J uly 1955  Aug 1954  J uly 1954  

ASSE TS  
Loans and investments ---­Loans -----­--­---------· Total U.S. securities -----­ x 2  + 5 + 21 -17  + 4 -3 + 15  
Trerusury bills --­---­ -70  + 56  
Treasury certificates of in debtedness -----­ -26  + 31  + 14  
Treasury notes Bonds --------­ 3 1  + 34 -3  + 2 + 12  
Other secu rities --------­ + 3  + 22  3  
Reserve w ith Federal R eserve  
Banks  -----­-­ 2  1  
Cash in vaults  + 2  + 9  -10  
Balan ces with domestic banks___  + 9  4  3  
LIABILITIES  
Total deposits, except interbank_  + 1  + 8  + 1  
Demand deposits, adjusted _ Time deposits --------­Government deposits ___ Interba nk deposits -----­Dom estic banks ------­ + 1 x 0 6 6  + 4 + 29 + 8 -13 + 14  " " + 33 + 10 + 10  
F oreign ba n ks ---------­CAPITAL ACCOUNTS -­ +  + 36 + 11  0 + 12  

Percentace changes are based on the Wednesday nearest the end of t he month. 
xChan~e Is less than on~half of one percent. 
in the rate by the 10 banks adhering to the 2% figure. The policy of the banks has been to maintain uniform rates. It was clear, however, that the Federal Reserve Board con· siders the new rate to be an acceptable one for all Federal Reserve Banks. 
It is possible that the Board is increasing its precautions to insure that the usual fourth-quarter expansion in retail sales does not cause an inflationary increase in the price level. 
Other federal credit agencies have been pursuing poli­cies parallelling those of the Federal Reserve Board. The Federal Home Loan Bank has clamped down on credit to savings and loan associations. The volume of these loans was $1,187 million at the end of August. This was almost twice the $659 million outstanding a year earlier. The total had increased $366 million in three months. In order to obtain funds to meet this demand, the bank has entered the money market at a time when the Federal Reserve Board has been taking steps to cut credit and borrowed a 
total of $400 million since June 15. Outstanding notes now total $535 million. A year ago the total was $179 million. 
The sudden rise in Federal Home Loan Bank credit was due to the fact that demand for mortgage money exceeded savings. Aggregate net savings deposited with savings and loan associations declined $115 million in July, the first such decrease in many years. Savings and loan bank offi. cials attribute the drop in deposits to heavy withdrawals made for the purchase of automobiles and other consumer durables. 
There is a feeling in some quarters that the current sit· uation parallels 1952. Short-term borrowing costs now are at the highest levels since 1953. Also the long term borrowing rate of the Treasury is again above 3%, as it was in 1953. Federal Reserve policy seems to be changing from mild restraint to moderate severity. During the pe· riod of severe credit restraint of 1953 the rediscount rate oi none of the 12 reserYe banks exceeded 2%. 
Stock market. Rising interest costs, high margin re­quirements, and tight credit have not kept the market from shouldering its way to new high ground. On September 19 the Dow-Jones average of the prices of 30 industrial stocks rose to 483.80, a rise of 34.96 points from the low of 
448.84 on August 9. Expectation of dividend increases or extras for the fourth quarter and general optimism over the business outlook contributed to the market's buoyancy. The 500 mark for the industrial average does not seem far off. 
Just how much of the growth in stock values is due to sound postwar expansion brought about by deferred de· mand and increased population and how much is due to overoptimism is still a matter of dispute. For six years this bull market of unprecedented proportions has defied the defeatists. Business capacity, earnings, and profits have continued to grow. The market has grown with them. 
FEDE RAL INTERN AL REVENUE COLLECTIONS 
Source: Internal Revenue Servlu. U.S. Treaaury Department 

J uly 1-August 31 
Percent 
Source and area 1954-55 195:H>4 cha~• 
TEXAS ____ _ 
$281,757, 186 $256,891,226 + 10 
Income 60,619,747 58,383,904 + 4 Employment 2,602,274 2,408,014 + 8 Withholding 183,528, 767 166,655,390 +10 Other------35,006,398 29,443,918 +19 FIRST DISTRICT _ 156,898,015 147,198,809 + 7 Income -------25 ,973,714 30,062,034 -14 Employment ----116,128 121,776 -5 Withholding 107,570,521 98,131,823 + 10 Other 23,237,652 18,782,376 +24 SECOND DISTRICT_ 124,859,171 109,792,417 +u Income 34,646,033 28,321,070 +22 Employment ------2,486,146 2,286,238 + 9 Withholding -----75,958,246 68,523,567 + Jl Other -------11,768,746 10,661,542 +10 
There is still no sign of runaway inflation in stock prices, though some blue chips are selling to yield a very low return. The prices of such stocks usually reflect the gr~t earning potential of their issuers. The gains in productIV· ity which are resulting from new developments such as 

automation are being reflected in stock prices as well as wage rates. 
Dallas banks increase capital. On September 14 directors of the First National Bank in Dallas announced a $10 million increase in the bank's capital structure. The 
REVENUE RECEIPTS OF STATE COMPTROLLER 
Source: State Comptroller of Public Accounts 
September 1-August 31 
PercentSource 1954-55 1953-54 chanire 
TOTAL -----------------------------838,009,264 $790,556,058 + 6 

Ad valorem and inheritance taxes.___ _ 
34,526,565 33,703,705 + 2 
Natural and casinghead gas 
production taxes ------------------39,253,535 25,603,716 + 53 

Gross receipts from telephones______ 5,082,147 4,636,537 + 10 
Crude oil production t1>xes ·----------­129,665,003 128,156,771 + 1 
Insurance companies occupation 
taxes -----------------------------21,022,316 20 ,172,006 
+ ' 

Net motor fuel taxes ·-----------------­150,374,883 144,815,797 
+

Ciirarette tax and licenses ·--·------· 35,044,872 1,591,849 +210 ' 0 
Alcoholic beverage taxes and licenses 21,441,721 18,632,627 + 15 
Automobile and other sales taxes____ 22,619,378 18,377,464 
+ 23 
Oil and gas royalties ------------------­25,254,016 23,688,716 + 7 
Interest on securities owned -----­13,768,230 11,695,681 + 18 
Motor veh icle licenses, permits, etc. __ 48,619,174 42,523,180 + 14 

Federal aid for highways -------------45,136,759 30,690,999 + 47 
Federal aid for public welfare _________ _ 118,718,920 118,462,662 

x 
Retirement contributions ----------­17,418,957 16,456,420 + 6 
All other receipts ---------·------------110,062, 788 151,347,928 -27 

xChange is less than one-half of one percent. 

result of this action will be to increase the capital account to $22 million and surplus to $28 million. Currently these two accounts total $20 million each. 
A stock issue of 200,000 shares will be offered to stock­holders at $30 a share. The bank's stock is currently listed at $38 a share. This $6 million of new money will be sup· plemented with $4 million from undivided profits. 
Less than a week after the announcement by the First National, the Republic National Bank of Dallas revealed plans to increase its capital structure by $10,347,000 to a total of $70 million of capital and surplus. An additional $12 million of reserves will bring the total to $82 million. As a part of the program, 187,500 shares of stock will be offered to stockholders at $45 a share. The $8,437,000 ob­tained from the stock sale will be augmented by $2 mil­lion to be paid to the hank by wholly owned affiliates. It is contemplated that the present dividend rate of $1.68 a share will be maintained on the new stock. 
When completed, these increases will put the Republic National in nineteenth place and will place the First Na­tional in a tie for twenty-fifth place among the nation's banks, in order of magnitude of capital structure. 
Since national banks may loan not more than 10% of their total capital and surplus to one borrower, the in­creases noted above will result in raising the ceiling on the maximum individual loan of each bank by $1 million. The Republic National can now loan a maximum of $7 million and the First National a maximum of $5 million to a single borrower. 
Eleventh District hanking. Loans and investments of weekly reporting member banks in the Eleventh District 
11 

de:lin~d seasonally from July to August. The cyclical up· swmg m demand for credit is reflected in the srcincrease over August 1954. This resulted from a 21 % increase in loans, which more than offset the decrease in imestmcnts. The effect on earnings of the shift from investments into ~oans will be favorable, since loans generally earn a higher mterest rate. Both demand and time deposits showed in­creases over August 1954. The 11 % gain in capital ac· counts was the same percentage increase as for July of this year compared with July 1954. 
Bank deposits in Dallas showed an increase of 5% over August 1954. Fort Worth showed an increase of 67c San Antonio 8%, Houston 7%, EI Paso 4%, and Port A~thur 14%. Corpus Christi was down 14%. 
Deposit turnover, an indicator of the rate of use of bank deposits, was 25.0 times a year for Dallas, up 14% over August of last year. Fort Worth registered an an­nual rate of 20.4, also up 14% over last year. The San Antonio rate was 17.2 times a year, up 12%. Houston had 
LOANS BY SAVINGS AND LOAN ASSOCIATIONS 
Source: Federal Home Loan Bank of LltUe Rock 
Percent chnn2'e 
Aug 1955 Aug 1955 Aug July Aug from from Use 1955 1955 1954 July 1955 Aug 1954 
Number 
ALL LOANS ___ 5,049 4,837 4,190 4 + 21
+ 
Construction ·-·--1,189 1,130 974 + 5 + 22 Purchase -··---1,890 1,879 1,427 + 1 + 32 Other ----------1,970 1,828 1,789 + 8 + 10 
Value (thouaanda of dollan) 
ALL LOANS __ 34,863 33,158 25,542 + 5 + 36 
Construction ------11,608 10,784 8,466 + 8 + 37 Purchase ------14,994 14,963 9,768 x + 54 Other ------8,261 7,411 7,308 + 11 + 13 
a rate of 20.5, up 131/(;. El Paso had an annual rate of 19.8, up 17%; Port Arthur 14.6, up 4%; and Corpus Christi 19.3, up 12%. 

Bank debits, an indicator of the volume of financial transactions, were up 21 % in Dallas over August 195-1-. Fort Worth debits were up 227c, San Antonio 18%, Hous­ton 22 % , and Port Arthur 21 %. Corpus Christi debits showed less than 1 % change from August 1954. 
FRA:'\CIS B . .\1A y 
Bureau of Business Research Publications 
Industrial Expansion in Texas 
Third quarter, 1955 
by Stanley A. Arbingast and Tina Piedrahita 
A listing of new p!ants and plari expansions an­nounced during July-September 1955, togetr.er wit~ data on cost, number of em~l·y1ees, and products. Single copies fifteen cents: yeari; subscription, flf,y cents. 
,TEXAS BUSINESS REVIEW 
CARLOAD SHIPMENTS OF FRUITS AND VEGETABLES
AGRICULTURE 

Source: Compiled from reports received from Agricultural Marketin&' Rain and drouth inhibit harvest. Rain-soaked fields Service, U.S. Department of Agriculture that continued to receive scattered showers brought work 
January-August

to a virtual standstill along much of the Texas Coast in late September. But on the High Plain_s and over most of Percent
Commodity 
1955 1954 change

the Low Rolling Plains, wheat plantmg dragged along 
TOTAL SHIPMENTS --·----31,729 32,385 2
-

slowly as farmers waited for rain. Cotton and late sor­ghums were deteriorating in drY.-land areas of the north­FRUITS ----------·-·-----......__ 7,137 5,924 + 20 west except in localities that received recent showers. + 41
Canteloupes ----------------3,421 2,424
Honeydews _______.._______ 
410 121 
+240
On the whole, cotton harvesting was active over a wide 

Watermelons --·----------------3,306 3,379 -2
area. Peak activity was reached in a number of northern 
VEGETABLES --·---..-·------·­14,252 15,562 -8 Blackland counties. Except for a few irrigated fields con­Carrots -------------4,663 4,113 + 13 centrated largely in the Winter Garden area, the South Com -------------------­376 650 -42 Cucumbers --------------------------------­20 56 -64
Texas crop was in the bale, and pulling reached the "scrap­
Onions --------------------4,223 4,761 -11
ping" stage in much of South Central Texas. Along the Potatoes 	539 
876 -38 Upper Coast, where frequent rains have interrupted har­Tomatoes ------·------------·-·-·-4,431 5,106 -13 vesting of cotton, farmers ne~ded a ~eek ~r two of sun­ALL OTHER --------.. ---·-----------10,340 10,899 -5 shine and dry weather to fimsh the JOb. Yield prospects remain very promising for irrigated High Plains cotton. crops are at a minimum in the South. Eight cows per acre Johnson grass crossed with sorghum. An abundant have been supported on the plants. Seed will probably be supply of cheap, high-quality forage and silage may be­available in limited quantities after this year. come available in a year if tests of a new Johnson grass­Personal property taxes drop. Personal property sorghum hybri_d conti~ue to pro~e successful. Experts at taxes on Texas farms and ranches averaged 4.6 cents per the Mississippi Expenment Station, where t~e tests are acre in 1954, a drop of .4 cents or 9% from 1953, accord­being made, believe dairy and b~ef cattle reg~ons of East ing to a report made by the Texas Agricultural Experi­Texas and the Gulf Coast in particular may ~nple produc­ment Station at College Station. This decline contrasts tion if the crossed plants live up to expectat10ns. with the increase of slightly more than 3% in Texas farm To date crosses of the two plants have yielded more and ranch land taxes from 1953 to 1954. Depressed cattle than 30 to~s to the acre, with plants growing as high as 18 prices were the biggest factor in causing the tax decrease, feet at the experiment station. One str~in of the new plant the report said. produced over 32 tons of forage durmg each of the last Santa Gertrudis awes Russians. Texas-originated four years. The new grass hybrid has the added advantage Santa Gertrudis cattle made a big hit with Vladimir Mat­of growing during August and September, when green skevitch, First Deputy Minister of Agriculture of Russia, when he saw them at the Bluebonnet Experiment Station. In fact, the Russian farm visitors were so impressed with
FARM CASH IN COME 

the cattle that they bought 60 head to take to Russia. Mat­skevitch, speaking through an interpreter, exclaimed, "If I had a bottle of champagne, I would drink on the spot in honor of these animals!" 
Insects cause heavy cotton loss. Insects in North, East, and Central Texas caused a loss of at least 250,000 bales of cotton valued at approximately $40 million, ac-
INDEXES OF PRICES RECEIVED BY FARlllERS 
( 1909-14 =100) 
Source: Agricultural Marketing Service, U. S. Department of Agriculture 
Percent change 
Aug 1955 Aug 1955 Aug July Aug from from Index 1955 1955 1954 July 1955 Aug 1954 

ALL FARM PRODUCTS ·----·--257 257 270 6
ALL CROPS ----·-----·--.. ·----·--· 249 251 266 -1 ­Food grains --------------------------------­
205 218 214 -6 -4 13 14

Feed grain and hay ------------·----149 172 173 -­Potatoes and sweet potatoes_____ 202 263 256 -23 -21 
Fruit ·--·-·---·-----------··---.. ·----.. --..-119 119 83 0 + 43 
-4
299 307 	313 280 -5 

Truck crops -----------------------------­
Cotton --------------------------267 261 + 2 Oil-bearing crops --------------------­
247 262 311 6 -21 LIVESTOCK AND PRODUCTS -------------268 266 274 + Meat animals --------------------292 289 288 + + 
Dairy products ____ ......___________......... 245 241 236 + 2 + Poultry and eggs .........____..__......... 224 219 231 + 2 -30
Wool 	267 866
-----------------------------------255 
January-August 
Percent 1954 chan2'e
1955Commodity Value (thousand.. of dollars) 
917 ,397 979,799 -6
TOTAL --------------------­238,340 265,645 -10

Cotton ----------------------­
22,478 29,871 -25Cottonseed ------------------­30,047 42,229 -29

Wheat ----------------------­
9,407 11,588 -19

Oats -----------------------­
9,210 9,204 x

Corn ----------------------------­Grain sorghum -----------------+

33,265 31,380 6 1,547 3,917 -61

Flaxseed ------------------------­
4,280 3,301 + 30

Peanuts ---------------------­
3,790 5,587 -32

Rice --------------------------------­
205,737 201,966 + 2

Cattle ----------------------------­Calves -------------------------56,297 71,281 -21 
41,001 50,488 -19

Hogs -------------------------­Sheep and lambs ---------------­
21,064 18,835 + 12 12,768 16,839 -24

Wool -------------------------.--------­
8,007 5,595 + 43 38,773 3 

Mohair ---------------------------------­
Poultry ------------------------------37,600 
Eggs -----------------------------------+

48,747 47,704 2 Milk and milk products... _ 81,062 79,450 + 2 Fruit and vegetables 52,750 46,146
____._ 	+ 14 

Farm cash income as computed by the Bureau understates actual farm cash income by from 6% to lOo/o. This situation results from the fact that n1enns o! securing complete Jocal marketings, especially by truck, ha.ve not yet been fully developed. In addition, means have not yet been devel­oped for computing ca.sh income from all agricultural specialties of local Importance in scattered areas. This situation does not impair the ac.. curacy of the index shown on page 24. 
cording to C. B. Spencer, agricultural director of the Texas Cottonseed Crushers Association. He added, however, that although thousands of farmers will not make a single bale of cotton on 10 to 20 acres because of the heavv insect damage, other farmers are producing one of th~ir best crops, from one to two bales per acre. 
Spencer said many progressive farmers who controlled their_ insects ai:id improved their soil fertility and water· holdmg capacity produced one of their best crops this year. These farmers harvested their crop early last sea· son, shredded their cotton stalks, and plowed under the residue 30 to 60 days before the frost, preventinO" almost entirely the boll weevil and pink bollworm c~rryover that hit hard at other Texas land. 
Grain sorghum and corn gains predicted. The De­

partment of Agriculture made two cheerful predictions 
for the 1955 Texas harvest: a yield of 141,570,000 bushels 
of grain sorghum and a corn crop of 48,060,000 bushels. 
The predicted grain sorghum harvest is over 24 million 
bushels more than last year. The corn crop will be the 
largest in five years and is a 45% increase over 1954 corn 
production. Per-acre yield for the corn is estimated at 22.5 
bushels ,the highest since 1919. A NNE K. SCH ULER 
CARLOAD SHIPMENTS OF LIVESTOCIC * 
Source: Bureau of Busine!Ss Research in cooperation with Agricultural 
Marketln1r Service, U. S. Department o! Airriculture 
Percent chant:e  
AUil 1955  Auir 1955  
Classification  Aug 1955  July 1955  Aug 1954  from J uly 1955  from Aug 1954  

TOTAL ------2,458 2,951 3,344 -17 -26 

Cattle ----------­ 1,496  1,991  2,162  -25  -31  
Calves -------------­Hogs --------------­ 516  507 2  810  + 2 -50  -36 -88  
Sheep  --------------­ 445  451  364  - 1  + 22  
INTERSTATE -­ 2,224  2,703  2,943  -18  -24  
Cattle --------­ 1,340  1,801  1,895  -26  -29  
Calves --------­ 484  484  740  0  -35  
Hogs -----------­ 1  -100  -100  
Sheep  ------------­ 400  417  307  - 4  + 30  
INTRASTATE  --­ 234  248  401  - 6  -42  
Cattle  -------­----------­ 156  190  267  - 18  -42  
Calves ------------------­ 32  23  70  + 39  -64  
Hogs ----------------------­ 7  0  - 6  
Sheep  ------------------­ 45  34  67  + 32  -21  

•Rail-cnr basis: cattle, 30 head per car; calves, 60; hogs, 80; and sheep, 
250. 

FOREIGN TRADE 

More than peanuts. Diversification is bringing a new "broad look" to Texas foreign trade, heavily concentrated in the past on petroleum and chemicals, cotton, and grain. During the last fiscal year, import duties collected in Dallas, far inland from any seaport, rose to a peacetime record sum of $1,386,265. Top items on the Dallas import list, customs officers report, have been peanuts from Mexico and whisky from Scotland. 
Peanuts have won major-import status in Houston since the 1954 drouth parched Texas fields (ordinarily about one-fourth of U.S. peanut acreage) and damaged the crop throughout the nation so heavily that the harvest was only one-third its normal volume. On May 15 this year, Presi­dent Eisenhower ordered a temporary end to restrictions on peanut imports. Within the following month about 3,820,000 pounds of shelled peanuts were shipped in through the Port of Houston, mostly from Mexico, Brazil, and the Philippines. One firm alone, Best Foods, Inc., deposited a $197,000 check in payment of duty on 20,000 
VALUE OF FOREIGN TRADE THROUGH TEXAS 
bags of peanuts, to be processed in the company'" Dallas and Minneapolis plants. 
El Paso, too, is witnessing major den•lopments in the area of foreign trade. An international meffhandi,e mart. just opened there, JHO\·ides ofTires for ln1Ycr" and ~eller; and a showcase·lined arcade where imported good:' and products for export may be shown. Displays range from Italian ice buckets and German scissors to \!exil'an bath· room fixtures and U.S.-made shoes. 
Maritime Affairs reports that although Texas export" (over 50% petroleum and cotton) are already two and one.half times the national per capita aYeraµ-e. the per capita imports into Texas are only 80 '.; of the national average. The more promising aspect of Texas· limited import market is that it is growing at a rate H:2'.; i!'reater than the national rate of increase. W'ith cvcrv ordinan· dry-cargo ship that lands in Texas spendini! fr~m S50.00il to $80,000 while loading or unloading, the rapid dc\·elop­ment of merchant traffic in Texas ports brings important gains for the Texas economy. 
RonrnT H. RY-\~ 

CUSTOMS DISTRICTS IN MILLIONS OF DOLLARS 
Source: Bureau of the Census, U.S. Department of Commerce 
January.June 
Apr May June

Jan Feb Mar 
1955 1954

1955 1955 1955 1955 1955
District 1955 
EXPORTS, TOTAL ·······-··----··········· 
District 21 (Sabine) t ......................... ______ District 22 
(Laredo) ··············-···----------­District 23 (Galveston) -------·····-----­District 24 (El Paso) t--········----··········· 
IMPORTS, TOTAL ----··············-······­
District 21 (Sabine) t ·········--------·····-··-······ District 22 (Laredo) ---------·-····-------····-­District 23 (Galveston) ··-------·-·····--····-··· District 24 (El Pasolt-------······-· 
944.0

H6.0 100.6 110.4 127.5 717.9
117.2 116.2 
9.9 10.1 56.7

8.4 
10.5 12.2 5.6 .1 

29.5 181.2 2 .3 


30.8 
26.7 33.6 31.l 29.5 


83.2 453.6 635.9

95.6 68.4 66.0
75.1 75.3 
4.7 26.4 31.7
5.5 5.0 

2.9 3.7 4.6 
36.0 234.5 316.1
32.5 41.9

47.1 36.5 40.5 
0.3 3.7 4.2
0.9 0.3

0.8 0.7 0.7 
5.7 33.8 39.6
5.4 6.5 6.3
5.0 4.9 
28.7 24.7 160.5 239.0

28.6 21.8
33.0 23.7 
36.5 33.3
6.6 5.3
5.8 3.3
8.3 7.2 

tCustom districts 21 and 24 include Lake Charles, Louisiana, and Columbus, New Mexico, respectively. 
,TEXAS BUSINESS REVIEW 
LABOR 

Employment hits late-summer peak. August em· ployment across the nation soared to 65,500,000-over 2,000,000 more than a year earlier. Employment has been rising at the annual rate of about one million since last February, the fastest upsurge since 1946, when veterans returned from the service to civilian jobs. September also saw more employment increase, due in part to the re­opening of schools, with the resulting reemployment of teachers, bus drivers, cafeteria workers, and maintenance personnel. Further increases are expected from the fall pickup in retailing, the harvest, and, later, the Christmas rush. 
In Texas, as in the nation, labor supply and demand ended August at a high level. Texas Employment Com· mission officials see steady-to-increased demand through October. By mid-September, Texas employment stood at a new peak for the year, over 2,750,000. 
Additions to Texas payrolls between July and August included gains of 12,330 at Corpus Christi, 2,500 at EI Paso, 1,315 at Waco, 1,200 at Fort Worth, 837 at San An· tonio, 700 at Beaumont, 300 at San Angelo, 280 at Austin, and 70 at Longview. TEC spokesmen looked for August· to-October gains of 7,145 at El Paso, 4,200 at Fort Worth, 1,868 at San Antonio, 1,010 at Lubbock, 900 at Texarkana, 780 at Beaumont, 700 at San Angelo, 570 at Austin, and 190 at Longview. A loss of 14,330 workers in the Corpus Christi labor market is anticipated by mid-October be· 
HOURS AND 

cause of reductions expected in farm employment after the cotton harvest and because of payroll reductions in some industries. 
At Dallas, the mid-August total employment estimate of 320,410 exceeded August of last year by 7,680 and was 335 above December 1954, the previous record month. Nonmanufacturing employment led gains that boosted the August figure 2,125 over July. Included in the increases were 830 workers who returned to their jobs after labor disputes. 
Top problem-finding people for jobs. Although employment is rising on the national and state levels, there remains a basic labor problem-a shortage of workers in some specific categories. 
In the case of engineers, the shortage is critical, as it has been for some time. Engineers are not being graduated from colleges fast enough to meet increasing demand. The same is true of some other types of professional and skilled workers. Many industrial plants in Texas and elsewhere are hard pressed to find enough skilled machine tool op· erators. There is also a shortage of sheet metal workers and certain other skilled and semiskilled workers. Accord­ing to the TEC many firms need clerical workers of all types, although the need has not been any more pro· nounced in recent weeks than it was months ago. 
One of the big reasons for this shortage is the expansion of industry, both in new plants and in the stepped-up pro· duction of existing facilities. The problem of finding quali· 

EARNINGS 
Source: Texaa Employment Commission In cooperation with the Bureau of Labor Statistics, 
U.S. Department of Labor 
Average weekly earnings  Average weekly hours  Average hourly earnings  
Industry  Aug 1955*  July 1956  Aug 1964  Aug 1956*  July 1965  Aug 1964  Aug 1956*  July 1966  Aug 1954  
ALL MANUFACTURING_________  $75.42  $76.38  $72.21  41.9  42.2  41.5  $1.80  $1.81  $1.74  
Durable goods___________________ Primary metals._____________ Machinery-<>xcept electrical._______ Oil field machinery____________ Transportation equipment_______ Fabricated metal products____________ Lumber and wood products____________ Furniture and fixtures _________ Stone, clay, and glass_______  76.90 82.74 81.59 88.11 93.93 73.35 55.92 56.76 70.63  77.43 84.82 79.82 86.83 97.44 75.99 54.99 52.71 70.52  73.10 83.23 75.95 83.23 86.94 72.00 52 .08 57.28 65.71  43.2 39.4 44.l 44 .5 42.5 43 .4 46.6 44.0 44.7  43.5 40.2 44.l 44 .3 43 .5 4.47 46.6 41.5 43.8  42.5 41.0 41.5 42.9 41.4 43.9 44 .9 44.4 44.1  1.78 2.10 1.85 1.98 2.21 1.69 1.20 1.29 1.58  1.78 2.11 1.81 1.96 2.24 1.70 1.18 1.27 l.61  1.72 2.03 1.83 1.94 2.10 1.64 1.16 1.29 1.49  
Nondurable goods ···------------­Textile mill products..____________ _ Broad woven goods.....-------------­Apparel and fabric products___ ____ Food ···-·-··------------------------­--­Meat packing._______ _______________ Paper and allied products______ Printing______________________ Chemicals and allied products______ Vegetable oil mills....-------­Petroleum and coal pr<X!ucts..---­Leather------­-- 73.Sl 47.82 47.49 36.95 67.55 81.00 82.99 79.13 89.46 50.99 98.65 41.51  75.26 48.27 46.82 37.03 68.91 82.06 85.19 82.39 93.88 51.30 101.40 38.58  71.46 47.35 48.48 36.67 65.00 72.04 76.48 82.46 86.03 49 .90 95.11 40.00  40 .5 42.7 42.4 37.7 41.7 40.3 43.0 37.5 42.0 48.l 40.l 40.7  40.9 43.1 41.8 37.4 42.8 42.3 44.6 38.5 42.l 45.8 40.4 38.2  40.6 41.9 42.9 37.8 41.4 39.8 43.7 38.0 42.8 49.9 40.3 39.6  1.81 1.12 1.12 0.98 1.62 2.01 1.93 2.11 2.13 1.06 2.46 1.02  1.84 1.12 1.12 0.99 l.61 1.94 1.91 2.14 2.23 1.12 2.51 1.01  1.76 1.13 1.13 0.97 !.57 1.81 !.75 2.17 2.01 1.00 2.36 1.01  
NONMANUFACTURING Mining_______·.-----­------­Crude petroleum products____ _____ Sulfur.._______________ Public utilitiea.------------­Retail trade_____________ Wholesale trade._______________  96.57 98.34. 86.33 69.43 60.42 74.39  98.12 99.90 86.72 71.28 59.57 74.19  97.13 98.95 83.23 67.03 56.83 71.98  44.4 44.1 39.6 39.9 44.l 43.5  44.6 44.4 39.6 40.5 48.8 43.9  45.6 45.6 41.0 39.9 44.4 43.l  2.18 2.23 2.18 1.74 1.37 1.71  2.20 2.25 2.19 1.76 !.36 1.69  2.13 2.17 2.03 1.68 1.28 1.67  

Figures do not cover proprietors, firm members, or other principal executives. *Preliminary-i!ubject to revision upon reeeipt of additional reports. 
fied people to fill the job vacancies will undoubtedly plague business and industry for some time to come. 
Jobless pay claims at two-year low. The U. S. De­partment of Labor reported initial claims for jobless pay during the week ended August 20 to have declined by 4,800 to 168,500. This was the lowest figure since June 1953, and compared with 250,100 a year earlier. The drop was registered, the Department's Bureau of Employment Security said, in spite of seasonal layoffs in the textile 
ESTIMATES OF NONAGRICULTURAL El\IPLOYMENT 

Source : Texas Employment Commission In cooperation with the Bureau of Labor Statistics, U. S. Department of Labor 
Percent change Employment (thoua) Aug 1955 Aug 1955 Aug July Aug from from Industry 1955• 1955 1954 July 1955 Aug 1954 

TOTAL 
NONAGRICULTURAL 2,271.4 2,258.5 2,192.5 1 4
+ + 

MANUFACTURING -------442.8 435.7 426.8 + 2 + 4 
Durable goods -----------·· 212.1 207.8 202.4 + 2 + 5 
Ordnance 2.5 2.5 3.1 0 -19 
Lumber and wood products 26.9 27.0 24.8 x + 8 

+ +
Furniture and fixtures.._ 11.4 11.3 10.8 6 Stone, clay, and glass.---·· 16.2 16.1 15.2 + 1 + 7 Primary metals ----------·· 26.4 25.0 24.7 + 6 + 
Fabricated metal products 18.8 19.0 18.5 1 + 2 Machinery (except electrical) -------------+ +
38.2 37.8 35.6 7 Electrics! equipment -----6.1 5.8 5.2 + 5 + 17 Transportation equipment 57.2 55.0 56.9 + 4 + 1 
7.6 1

Other durable goods ---· 8.4 8.3 + + 11 Nondurable goods ····----·· 230.7 227.9 224.4 + 1 + 3 Food -
---------------------61.4 61.l
61.6 x + 
Textile mill products -···-7.9 7.8 8.3 + 1 5 Apparel 31.4 30.8 30.5 + 2 + Paper and allied products 7.4 7.1 7.2 + 4 + 3 
Printing and publishing.... 26.5 26.3 24.9 + 1 + 6 Chemicals and allied 
40.9 39.7 39.0 3 + 5
products ······-·--·-··--· + Petroleum products --······-48.0 47.9 47.6 + 1
x 

Leather and leather products -----------------4.3 4.3 3.4 0 + 26 Other nondurable goods.... 2.7 2.6 2.4 + 4 + 13 NONMANUFACTURING _ l,882.6 1,822.8 1,765.7 x + 4 
128.6 128.0 125.8 x 2

Mining ----------------------+ 
Petroleum and natural gas 120.8 120.4 118.2 x + 2 Metal, coal, and other 
7.8 7.6 7.6
mining -------------------+ x + 9Contract construction -·------170.6 170.4 156.3 + 
2Transportation and utilities 227.0 224.9 223.3 + + 
Interstate railroads ···--··· 60.6 60.2 58.1 + + 4 Other transportation _ __ 90.4 89.0 90.7 + 2 x Telephone and telegraph__ 35.9 35.6 35.7 + 1 + 1 Public utilities ····-----·-·--40.1 40.1 38.8 0 + 3 Government ----------------------323.3 323.2 308.2 x + 5 Trade 606.0 604.4 587.1 x + 3 
·--------------------­
158.0 157.7 154.0 x +
Wholesale trade ---······-­
448.0 446.7 433.1 x +
Retail trade -···----­General merchandise -----+

72.9 71.8 70.7 2 + Food and liquor stores___ 84.9 84.7 79.9 +
x 
0
50.2 50.4 50.2 x Apparel ---------------------+ + 8 Automotive -------------­
28.7 28.3 26.6 Other retail trade ···---· 211.3 211.5 205.7 x + 3 

Finance, insurance, and 
real estate ---------102.5 102.5 99.0 0 + Banks and trust companies 25.9 25.9 25.1 0 + 3 
43.1 0
Insurance --------------44.6 44.6 + 3 Real estate and finance...... 32.0 32.0 30.8 0 + 4 
Service and miscellaneous.____ 270.6 269.4 266.0 x + 2 Hotels and lodging places.. 25.4 25.6 25.8 1 + 2 Laundries and cleaners...._ 81.0 30.4 29.5 + 2 + Other business services___ 214.2 213.4 210.7 x + 2 
xChange is Jess than one-half of one percent. 
•Preliminary. 
15 

industry and temporary curtailments in auto plants due to model changeovers. 
Dallas chosen for survey on wa~1·s. lkrau~c nf ib massive industrial development in recent years, Dallas has been chosen as one of the four leading southern labor market areas in which the Bureau of Labor ~tatisti L·s will survey wages and salaries this year. 
Brunswick A. Bagdon, southern regional BLS director in Atlanta, said the Dallas survey is designed to meet the continuing demand from business, government. labor, and the general public for current data on wages, salaries, and supplementary wage practices. 
The wage survey will cover 180 firms and about 60 occupations and skills. It will include nearlv 155.000 workers employed in manufacturing, tran;portation, public utilities, trade, finance, insurance, real estate, and service firms. 
Wage increases made. An upward re\"ision of one cent an hour in its cost-of-living allowance to approximately 392,000 hourly rate employees an<l lOLOOO eligible sal­aried employees has been announced l1y General :\lotors. 
Under the GM wage formula, wages are reviewed quar­terly and adjusted in line with the Consumer Price Index of the Bureau of Labor Statistics. The BLS index for July 15 was 114.7 compared with 111.2 for April 15, the ]e,·cl upon which the cost of living for the last quarter was based. Therefore, hourly rate employees will receive a total cumulative hourly cost-of-living allowance of seYen cents per hour for the months of September, October, and ;\o­vember, while salaried employees will receive an equiv­alent increase of $35 in their cost-of-living allowance for the three-month period. 
At Texas City, Carbide and Carbon Chemicals Company 
and the AFL Metal Trades Council have signed a 25-month 
contract providing a 51/z'lo across-the-board wage increase 
(about 14 cents an hour on the average), with a wage 
reopening set for September 15, 1956. 
Lone Star Steel and the CIO steelworkers union at Dallas reached agreement on a new bhor contract. ef­fective August 26, 1955. In addition to an average increase of 111/z cents an hour plus a %-cent hourly adrnnce for each of the 30 job classifications, the company agreed to increase its participation in the social insurance program from one-third to about one-half. Some 2,500 employees in bargaining unit jobs at the Lone Star.m_ill are coYered by the new contract. At Corp11s Chnsli, a. three-Year wage contract was signed between Columbia-Southern Chemical and the Oil, Chemical and Atomic Workers Local 4-153 (CIO). The contract, covering about 474 em· ployees, provides a 6% increase on August 2;! 1955. a 3~; increase September 1, 1956, and another 3 ,< September 
1, 1957. 
Braceros violation charged. In a report to the joint 
Cnited States-Mexican trade union ('nmmillt'f'. Jerry H. 
Holleman, executive secretary of the Texas FedPration of 
Labor, charged that despite the relatively large farm labor 
supply, braceros are still being contracted_ year aroun_cl 
in some Texas areas where there are qualified domect1c 
v;orkers unemployed and arnilahle. "In acceptin!! a ~1 il1­
contract hourly wage," Mr. Holleman said, .".the bracero 
was establishing the offered wage for the c1t1zen worker 
who must compete with the braccro." 
TINA PIEDRAHITA 

(Continued f ram front cover) 

Present lumber production in Texas is approximately 11/3 billion board-feet per year, with a value in excess of $75 million. Pine accounts for 85% of this timber produc­tion, the remainder coming almost entirely from hard­woods such as oak and cedar. Lumber production accounts for 60% of all timber cut in the state and remains, as it has been for many years, the backbone of the Texas tim­ber industry. 
Texas has some 1,012 sawmills, of all types, in opera­tion. East Texas has 644 sawmills of which 378 are port· able and the rest stationary. It should be noted that the stationary mills, while fewer in number, account for 68% of total lumber production from East .Texas. The sawmills operate outside East Texas in the Post Oak Belt, Cedar Brakes, and Cross Timbers. In addition, there are some 55 planing mills and numerous dry kilns operated in conjunc­tion with the stationary sawmills. 
The importance of individual sawmills in the produc­tion of lumber is shown by the new Kirby Lumber Cor­poration electrically-driven sawmill at Silsbee. This plant, which cost some $10 million to build, employs about 500 persons and is the largest in the South. Annual capacity of the mill, which replaces several older and smaller mills, is estimated to be 85 million board-feet of lumber. The company derives 75 million board-feet of this production from its own timber stands, which cover approximately 550,000 acres in East Texas. Using modern techniques, the plant has no wood waste. All of the tree, including bark, chips, and ends, is utilized in some form. A hydraulic de­barker permits use of ends and chips for pulpwood, sav­ing the equivalent of 50,000 cords per year. Bark and saw­dust are used for part of the fuel needed to operate the plant's electric generating facilities. 
Lumber's myriad uses are so extensive and so obvious that one need not attempt to recount them. Its economic importance to Texas is shown by the industry's approxi­mately 25,000 employees and their $36 million yearly wages. 



II. Plywood and Veneer 

Plywood and veneer production, the second group of ,Texas' forest industries, is of major importance even though it consumes only 2% of the timber cut in the state. The 1947 Census of Manufactures, the last complete check on this industry, listed 46 Texas plants making wood con· tainers. Value of the products turned out reached $12,­219,000 for millwork and plywood and $7,559,000 for wooden containers. Some 6,077 workers, earning a total of $11,949,000, were employed in these plants. 
Hardwoods, primarily sweet and other types of gum, cottonwood, magnolia, and elm, supply the woods used in plywoods and veneers. Contrary to the picture for pine production, where growths exceeds cuttings, the supply of hardwoods suitable for the plywood and veneer industry is diminishing. This emphasizes the necessity for proper management of forest lands to assure continued and in­creasing production of hardwoods in Texas. Given this foundation, the rapidly increasing demand for wood prod­ucts makes the future bright for the Texas plywood and veneer industry. 
TEXAS BUSINESS REVIEW 
Uses for plywood and veneer range over a substantial variety of products. Texas production totals approximately 6 million board-feet of cooperage and 64,125,000 board­feet of veneer yearly. Much of tl).is is used to make con­tainers of various types-vegetable and fruit baskets, crates, and hampers. But these versatile wood products also find important uses in interior paneling, sub-flooring, fur­niture, prefabricated buildings, aircraft, and truck trailers. 


Ill. Poles, Piling, and Posts 
The third important group of ,Texas forest products, poles, piling, and posts, is of sizeable importance. Each year many thousands of poles and pilings and 10 million fence posts are produced. Value of these products exceeds $12 million, $4 million more than the value of similar production in any other southern state. The 21 producing and preserving plants for poles, piling, and posts in the state employ over 2,200 persons who earn more than $4.6 million a year. 
Pine is the primary wood employed in pole, piling, and post production, although some post production is derived from other trees. Since it is susceptible to rot, insects, and similar wood destroyers, pine requires chemical treatment to be durable. The 21 producing and preserving plants em­ploy modern creosote or pentachlorophenol treating meth­ods. Properly treated, pine will endure for at least 15 years and generally for much longer. In 1952, about 18 million linear feet of the 24 million feet of piling treated in the United States was Southern pine, and 21 million of the 22 million posts treated were also of Southern pine. An estimated 10 million posts are used in Texas each year, with the vast majority produced in the state. 
Other than pine, the major species of timber cut for post production are cedar, black locust, and bois d'arc. These woods can be used effectively without treatment. Cutting of cedar, an important occupation in some communities in the Cedar Brakes, is a million-dollar-a-year industry. 
There is every reason to expect a consistently increasing demand for poles, piling, and posts. Reliable estimates in­dicate that the nation's requirements for fence posts alone during the next 50 years will be between 41h and 6 hun· dred million annually. Constantly expanding utility and similar services demand more poles, and our growing har· bors require much new piling. 
One can safely expect continued additions to ,Texas' pro­duction capacity for poles, piling, an_d posts, such as the recently erected plant of the Southern Pine Lumber Com­pany at Diboll. This modern plant, which began produc­tion in 1951, is equipped to use both pentachlorophenol and creosote preservatives. 
In a true sense the preservation of pine timber is one of conservation, since it permits greater life and service· ability from the poles, piling, and posts derived from Texas forests. 


IV. Crossties 
Wooden crossties, essential to railway operation, pro­vide another major use for Texas forest products. Both oak and pine timber are cut to make crossties, which con­sume 5 %of the timber produced in the state. 
During 1953 the nation's railroads purchased $96,­382,000 worth of crosslies. In Texas there are some 22,000 miles of railway track; each mile requires an average of 3,000 ties. Modern methods of preservation give crossties a life expectancy of 25 or 30 years, but demand will re­main high, for it is estimated that more than 52 million crossties will be needed this year. 
Today two railroads operate large wood preservation plants in Texas, and there are several other commercial preservation plants producing crosstics. Five mi!Iion cross­ties, valued at more than $4·.2 million, are produced in Texas each year, and the 2,300 or more .Texans employed in this industry earn annual wages exceeding $2.3 million. 

V. Pulpwood 
Pulpwood is Texas' newest and most rapidly growing forest industry. Ranking second in value (after lumber) among the forest products of the state, pulpwood currently uses 17% of timber production. Texas' 1953 pulpwood production attained a high level of 1,210,704 cords. The industry covers 44 counties. 
Erected on this base of pulpwood production is Texas' substantial and expanding $121 million pulp and paper industry. Full-scale operations at the Champion Paper and Fibre Company plant, expanding operations at Southland Paper Mills, Inc., and the start of operations this year by the East Texas Pulp and Paper Company point toward an increasing pulpwood demand. (For a detailed discussion of the state's pulp and paper industry the reader is re­ferred to "Texas Pulp and Paper," Texas Business Review, March 1955.) The Champion Paper and Fibre Company Pasadena plant is the largest pulp and paper producer in Texas, with an annual capacity of 120,000 tons of paper, 36,000 tons of paperboard, and 173,000 tons of pulp, valued altogether at some $32.5 million. Southland Paper Mills, Inc., of Lufkin, is the state's oldest producer. Each year this plant produces 130,000 tons of newsprint and 25,000 tons of paperboard, valued at $20 million. The newest producer, East Texas Pulp and Paper Company of Evadale, adds some 105,000 tons of bleached paperboard and bleached market pulp to the total output. Value of its annual production is $16 million. 
Throughout the state 57 firms engage in some phase of paper production. In 1951 the estimate of value added by manufacture for the Texas paper industry was $55,673,000. .Texas also enjoys the economic benefits of a sizeable busi­ness devoted to the marketing of paper and its allied prod­ucts. Wholesale sales at the last authoritative report (1948) exceeded $86.3 million. 
Growing demands for pulpwood and paper indicate in­creased expansion for this Texas industry. Forecasts say that by 1975 the nation will consume an annual total of 

36.1 million tons of pulpwood, 53.5 million tons of paper and paperboard, and 8.7 million tons of newsprint. With 56% of the land area of <12 counties in \\'oodlands and with current o-rowth rates exceeding cuttings by one-third, East Texas p~lpwood production can keep abreast of thi~ expected rise in demand. 
Other less important uses exist for Texas forest products. Perhaps the oldest use, fuel wood, is of diminishing mag­nitude. In recent years an average of some 900,000 cords of fuel wood has been produced each year. Another old forest indw;try was reviYed on a co11111H·1-rial :'l'ale in 1 9.1~. \rhrn charcoal production was !wpm in ~I,1nl!!n1111·n· County. The plant lws 10 kiln;:. produl'ing frum 1.:1!1() ti• 1.8!;() JI Ol!nds l'~'r <'har~t'. f .0\\ -~l'::d: · "ak. 11 111 .-' ,,f 11hi1·h is deriYed from timher that \\·as pre1 iou,;h· un-al:thlt'. is the raw material. " 'hik th<''P art' not main~ U:'t';: nf Texa;: forest product5. theY. too. add to the s~1TiceahilitY and rconomic im:1ortanc~ of the state "s forr;:t indu-=tric;:.' 
The Texas Fore;:t Sen ice makes major rontributions to the conservation and improYE•mrnt of thr statr's forest;:. In addition to lookouts and fire fighting. the Fore:'! 5rfl"ice assists in n-forPstation by suppll'ing serdlings for plant­ing. Its Indian l\found Fore;:! :\ursen· at :\Ito producr;: 18 million trr<>s each w ar. .Thr;:r <erdling;; an· ;:old at prices rangin{! from 82.50 to S5.00 a thousancl. deprnd­ing on the spPcirs. On -r 20 diffrrrnt kinds of seedlings an' grown at the 89-acre nur;:ery. 
To continue its wood products indu!'tries and to hrlp nwet the nation's growing dt>man<l. Texas mu;:t maintain and extend its forr<ts. The nerd for 1ww wood ;:ourcr;o. is great. A recent sun·ey hy the Stanford Rc!'rarch In;:titute predicts large incrrasrs. up to IOOr~. in the l'nited State;:' demand for fore;;t products by 19-;-5, as shown in the fol­lowing table. 
ESTIMATED U.S. CONSUMPTION OF FOREST PRODUCTS 
P roduct  1952  1960  19i5  
Lumber, hardwood, billion board-feet _.  8.5  8.5  9.4  
Lumber, softwood, billion board-feet ..  ___  32.2  32.2  35.2  
Plywood and veneer, softwood, billion  
square feet ( o/s ")  ___ __ _  3.3  4.6  7.5  
Plywood and veneer, hardwood, billion  
board-feet --------_-·-----­_  1.0  1.1  1.4  
Pulpwood, total, million  tons ..  ----­ 18.0  24 .3  36.1  
Paper and paperboard, million tons -·-­ 29.0  37.4  53.5  
Cooperage, million board-feet lumber  
equivalent  _ ----­_ ---­ 504  511  390  
Wood for distillation and charcoal,  
thousand cords ---· ____ ..  _ ___  500  525  600  
Railroad ties, million  ----­ 15.8  15.2  13.7  

In East Texas pine forests. this demand for maintained and expanded forest product ion i> hring acrompli•lwd as current growth rates exreed cutting ln-3::ir;. 01'rr 9.785.0fJO pirie tree' \\C'rc n!an!ed in TP-xa' durin!:" the 19.53-51-planting season, a1;d the 195 1-.1.1 orasnn is ht'· l;e1·ed to equal or 0•m•a:'' thi=-rrr·ord. f:onti:111atinn nf such modern rnf'thods hi' TPxa;o anrl othrr t imbrr-prndur­in-:r slates will a!"!"ure the nation of adequate 0 up1.:lie;o of fo~est products for it' projt·cted future chnands. 81 !llf'd­ing these demands. Texas can increase the alread1· extrn­si1·r economic bent'fits it recein·s from its forrst indu;;trir·;:. 
[ n:--;1:sT H. Y .\l"GHu. JR . 
This article is the last of the author's frequent and sionificant contributions to the Texas Business Revie~... D;. Vaughan died of leukemia on Friday, September 30, at the age o~ 28. He was Assistant Professor of Marketing at the University of Oklahoma and had previously taught at Lamar State College of Tech­nology, Beaumont, and at The University of Texas. 
,TEXAS BUSINESS REVIEW 
Local Business 


-----Percentcliange Percent change 
City and item  Aug 1955  Aug 1955 from July 1955  Aug 1955 from Aug 1954  City and item  Aug 1956  Aug 1955 from July 1955  Aus 1955 from Aug 195'  
ABILENE (pop. 55,000r) Retail sales ----------------------------------------------­-­ + 10  + 27  BAYTOWN (pop. 22,983) Postal receipts -·--··---··-·-·····-----·····-·-··---­$ 16,46' Building permits, Jess federal contracts__$ 214,150  + 4 -25  + 8 + 10  
Department and apparel stores ­------­Postal receipts ----------------------------------------$ 68,927 Building permits, less federal contracts--$ 2,500,532 Bank debits (thousands) ------------------------­-$ 66, 781  + 17 + 14 + 50 + 2  + 10 + 12 +190 + 25  Employment (area) ·----··-·-··-·---···---···· Manufacturing employment (area) .__ Percent unemployed (area) -----·-·------···  381,100 86,900 3.4  x + 1 3  + 6 + 6 -21  
End-of-month deposits (thousands) t ------$ Annual rate of deposit turnover_____________  59,071 13.7  + 2 +  + 10 + 14  BEAUMONT (pop. 104,4I6r) Retail sales* -·-····-··---·­-··-··-··-········--···--­ + 16  + 18  
Employment -·---······-····-····-----·-·--------··----··  27,800  x  + 2  Automotive stores• ---­·-··-------------------­ + 17  + 36  
Manufacturing employment ·-··---·------·--·  3,170  x  - 3  Department and apparel stores.·--···-···  + 18  -2  
Percent unemployed ···----·--------------··­ 4.5  8  -10  Eating and drinking places• ··-·--·-····  -3  -10  
Food stores• ---------------------­-------·--·  + 2  +  
ALPINE (pop. 5,26Ir) Postal receipts ----·----·--·---·-····--····---------$ Building permits, Jess federal contracts $ Bank debits I thousands) ······------·---------$ End-of-month deposits (thousands) t ---··-$ Annual rate of deposit turnover______________ 2,897 42,700 2,252 3,322 7.4  -20 + 94 + 4 -16 + 4  -6 +205 + 28 -19 + 40  General merchandise stores• ----------­Lumber, building material, and hardware stores• ·-------------­Postal receipts --·-----------------·----------···-$ Building permits, less federal contracts $ Bank debits (thousands) _________________$ End-of-month deposits (thousands) t -----$  84,050 762,376 125,428 98,215  + 21 + 26 + 10 + 61 + 11 + 1  x + 15 + 15 -22 + 17 + 5  
AMARILLO (pop.108,034r) Retail sales* ---······--·-·····-----·----------­Automotive stores• ----------------------------­ + 11 + 15  + 18 + 37  Annual rate of deposit turnover_______ _ Employment (area) ···-·--··--··--·--------­Manufacturing employment (area) ____ Percent unemployed (area) ------------·-··  16.4 82,700 27,940 5.9  + 12 + 1 x 6  + 12 + • + • -13  
Department and apparel stores_________ Drug stores• -·--······-·····--------·-··------Fiiling stations• ··-·-·····-····-----------------· Food 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_.____ $ Annual rate of deposit turnover__________ Employment ······-------------------------··-----···· Manufacturing employment ---------------­Percent unemployed ------­--------------------­122,954 1,339,822 157,336 108,197 17.5 45,050 5,280 5.1  + 23 + 14 + 3 -3 -22 + 22 + 4 -21 + 2 + + x + 2 2  + 4 + 13 + 10 x -23 + 51 + 2 -35 + 20 + 5 + 15 + 3 + 12 -11  BEEVILLE (pop. 10,500r) Postal receipts --------··-----·----­--···-···--­-----$ 8,500 Building permits, less federal contracts $ 113, 770 Bank debits (thousands) --·-·----·····-·-·--·$ 7,747 End-of-month deposits (thousands) L---$ 12,679 Annual rate of deposit turnover____________ 7.4 BIG SPRING (pop. 20,654r) Retail sales ···-······---­·--------------Automoetive stores -----------------------· Department and apparel stores__________ Drug stores -···--------------·-·······--­·-·······-··· Lumber, building material, and hardware stores ---------------------­Postal receipts --------­--·-····-···-··-·-··---·-···--­$ Building permits, less federal contracts._$ 25,650 222,885  + 30 -43 + 9 + 2 + 7 -7 -15 -19 + 9 + 31 + 66 + 80  + 26 -74 + 49 +112 x x + 15 + 43 + 1  
Bank debits (thousands) ---------­-------····-$  23,432  6  + 18  
ARLINGTON (pop. 7, 692r) Postal receipts -·····---------­--·----------------------$ 18,161  + 7  + 43  End-of-month deposits (thousands) t -----·$ Annual rate of deposit turnover.... _______  23,832 12.0  + 3 4  + 3 + 18  
Building permits, less federal contracts $ Employment (area) ----·-·-·-··········-·-···---­Manufacturing employment (area) ____ Percent unemployed (area) ---------------­1,533,813 184,000 56,275 4.4  -37 + + 2 6  4 + 4 + 6 -19  BORGER (pop. 18,059) Postal receipts ---------------------·---···-···-$ Building permits, less federal contracts $ 12,488 118,025  + 7 -84  + 6 + 53  
Bank debits (thousands) -------··-···--·-·-···--$  14,986  + 9  + 29  
AUSTIN (pop. 168,500r) Retail sales ·-----------···-·---------·----·---------·-·--·  + 10  + 18  End-of-month deposits (thousands)t______f Annual rate of deposit turnover___________  15,728 11.7  + 5 + 6  + 17 + 11  
Automotive stores -------­------------­-------------­Department and apparel stores.___________  + 15 + 9  + 41 + 8  BRADY (pop. 5,944)  
Eating and drinking places_________________ Food stores -----·-···-·····-·--··---····-····---··-··-----­ + -11  +  5 x  Postal receipts ······--·-····-··-··--····-·--·--·---$ Building permits, less federal contracts $  3,281 2,725  +  x 45  -15 -95  
Furniture and household  Bank debits  (thousands) ··-········-------···--$  3,708  + 11  
appliance stores -----------------------------­Lumber, building material,  + 25  + 20  End-of-month deposits (thousandslt-----­S Annual rate of deposit turnover..__________  6,293 7.0  - 1  
and hardware stores ----------------------­ + 9  + 14  
P ostal receipts -------------------------·----------------$ Building permits, less federal contracts $ Bank debits (thousands) ___________________________$ End-of-month deposits (thousands) t ----·$ Annual rate of deposit turnover______________ Employment ····----------------------------·-­Manufacturing employment --·--·----·· 260,635 3,565,100 137,767 116,148 14.2 65,500 4,670  + 23 + 37 + 8 x + 8 x x  + 7 + 15 + 21 + 12 + 8 + 6 + 9  BRENHAM (pop. 6,941) Postal receipts ---·----------------------·-·--·····--···­$ Building permits, less federal contracts ­S Bank debits (thousands) ----·---··--------·---$ End-of-month deposits (thousandslt-----S Annual rate of deposit turnover____________ 6,617 82,836 6,872 12,908 ~-5  + 26 + 58 + 29 + 5 + 27  + 22 + 67 + 12 + 17 -6  
Percent unemployed -------··------·------­ 3.8  3  -16  For explanation of symbols, see page 23.  

OCTOBER 1955 
Conditions 

Percent change 
Percent change 
Aug 1955 Aug 1955 Aug 1955 Aug 1955

Aug from !rom City and item 1955 July 1955 Aug 1954 City and item Aug from from 
1955 July 1955 Aug 1954 

BROWNSVILLE (pop. 36,066) 	DALLAS (pop. 538,924u) 
Retail sales• --------------------------___ 4 + 17

Retail sales• ------------------------------+ 3 + 16 	+ 
Apparel stores• ----------------­+ 13 + 5
Automotive stores• -----------------­7 + 23 
Automotive stores• ----------­6 + 35

Lumber, building material, 	+ 
Department storest ------------+ 13 + 18
and hardware stores• ---------­+ 8 + 40 
Eating and drinking places• -----·--x -l
Postal receipts -------------------------------$ 23,870 + 13 + 7 
Filling stations• -------------­	28

Building permits, less federal contracts .$ 73,710 -40 -38 	+ + 
Florists• --------------------+ + 12 Food stores• -------------------------4

BROWNWOOD (pop. 20,181) Furniture and household + + appliance stores• -------------­+ + 21
Retail sales ----------------------------------+ 10 + 29 Department and apparel stores_____ _ General merchandise stores• -·---­+ + 26
+ l + 14 

Lumber, building material, 	Jewelry stores• ------··-----­-13 -9 Lumber, building material,
and hardware stores ---------­+ 17 + 25 
and hardware stores• -----­	+ 10

Postal receipts ---------------------------------$ 16,171 -3 + 12 	+ 
Office, store, and school

Building permits, less federal contracts $ 26,575 + 49 -39 supply dealers• -------------6 + 14
Bank debits (thousands) ----------------------$ 9,734 x + 14 	+ 
End-of-month deposits (thousands ) t ----S 13,217 3 -l Postal receipts ----------------$ l,636,321 + 16 + 6 Annual rate of deposit turnover________ 8.7 
Building permits, less federal contracts $18,753,190 + 50 + 48+ 2 + 13 Bank debits (thousands) ______________$ 2,024,716 

+ 6 + 21 End-of-month deposits (thousands) L -$ 969,995 x + 5 BRYAN (pop. 23,833r) Annual rate of deposit turnover_____ 26.0 + + 14 
Employment (area) ---------------313,300 x + 3 
Retail eales• -------------------------------+ 4 + 9 Manufacturing employment (area) _ _ 78,650 

1 1 Automotive stores• ------------------------+ 24 + 31 + + 
Percent unemployed (area) -------------2.5 -14 -19
Department and apparel stores_________ -15 + 6 

Food stores• --------------------------------2 -15 Postal receipts ----------------------------$ 17,208 -11 + 10 DEL RIO (pop. 14,211) Building permits, less federal contracts $ 201,775 -36 + 13 Postal receipts ---------------$ 10,191 x + 11 
Building permits, less federal contracts $ 86,275 -13 + 27 Bank debits (thousands) _______________$ 

8,231 + 12 + 11CHILDRESS (pop. 7,619) End-of-month deposits (thousands) t----$ 10,383 + 7 -13 Annual rate of deposit turnover -----9.8 8 + 26
2 + 17 	+ 
Automotive stores• ----------------------------3 + 15 
Department and apparel stores_____ + 26 

Retail sales• -------------------------------------+ 
DENISON (pop.17,504)

Filling stations• --------------------+ + 22 Retail sales --------------------------5 + 14
2 + 20 Department and apparel stores ---­-13 + 15Food stores• ------------------------------+ 
Lumber, building material, 
and hardware stores• --------------+ 17 + 13 

Postal receipts --------------------·$ 14,674 + 19 + 30 Building permits, less federal contracts $ 96,326 + 76 -11Postal receipts ---------------------------------------------$ 4,676 + 28 + 13 
Bank debits (thousands) _________________$ 
13,550 + 8Building permits, less federal contracts $ 63,050 +490 + 120 
End-of-month deposits (thousands) t--$ 15,673 -17 Annual rate of deposit turnover____ 10.3 + + 30 
CORPUS CHRISTI (pop. 122,956u) 

+ 2 + 8 EDINBURG (pop. 12,383) 
Automotive stores ------------­+ 15 + 17 Postal receipts ----------------$ 8,058 -6 + 16 Department storest ----------------­+ 10 0 Building permit.a, less federal contracts $ 30,100 -39 -56 Food stores -----------------------------25 -10 Bank debits (thousands) ------------.$ 12,216 + 11 + 17 Lumber, building material, End-of-month deposits (thousands) t__ $ 7,536 + 2 -31 
and hardware stores ------------­+ 20 + 23 Annual rate of deposit turnover_______ 19.6 + 2 + 48 
Postal receipts -------------------------$ 122,079 + l -3 
Building permits, Jess federal contracts $ 2,623,309 -13 + 14 

Retail sales -------------------­

8 x EL PASO (pop. 182,505')
Bank debits (thousands) --------------------$ 175,795 + 
+ 12 + 10

End-of-month deposits (thousands) i -----$ 108,106 l -14 Retail sales• -------------------­
Annual rate of deposit turnover__________ 19.3 + 6 + 12 Apparel stores• ---------·----------­-1 + 9 
2 Department storest ---------------­+ 16 + 11

Employment -----------------------------------63,000 + + 
Drug stores• -----------------­+ 

4 + 10 Manufacturing employment --------------8,310 + l + 3 General merchandise stores• -----+ 24 + 10 Percent unemployed -------------5.8 8 + 
Piano-musical instrument stores•___ + 41 + 5 
18 ,022 4 + 5 Building permits, less federal contracts $ 1,790,586 -57 -2 
Postal receipts ---------------------$ + 
CORSICANA (pop. 19,211) 
214,158 2 + 24Bank debits (thousands) ----------$ +Department and apparel store sales__ + 3 + 7 

x 
Postal receipts --------------------------------$ 13,658 -28 + 4 Annual rate of deposit turnover____ 19.8 + 2 + 17 
Building permits, less federal contracts $ 60,460 -54 -35 

End-of-month deposits (thousands) i ---·$ 130,025 + 4 
72,700 3 2
Employment -------------	+

Bank debits (thousands) _________$ 16,444 + 11 + 31 	12,080 8
Manufacturing employment --­+ 14 + 
End-of-month deposits (thousands) t--$ 21,920 -2 + 6 3.9 -9

Percent unemployed -------­Annual rate of depooit turnover____ 8.9 + 11 + 22 
For explanation of symbols, eee page 23. 
,TEXAS 	BUSINESS REVIEW 
LOCAL BUSINESS CONDITIONS 
Percent change Percent change 
Aug 1955 	Aug 1955 Aug 1955 Aug 1955

Aug from from Aug from from City and item 1955 July 1955 Aug 1954 CiL-y and item 1955 July 1955 Aug 1954 
EDNA (pop. 3,855) 	GONZALES ( 5,659) 
Postal receipts ------------------------------------------$ 3,838 -34 -30

Postal receipts ---------------------------------------$ 4,124 + 18 x Building permits, less federal contracts.. $ 38,075 + 81 +230
Building permits, less federal contracts ..$ 60,050 + 73 Ba nk debits (thousands) ______________________$ 5,125 + 55 Bank debits (thousands) ------------------------$ 5,738 + 4 -7 End-of-month deposits (thousands ) t ......$ 6,330 4 + 25
End-of-month deposits (thousands) t----$ 7,032 + 6 	+ 
Annual rate of deposit turnover__________ ____ 
11.1 3 -17

Annual rate of deposit turnover___________ 20.0 	+ 
GRAND PRAIRIE (pop. 14,594)
FORT 	WORTH (pop. 315,578u) 

Postal receipts ----------------------------------------$ 16,629 + 7 + 14 Retail sales• ---------------------------------------------+ + 15 Building permits, less federal contracts .$ 483,984 + 15 
+ 29 Apparel stores* ----------------------·------------­x -10 

Employment (area) ------------------------313,300 x + 3Automotive stores* ---------------------------­+ 8 + 39 Manufacturing employment (area) .... 78,650 1
+ + 1Department storest -----------------------------+ 16 + 19 

Percent unemployed (area) --------------------2.5 -14 -19 Drug stores* ------------------------------------------+ 4 + 4 Eating and drinking places* -----------­x -6 
GREENVILLE (pop. l 7,500r) 

Filling stations* --------------------------------­+ 5 + 53 Food stores * ------------------------------------------­-10 + 10 + 9
Retail sales* --------------------------------------­-4 
Automotive stores• ------------------------------14 -6 Department and apparel stores __________ _ 
Furniture and household 
x

appliance stores* -----------------------------+ 17 + 20 + 15 General merchandise stores* ---------------+ 22 + 18 Food stores* ­5 + 2 
Lumber, building material,

Hay, grain and feed stores* --------------+ 3 -10 Lumber, building material, and hardware stores* -+ 28 + 92 and hardware stores* ----------------------4 + 11
-s 	Postal receipts -------------------------------------$ 18,002 + 11 Building permits, less federal contracts..$ 355,560 +380 + 370
Postal receipts ------------------------------------------$ 531,628 + + 9 Building permits, less federal contracts.. $ 4,999,421 -29 + 36 Bank debits (thousands) ---------------------$ 14,530 + 15 -34 End-of-month deposits (thousands ) t ......$ 15,300
Bank debits (thousands ) -------------------------$ 612,448 + 3 + 22 	+ 7 + 3 
Annual rate of deposit turnover______________

End-of-month deposits (thousands ) L ....$ 359,688 + 6 11.8 + 15 + 34 Annual rate of deposit turnover_____________ 20.4 + + 14 Employment (area) -----------------------------184,000 + 1 + 4 HARLINGEN (pop. 30,038r) 
Manufacturing employment (area) ____ 56,275 + 2 

+ 6 Postal receipts --------------------------------------$ 27,154 -11 + 2 Percent unemployed (area) -----------------4.4 -19 Building permits, less federal contracts..$ 239,665 + 17 -41 
Bank debits (thousands) _________________________$ 
74,695 + 36 + 16 End-of-month deposits (thousands ) t......$ 26,361 -2 -2
GALVESTON (pop. 71,527u) 
Annual ra te of deposit turnover_______ 33.8 23 17
+ +

Retail sales -------------------------------------------------+ 12 + 13 Department and apparel stores___________ -15 + 4 Food s tores ----------------------------------------------­5 5 HENDERSON (pop. 6,833) Lumber, building material. Retail sales -----------------------------------------------+ 15 + 19 
Automotive 5tores _.____________________________

and hardware stores ---------------------------+ + 4 + 24 + 32 Postal receipts ----------------------------------------$ 67,120 + 4 1 Department and apparel stores --------­8 + 15
+ Building permits, less federal contracts..$ 1,257,865 + 83 + 740 Food stores ----------------------------------------­-3 9 Bank debits (thousands) --------------------------$ 82,217 + 3 + 13 Lumber, building material, End-of-month deposits (thousands) t ......$ 70,917 + + 4 and hardware stores -------------------------+ 12 + 9 
Annual rate of deposit turnover -----------­14.0 + + 8 Postal receipts ---------------------------$ 7,025 -11 -14 Employment (area) --------------------------------46,050 + + Building permits, less federal contracts..$ 83,500 -7 + 12 Manufacturing employment (area) ____ 11,490 + 2 Bank debits (thousands) ____ ________________$ 5,985 -15 2 
Percent unemployed (area) ----------------------6.0 3 	End-of-month deposits (thousands) t......$ 13,896 + 3 + 4 Annual rate of deposit turnover___________ 5.2 -17 
GARLAND (pop. 10,571) HOUSTON (pop. 700,508u)

Postal receipts --------------------------------------------$ 14,031 + 34 + 19 Retail sales U -------------------------------------------­+ 9 + 16Building permits, less federal contracts .. $ 1,467,114 + 4 + 70 
Apparel storesU ---------------------------­+ 30 + 6 

Employment (a rea) -----------------------------------313,300 x + 3 
Automotive storesU ---------------------------­+ 12 + 52

1\'Ianufa cturing employment (area) ____ 78,650 + + 1 Department storest -------------------------­+ 12 + 9 
Percent unemployed (area) ----------------------2.5 -14 -19 Drug storesU ---------------------------------­x + 16 Eating and drinking placesU ---------------­+ 2 + 13
GLADEWATER (pop. 5,305) Filling stationsU --------------------------------+ 26 + 39 Postal receipts -------------------------------------------$ 4,413 7 Food storesU --------------------------------------3 + 3 Bank debits (thousands ) ------------------------$ 3,891 + 4 + 4 Furniture and household lc'nd-of-month deposits (thousands) t----$ 4,094 + 5 + 8 appliance storesU ----------------------­8 + 1 Annual rate of deposit turnover______________ 
11.7 + 	General merchandise storesU ------------­+ 12 + 14 
Employment (area) ----------------------------------24,100 x + Liquor storesU --------------------------------­-6 + 8 + +
Manufacturing employment (area ) ____ 4,030 2 3 Lumber, building material, Percent unemployed (area) ----------------------4.4 2 -24 and hardware storesU ----------------------+ 21 3 Postal receipts ----------------------------------------$ 1,056,354 + 13 + 12 Building permits, less federal contracts..$ 8,797,685 -29 -35GOLDTHWAITE (pop. 1,566) Bank debits (thousands) _________________ _____ $ 2,025,951 + + 22 Retail sales* -----------------------------------------------12 + 4 End-of-month deposits (thousands) t----$ 1,199,866 + 2 + 7 
Filling stations* -----------------------------------+ 10 + 19 Annual rate of deposit turnover____________ 20.5 4 + 13 P ostal receipts ---------------------------------------------$ 1,509 -13 + 6 Employment (area) ----------------------------------381,100 x + 6 Bank debits (thousands) -------------------------$ 2,853 + 27 + 22 Manufacturing employment (area) ____ 85,900 6 + 
+ + Percent unemployed (area) --------------3.4

E nd-of-month deposits (thousands) L ....$ 2,991 + 3 -6 -21 Annual rate of deposit turnover___________ 11.6 + 30 + 20 For explanation of symbols, see page 23. 
SEPTEMBER 1955 LOCAL BUSINESS CONDITIONS 
Percent change  Percent change  
City and item  Aug 1955  Aug 1965 from July 1955  Aug 1955 from Aug 1954  City and item  Aug 1955  Aug 1955 from July 1955  Aug 1956 from Aug 1954  
HEREFORD (pop. 5,207) Postal receipts ------------­--------------------$ 6,314 Building permits, less federal contracts_$ 168,175 Bank debits (thousands) -----------$ 10,783 End-of-month deposits (thousands)+---$ 9,377 Annual rate of deposit turnover______ 13.8  -8 + 86 + 10 1 + 9  + 16 + 220 + 16 + 2 + 14  LEVELLAND (pop. 8,264) Pootal receipts -----------­$ 6,050 Building permits, less federal contracts. $ 77,400 Bank debits (thousands ) -------$ 7,531 End-of-month depooits (thousands)+--$ 8,940 Annual rate of deposit turnover______ 10.0  + ++ 15 -1 + 18  + 8 + 4 + 36 + 22 + 15  
JASPER (pop. 4,403) Retail sales• -----------­----­-----------­--­Automotive stores• ------------------­Filling stations• --­---------------­-­Food stores• ---------------------------­ -2 -18 -10 -9  + + 6 + 1  LOCKHART (pop. 5,573)Department and apparel store sales___ __ Postal receipts .$ 3,414 Building permits, less federal contracts_$ 51,500 Bank debits (thousands) _______$ 3,747  + 5 + 18 + 73  + 2 + 9 + 150 + 14  
General merchandise stores• ----­----­Postal receipts -----­--­------------$ Bank debits (thousands) -------------------$  6,120 4,877  + 49 + 11 6  2 + 13 + 15  End-of-month deposits (thousands)+--$ Annual rate of deposit turnover____  4,907 9.4  +  + 1 + 12  
End-of-month deposits (thousands)+----$ Annual rate of deposit turnover____________  6,356 9.4  + 4 4  + 6 + 13  LONGVIEW (pop. 34,328") Postal receipts -----------· __ $ 28,039  + 2  - 5  
Building permits, less federal contracts $  870,975  + 43  + 79  
KERMIT (pop. 6,912) Postal receipts _________________________$ Building permits, less federal contracts.. $' Bank debits (thousands) ____________________$ End-of-month deposits (thousands)+-----$ Annual rate of deposit turnover_________ 4,629 67,280 3,620 3,371 13.0  + 1 -23 + 2 + 6 + 2  x -83 + 28 + 18 + 14  Bank debits (thousands) --------­$ 35,637 End-of-month depooits (thousands ) +---$ 34,266 Annual rate of deposit turnover___ 12.2 Employment (area) ----­-­24,100 Manufacturing employment (area) __ 4,030 Percent unemployed (area) ___ __ 4.4  + 4 + 7 x + 2 2  + 13 + + + + -24  
KILGORE (pop. 9,638) Postal receipts -----------------------------------$ Building permits, less federal contracts.. $ Bank debits (thousands ) ____________________$ 11,982 221,240 14,360  + 34 + 99 1  + 35 + 74 + 14  LUBBOCK (pop. 117,886r) Retail sales -------------­Automotive stores --------­Department and apparel stores __ Lumber, building material,  + 19 + 32 -10  + 39 + 46 + 32  
End-of-month deposits (thousands)+­---$ Annual rate of deposit turnover_________ Employment (area) ---------------------------­Manufacturing employment (area) ____ Percent unemployed (area) ------------------­15,353 11.3 24,100 4,030 4.4 KILLEEN (pop. 21,076r) Postal receipts ---------------------------------$ Building permits, less federal contracts­$ Bank debits (thousands ) _________________$ E)nd-of-month depooits (thousands) + ...... $ Annual rate of deposit turnover__________ 25,698 178,658 8,470 5,922 17.7 LAMESA (pop. 10,704) Postal receipts --------­----­----------------------$ 6,784  + x + 2 2 + 6 -65 + 4 + + 4 + 11  + 2 + 12 + 1 + 3 -24 -4 -79 + 30 -44 + 133 + 16  and hardware stores ------­Postal receipts --------------­__ $ 91,412 Building permits, less federal contracts $ 2,394,967 Bank debits (thousands ) ----------S 116,232 End-of-month deposits (thousands )+ __$ 93,534 Annual rate of deposit turnover___ 15.1 Employment ------------------·-·­42,150 Manufacturing employment ______ 4,440 Percent unemployed -------------­4.3 LUFKIN (pop. 15,135) Pootal receipts ---------------­$ 15,385 Building permits, less federal contracts $ 326,800 Bank debit.s (thousands ) -------­$ 19,751 End-of-month deposit.s (thousands) i __ $ 21,019 Annual rate of deposit turnover____ 11.2  + 18 + 5 -13 + 1 + 2 + x + 0 + 8 +120 + 9 -2 + 10  + 26 + 13 + 28 + 18 + 17 + s + 6 + 15 -14 + 15 +soo + 33 -9 + 42  
Building permits, less federal contracts.. $ Bank debits (thousands) ------------------­---$ End-of-month deposits (thousands)+----$ Annual rate of deposit turnover________  36,700 10,346 l(},243 11.6  + 240 + 29 -8 + 36  +140 + 62 + 6 + 49  McALLEN (pop. 25,326') Department and apparel store sales__ _ Postal receipts ------------S 17 ,380  + 28 + 4  + 19 + 6  
Building permits, less federal contracts S  170,550  +100  
LAMPASAS (pop. 4,869) Retail sales• --------------------------­Automotive stores• ------------------­Department and apparel stores __ Eating and drinking places* ----------­Filling stations* -------------------------­Food stores• ------------------------------­Postal receipts -------­------------------------------$ 3,334 Building permits, less federal contracts_$ 5,550 Bank debits (thousands) ________________$ 4,833 End-of-month deposits (thousands)+---$ 6,787 Annual rate of deposit turnover______ 8.4  + 7 + 22 + 19 -7 x -11 -1 -91 + 6 + 6  + 17 + 45 + 2 -14 + 14 -10 -10 -89 + 24 + 5 + 17  Bank debits (thousands) ------$ End-of-month deposit.s (thousands)+ -­$ Annual rate of deposit turnover ---­21,437 17,189 16.0 MARSHALL (pop. 25,479') Department and apparel store sales ­Postal receipts _ ___________$ Building permits, less federal contracts $ Bank debits (thousands) ______.___$ End-of-month deposits (thousands)+---$ Annual rate of deposit turnover___ 14,466 201,381 14,323 20,718 8.3  + x + x -20 + 42 4 +  + 3 6 + 6 + 15  
LAREDO (pop. 59,350r) Postal receipts -------------------------------$ Building permits, less federal contracts_$ Bank debits (thousands ) ________________$ End-of-month deposits (thousands)+----$ Annual rate of deposite turnover_ ___ 23,586 38,050 19,785 19,187 12.2  -10 + 31 8 2 7  + 7 +150 + 21 + 8 + 9  MIDLAND (pop. 42,600') Postal receipts ____________$ 50,496 Building permits, less federal contracts_$ 1,644,488 Bank debits (thousands ) _______$ 57,550 End-of-month deposits (thousands) +--S 75,451 Annual rate of deposit turnover___ 9.4 For explanation of symbols, see page 23.  + 14 + 70 x +  + 14 + 0 + 22 ++ 16  

,TEXAS BUSINESS REVIEW 

LOCAL BUSINESS CONDITIONS 
Pereent change 
Aug 1955 Aug 1955 Aug 1955 Aug 1955


Aug from from 

Aug from from City and item 1955 July 1955 Aug 1954 City and item I955 July 1955 Aug 1954 
MONAHANS (pop. 6,311) 

PORT ARTHUR (pop. 82,150u) Postal receipts --------------------------------$ 5,334 + 27 + 18 
Retail sales ----------------------------+ 13 + I6

Building permits, less federal contracts.. $ 817,139 +1200 +1300 
Automotive stores -----------+ 24 + 26

Bank debits (thousands) -----------------$ 8,094 + 9 + 27 Department and apparel stores____ 
+ 9 + 26End-of-month deposits (thousands) l---$ 6,928 + 2 -5 Eating and drinking places_________ 2 -12Annual rate of deposit turnover______ _ 14.1 + 17 + 27 

Food stores -------------­4 -I Furniture and household 

NACOGDOCHES (pop. 12,327) appliance stores -------------­+ 28 + 14 Postal receipts -------------------$ 10,999 + 33 + 5 Lumber, building material, Building permits, less federal contracts.. $ 140,075 + 7 +300 and hardware stores ---·---­+ 6 + 10 
Bank debits (thousands) -----------------$ 10,863 x + 16 Postal receipts -------------------------$ 39,505 + 18 + 20 End-of-month deposits (thousands) t -----S 14,816 + -1 Building permits, less federal contracts.. $ 570,554 +120 + 68 Annual rate of deposit turnover____________ 8.8 + 16 Bank debits (thousands) ---------------$ 55,132 + 7 + 21 
End-of-month deposits (thousands) L ----$ 46,009 + 4 + 14 Annual rate of deposit turnover_________ 
14.6 3 4

NAVASOTA (pop. 5,188) + + 
Employment (area)-------------------82,700 4 Retail sales ------------------------------------+ 16 + 16 Manufacturing employment (area) ____ 27,940 + x + + 4 
Filling stations ----------------------------4 7 Percent unemployed (area) ___________ 
5.9 5 -13 Food stores ------------------------------------+ 17 + 9 Lumber, building material, 
and hardware stores -------------+ 8 + 16 ROCKDALE (pop. 4,550r) Postal receipts --------------------------$ 3,680 + s 
Postal receipts -----------------------$ 3,650 + 8 + 4 Building permits, less federal contracts.. $ 61,968 + 64 -60 NEW BRAUNFELS (pop. 12,210) Bank debits (thousands) -------------$ 3,835 x 7
+ End-of-month deposits (thousands) t--$ 4,850 + 20 + 31

Postal receipts ---------------------------------$ 12,257 + 17 + 6 
Annual rate of deposit turnover______ 10.4 ­
1 13Building permits, less federal contracts.. $ 154, 730 + 52 + 36 

Bank debits (thousands) -------------------$ 7,797 2 + 11 End-of-month deposits (thousands)t___ $ 10,375 1 4
+ SAN ANGELO (pop. 62,359r)
Annual rate of deposit turnover___________ 9.0 0 7
+ Retail sales -----------------------------------+ 1 -4 Postal receipts --------------------------$ 55,419 + I5 +IOORANGE (pop. 21,174) Building permits, less federal contracts..$ 688,685 + 52 + 22 Postal receipts ------------------------------$ I4,126 -7 -10 Bank debits (thousands) --------------$ 43,011 x + 10 Building permits, less federal contracts.. $ 600,852 + 55 +135 End-of-month deposits (thousands) t----$ 46,340 + 2 -3 
Bank debits (thousands) -------------------$ 22,279 + 8 + 21 Annual rate of deposit turnover______ _ 11.3 + + 12 End-of-month deposits (thousands) l ---$ 22,940 1 -9 Employment --------------------22,500 + 2 Annual rate of deposit turnover_____ Il.6 8 + 30 Manufacturing employment -·----­3,040 -2
+ + 2 
Percent unemployed -----------------4.4 -I7 -10 
PALESTINE (pop. 15,063r) 

Postal receipts ----------------------------------$ I0,808 + 32 + 5 SAN ANTONIO (pop. 449,25lu) Building permits, less federal contracts..$ 215,715 +120 +loo 
Retail sales• ------------------------------+ 11 + 11 

Bank debits (thousands) ------------------------$ 6,706 + 8 + 24 Apparel stores• ---------------------------­+ 10 x End-of-month deposits (thousands) t ------S 12,835 2 x 
Automotive stores• -----------------------­+ 12 + 52

Annual rate of deposit turnover_____________ 
6.2 + 7 + 22 
Department storest -----------------­+ I4 + 15 Drug stores• --------···----------­1 + 4 Eating and drinking places• -----­2 2
PAMPA (pop. 20,448r) 
Filling stations• -------------------­+ 9 +

Postal receipts ----------------------$ 14,274 + 8 x 
Food stores• --------------------­7
+

Building permits, less federal contracts..$ 424,943 + 30 9 +
Furuiture and household Bank debits (thousands) ---------------$ 15,466 + 1 + 6 
appliance stores• -----·--·-------­+ 10 + 18

End-of-month deposits (thousands);_____$ 20,373 2 3 General merchandise stores• ------­
+ 33 +IOAnnual rate of deposit turnover__________ 9.0 7

+ + Lumber, building material, and hardware stores•----------· 4 -8 Postal receipts --------------------$ 545,391 + 8 + 8
PARIS (pop. 21,643) 
Building permits, less federal contracts..$ 4,487,453 8 -36Department and apparel store sales________ + 14 + 26 

Bank debits (thousands) ----------------------$ 479,472 + 6 + 18 

Postal receipts ------------------------------------$ I4,933 + 2 -9 End-of-month deposits (thousands);______$ 341,135 
+ 4 + 8Building permits, less federal contracts..$ 98,444 9 -22 Annual rate of deposit turnover________ ___ I 7.2 + + 12

Bank debits (thousands) -------------------------$ I3,607 + 5 + 17 
End-of-month deposits (thousands);_____$ Employment --------------------------------180,300 x + 2
14,110 2 5
+ + 

Annual rate of deposit turnover___________ 11.7 + 14 Manufacturing employment ---------­22,450 x + 8 Percent unemployed ---------------------4.7 -16 -3I 
PLAINVIEW (pop. 14,044) SEGUIN (pop. 14,000r)

Retail sales ----------------------+ 4 + I6 Department and apparel stores.. ·------·· -4 + 11 Postal receipts ---------------------$ 8,727 +IO -6 Building permits, less federal contracts..$ 193,600 -+190
Postal receipts --------------------------$ 12,435 + 10 +IO 42 Building permits, Jess federal contracts.. $ 232,000 3 -27 Bank debits (thousands) ----------$ 8,4I4 + 9 + 7 Bank debits (thousands) ------------------$ 16,072 + I + 13 End-of-month deposits (thousands) t---$ 15,670 + 3 -8 End-of-month deposits (thousands) t---$ 21,516 2 + 13 Annual rate of deposit turnover____ 6.5 + I6 Annual rate of deposit turnover___________ 
8.9 2
+ + 
For explanation of symbols, see page 23. 

SEPTEMBER 1955 

LOCAL BUSINESS CONDITIONS 
Percent chanRe 
Aug 1955 A Utr 1955 Aug from from
City and item 1955 J uly 1955 Aug 195 1

City and item Aug 1955 Percent c ange Aug 1955 Aug 1955 from from July 1955 Aug 1954  
SHERMAN (pop. 25,855r) Retail sales -----­----------------­-----­---­--­Department and apparel stores______ Furuiture 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)+­----­$ Annual rate of deposit turnover__________ 
26,754 351,989 25,697 17,717 17.4 + 7 + 9 + 12 + 14 + 16 + 61 -10 x -9 + 44 + 8 + 34 +130 + 15 +220 + 9 + 22 -5  
SULPHUR SPRINGS (pop. 9,890r) Postal receipts --------------­---------------------$ Building permits, less federal contracts__ $ Bank debits (thousands) ______________________$ End-of-month deposits (thousands)+----$ Annual rate of deposit turnover________ 6,472 174,000 7,194 9,985 8.6 + 15 + 51 + 8 -2 + 10 + 7 +510 + 21 -8 + 30  
SWEETWATER (pop.13,619) Postal receipts -----------------------------­-----$ Building permits, less federal contracts--$ Bank debits (thousands) ----­------------$ End-of-month deposits (thousands)1:____$ Annual rate of deposit turnover..___________ 10,383 86,800 5,304 10,257 6.2 TAYLOR (pop. 9,701) Postal receipts ---------------­--­-------------------­$ Building permits, less federal contracts__ $ Bank debits (thousands) -------------­------­$ End-of-month deposits (thousands)+------$ Annual ratee of deposit turnover____________ 8,166 67,320 9,686 13,387 9.1 TEMPLE (pop. 33,912r) Retail sales ----------·----·-----------------------··­Department and apparel stores___________ Drug stores -----------------­--------------------Furuiture 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)+-----$ Annual rate of deposit turnover___________ 28,258 402,534 22,218 24,161 11.2 TEXARKANA (pop. 24,753) Retail sales§ -----------------------------------------­-Postal receipts§ _____________________________________$ Building permits, less federal contracts__$ Bank debits (thousands) § -------------------$ End-of-month deposits (thousands)+---­$ Annual rate of deposit turnover______ Employment§ ------------­-------------------------­Manufacturing employment§ --------­Percent unemployed§ -------------------­44,456 110,215 37,785 17,646 11.9 35,600 5,860 8.1 TEXAS CITY (pop. 23,000') Pasta! receipts -----------·-------------------------­$ Building permits, less federal contracts__$ Bank debits (thousands) --------------------$ End-of-month deposits (thousands)+---$ Employment (area) ----­--------­---------­Manufacturing employment (area) _ Percent unemployed (area) -------------­12,856 700,660 28,981 30,507 46,050 11,490 6.0 + 7 -76 -37 -36 + 30 + 30 + 38 + 9 + 32 + + 6 + + 15 + 5 + 15 +120 + 4 + 3 + 3 + 1 + 8 + 2 + 2 + 1 + 16 -10 + 95 + 17 + 20 + 1 2 6 -18 + 44 -28 + 11 -35 -4 -14 -17 -13 -4 + 8 + + + 29 + 2 -5 + 58 + 23 -4 + 26 + 13 -17 -48 +14 + 1 + 5 + 5 + 10 -35 -5 + 50 + 20 + 24 + 3 + 2 3  

TYLER (pop. 49,443r) 

Department and apparel store sales__ 
Postal receipts ---------------$ 52,678 
Building permits, less federal contracts _$ 796, 75 
Bank debits (thousands) _______$ 

71,514 End-of-month deposits (thousands ) +___$ 
56,467 Annual rate of deposit turnover____ 
15.1 
VICTORIA (pop. 16,126) 

Retail sales• ---------------­Automotive stores• --------­Department and apparel stores _ _ _ 
Eating and drinking places• ----­
Filling stations• --------------­
Food stores• -----------------­


Furuiture and household appliance stores• ---------­Lumber, building material, and hardware stores* -----­Postal receipts --------------$ 24,364 Building permits, less federal contracts__ $ 402,789 
WACO (pop. 101,824r) 

Retail sales ----------------­Department storest ----------­Furniture and household 
appliance stores -----------­Postal receipts ---------------------·$ 119,574 Building permits, less federal contracts_$ 1,429,029 Bank debits (thousands ) $ 87,374
_____________  
End-of-month deposits (thousands )+.___$  66,147  
Annual rate of deposit turnover_____  15.8  
Employment ---­ -----------­ 46,950  
Manufacturing employment ------­ 8,770  
Percent unemployed ----­ -----­ 4.1  

+ 
21 + 20 

+ 
8 + 8 


-48 -2 
+ 19 + 
5 x + 15 
+ 
+ + + 
+ 
+ 
+ + 
3 
10 4 5 
30 
3 12 85 6+ 
+ 25 -11 -7 -1 -10 
+ 7+ 
+ 
17 

+ 
17 


+ + 
-
+ -+ 
+ + 
-
19 14 
7 19 32 
x 
x 21 
+ + 
+ + + + + + + + 
-
24 27 
16 15 1 
1 27 

WEATHERFORD (pop. 8,093)  
Building permits, less federal contracts._$  25,500  -22  -35  
Bank debits (thousands) ----------$  9,285  x  + 17  
End-of-month deposits (thousands) t _ $ 12,453 Annual rate of deposit turnover____ 8.5  +  + 61 -27  

WICIDTA FALLS (pop. 103,192')  
Retail sales ----­---­--­-----­Department and apparel stores ----­ 9 + 7  + 11 + 11  
Postal receipts --------------------------·$ 81,053  + 6  + 17  
Building permits, less federal contracts $  807,204  -47  + 35  
Bank debits (thousands ) _______________$ End-of-month deposits (thousands)+ -$ 94,244 104,081  +  x  + 13 + 3  
Annual rate of deposit turnover­---­Employment -------------------------------­Manufacturing employment -­-----­ 10-9 36,300 3,490  + +  x  + 12 + 4 + 4  
Percent unemployed -----------------­---­ 4.3  - 26  

x Change is less than one-half of one percent. 
•Preliminary. 
t Reported 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. ff Reported by the Bureau of Business and Economic Research, Uni­versity of Houston. §Figures include Texarkana, Arkansas (pop. 15,875) and Texarkana, Texas (pop. 24,753). r Revised for use by Texas Highway Department. 
u 1950 Urbanized Census. 
TEXAS BUSINESS REVIEW 

BAROMETERS OF TEXAS BUSINESS 

Year-t<Hlate AverageAug July June average month 1955 1955 1955 1955 1954 

GENERAL BUSINESS ACTIVITY  
tlndex of Texas Business Activity (100.0) ................................................. .  175*  170*  172*  171  163  
Index of bank debits ............................................................................................... .  209  192  200  198  177  
Index of bank debits in the United States .. .......................................................... ..  182  168  174  171  160  
Income payments to individuals in the United States (billion&-Seasonally  
adjusted at an annual rate) ............................................................................ ..  $ 304.7  $ 301.6  $ 298.2  $ 287.6  
Index of wholesale prices in the United States, unadjusted............................. .  110.8  110.6  110.3  110.4  110.3  
Index of consumers' prices in the United States, unadjusted........................... .  114.5  114.7  114.4  114.4  114.8  
:!:Index of consumers' prices in Houston, unadjusted........................................ ..  115.5  115.6  116.7  
Index of postal receipts ............................................................................................  275  245  274  276  246  
tlndex of miscellaneous freight carloadings in the Southwestern District (10.0) ................................................................................................................. .  97•  95  97  95  93  
Corporation charters issued (number) ..................................................................  372*  390•  501  455  345  
tlndex of ordinary life insurance sales, adjusted for price changes ( 4.2) ........  214•  201  215  210  172  
Index of ordinary life insurance sales ................................................................. .. .  245  230  246  241  197  
Index of ordinary life insurance sales in the West South Central elates ........ ..  253  226  245  235  192  
Index of ordinary life insurance sales in the United States ................................  219  198  216  202  170  
TRADE  
tlndex of total retail sales, adjusted for price changes ( 46.8) .......................... ..  163*  158*  158*  157  143  
Index of total retail sales ...................................................................................... ..  182*  176*  176*  175  160  
Durable-goods  stores ......................................................................................... .  198*  181*  200•  190  162  
Nondurable-goods stores .......................................................................... ........ ..  173*  173*  164*  167  159  
Ratio of credit sales to net sales in department and apparel stores ................ ..  62.6  60.6  62.0  62.8  62.9  
Ratio of collections to outstandings in department and apparel storee ........... .  35.2  42.0  38.3  38.5  39.0  
PRODUCTION  
tlndex of industrial electric power consumption (14.6) .................................. .. tlndex of crude runs to stills (3.9) ...................................................................... .. Index of cottonseed crushed ................................................................................... .  294* 141  280* 135 154  291* 136 167  283 140 144  249 127 150  
tlndex of construction authorized, adjusted for price changes (9.4) ................. . Index of construction authorized ......................... ................................................. .  146* 198*  146* 198*  146* 198*  156 211  141 186  
tlndex of crude petroleum production (8.1) ....................................................... . Index of southern pine production, unadjusted, 1935-39=100 ...................... .. Index of gasoline consumption ............................................................................ .. Index of industrial production in the United States ......................................... . tlndex of total electric power consumption (3.0) ................................................ Construction contracts awarded (thousands) .......... .......................................... Index of natural gas production ........................................................................... .  119* 140* 287* $125,006  119* 117 160 139 276* $154,907 177  120 128 184 139 276* $116,332 172  126 122 174 137 268 $130,399 174  117 117 173 125 241 Slll,196 169  
AGRICULTURE Index of prices received by farmers, unadjusted, 1909-14=100 ....................... .  257  257  263  263  265  
Index of prices paid by farmers in the United States, parity index-unad· justed, 1910-14=100 ......................................................................................... . Ratio of Texas farm prices received to U.S. prices paid by farmers ................ .. Index of prices received by farmers-livestock, unadjusted, 1909-14=100.. .. Index of prices received by farmers-all crops, unadjusted, 1909-14=100.. .. Index of farm cash income, unadjusted .............................................................. ..  279 92 268 249 89*  281 91 266 251 76*  282 93 275 253 58*  282 93 276 253 70  281 94 284 251 98  
FINANCE Loans, reporting member banks in the Dallas district (millions) .................. ..  s  2,265  $ 2,270  $ 2,239  $ 2,199  s 1,950  
Loans and investments, reporting member banks in the Dallas district (millions) ........................................................................................................... .  $ 3,727  $ 3,756  $ 3,675  $ 3,708  $ 3,494  
Demand deposits adjusted, reporting member banks in the Dallas district (millions) ....................................................................................................... .. Bank debits in 20 cities (millions) ....................................................................... . Revenue receipts of the State Comptroller (thousands) ................................... . Federal Internal Revenue Collections (thousands) ........................................... .  $ $ 2,657 6,644 $ 66,625 $180,535  $ $ 2,626 6,299 $ 71,843 $101,222  s 2,649 s 6,602 $ 62,175 $321,234  $ 2,674 $ 6,411 $ 74,295 $221,976  $ 2,552 $ 5,849 s 62,930 $183,604  
LABOR Total nonagricultural employment (thousands) .............................................. .. Total manufacturing employment (thousands) .......................................... .. Durable-goods employment (thousands) .............................................. .. Nondurable-goods employment (thousands) ....................................... ..  2,271.4* 442.8* 212.1 • 230.7*  2,258.5 435.7 207.8 227.9  2,263.8 439.7 207.4 232.3  2,232.7 430.6 203.2 227.4  2,189.6 424.8 199.7 225.2  

All figures are for Texas unless otherwise indicated. All indexes are based on the average montha for 1947--49, except where Indicated and are adjusted for seasonal variation, except annual indexes. 
Employment estimates have been adjusted to first quarter 1954 benchmarks. 
*Preliminary. tThe index of business activity is a weighted average of the indexes Indicated by a da1nrer ( t). Tbe weight given each Index in computing the composite is given in parentheses. 
!Index computed for February, May, August, and November only.