; '\ " . TEXAS BUSINESS REVIEW A Monthly Summary of Business and Economic Conditions in Texas " BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS VOL. XXXIV, NO. 1 TWENTY CENTS A COPY-TWO DOLLARS A YEAR JANUARY 1960 Clothed in Growth: The Texas Apparel Industry By JOE CARROLL RUST Apparel manufacture represents only a small part of Texas' yearly total manufacturing output, but the making of garments is becoming an increasingly important com­ponent in the state's economic picture. Although the Dallas metropolitan area still ranks as the state's leading apparel manufacturing section, other Texas cities, such as Fort Worth, San Antonio, and El Paso, are major apparel pro­duction centers as well. Texas' output in the needle trades represented some one­third of a billion dollars in 1958, compared with approxi­mately $40 million before World War II. Nearly three times as many are employed in the Texas garment industry as in 1939. Employment reached an all-time high of 33,700 in September 1959. Average weekly earnings of apparel workers in Texas are also at a new high, $4.7.50, or ap­proximately $1.26 per hour. Although wages in the in­dustry have increased more than 54% in the ten years since September 1949 (when $30.80 was average weekly pay), wages in the apparel industry have tended to be behind those in other industries. Apparel wages in 1949 were approximately $.77 per hour. It is a familiar fact that the Dallas-Fort Worth area is one of the nation's largest apparel markets. Dallas tradi­tionally has been a fashion center and manufacturer of women's clothing (especially women's outerwear) ; Fort Worth, a producer and distributor of high-quality men's work clothes. In fact, most of West Texas' apparel manu­facturers are known as makers of work and casual clothes. Out of Dallas garment plants come women's clothes with such well-known brand names as Nardis, Justin McCarty, Herman Marcus, Donovan-Galvani, Marcy Lee, Ike Clark, Miller-Cupaioli, and Clifton Wilhite. The city's largest work clothing manufacturer is the H. D. Lee Company, Inc. One of Texas' largest manufacturers of men's and boys' slacks is Haggar Company of Dallas (which has subsidiaries in Corsicana, Greenville, McKinney, and Waxahachie). In Fort Worth is located the world's largest producer of matched work shirts and pants, the Williamson-Dickie Manufacturing Company. The plant, built in 1922, turns out "Dickies Steadies." Since 1955, Williamson-Dickie has owned and operated Hawk & Buck Company, the South­west's oldest work clothing manufacturer, with offices in Fort Worth and a plant in Waco. (Williamson-Dickie also has branch plants in Uvalde, McAllen, Eagle Pass, and Weslaco.) But, though Fort Worth has become a big producer of work clothes, it has avoided extensive market promotion due to its limited number of firms and lines. In short, Fort Worth is an apparel manufacturing center, not a marketing center. Dallas is both. Levi Strauss & Company, with plants in Wichita Falls and Denison, and operating in El Paso through its subsid­iary, Top Notch Manufacturing Company, is another of the state's noted work clothing manufacturers. Mann Over­alls Company, El Paso's oldest apparel manufacturer (1918), makes "Tex'n Jeans," using in recent years an "Ivy League Goes West" slogan. Farah Manufacturing Company, also of El Paso, abandoned the manufacture of work clothes in 1955, turning to western-type blue jeans and denim jackets. El Paso's Hortex Manufacturing Com­pany, Inc., produces "Billy the Kid" jeans. The city has 14 manufacturers of work clothes and western wear, most of which use denim or khaki in some way. El Paso calls itself, with considerable justification, "the denim capital of America." The city has one producer of ladies' ready-to­wear. In 1955, total dollar volume for work clothes and western wear manufactured in the El Paso area was roughly $50 million, with some 3,000 employed in the apparel in­dustry. Today, some 4,000 are employed in the El Paso needle trades. San Antonio is largely a producer of children's clothes, as far as the apparel industry is concerned. Among the best recognized of the 13 plants making children's wear there (Continued on page 6) The Business Situation in Texas By JOHN R. STOCKTON Business activity in Texas registered a sharp decline during November with a majority of the major barometers dropping below the October levels or at best registering only slight gains. In general this may be interpreted as a reaction to the steel strike and does not constitute conclusive evidence that a cyclical downturn in business has begun. It seems much more logical to conclude that Texas business continued to feel the effects of the steel strike in November, and on this assumption it is believed that if the steel strike is settled, the expansion phase of the business cycle will continue at least throughout the first half of 1960. The composite index of business activity in Texas in November rose 1 %from October and stood at 14% above November of 1958. The first eleven months of 1959 were 12% above the same period of 1958, and on the basis of this much of the year it seems likely that 1959 will establish another record for Texas business. For the United States, personal income hit an all-time high in November, exceeding the rate of last June, the last month not affected by the steel strike. Wages, the largest component of personal income, rose $1 billion to an annual rate of $260.2 billion. Primary metals, mining, and trans· portation showed substantial increases in November, re· fleeting the resumption of steel production. On the other hand, transportation equipment, including automobiles, fabricated metals, and machinery industries, declined sharply as shortages of metals forced cutbacks in produc­tion. No specific data are available to show the changes in personal income for Texas on a monthly basis, but since the effects of the steel strike have been somewhat less in Texas than for the northern and eastern states, it seems likely that Texas consumer income since the beginning of the steel strike has been maintained better than for the country as a whole. The related statistical data, such as consumer spending at retail, substantiate this conclusion. For the first eleven months of 1959, retail sales totaled 7% more than for the same period of 1958, although the month-to-month changes have been extremely uneven (a drop of 11 %between October and November) . In October a 19% increase in sales of durable goods stores combined with a 6% increase in nondurable store sales to register an increase of 10% in total retail sales. In November non· durable goods store sales dropped 6%, but durable goods stores declined 19%, reflecting primarily the effects of the steel strike on the supply of durable goods available. In spite of the irregular movement of Texas retail sales, it seems likely that 1959 will set a new record for spending by consumers in the state. Agriculture continues to be one of the weakest spots in the Texas economy, a result of declining prices in the face of increased production. The latest reports of the Depart· ment of Agriculture estimate total crop production in 1959 to be slightly below 1958 but still large enough to add to the surpluses already accumulated. Prices received by Texas farmers in November declined 2% from October and stood 8% below November 1958. In spite of the grow· ing population and the steadily increasing demand for food and fibers, the immediate prospects for an improvement in Texas Business Activity Index • Adjusted for seasonal variation • 1947-1949=100 the agricultural portion of the Texas economy are not bright. The Department of Agriculture estimates that United States farm income for 1959 will register a 15% decline from 1958, and still further decline is predicted for 1960. The estimated value of building authorized in Texas de­clined 29% in November, leaving the total for the first eleven months of 1959 only 5% above the same period of last year. Both residential and nonresidential building per­mits for the first eleven months have exceeded last year (2% and 9%, respectively). Housing starts in the country as a whole for 1959 are estimated at more than 1,350,000 by both industry and government officials. These same of­ficials expect 1960 to register a small decline to between 1,100,000 and 1,200,000. Applications received by the Federal Housing Administration for insurance on proposed new homes dropped from 24,000 in October to 16,100 in November. Requests for appraisal of new homes under the G. I. housing program fell from 16,600 in October to 12,­200 in November. Separate figures for Texas are not avail­able, hut all indications point to the same situation in the state as in the remainder of the country. The scarcity of mortgage money is almost universally credited with the slowing down in building, and since there appears to be no immediate prospects of any easing of credit, it seems likely that Texas activity in 1960 will probably not show any sub­stantial increase. However, it should be remembered that in spite of the slight declines, we are still in a building boom. Even if Texas residential construction tapers off next year, nonresidential could easily make up most of the loss. Industrial production in Texas during November, as measured by industrial electric power consumption, rose 2% from October. For the nation as a whole the Federal Reserve Board's Index of Industrial Production also rose slightly. The November index of 148% of the 1947-49 average was seven points below the prestrike peak of 155 recorded in June. The November index was depressed by the steel strike, and Federal Reserve Board officials ex­pressed the opinion that December would show a sub­stantial increase, since both steel and automobile produc­ tion were scheduled for significant gains. In spite of the strike durable goods manufacture in November 1959 was seven points above November 1958. It is rather unani· mously agreed that if the steel strike is not resumed, the level of industrial production can be expected to reach rather promptly the high levels prevailing before the strike. Opinions vary somewhat as to the condition of business in the second half of 1960, but there is little disagreement with the belief that the first half of 1960 will be a period of high-level production. The Texas oil industry promises some help in improving the industrial picture. Crude runs to stills in November were approximately the same as a year ago and up 4% from October. The ten-day allowable will help crude production, although it still rates as one of the economic problems of the state. Although the effect of the steel strike on Texas business has not been as direct or as striking as for some other areas, the manner in which the strike has influenced the accumu­lation of inventories is of importance t<> Texas business. In the early part <>f 1959 invent<>ries were accumulated in anticipation <>f the strike, and during the sec<>nd half these inventories have been drawn down sharply to continue to supply consumer demand. The fact that retail sales have held up so well in total suggests how well the flow <>f goods to consumers has been maintained in spite of the growing shortage of steel. With the resumption of steel production there is pressure to build up inventories as well as to con­tinue to supply current demand. Until the steel strike is finally settled, there is every incentive to maintain produc· tion at the maximum possible volume in an effort to build up stocks. Of course, if the strike is renewed, all predic­tions of increased activity in 1960 will have to be revised, but if the strike is settled, there is apparently enough ac­cumulated demand for goods by consumers and by busi­nesses trying to build up inventories to keep operations at peak level through the first half of 1960. SELECTED BARQMETERS OF TEXAS BUSINESS (1947-49 =100) P ercen t ch ange I ndex N ov 1959 Oct 1959 Nov 1958 N ov 1959 from Oct 1959 N ov 1959 f r om N ov 1958 Texas business a ctivity ............ 220 217 193 + 1 + 14 Miscellaneous freight carloadings in S.W. d istrict . 78 78 78 •• •• Crude petroleum production _ 109* 107r 118r + 2 - 8 Crude oil runs to stills .............. 143 138 144 + 4 - 1 Total electric power consumption ............................ 374• 398r 330r 6 + 13 Industrial electric power consumption ······-····················· 381 * 376r 343r + 1 + 11 Bank debits ····· ·····­---------­- 262 259 230 + + 14 Ordinary life insurance sa les .. 425 418 392 + + 8 Total r etail sales 207* 232r 205r -11 + 1 Durable-goods sales ................ 147* 192r 150r -23 - 2 Nondurable-goods sales 238* 252 r 233r - 6 + 2 Urban building per m its issued 201 284 239 - 29 -16 Residential 215 260 285 - 17 -25 N on resident ia l ... 172 341 181 - 50 - 5 Adjusted for seasonal variation, except annual averages and farm cash income. •Preliminary, r Revised. •• Change is less than one-half of one percent. Spending plans of industry for new plant and equip­ment are of significant interest in considering the business situation in Texas. Steel shortages have forced a reduction in the investment plans of business. The Commerce De­partment and the Securities and Exchange Commission now estimate that expenditures for new plant and equip· ment for 1959 totalled $32.6 billion. Three months earlier the estimate for 1959 was $33.6 billion, but shortages of steel forced reductions in outlays during the last six months. Petroleum, railroads, and gas utilities were adversely af­fected, and as a result the level of Texas business has been below what could have been achieved if the strike had not occurred. Spending for new plant and equipment in 1960 is ex· pected to increase if the steel strike is settled, and under these circumstances Texas business will feel the effects. It is not forecasted, however, that 1960 will reach the previous peak of $36.9 billion spent in 1957. However, an increase in spending for expansion of plant and equipment will be reflected immediately in increased income to Texans, with labor troubles the only serious cloud on the economic horizon. TEXAS BUSINESS REVIEW Editor ____________________________________________________ John R. Stockton Managing Editor_____________ ________ ___________ Robert H. Drenner CONTE NTS Texas' Apparel Industry -------------------------------------------­I The Business Situation in Texas ---------------------------------­2 Building Construction -----------------------------------------------­4 Finance 8 Agriculture ---------------------------------------------------------------I 0 Retail Trade ----------------------------------------------------------------12 Local Business Conditions ------------------------------------------14 Barometers of Texas Business ------------------------------------20 BUSINESS RESEARCH COUNCIL John Arch White, Acting Dean of the College of Business Adminis­tration (ex officio),-John R . Stockton ; W. H. Baughn; L . G. Blackstock ; E. W. Cundiff; J. Neff; G. H. Newlove. BUREAU OF BUSINESS RESEARCH John R . Stockton Stanley A. Arbingast Florence Escott Director Assistant Director Assistant to theDirector Resources Specialist Francis B. May Charles 0 . Bettinger Statistician Alfred G. Dale Junior Statistician Research Associate Robert H. Drenner William H. Turpin Research Associate Fredolin J. Kaderli Research Associate Research Associate Aileen Donovan Ida M. Lambeth Research Associate Marie Fletcher Research Associate Research Associate Roberta Steele Anna Merle Danz Marjorie T . Cornwell CartographerLibrary Assistant Administrative Clerk Candler P. CaSBMildred Anderson Eva A. Arias Statistical AssistantStatistical Assistant Statistical Tech1'4cian Crescencia M. Stanley Mary Alice Summers Josephine J. Knippa Senior Secretary Senior Secretaru Senior Clerk Typist Marilyn Whites Margene Parr Barbara Warden Publications Assistant Clerk Typist Senior Clerk Typist Daniel P . RosasRobert Dorsett Offset Press Operator Offset Press Operator Cooperating Faculty Charles T. Clark Robert H . Ryan Stella Traweek Assistant Professor Instructor in Assistant Profe88or of Business Statistics Business Writing of Business Statistics Assistants Ronald M. Farris , William D. Jackson, Royce R. Kilday, George B. Pearson, Howard Pharr, Joe Carroll Rust, and Elizabeth R. Turpin. Published monthly by the Bureau of Business Research, College of Business Administration, The University of Texas, Austin 12. Entered as second class matter May 7, 1928 at the post office at Austin, Texas, under the act of August 24, 1912. Content of this publi­cation is not copyrighted and may be reproduced freely. Acknowledge­ment of source will be appreciated. Subscription, $2.00 a year; individual copies, 20 cents. Building Construction: NOVEMBER PERMITS FALL TO TWO-YEAR LOW By ROBERT H. DRENNER Urban building construction authorized in Texas in No­vember fell to the lowest dollar total authorized in any month since December 1957. Representing building valued at an estimated $75,364,000, the November total fell 32% from October and was down 16% from the November 1958 level. Almost all of the decline was nonseasonal, and the ad· justed building index consequently fell sharply also, from October's 284% of the 1947-49 average to 201%. Both major building categories---residential and nonresidential --contributed to the over-all decline, and the decrease cut deeply into the cumulative gain over 1958 which each category had shown in the IO-month comparisons. Total permits also, which had been 7% above January-October 1958, in the 11-month comparison showed only a 5% rise, testifying to the steepness of the November drop. Despite the disappointing November showing, building authorized in Texas in 1959, even assuming a poor permit month in December, will be at a record high-though the new record will not be as much of an improvement over 1948 as had been expected a few months ago. December permits should be above their November level, hut the in· crease will probably not completely offset the November loss. After allowing for a mild rise in construction costs during the year (a rise which seems to have been concen· trated chiefly in site costs, rather than in materials and labor), the actual physical volume of building in Texas in 1959 will be very close to the volume of work put in place in 1958. RESIDENTIAL New residential building authorized in the state in No· vember amounted to an estimated $39,571,000, also the lowest total authorized in any month since December 1957. The November figure was 21 % below the preceding October and 25% under November 1958. Seasonal factors usually push November permits a few percentage points below October permit volume, but the dollar decline in this instance was so large that the seasonally adjusted resi· dential index fell 45 points, from 260 in October to 215 (again, 1947-49 = 100). New residential building author· ized in the January-October period was 5% above the com· parable 1958 period; in the 11-month comparison the 1959 improvement fell to 3%. In other words, the poor No· vember showing eliminated 40% of the gain that 1959 residential permits had shown over 1958 through the first 10 months. However, the 3% improvement for January· November will very likely carry over to the 12-month com· parison. Though new residences authorized in December will probably not be up to the December 1958 figure, some improvement from the very low November level can be expected. Some months ago it was apparent that residential bu~ld· ing in Texas had slowed substantially from the very high rate that obtained from June 1958 to April 1959. However, it was difficult to determine whether the decline had been from one plateau to another, somewhat lower, at which building activity had more or less stabilized, or whether Building Construction in Texas· Index , Adjusted for seosonal variation , 1947-1949·100 00 •value of building construclion authorized. the decline was still in progress and the lower plateau was still to be reached. After allowing for the large variations usually characteristic of month-to-month permit activity in Texas, recent data does seem to show a continuing, though gradual, decline. Since July, every successive month has recorded a lower dollar permit total from the preceding month. Unseasonably bad weather probably contributed to the low November figure, so that December will prob­ably show some rise, but, from a longer point of view, the pressures that are tending to discourage homebuilding are not expected to ease until well into the spring-if then. The chief pressure, of course, is the high cost of mortgage money, and there is widespread doubt that new federal legislation designed to assist the homebuilding industry, if forthcoming, is likely to do much to ease this pressure. Nevertheless, it is difficult to believe that homebuilding in Texas will fall much below the level of the past few months. The demand for new homes, even with mortgages at 6% and above, is too strong. A significant easing in the money market, when it occurs, should he promptly trans­lated into a higher rate of home construction, and it is not unlikely that the latter part of 1960 will see a revival of the Texas homebuilding boom. NONRESIDENTIAL New nonresidential building authorized in the state in November fell even more sharply from October than did the residential category. The total, estimated at $26, 738,­000, was down 47% from the preceding month. The seasonally adjusted nonresidential index fell to 172, very nearly half of its October value ( 341) . Almost half of the category's cumulative improvement over 1958 through the first 10 months (+9%) was wiped out; 11-month totals showed only a 5% rise. For this category also, 1959 physi­cal volume will he only nominally above the 1958 level. But there are considerations which may make the November nonresidential permit showing less significant than may superficially appear. Total nonresidential permits in Texas are ordinarily only about 40% of all building authorized, and the smaller !otal alone makes the category, compared with total huild­mg, subject to even more extreme variations. This is further complicated by the fact that the total monthly dollar value of nonresidential building represented by permits is ac­cou?ted for by a much smaller proportion of individual P~OJects. A single multimillion-dollar permit issued in a given month, in other words, can move the entire category up from the preceding month by as much as 10%, and of course in the following month its effect on the total, by its absence, is downward. It appears that just this sort of effect was largely responsible for the extremely low November nonresidential permit total. A large portion of the decline from October was concentrated in permits for office-hank buildings (-88%), where individual projects tend to he unusually large. A further significant fact is that the non­residential category in October had risen almost as sharply from September as it declined in November, and that No­vember authorizations were only 5% under November 1958. An additional fact to remember is that the steel strike did delay a number of large nonresidential projects in November, and thus also delayed plans for new projects. The expectation, then, is that the extraordinarily poor showing made by new nonresidential building authorized in Texas in November should he more than balanced by authorizations in the coming months. While no great im­mediate improvement is expected for the category, gradual improvement, led by private building, is anticipated. Here also an eventual easing of money costs should he a further strengthening factor, especially in the public sector. ESTIMATED VALUE OF BUILDING AUTHORIZED Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department <>f Commerce Nov Percent change January-November Jan-Nov 1959 from Classification 1959 1959 1958 Jan-Nov 1958 Th ousan ds or dollars CONSTRUCTIO N CLASS ALL PERMITS 75,364 1,165,534 1.106,396 + 5 New construction .. 66,309 1,045,225 999,202 + 5 Residential (housekeeping) 39,571 666,779 649,157 + 3 One-family dwelli ngs 35,480 620,531 593,370 + 5 Multip le-fam ily dwellings 4,091 46,250 55,787 -17 Nonresidential buildings 26,738 378,446 350,886 + 8 Nonhousekeepin g build- in gs (residentia l ) ··-··· 2,117 17 ,417 22,185 -21 Amusement buildings ···-·· 303 11,234 10,187 + 10 Churches .................... 2,997 40,181 35,381 + 14 Factories and workshops . 1,773 28,495 24,395 + 17 Gara.ges (commercial and private) ····· .................... 404 4,983 4,476 + 11 Service stations 917 8,726 8,846 - 1 Institutional buildings .... 1,401 23,611 15,563 + 52 Office-ban k buildings• . 2,357 72,968 60,677 + 20 Works and utilities 2,010 12,934 13,998 - 8 Educational buildings 6,929 67 ,501 87,014 -22 Stores and mercantile buildings 4,877 84,155 64,662 + 30 Other bui ld ings and structures+ ... 653 15,250 13,502 + 13 Additions, alterations, and repairs§ ··············-··-······ 9,055 120,310 107,193 + 12 METROPOLITAN vs. NON-METROPOLITANt T<>tal metropolitan 55,754 870,753 833,455 + 4 Central cities -···················· Outside central cities .... 49,282 6,472 748,841 121,912 710,990 122,465 + 5 •• Total nonmetropolitan 19,609 294,780 272,941 + 10,000 to 50,000 p1>pulation . 14,198 207,178 196,954 + 5 Less than 10,000 population 5,411 87,602 75,987 + 15 •Includes public (non federal) administration buildings beginning July 1957. t As defined in 1950 census. t Includes government (nonfederal) service buildings beginning July 1957. §Includes additions and alterations to public buildings beginning July 1957. •• Change is less than one-half of one percent. The Texas Apparel Industry (Continued from front cover) are the Juvenile Manufacturing Company, the Esskay Manufacturing Company, and Tex-Son, Inc. Large casual and work clothing producers in the Alamo City are the Finesilver Manufacturing Company, Carl Pool Manufactur­ing Company, and the A. B. Frank Company. Apparel manufacture is an extremely changeable and flexible industry. In such a highly competitive operation, a slight difference between labor and materials costs may mean the difference between profit and loss. Labor costs in Texas are low, and a small initial investment, rightly used, plus a small staff of garment workers, can put a business­man into garment manufacturing. The organization of the apparel industry is such that small, specialized shops may compete with large operations. Texas, for instance, in 1958 had only 163 apparel plants employing more than 50 people each, the majority of plants in the state employing less than that number. Dallas' apparel manufacturing industry is made up largely of a number of small-job shops. Though the Dallas area, concentrating on the fashion market, is still by far the leading Texas garment manu- APPAREL EMPLOYMENT AND EARNINGS IN TEXAS Source : T exas Employment Commission in cooperation with the U.S. Bureau of Labor Statistiel! N umber Date employed ( in t housands ) A verage weekly wage Average hourly wage Sept. 1949 26.4 30.80 .77 Sept. 1950 28.8 36.58 .91 Sept. 1951 27.3 35.81 .93 Sept. 1952 31.0 38.02 .97 Sept. 1953 31.0 35.77 .98 Sept. 1954 30.9 37.42 .99 Sept. 1955 32.4 37.60 1.00 Sept. 1956 31.5 42.92 1.16 Sept. 1957 31.l 47.09 1.22 Sept. 1958 32.5 47.00 1.24 Sept . 1959 33.7 47.50 1.26 facturing center, the continued growth of the industry in the state's smaller towns and existing trends in apparel manufacturing suggest that there is considerable room for expansion into these areas. Perhaps the most noticeable trend in the apparel market today is that of the garment industry dispersing away from major central city locations to smaller outlying communities. This is especially true of the Dallas marketing area. Today, the Southwest apparel market is growing rapidly, and most smaller towns in Texas have adequate transporta­tion facilities to give them access to not only this market but to the national one as well. Many of these towns also have advantages as prospective apparel plant locations that more than balance location in or near the major metro­politan centers. Two of these advantages are especially obvious. One: labor. Wages in the apparel industry are lower than in most other manufacturing industries; and in the major metropolitan areas, where there is competition by other in­dustries for workers, it is increasingly difficult for an ap­parel manufacturer to find an adequate labor supply at these wages. In many smaller towns, however, there is relatively little industry and consequently a labor surplus, and to such a community the location of an apparel manu­facturing concern would be a major economic benefit. The labor situation largely explains why more and more apparel manufacturers are establishing their new branches-or moving their plants altogether-to small outlying towns. The second of these major advantages concerns the availability and cost of plant space. The apparel industry is characterized by a large number of relatively small opera­ations. Available capital is small; profit margins are small. Plant cost is a major expenditure that must be kept as low as possible. Many small Texas towns, especially those with relatively little industry, have idle commercial build· ing space that could be renovated to meet the requirements of apparel manufacture, and which could be economically leased to a garment manufacturer for significantly below what he would be compelled to pay in one of the major cities. A large segment of the apparel industry has always been concerned with fashion. Until recent years, however, work clothes manufacturers paid relatively little attention to such matters. The change has greatly affected the Texas apparel industry; manufacturers of work clothing are extremely conscious of the styling of their products. First of all, there was a shift from the manufacture of heavy duty, loose­legged work clothing to a type of "work and play'' tog usually called "casual wear." In effect, the new work pant is a combination of work pant and "play" pant. Part of this trend has been the phenomenal rise in popularity of the blue jean, followed by the advent of the lightweight khaki or "Ivy League" and the "putter" pant and "wash· and-wear" pant. Too, with women moving steadily into factories, men began to pay more attention to their dress. Garment manufacturers took note of this and began to push casual on-the-job garments, usually inexpensive striped and plaid shirts, khakis, etc. Thus, the work clothing industry has attained "high style," never before apparent in this phase of the clothing industry. Further investigation as to the number and types of gar­ment factories now operating in Texas gives the following breakdown: There are 32 plants in Texas making men's and boys' suits and coats; men's and boys' shirts, 20; men's and boys' underwear, six; men's and boys' trousers, 24; work clothing, including western wear, 71; blouses and skirts, 31; dresses, 74; general sportswear, 79; women's suits and coats, 42; corsets and allied garments, six; millinery, 20; girls', infants' and children's coats and suits, two ; gloves, six ; and belts (apparel) , 55. There is some overlapping in the breakdown between plants that manu­facture garments in more than one category. Evidence of the rapidity of expansion of the Texas gar· ment industry is given by announcement of new plant loca· tions in the state over the past two years. The growth of the market has been supported also by notable expansions in existing plants. By cities, new plants and expansions are given below as listed in Texas Industrial Expansion: Commerce: building of Leighton Manufacturing Com· pany, Inc., making of women's dresses pre-cut at the Dallas plant. Dallas: building of VMS, Inc., making junior size girls' dresses; expansion of Clifton Wilhite Company, producer of evening dresses; building of Design, Inc., ladies' wash dress maker; Roland Roberts, Inc., producing men's suits; expansion of Brooks Uniform Company of Dallas, Inc.; merger of Chapman Manufacturing Company with Hor­tense Modes, Inc., of Waxahaehie, under the name of Chapman & Hudson Inc., and making women's coats; Edwill Fashions Inc., ladies' unlined cotton suits. Also in Dallas: Ralle Dresses Inc., women's dresses; expansion of Stockton Manufacturing Company, blouses, skirts, sportswear; expansion of Donovan Uniform Com­pany, Inc.; Carl Pool Manufacturers, ladies' sportswear; Lorrie Kay of Dallas, expansion of cotton knit dress capacity; Franell, Inc., sportswear in misses' and jumbo sizes; Jo Hardin Originals, dropping of line of children's wear formerly produced and new production of line of popular-priced misses' coordinates; Mark of Dallas, men's casual jackets; C & G Manufacturing Company, ladies' ready-to-wear; expansion of Clare Dress Company of Texas; Mr. Eddie, Inc., sportswear, popular-priced sepa­arates; Trim Sportwear of Texas, girls' and subteens' sportswear; expansion of Herman Marcus, Inc. Denton: M & B Manufacturing Company, women's sportswear. El Paso: Expansion of Top Notch Manufacturing Com­pany; $900,000 addition to Hortex Manufacturing Com­pany, with payroll increase from 700 to 900 (largest expansion of the two-year period). Ennis: M & M Company, general garments; expansion of Leiter Manufacturing Company, general garments. Fort Worth: expansion of Bogart Sportswear Manu­facturing Company, Inc., manufacturer of women's skirts, has doubled output; Pernell Uniform Company. Gladewater: Honey Togs, Inc., expansion of manu­facturing of infants' and boys' apparel and adding of new line of girls' and misses' sportswear. Hamilton: Patty's of Texas, maker of women's clothes, has increased payroll by more than 50%. Houston: expansion of Simmons Uniform Company; expansion of Bell Uniform & Cap Company, maker of high school band uniforms; J. C. Manufacturing Company, maker of baby diapers. Jacksonville: East Texas Manufacturing Company, women's slips. Laredo: expansion of Dove Manufacturing Company, general garments. Mexia: R. F. Dresses, Inc., manufacturing of half-size dresses; expansion of Lorch Manufacturing Company, maker of sportswear; expansion of Covey Manufacturing Company, Inc., dress manufacturer. McLean: expansion of Form-0-Youth Brassiere Com­pany. Pittsburg: expansion of Cloyes Manufacturing Com­pany, to add wedding gowns, bridesmaids' gowns, and semiformals to line of women's wear. Royse City: expansion of Davis Manufacturing Com­pany, manufacturer of children's jeans; Jimright's, wom­en's sportswear. Rusk: expansion of Scott Company, women's dresses. San Antonio: Michelle of Texas, children's wear; Beth­~nn Dress Manufacturing Company, girls' dresses; expan­sion of Finesilver Manufacturing Company, producer of men's work clothes to include trademark, "The American JANUARY 1960 Brand," from American Coverall Co.; expansion of Jay­Ann Company, women's clothing. Sherman: Srader Sportswear, Inc., maker of blouses, "slim jims," and skirts. Sulphur Springs: Lark Manufacturing Company, dresses and sportswear. Sweetwater: Yvonne of Texas, producer of women's clothes. Temple: Hank Mann, Inc., work clothing, sportswear, and producer of "Lucky Horseshoe" line of children's blue jeans and novelty clothing. Vernon: Vernon Manufacturing Company, expansion for larger production of general clothing articles. Waco: tripling production of Gilbreath Manufacturing Company, maker of women's and children's underwear and nightwear; expansion of Fab Knit Athletic Manufacturing Company. Waxahachie: expansion of Heirline Maternity Apparel Company; Waxahachie Garment Company, men's slacks. Wolfe City: Carl Pool Manufacturing Company, sports· wear. Wylie: Johnston, Inc., apparel lines for children, mostly girls' clothing. WELL COMPLETIONS Source: The Oil and Gas Journal November 1959* Jan-N ov Region Oil Gas Dry T otal 1959 1958 TEXAS 801 57 501 1,359 17,033 16,362 ···············-·· Southwest ----------------------85 16 92 193 2,220 1,957 Gulf coast ----------------------83 9 67 159 1,823 1,838 East 54 33 89 l ,149 l ,109 ·····················-···------· North central .............. 244 10 201 455 5,567 5,572 West 276 9 93 378 5,105 4,675 ----·-·············· ················--·-·--------­ Panhandle 59 11 15 85 1,169 1,211 •For fou r weeks ending November 28, 1959. Crude Oil Runs to Stills in Texas Index , Adjusted for seasonal variation , 1947-1949·100 200 50 00 50 19"6 .,.., '48 '49 '50 '51 '52 '53 '54 '55 '56 ·57 '58 ·59 ° Industrial Electric Power Use In Texas Index , Adjusted for seasona l variation , 1947-1949·100 500 500 400 400 ,JV v n(~ 300 300 ~ r"f v..r - 200 200 ,,.../ r V"' .~ 100 100 ·_,,.--.. --­ 0 59 0 19"6 47 48 49 50 51 52 53 54 55 56 57 58 Finance: FACTORING: ITS FUNCTION AND TECHNIQUE By ERNEST W. WALKER* During the past decade factoring as a method of financ­ing has increased in importance in Texas, and there is considerable evidence that it will assume an even more important role in the future. Although the factor is one of the oldest financial institutions, it is probably the least known; therefore, the primary purpose of this report is to outline the characteristics and advantages of this technique of financing. A subsequent report will analyze the cost of factoring as well as the growth of factoring in Texas. The origin of the factor can be traced back to antiquity; for example, Shakespeare spoke of the factor in King Richard III, King Henry IV, Anthony and Cleopatra, and the Comedy of Errors. Factoring became an important technique of financing during the 15th and 16 centuries when England, France, and Spain were engaged in ship· ping large quantities of goods to their colonies. Due to the distances involved and inadequate transportation facilities, the manufacturers appointed factors to arrange for the sale and distribution of their goods. Although the factors did not receive title to the goods, they were, nevertheless, re­sponsible for their safekeeping as well as for the proceeds which were received from their sale. The factors also in­vestigated the credit worthiness of potential customers and advanced funds to their principals, using as security the goods entrusted to them. During the latter part of the 19th century and the early part of the 20th century, manufacturing firms found it advantageous to perform the general merchandising func­tions; however, they continued to rely upon factors to per­form the financing and credit and collection functions. Thus the modern factor was born. The Modern Factor. Modern factoring has experi­enced tremendous growth during the past three decades. In 1935 the volume of sales factored in the United States amounted to approximately $750,000,000, and by 1958 the total volume exceeded $4,000,000,000. To experience such growth demanded that factors expand horizontally and vertically. The early factor operated primarily at the manu­facturing level in the textile industry. The modern factor has extended his area of operation to include such in­dustries as lumber, leather, furniture, floor covering, plas­tics, toys, sportswear, sporting equipment, paints, and a wide range of other consumer goods industries. In addition to operating at the manufacturing level, factors are pres­ently purchasing receivables from firms which operate at the wholesale and distribution levels. As yet the factor has not been used to any substantial degree by retailers, but there appears to be a tendency in this direction. Functions Performed by the Modern Factor. There are three primary functions which the factor per­forms for its clients. These are: ( 1) the credit and collec­tion function; (2) purchase of receivables without re­course for credit losses, and ( S) advisory service. When an agreement is reached between a firm and a factor, the credit and collection function and all expenses associated with the function are immediately assumed by the factor. *Associate Professor of Finance, The University of Texas. By shifting this function to specialists, firms stand to gain in several ways. First, the firm, by factoring its receivables, is able to reduce the credit and collection expense to a fixed percentage of net credit sales. The principal advan­tage gained here is that it allows the firm to determine its credit and collection costs prior to the time when prices are established. With this information, the firm is able to p~ on to the customer the exact cost of this function. Generally speaking, when a firm performs the credit and collection function, it is practically impossible to estimate precisely the cost of this function before prices are set, since bad debts and the cost of collecting "slow" accounts vary from one period to another; therefore, the cost must be esti­mated and included in the price. If the cost is underesti­mated, profits tend to suffer; on the other hand, if it is overestimated, the price may not be competitive and the firm stands to lose ground to its competitors. Another advantage which may be claimed by a firm that factors its receivables is that the firm obtains a superior credit and collection service since the function is per­formed by a specialist, namely, the factor. The executives who perform this function in the average business enter­prise are generally not as efficient as those employed by CHANGES IN CONDITION OF W E EKLY REPORTING MEMBER BAN KS IN THE DALLAS FEDERAL RESERVE DISTRICT Source: Board of Governors of the Federal R eserve System Percent change• Account N ov 1959 from Oct 1959 N ov 1959 from N ov 1958 Nov 1958 from Oct 1958 -- - ------­ TOTAL ASSETS ---­ + + 1 + 2 Loans and investments, less loans to banks a nd valuation reserves + 1 + 1 + 2 L oans, less loans to banks and valuation reserves _ + 1 + 7 + 1 Commercial, industrial, and agricultural loanst + 1 + 9 + 1 Loans for purchasing or car rying securities 1 + 4 + 1 R eal esta.te loans -------­ 2 -12 + 3 Other loans ___ _ ·---------­------·­ + 1 + 11 + 2 Total U.S. Government securities •• -12 + Treasury bills ······-·-------------···· - 6 -30 + 80 Treasury certificates of indebtedness -11 -76 Treasury notes and bonds + 1 - 1 Ot her securities + 3 + 8 + L oans to banks -33 -42 +817 Reserves w it h Federal Reser ve banks Cash in vaults _ + 9 4 + 5 + 2 - 3 •• Balances with domestic banks 2 3 + 2 Other net assets TOTAL LIABILITIES ----­-Total adjusted deposits __ ____ _ Demand deposits Time deposits -------------­-U. S. Government deposits _ Tota.I interbank deposits Domestic banks ___ Foreig n banks Borrowings + 11 + 1 -2 -2 •• -10 + 7 + 7 •• + 47 + 6 •• -2 •• -3 -21 -3 -2 -21 +306 + 10 + 3 + 2 -1 -2 + n1 + 4 + 4 + 19 -6 Other liabilities + 29 + 5 + 26 CAPITAL ACCOUNTS.. + 1 + 8 + 2 *Percentage changes are based on the week nearest the end of the month. ""Change is less than one-half of one percent. tincludes loans to nonbank fina.ncial institutions. factors. The factor is in a position to analyze the credit status of potential customers more accurately and in many cases extends credit to customers who might otherwise be turned down by the seiler. Moreover, as a result of superior credit information, the factor wiIJ, as a general rule, accept more reliable credit risks than the seller could. In both in· stances the total volume of net credit sales is increased. In addition to the advantages gained through the use of fac· tors in the area of credit determination, definite benefits are also derived when the coIIection function is assumed by the factor. For example, the factor assumes certain account· ing functions, thus relieving the firm of this expense. Fur­thermore, the collection function is usually performed more efficiently by the factor than by the average business, there­ by reducing bad debts. The purchase of accounts receivable without recourse is the second primary function performed by the modern factor. In performing this function, the factor stands ready to advance cash immediately for those accounts which have been purchased. The procedure is generally as foIIows. The client, upon receipt of an order, submits it to the factor for credit approval. After approval is granted, the shipment is made and the invoice is sent along with the shipping docu­ments to the factor. The amount of the invoice is credited to the account of the client, who may withdraw its credit balances, less a reasonable reserve, a any time. This reserve is withheld by the factor in anticipation of merchandise which may be returned by the firm's customers as weII as any claims which may be made against the client by the customer. Firms which sell their receivables without recourse to factors enjoy certain advantages over those not utilizing this service. First, the business receives cash, if desired, for the majority of its outstanding receivables immediately after the sale has been consummated. This means that the firm has cash available for immediate use for whatever purpose it may desire. Second, factoring allows the firm to improve it financial position. A simple example wiII iilus­ trate this point. Assume that a firm's current assets and liabilities consist of the following before factoring: cash SS,000, receivables, $50,000, and inventory $7,500; ac­ counts payable $5,000, notes payable $37,500, and accrued taxes $6,500. The current assets-to-liabilities ratio under these conditions is 1.3 to 1, or below the generally accepted rule of thumb of 2 to 1. Now assume the firm enters into a factoring agreement and receives $45,000 in cash for its receivables. The remaining $5,000 is held in reserve and appears on the balance sheet as "Due from Factor." The S45,000 cash is used to reduce the entire amount of notes payable and the remainder is used to increase its cash account. Under these assumptions, the firm's current posi­ tion improves appreciably; e.g., the current ratio increases from 1.3 to 1 to 2.2 to 1. Moreover, the firm's cash position is greatly improved since it has cash in excess of its ac­ counts payable and accrued taxes. The net effect of factor· ing in this case is to place the firm in a much more desirable financial position as well as increasing the firm's solvency position. Finally, a firm which factors its receivables increases the efficiency with which it uses its working capital. This is acco.mplished by increasing the number of times which receivables are turned over during any one fiscal period. Assuming credit terms of 60 days, the maximum turnover of receivables is 6 times; however, if a firm factors its re- REVENUE RECEIPTS OF THE STATE COMPTROLLER Source: State Comptroller of Public Accounts September I-November 30 P ercent Account 1959 1958 change TOTAL ________ _ --------­ $272,182,688 $220,316,569 + 24 Ad valorem, inheritance and poll taxes ______ --------------­-----­ 7,249,290 5,276,596 + 37 Natural and casinghead gas production taxes -------------­ 11,566,372 10,495,895 + 10 Gas severance beneficiary tax.___ 97 ,329 0 Cr ude oil production taxes -------­ 23,747,874 31,997,810 -26 Other gross receipts a nd production taxes ________ _ 6,269,610 5,485,912 + 14 Insurance companies and other occupation taxes -·-­···--·-·--·--------­ 187,142 241,056 -22 Motor fuel taxes (net) ·---------­ 47,234,042 42,678,505 + 11 Cigarette tax and licenses ---------­ 18,611,055 12,397,334 + 50 Alcoholic beverage taxes and licenses __ ----·-----------­----········ 10,872,723 9,187,283 + 18 Automobile and other sales taxes 7,309,796 4,586,951 + 59 L icenses and fees _____ __ ______ _ 10,257,583 9,478,302 + 8 Franchise taxes .. ····-········-------------­ 12,653,254 788,986 +1504 Mineral leases, land sales, rentals and bonuses __ 3,105,654 7,172,924 -57 Oil and gas royalt ies __ 7,189,705 7,380,730 - 3 Inter est earned -­-------------------------­ 6,70 3,411 6,005,503 + 12 Unclassified receipts ___ _ 3,534,413 3,114,997 + 13 Othe r miscella neous revenue -----· 3,776,481 3,235,778 + 17 Federal aid for highways 49,381,329 20,318,592 +143 Federal aid for public welfare --­­ 30,577,141 35,456,302 -14 Other federal aid ------------------­ 11,790,003 4,871,588 +142 Donations a nd grants ______ _ 68,481 145,525 -53 ceivables it can increase its turnover substantially. Allow­ing for the reserve which is normally required by the factor, each dollar which the firm has invested in receiv­ables will turn over approximately once each week, or 52 times per year. Increasing the turnover has the effect of reducing the amount of working capital which the firm has tied up in receivables at any one time; consequently, the firm is in position either to increase its volume of sales on the same amount of working capital or maintain the same volume of sales on a smaller amount of working capital. In either case the efficiency of capital is improved. The third primary function which the factor performs is that of providing advice on such functions as marketing, finance, and production. The factor is in a position to pro­vide information concerning product design, prices, mar­keting conditions, and future economic conditions. Many firms are unable to do effective research in these areas because they have neither the funds nor the skills. The benefits which are gained from factors in this important function are difficult to measure; nevertheless, the econ­omies which may be gained tend to offset the cost of factoring. For these functions the factor receives a commission on the net value of the receivables plus a nominal rate of in­terest for the use of funds which are advanced prior to the average due date of the receivables. It should be empha­sized that if the firm does not receive cash in advance of the average due date, it is not required to pay the interest charge. In addition to the primary functions which they per­form, factors also make secured as well as unsecured loans to their clients. Generally speaking, the factor is in position to provide many of the financial services required by the average business firm. Agriculture: FEED LOT GROWTH IN TEXAS By CANDLER P. CASS The development of the cattle and calf feed lot industry is an outstanding example of the changes taking place in the Texas agricultural economy. Until recent years practic­ally all the heavy beef eaten in Texas, the nation's number one cattle producing state, has come from feed lots in the Middlewestern "Cornbelt." Texans sold their cattle as feed­ers to be shipped to the Cornbelt for fattening and process­ing, and returned in the form of U. S. Good, U.S. Choice, and U. S. Prime beef. However, the rapidly increasing number of cattle feeding operations in the state indicate that Texans are beginning to realize the profit opportuni­ties that lie in feeding a larger percentage of the state's cattle output. The first large-scale feeding operation in Texas was started during World War II as a temporary measure, but it proved so successful that great interest was created in the feasibility of expanding Texas finishing operations on a permanent basis. Many farmers, particularly in the north­ern Blacklands and in the East Texas Timbers, turned to cattle feeding after the war as a supplement to or substitute for crop income. Most of the new commercial feeding pens and the smaller feeding operations have been highly suc­cessful. Growth of commercial feeding pens in the state in recent years is evidence that the Texas cattle finishing in­dustry continues to expand strongly. For example, on Janu­ary 1, 1955 there were 61 listed commercial operations in the state with a capacity of 1,000 or more head each, and with an aggregate capacity of 160,000. On January 1, 1959 there were 94 such pens recorded, with an aggregate ca­pacity of 240,000 head-for an increase in aggregate ca­pacity, in a four-year period, of 50%. There are now hundreds of smaller pens that handle between 100 and 999 head each, and many more feeding operations in the below­100 class. There are also thousands of farmers and ranchers who fatten a few head every year for sale to nearby abat­toirs. In other words, an innovation in the state's traditional cattle industry has mushroomed since the war into an im­portant segment of the Texas economy, and continues to offer attractive profit opportunities not only to feeding pen operators but to feed growers, feed mill operators, investors, and others as well. An illustration of expansion in the Texas feed lot industry is the program which Lucky T Cattle Company, one of the larger operations in the state and operating just west of San Antonio on the Edwards Plateau, has underway to increase capacity from between 7,000 and 8,000 head to about 13,­000 head. Included in this expansion is installation of a completely automatic feed mill capable of turning out from 250 to 300 tons of feed per day. The company raises a large portion of its feed on its 1200 acres of crop land, 800 acres of which are irrigated. Another illustration is provided by Lewter, Inc., of Lub­bock, which recently expanded its feed lots to accommodate 25,000 cattle in conjunction with construction of a $1­million beef slaughtering and processing plant. In Houston, a group of investors plans construction in 1960 of a $2­million livestock feeding facility to provide choice-fed beef for the new $2-million Armour & Co. beef processing plant now under construction. It is estimated that the new feeding facility will furnish the Armour plant from 400 to 1,000 cattle weekly. A large cattle feeding operation requires considerable capital, and one of the ways in which the industry is at­tracting new capital is illustrated by the service provided investors by the East Texas Feed and Cattle Company of Kilgore. The investor can telephone the company from his office and have any specified number of calves bought and placed on feed for the investor's account. When the calves are finished and sold, the investor is charged a predeter· mined rate per calf per day for "room and board" plus any additional costs incidental to the feeding program. The difference between the cost of the calf plus feeding costs and the market price is then paid to the investor. The com­pany makes similar arrangements with the farmers in the area who do not have adequate feeding facilities of their own but who prefer to market their cattle as heavy beef. The company itself makes its profit on the sale of the feed used as well as from savings incidental to operating the CARLOAD SHIPMENTS OF LIVESTOCK* Source: Bureau of Business Research in cooperation with Agricultural Marketing Service, U. S. Department of Agriculture Percent change Classification Nov 1959 Oct 1959 Nov 1958 Nov '59 from Oct '59 Nov '69 from Nov '68 TOTAL ··--------­ 1,704 3,968 2,839 - 57 -40 Cattle ---­ -----------------------------· 1,442 3,235 2,211 - 55 -35 Calves ----------------------------···-···· 198 685 613 - 71 -68 Sheep --····-························-······ 64 48 16 + 33 +300 INTERSTATE ............ 1,525 3,709 2,418 - 59 -37 Cattle ··················-··················· l ,311 3,068 1,918 - 57 -32 Calves -­ 150 593 487 - 75 -69 Sheep ··-·­······························· 64 48 14 + 33 +367 INTRASTATE ·······-···­ 179 259 421 - 31 -67 Cattle -······--­ ······-·-·-···--···-··-· 131 167 293 - 22 -66 Calves -·-······-········-·-·-··-··-··-··-­Sheep ...................................... 48 0 92 0 126 - 48 •• -62 -100 • Rail-car basis: Cattle, SO head per car; calves, 60; hogs, 80, and sheep, 250­•• Change is less than one-half of one percent. feed lot at capacity. As in other types of business operations, the investor and farmer may lose money in such arrange­ments, but profit opportunities are so great that the practice is becoming a major stimulus to the growth of Texas cattle feeding operations. Related support for the state's cattle industry as a whole and for East and South Texas cattlemen in particular is the introduction of new grasses and extensive range im· provement programs which are gradually making older fattening methods less necessary in order to produce high quality beef. Pasture of adequate quality and proper sup­plemental feed greatly decrease the time that cattle must spend in a conventional feed lot for proper finishing, and also for finished cattle significantly decrease over-all pro· duction costs. In other words, increased interest in feeding among farmers and ranchers plus the rapidly growing investment in feed lot facilities is evidence that Texas is becoming a major cattle feeding state. Of course feed lot operations are an integral part of the whole livestock marketing system, and though the state's total feeding capacity is rapidly in· creasing, the number of cattle on feed at any given time depends on the market outlook. Prices Received by .Farmers ·in Texas seasonal variation • 1909-1914·100 On October 1, 1959 there were an estimated 182,000 head of beef cattle in Texas feed lots. Data for the past ten years show a direct correlation between feed lot population and the cattle production cycle, i.e., when cattle produc­tion is increasing the number of cattle placed on feed in­creases, and when production declines feed lot population also declines. The Texas feed lot population reached an all-time high of 201,000 at the peak of a long increase in cattle production; immediately after this peak the market broke, resulting in both feed lot operators and ranchers adjusting their inventories downward in a defensive move. Since 1957, although feeder prices have been quite high, the number of cattle placed on feed has increased almost parallel with the main cattle production cycle. The 182,000 head presently on feed represents an in­crease of 65% over the number in the state's feed pens at the same date a year earlier. Throughout this present period of buildup the commercial pens with a capacity of 1,000 head and over have led in increasing inventories. This is probably due to the fact that feeder prices have been high in comparison with prices being paid for slaughter cattle. Operators of smaller pens, because of the resulting narrow profit margins, have expanded less rapidly. Offsetting the price differential, to some degree, has been the lower price of feed. However, the larger operations that are largely automatic and can mill, and sometimes raise, their own feed are best able to counterbalance a narrow spread be­tween the prices of the two types of cattle. Between January ~· 1958 and January 1, 1959 the larger commercial pens increased the number of cattle on feed by 64%, while the sma!ler pens increased their total number by only 5%. Easmg demand for stockers and feeders in recent months, however, has encouraged the smaller pens to increase their operations at a much faster pace; between October 1, 1958 and October 1, 1959 cattle on feed in such lots increased 50%. ~ile Texas is still the smallest major feeding state, it has increased its total feed lot population faster than any other state. Over the year that ended October 1, 1959 the number o_f cattle and calves on feed in Texas increased by 65%, while the next largest increase was 52% reported in Arizona. In comparison, the nine "Cornbelt" states to­ge~er increased the number of cattle on feed by only 15%, whil~ the aggr.egate increase for all of the thirteen major feedm~ states, mcluding Texas, was 20%. . Basically, a cattle feeding operation consists of furnish· mg a proper basic diet plus supplemental foods for a period of 9? to 120 d:iys to bring the cow, steer, or calf up to Good, Choice, or Prime condition. Before 1940 practically all the the heavy beef eaten in the country came from finishing lot~ . in the Cornbelt, which took advantage of the avail­ability of corn, an ideal cattle fattener. Since 1940, how· ever, Texas has become a leading producer of grain sorghum, and sorghum has been found about nine-tenths as effective a fattener as corn. One of the chief reasons for sending Texas cattle north to be finished has therefore been greatly diminished, especially since Texas production of other excellent feeds has also greatly increased. The de· velopment of dry feeding, which eliminates the need for ra~ ~ilk. in finishing. diets, has also encouraged more fims?mg m Texa~. A~l.m all, the conjunction of cattle pro­duction, feed availab1hty, the fact that lots in the state can operate the year round, and high meat consumption makes the state an ideal location for feed lots. Even so, about 90% of all heavy beef eaten in the "Cow Country" still comes from. Cornbelt feed lots. The opportunity for further ex­pansion of the Texas feed lot industry is obvious. The immediate future of Texas feed lots, however, is un­certain. It is true that in spite of a temporary drouth scare last August the slaughter beef market is still high. Demand for better quality beef is still climbing as higher family in­comes encourage consumption of better meat grades. But agricultural economists warn that the present livestock in­ventory is dangerously high, and livestock prices do seem to ~e easing downward. Of course feed lot operators are in busmess for profit, and whether or not they increase their inventories depends on their estimate of profit possibilities· this estimate depends not only on probable slaughter cattl~ prices but also on the prices of feed and feeder cattle. In any case, ho.wever, if operators anticipate a break in slaugh­ter cattle pnces, the expected long-term expansion in Texas feed lot population may be held up by a temporary decline. CARLOAD SHIPMENTS OF FRUIT AND VEGETABLES Source : Compiled f:om reports received from Ag ricultural Marketing Service, U. S. Department of Agricultue January-November Percent Commodity i959 i958 change TOTAL SHIPMENTS ........... . 20,640 26,803 -23 VEGETABLES ............................... . 18,292 22,945 -20 Beets .......................................................... . 41 59 -3i Broccoli ..................................................... . 3i 46 -33 Cabbage ..................................................... . 1,703 2,772 -39 Carrots ................. . 2,343 5,590 -58 Cauliflower ............................................... . 118 364 -68 Corn ........................................................... . 303 295 + 3 Cucumbers ................................................ .. 2i 19 + 11 Lettuce ....................................................... . 492 820 -40 Onions ....................................................... . 3,932 4,303 -9 Peppers .................................................... . 672 310 +117 Potatoes ................................................... . 1,275 620 +106 Radishes ................................................... . 0 1 -100 Sp inach . 1,211 1,347 -io Tomatoes ................................................... . 3,i91 2,790 + 14 Mixed vegetables ..................................... . 2,959 3,609 -i 8 FRUIT .................................. . 2,235 3,741 -40 Canteloupes ............................................... . 387 1,2i2 -68 Grapefruit ............................................... . 294 299 -2 Honeydews ................. . 313 604 -48 Lemons ..................................... . 0 15 -100 Mixed citrus ............... ----------·--------··--· 241 275 -i2 Mixed melons ......................... .. 24 1 + 2300 Oranges ..................... . 59 95 -38 Plums and prunes ·······----·--------·····-·········· 9 4 +i25 Strawberries ................. . 2 5 -60 Tangerines ······-----­----­----------·------············· 0 3 -100 W atermelons ......................................... . 906 i ,228 -26 ALL OTHERS ............................... . 113 117 -3 Retail Trade: LOWER AUTO SALES DEPRESS NOVEMBER RETAIL TRADE By ROBERT H. DRENNER Total retail trade volume in Texas in November was an estimated $1,o 7,423 3,088 5,100 8,945 3,374 13,754 2,972 8,368 2,541 6,887 10,516 9,238 9,813 $15,652 12,977 6,020 5,764 13,856 6,721 3,527 5,884 24 ,063 7,591 6,166 9,301 14,323 4,544 8,563 3,358 1,908 6,261 10,782 4,064 8,082 12,240 18,729 2,871 5,753 33,356 9,375 5,770 3,934 6,607 10,076 5,480 17,056 3,749 8,949 3,140 8,965 10,736 9,328 10,323 •• Change is less than one-half of one percent. Percent change Oct 17-Oct 17­ 1959 1959 from from Oct 18-Sept 18-Oct 18­Nov 14 0ct 16 Nov 14 1958 1959 1958 $16,944 -11 -17 12,027 -21 -15 6,200 -31 -33 4,723 -12 + 7 12,814 -3 + 4 4,935 -17 + 14 2,728 -19 + 5 4,434 -23 + 2 17,682 -14 + 17 5,641 -17 + 11 5,046 8,192 -41 •• -28 + 13 12,925 -9 + 1 3,517 -25 -3 6,321 -9 + 23 3,569 + 77 + 66 1,632 + 14 + 34 5,955 -7 -2 8,559 + 34 + 69 3,422 -11 + 5 6,446 -19 + 2 11,199 -17 9 12,254 -36 2 2,442 + 23 + 44 4,4 80 -29 -9 28,748 -14 •• 8,067 -11 + 3 6,903 + 29 + 8 2,804 -22 + 10 6,674 -23 -24 7,937 -11 + 13 5,114 -38 -34 17,269 -19 -20 3,124 -21 -5 7,350 -6 + 14 2,794 -19 -9 7,012 -23 -2 10,516 2 •• 7,572 1 + 22 10,617 5 -8 Local Business Conditions Percent Change Percent Change City and item Nov 1959 Nov I959 from Oct 1959 Nov I959 from Nov I958 City and item Nov I959 Nov I959 from Oct I959 Nov 1959 from NoY 1958 ABILENE (pop. 62,500r) ARLINGTON (pop. 45,340r) Retail sales ............................................ It Apparel stores ....... ..................... .......... It General merchandise stores ................ + 2t Postal receipts• ......................................... $ 104,523 Building permits, less federal contracts $ I ,832,048 -IO -2I -5 -8 + 45 + 8 -I7 + G + G 3 Postal receipts• .......................................... $ Building permits, less federal contracts $ Employment (area) ------------·-·················· Manufacturing employment (area) .. Percent unemployed (area) ----------········ 34,868 378,637 20G,IOO 53,925 4.6 + 15 -37 -I -3 + 24 + 1 -54 + I -•-16 Bank debits (thousands) ........................ $ 97,282 3 + 19 End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ............ Employment (area) ....... .......................... Manufacturing employment (area) .. Percent unemployed (area) .................... 64,718 18.I 32,950 3,390 4.5 + + 3 •••• 2 + 4 + I3 + '+ I 8 BAY CITY (pop. 14,042r) Retail sales Drug stores .............................................. Postal receipts• ..........................................$ Bank debits (thousands) ........................ $ -4t 9,627 I2,770 -2 -IS -I4 -•+ 3 + 12 ALICE (pop. 22,945r) Retail sales End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ............ 2I,OI3 7.2 -- I IG + 2 + Lumber, building material, and hardware stores -----------------------­Postal receipts• .......................................... $ Building permits, less federal contracts $ -IOt I4,66G 55 ,I28 -8 -9 -4I -7 + G +311 BAYTOWN (pop. 28,945r) Postal receipts• ................................. ....... $ Building permits, less federal contracts $ 22,G63 I32,347 -2 -67 + 7 -65 Bank debits (thousands) ........................$ 2I,718 + 3 + 14 ALPINE (pop. 5,261) Postal receipts• ........................................ $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t....$ 4,019 5,000 2,G04 3,990 -I3 -I2 -26 -4 + 30 9 3 End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ........... . Employment (area) ................................. . Manufacturing employment (area) .. Percent unemployed (area) ................... . 22,831 11.4 488,500 92,GOO 4.5 + + + + 2 2 7 + 1 + 13 + 4.. -24 Annual rate of deposit turnover ........... . 7.7 - 27 7 AMARILLO (pop. 147,949r) Retail sales ............. .................................... Apparel stores ........................................ It It - 3 •• + I5 + I7 BEAUMONT (pop. 122,485r) Retail sales .................................................. Apparel stores ........................................ Automotive stores .................................. It It It -I8 + 2 -22 + + Automotive stores ................................. It 2 + 11 Eating and drinking places ................ Gt 9 Drug stores .............................................. 4t - 7 -11 Food stores .............................................. 2t -2 + Eating and drinking places ................ Gt - 2 + I2 Furniture and household Food stores .............................................. 2t -11 + G appliance stores ................................. . ..t + 17 + 12 Furniture and household General merchandise stores ............... . + 2 -2I + appliance stores --­---------·--------············· ..t - 3 + 38 Lumber, building material, and Gasoline and service stations ·····----·-·-· - It - 8 + 2G hardware stores .................................. -IOt -27 -16 Liquor stores ----·--·-·-·---------·-··················· Lumber, building material, and -I3 -I5 Postal receipts• .......................................... $ 110,349 Building permits, less federal contracts $ I ,02I,90G -5 -71 + 15 + 19 hardware stores ---------------·-················· -IOt + 5 + 22 Bank debits (thousands) ........................ $ I48,522 - 6 + Postal receipts• ....................................... $ I85,042 -I3 -20 End-of-month deposits (thousands) t .... $ Ill,300 + I2 Building permits, less federal contracts $ I ,930,8IO -32 + 38 Annual rate of deposit turnover ............ IG.9 -11 + Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ··-···-----· Employment (area) ............................... . Manufacturing employment (area) .. Percent unemployed (area) .................. 233,034 119,005 23.6 52,300 5,9IO 3.4 + 2 + •••••• + 2G + 22 -I + 24 + 8 + 4 G Employment (area) .................................. Manufacturing employment (area) .. Percent unemployed (area) .................... BEEVILLE (pop. 15,l05r) Postal receipts• ......................................... $ I05,GOO 32,830 8.3 9,945 + •• + 2 -lG + •• -19 + 2 AUSTIN (pop. 197,000r) Retail sales ................................................. . It -14 + 7 Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ....$ IG,OI4 9,074 I3,928 -G7 + G I -70 + 2.. Apparel stores ....................................... . It - 4 + 14 Annual rate of deposit turnover ........... . 7.9 G + 8 Automotive stores ................................. . It -23 + 25 Eating and drinking places ............... . Food stores ­............................................. . Furniture and household appliance stores ............................... . General merchandise stores ............... . Lumber, building material, and St 2t ..t + 2t hardware stores .................................. -I 0 t P ostal receipts• .......................................... $ 324,8G2 Building permits, less federal contracts $ 2,54G,450 Bank debits (thousands) ........................$ 203,740 End-of-month deposits (thousands) t ....$ I54,32I Annual rate of deposit turnover ............ I6.I Employment (area) .................................. 78,500 5 -9 -I2 -I4 -I3 -11 -50 3 + 2 -6 •• -IG IO + I7 •••• -40 + 27 + I8 + 7 + 4 BIG SPRING (pop. 30,433r) Retail sales ................................................. . Apparel stores ...................................... . Automotive stores ................................. . Drug 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 ........... . It It It 4t -lOt 22 ,204 I22,705 4I,711 28,885 I7.7 G 9 G 3 5 -39 -25 •• + 5 -5 -8 + 2 -12.. + s -13 -45 Manufacturing employment (area) .. 5,9IO + + 8 Percent unemployed (area) .................... 3.I + I9 -IG For explanation of symbols, see page I9. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent Change Percent Change N ov 1959 Nov 1959 Nov 1959 N ov 1959 N ov from from Nov from from City and item 1959 Oct 1959 Nov 1958 City and item 1959 Oct 1959 N ov 1958 BRADY (pop. 5,944) Postal receipts• . . .................. ....... $ 4,0a4 -16 -15 CORSICANA (pop. 25,262r) Postal receipts• ........................................ $ a8,96a + 15 + 75 Building permits, less federal contracts $ 0 -100 -100 Building permits, less federal contracts $ 1a6,650 7 + 46 Bank debits (thousands) ........................$ End-of-month deposits (thousands) t....$ Annual rate of deposit turnover a,947 7,289 6.5 -2a •• -24 -14 + 16 -20 Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ...$ Annual rate of deposit turnover ........... . 17,425 20,006 10.a 5 2 5 + -10 + 12 BRENHAM (pop. 6,941) Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover 6,641 60,757 9,772 12,775 9.1 -15 + 5 -20 -1 -21 + 5 +156 + a2 4 + a6 DALLAS (pop. 641,000r) Retail sales ................................................. . Apparel stores ........ . Automotive stores Eating and drinking places Food stores ................................. . Furniture and household + at at + 6t -15t + 2t -8 + a -21 -14 9 a + 11 8 a -10 BROWNSVILLE (pop. 36,066) Retail sales ............ ..................................... 1 t -14 4 appliance stores ...... . Liquor stores _____ __ Lumber, building material, and at + 2 -11 + a4 6 Automotive stores ................ 1 t -18 12 hardware stores ..... . -1at -14 4 Lumber, building material, a nd hardware stores ---­·-······--------------------·· -lOt -27 -12 Office, store, and school supply dealers ......................... . + 40 + 18 Postal receipts• ............ ............. $ 28,191 -12 5 P ostal receipts• ........................... . ......... $ 2,160,668 + 2 + a Building permits, Jess federal contracts $ 189,alo + 15 + 29 Building permits, less federal contracts $10,091,674 6 + 16 Bank debits (thousands) ........... $ 2,68a,062 + 2 + 17 BROWNWOOD (pop. 20,181) Retail sales ........................................... Apparel stores ................. Automotive stores ................... 1 t 1 t 1 t -17 -8 -25 -17 + 17 -a4 End-of-month deposits (thousands)+.... $ 1,Iaa,720 Annual rate of deposit turnover ... 28.2 Employment (area) 401,100 Manufacturing employment (area) .... 86,200 Percent unemployed (area) ... a.5 + 2•• + + 40 -1 + 16 + 3 2 a Furniture and household appliance stores ....... ------···················· Postal receipts• ......................................... $ Building permits, Jess federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ........... . ••t 20,841 1aa.46a 12,59a 1a.a29 11.4 -15 -a -45 6 + 1 8 -20 +a2a + 17 + a + 15 DELRIO (pop. 14,292) Postal receipts• .......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ............. ...... $ End-of-month deposits (thousands)+.... $ Annual rate of deposit turnover _________ _ lO,a96 5a,945 9,5a4 12,796 8.9 -19 -86 8 1 8 -2a •• + 12 -12 BRYAN (pop. 23,883r) Retail sales ..................................... . Food stores Lumber, building material, and hardware stores -------------···----­Postal receipts• ....................................... $ Building permits, less federal contracts $ It 2t -lOt 20,908 2a0,950 -17 -17 -2a + 4 + 9 2 + 2 + 5 + 91 DENTON (pop. 29,479r) Retail sales Drug stores .................................. -4 t Postal receipts• .............................. $ 29, 75a Building permits, less federal contracts $ 1,158,000 Bank debits (thousands) ... .......... $ 16,856 End-of-month deposits (thousands) + .... $ 18,a46 -8 + 11 -24 -15 •• •• + 2 +1254 Annual rate of deposit turnover ............ 11.0 -15 CALDWELL (pop. 2,IOOr) Bank debits (thousands) ........................ $ End-of-m<>nth deposits (thousands) t ....$ 2,aaa 4,65a -19 -a + a + 8 EDINBURG (pop. 15,993r) Postal receipts• ..... .... $ 8,060 -42 -2a Annual rate of deposit turnover 5.9 - 20 6 Building permits, Jess federal contracts $ 80,8a5 -24 -29 Bank debits (thousands) .... $ 1a.027 - 1 + 26 CISCO (pop. 5,230) Postal receipts• ......................................... $ 4,107 -17 + 9 End-of-month deposits (thousands) t ...$ Annual rate of deposit turnover ....... . 10,201 16.a + 14 -10 + 8 + 17 Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ...$ Annual rate of deposit turnover __ a,oa1 4,179 8.9 8 + 4 8 + 26 + 7 + 16 EL PASO (pop. 244,000r) Retail sales .................................. . It - 9 + 5 CORPUS CHRISTI (pop. 180,000r) Retail sales .................................................... -1 t Apparel stores ........................ 1 t Automotive stores ....... .......................... 1 t General merchandise stores ................ + 2t 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 (area) ............................... . Manufacturing employment (area) .. -lOt 151,751 911,062 174,6a9 108,60a 19.1 64,aoo 8,260 -15 -17 -15 -12 -9 -8 -11 9 -2 -8•••• + 9 + 14 + 8 + -27 + 2 -a4 + 7 + 9 a •• Automotive stores --------·-··················· Drug stores ............... . Food stores ................... . General merchandise stores Lumber, building m aterial, and It 4t 2t + 2t hardware stores ...................... -lOt Postal receipts• ............................ . ..... $ 276,446 Building permits, Jess federal contracts$ 5,041,0a5 Bank debits (thousands) ........................$ a70,692 End-of-month deposits (thousands) t... $ 168,a06 Annual rate of deposit turnover ............ 26.3 Employment (area) .................................. 86,900 Manufacturing employment (area) .. 12,770 Percent unemployed (area) .................... 4.2 -18 8 7 a -19 1 + a 2 a + 4 + ai + 29 •• -5 •• -16 + 15 + 7 + 18 •• + 1a + 5 -4 + 11 Percent unemployed (area) 5.8 + 21 - 6 For explanation of symbols, see page 19. DECEMBER 1959 LOCAL BUSINESS CONDITIONS Percent Change Percent Change Nov 1959 Nov 1959 Nov 1959 Nov 1959 Nov from from N ov from from City and item 1959 Oct 1959 Nov 1958 Ci~y and item 1959 Oct 1959 Nov 1958 FORT WORTH (pop. 373,ooor) GOLDTHWAITE (pop. 1,566) Retail sales -----------------­Apparel stores ---­Automotive stores ·---··-······-·-·················· Drug stores ------------­-------------------­Eating and drinking places -----------------­Food stores -----------------------­Furniture and household + + 2t Gt Gt 3t 7t 7t -9 -10 -26 9 2 -4 + 15 -23 •••• 5 Postal receipts• ......... -----·---·---·---·----------­$ 1,457 Bank debits (thousands) -·-·----------....... $ 2,781 End-of-month deposits (thousands) t ....$ 3,613 Annual rate of deposit turnover . ........ 9.2 GRAND PRAIRIE (pop. 14,594) -23 -13 -1 -12 --- 4 1 •• 3 appliance stores ----------------------­Gasoline and service stations General merchandise stores ................ 2t 1t + 14t -12 4 + 8 •• + 7 Postal receipts• _______ -----------------------­_______ $ Building permits, less federal contracts $ Employment (area) ------------------------·-·---.. 22,G12 482,430 401,100 + 8 -52 •• -14 + 31 + s Liquor stores .......................................... + - 13 Manufacturing em ployment (area) 86,200 + 1 Lumber, building material, and Percent unemployed (area) .................. 3.5 + 40 hardware stores - 14t - 12 -25 Postal receipts• ----------------­-------------------------$ 734,473 Building permits, less federal contracts$ 6,107,868 + 5 + 43 + 6 + 49 GREENVILLE (pop. 20,034r) Bank debits (thousands) -----------­-----$ End-of-month deposits (thousands) t----$ 732,206 380,125 5 + 2 + 8 + Retail sales _____________ -------­----­-----­Apparel stores 1t 1t -11 -10 + 1 -5 A nnual rate of deposit turnover 23.3 6 + 7 Food stores ---·-----.. 2t -11 -14 Employment (area) ......... ---·­·-·--·--..--.--.. 206,100 + 1 Lumber, building material, Manufacturing employment (area) __ 53,925 4 and hardware stores ........ -lOt -10 + 6 Percent unemployed (area) .................. 4.6 + 24 -16 Postal receipts• ____ __ $ 23,220 - 3 + 19 Building permits, less federal contracts $ 183,775 + 40 + 62 Bank debits (thousands) ...................... $ lG,791 -18 + 17 GALVESTON (pop. 71,590r) End-of-month deposits (thousands) t _ $ 17,077 + 4 + 12 Retail sales ______..___ ..______ _ 1t - 4 + 12 Annual rate of deposit turnover ........ 12.0 -19 + Apparel stores __ _ 1t - 8 + 4 Automotive stores ...... Food stores 1t 2t -13 -10 + 35 -5 HARLINGEN (pop. 31,799r) Postal receipts• --------·-·--·-·-..·----$ Building permits, less federal contracts $ Bank debits (thousands) .......... $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ............ Employment (area) --------------------· Manufacturing employment (area) .. Percent unemployed (area) _ 88,988 76,070 90,602 63,767 17.4 49,250 9,880 G.6 + 15 -G5 3 + 5 4 + + 1 7 + G -88 + 9 -3 + 13 + 2 -10 -8 Retail sales -----------·---·----......... Automotive stores F urniture and household appliance stores ............................... Postal receipts• --·-·--------·---·---·---:.$ Building permits, less federal contracts $ Bank debits (thousands) --·--­-­____$ End-of-month deposits (thousands) t __ $ Annual rate of deposit turnover .......... 1t lt ••t 39,174 248,950 3G,471 27,309 15.G + + 42 + 16 -18 -5 -16 + + 63 + 20 + 11 -2 + 13 GARLAND (pop. 28,15Ir) Postal receipts• Building permits, less federal contracts $ Employment (area) Manufacturing employment (area) .. Percent unemployed (area) 27,438 943,081 401,100 8G,200 3.5 + 11 +loo •• + 1 + 40 + 23 + 15 + 3 2 HEREFORD (pop. 7,500r) Postal receipts• ...... ----------------..·-·--­$ Building permits, less federal contracts $ Bank debits (thousands) ......_________ ___ ..___ $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ............ G,934 49,700 15,9G9 12,002 16.2 -10 +14G + G + •• -18 -51 + + + GIDDINGS (pop. 2,532) HOUSTON (pop. 700,508u) Postal receipts• --------------------­ _____ $ 2,G85 -2G - 8 Retail sal es~ 2t - 7 Building permits, less federal contracts $ Bank debits (thousands) ----·------­---·-..·----$ End-of-month deposits (thousands) t----$ Annual rate of deposit turnover ............ 5,500 2,312 3,956 7.0 -85 -15 •• -17 + 14 + 3 + 8 Apparel storesIT Automotive stores~ __________ ------..·---..·--·--­Drug storesIT _____________..________ _ Eating and drinking places~ + St 3t 2t 2t -5 -29 + + + 10 3 Food storesIT .... -----­----------------· 2t - 3 GILMER (pop. 4,096) Retail sales General merchandise stores ........... + 2t -18 + 1 Furniture a nd household appliance stores~ ---·----·-----·-­Gasoline and service stationsU General merchandise stores~ ___ _ ••t ••t 1 + 7 -11 + 5 + Postal receipts• ---------..--.-­$ G,136 -11 + 2G Lumber, building material, Building permits, less federal contracts $ 10,000 +100 + 54 and hardware storesIT ·--­------..­Other retail stores~ _________ ____ -11t + 1t -10 + 12 Postal receipts• ......... ___ __.._..____.._..___$ l ,472,5GO - 3 + 7 GLADEWATER (pop. 6,28lr) Postal receipts• ---­-------------·---­_________________$ Building permits, less federal contracts $ Bank debits (thousands) -----------------­$ End-of-month deposits (thousands) t----$ Annual rate of deposit turnover -----------­Employment (area) ....... 4,958 17,385 3,308 4,501 8.5 28,150 -17 -43 -10 -G -8 •• + 14 -38 -9 -10 + 4 Building permits, less federal contracts $14,030,138 Bank debits (thousands) ....·--·-·------·,--.....$ 2,409,053 End-of-month deposits (thousands) t ....$ 1,2G5,747 Annual rate of deposit turnover ---·-------­23.0 Employment (area) ------------------------·----­-­488,500 Manufacturing employment (area) .... 92,GOO Percent unem ployed (area) ___ _______.......... 4.5 -55 G + 2 7 + 1 + 2 + -28 + 13 •• + 11 + 4•• -24 Manufacturing employment (area) .. 5,040 1 + lG Percent unemployed (area) -------------------­ 3.G + 3 -25 For explanation of symbols, see page 19. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent Change Percent Change Nov I959 N ov I959 Nov I959 Nov I969 Nov from from Nov from from City and item I959 Oct I959 N ov I958 City and item I959 Oct I969 Nov I968 HENDERSON (pop. 11,606) Retail sales LAREDO (pop. 59,350r) Postal receipts• --·--------------------------------­_____ $ 28,760 -14 •• Apparel stores ------­--------­---­---­Food stores --------­--­----­General merchandise stores .. It 2t + 2t -11 -I4 -11 + 2 2 Building perm its, less federal contracts $ Bank debits (thousands) ________________________ $ End-of-month deposits (thousands)+----$ I 87,I65 26,468 22,I76 + 9 4 I + I92 + IO •• Postal receipts• ---------­-----­----­----­-----­----­--­$ 9,699 -11 Annual rate of deposit turnover _ I4.3 5 + 9 Building permits, less federal contracts $ Bank debits (thousands) ------------------­-----$ End-of-month deposits (thousands) t ­--­$ Annual rate of deposit turnover ·---­32,750 8,086 I5,870 6.0 -67 + IO 5 + 9 -74 2 5 + 2 LLANO (pop. 2,957r) Postal receipts• ------·­---­-­__ _____$ Building permits, less federal contracts 2,I62 0 -I8 -IOO + I3 -100 Bank debits (thousands) __ ______________________$ 2,710 -I8 -I6 IRVING (pop. 40,065r) Postal receipts• --------------------­-------­--­-----­__ _$ 2I,260 + 9 + I3 End-of-month deposits (thousands) t ---­$ Annual rate of deposit turnover .... 4,I69 7.7 -- 3 14 + 7 -23 Building perm its, less federal contracts $ Employment (area) __ _ Manufacturing employment (area) ___ _ Percent unemployed (area) -------­----­----- 79I ,308 40I,IOO 86,200 3.5 -76 •• + + 40 -43 + 3 2 3 LOCKHART (pop. 7,067r) Postal receipts• ---­--------------------------------·-· $ Building permits, less federal contracts $ Bank debits (thousands) ------------­------­--­$ 3,080 9,030 4,078 -23 -64 -23 + 6 + 33 •• JACKSONVILLE (pop. 8,607) Postal receipts• -----------··-······­-__ ____ ______ _____$ I5,359 + 5 - 6 End-of-month deposits (thousands)+----$ Annual rate of deposit turnover ____ ___ _ _ 6,703 8.3 -7 -23 + 6 Building permits, less federal contracts $ 45,500 Bank debits (thousands) ------­-----------------$ 9,473 End-of-month deposits (thousands)+ ___$ 8,889 Annual rate of deposit turnover I 2.8 -20 -36 + I -35 + 82 LONGVIEW (pop. 52,164r) Postal receipts• ---·-­-------·----­------·------------$ Building permits, less federal contracts $ 39,676 692,650 -5 + 2I •• -34 Bank debits (thousands) __ _____ $ 38,836 - 8 JASPER (pop. 4,403) Retail sales Automotive stores ............................ Postal receipts• ----------­-------­--------­--­_______$ Bank debits (thousands) __ _____$ End-of-month deposits (thousands) t ___ $ Annual rate of deposit turnover .......... -It 6,I50 6,289 8,208 9.I -25 -28 -I6 -2 -I5 + 36 •• + 4 + I9 -I 3 End-of-month deposits (thousands)+----$ Annual rate of deposit turnover ____ Employment (area) ___ _ Manufacturing employment {area) Percent unemployed (area) ___ _ LUBBOCK (pop. 152,776r) Retail sales 36,760 I3.2 28,I50 5,040 3.6 I t + 9 -IO •• + -I2 + 4 + I6 -26 + Automotive stores ...................... It -38 -23 KILGORE (pop. 12,373r) Postal receipts• -----------­----­---­----------­____ ___ $ Bank debits (thousands ) ----­--·-------------­_$ End-of-month deposits (thousands)+ ___ $ 11,829 I3,997 I6,366 -I9 -I9 -4 -I2 Furniture and household appliance stores Lumber, building material, and hardware stores -----------------------­ ••t -IOt + + 9 + 4I Annual rate of deposit turnover -------····· Employment (area) ------------------­--------­---­Manufacturing employment (area) Percent unemployed (area) -------------­ I0.7 28,I50 5,040 3.6 -I8 •• I + 3 + 4 + I6 -25 Postal receipts• __ ---------------­----------­_________$ I47,IOI Building permits, less federal contracts $ 2,844,294 Bank debits (thousands) ________________________$ 256,712 End-of-month deposits (thousands )+ ___$ I2I,829 Annual rate of deposit turnover __________ 26.5 + I -39 + 11 + 11 + 4 + 6 -34 + 20 + 6 + I6 KILLEEN (pop. 26,646r) Employment (area) --------------­---·----­-------­Manufacturing employment (area) ___ _ 53,900 6,570 + •• + 8 + IO Retail sales Apparel stores ------­---------------------------­----­ - It - 3 + Percent unemployed (area) -----------­---­-- 2.6 - 4 -4I Lumber, building material, and hardware stores ................ -IOt -34 + 42 LUFKIN (pop. 20,846r) Postal receipts• --------------·-­------------·--­______ $ Building permits, less federal contracts$ Bank debits (thousands) ______ __ __$ End-or-month deposits (thousands) t $ Annual rate of deposit turnover ...... 22,682 399,780 9,084 7,065 I6.4 -7 -39 -7 •• -8 -8 + 49 + 20 + + I2 Postal receipts• ----·--------------------­_________ $ Bank debits (thousands) ______$ End-of-month deposits (thousands )+ __$ Annual rate of deposit turnover I7,833 22,067 24,85I I0.7 -2I -I4 •• -I4 9 + IO + 3 + 6 LAMESA (pop. 13,813r) Retail sales Automotive stores -·--················---­----­Postal receipts• ----·------­__________________$ Building permits, less federal contracts $ Bank debits (thousands) ------------­---------$ End-or-month deposits (thousands)+----$ Annual rate of deposit turnover .......... -It I2,706 I69,716 32,2 I4 20,567 I9.2 •• -42 -44 -23 + 4 + I8 -I4 + 38 + 38 + 8 + 23 McALLEN (pop. 25,326r) Retail sales --­------­--­-----­------­--­-----­--­-------­Automotive stores .......... Postal receipts• _______ --------­______________________$ Building permits, less federal contracts $ Bank debits (thousands) ----­----­_____________$ End-of-month deposits (thousands ) ; ____$ Annual rate of deposit turnover ------------McKINNEY (pop. 16,653r) -It -It 26,I26 396,90I 23,3I8 20,079 I3.7 8 + I + 11 -I5 -3 -IO + I3 + I6 + 4 -5I + I8 + 6 + IO LAMPASAS (pop. 4,869) Postal receipts• -------­------­------­--­------­---­---·$ Building permits, less federal contracts $ Bank debits (thousands) ---------­----­--­------$ End-or-month deposits (thousands) t ----$ Annual rate of deposit turnover --­----­---­ 3,46I I6,000 6,425 6,635 9.7 -36 -68 -I7 -2 -I6 -IO -8I -I •• -2 Building permits, less federal contracts $ Bank debits (thousands) -------­_------------$ End-of-month deposits (thousands )+--··$ Anual rate of deposit turnover ............ For explanation of symbols, see page I9. 38I,570 I0,026 I2,723 9.4 -20 -20 -2 -22 +569 + 9 •• +_ 8 DECEMBER 1959 LOCAL BUSINESS CONDITIONS Percent Change Percent Change Nov I959 Nov I959 Nov 1969 Nov 1959 Nov from from Nov from from City and item I959 Oct I959 Nov 1968 City and item I969 Oct 1969 Nov 1958 MARSHALL (pop. 28,444r) Retail sales PAMPA (pop. 26,720r) Postal receipts• .. ........................... . ... $ 21,932 -11 - 4 Apparel stores ....................................... . - It -27 7 Building permits, Jess federal contracts $ 570,260 + 85 + 49 General merchandise stores ............... . + 2t 4 + I Bank debits (thousands) ........................ $ 21,I08 11 + 12 Postal receipts• ..................................... ..$ 21,873 + 5 + 3 End-of-month deposits (thousands) t ....$ 24,762 + 2 - 5 Bank debits (thousands) ......................$ 16,I06 8 + I Annual rate of deposit turnover ....... . I0.4 + 18 End-of-month deposits (thousands) t ...$ 20,598 + 1 + 3 Annual rate of deposit turnover ......... . 18.0 + 73 + 88 PASADENA (pop. 58,928r) P ostal receipts• .................. ....$ 30,855 -23 + 8 MERCEDES (pop. 10,081) Postal receipts• ........................................ $ Building permits, Jess federal contracts ~ 6,764 15,260 -14 -I6 + 19 -41 Building permits, less federal contracts $ Employment (area) .. Manufacturing employment (area) .... 371,230 488,500 92,600 -37 + 1 + 2 -51 + 4.. Bank debits (thousands) ........................ $ 6,356 9 1 Percent unemployed (area) 4.5 + 7 -24 End-of-month deposits (thousands) t ....$ 4,62I 4 6 Annual rate of deposit turnover ....... . 13.9 3 + PLAINVIEW (pop. 21,106r) Retail sales .............................................. . 1t -I3 -11 MIDLAND (pop. 54,288r) Postal receipts ............................... $ Building permits, less federal contracts $ Bank debits (thousands ) ........................ $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ....... . 70,606 1,624,680 98,604 93,668 I2.8 -I3 -27 + + 2 + 2 -2 -1 + 22 + 7 + 13 Apparel stores ..................................... . Automotive stores -·-·----·-·--­-------­---------­General merchandise stores ·-------·-···-·· Postal receipts• ....................................... $ Building permits, less federal contracts $ Bank debits (thousands) ........................$ End-of-month deposits (thousands) t ....$ It It + 2t 16,408 189,900 46,370 25,110 + 4 -19 -22 -16 -I6 + 1 -2 -31 + 2 -37 + 34 -4 MONAHANS (pop. 10,183r) Postal receipts• ....... . .............. $ Buildinl'! permits, less federal contracts $ 7,069 174,885 -19 + 59 + + 85 PORT ARTHUR (pop. 82,150u) Retail sales ................................................ - It -10 •• Bank debits (thousa nds) ........................$ End-of-month deposits (thousands) t ....$ I0,377 7,793 I + 2 + 14 -6 Automotive stores ........................... . Eating and drinking places It 6t -I4 -4 -4 + 54 Annual i ate of deposit turnover .... 16.I + I6 Food stores ........................ . 2t -14 -11 Furniture and household NACOGDOCHES (pop. 14,770r) appliance stores Postal receipts• -------------------············· ..... $ ••t 48,970 -2 -11 + 5 + 8 Postal receipts• ........................................ $ 16,213 + 12 + 34 Building permits, less federal contracts $ 260,049 + 6 - 45 Building permits, less federal contracts $ 228,665 +322 +374 Bank debits (thousands) ........................ $ 58,584 -15 Bank debits (thousands) ........................$ End-of-month deposits (thousands) t ...$ Annual rate of deposit turnover ........ . I2,722 16,067 9.6 -13 •• -- 6 •• 6 End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover Employment (area) ............................... . Manufacturing employment (area) ... . 44,120 I6.2 105,600 32,830 + 3 -I6 + I•• + + •• NEW BRAUNFELS (pop. 12,210) Percent unemployed (area) ............... . 8.3 + 2 - 19 Retail sales Automotive stores ............................... . Postal receipts• .............................. : ........ $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover ........... . -It I7,797 72,560 9,342 11,812 9.4 -23 + 3 -63 8 2 8 11 + IO 8 -I + 3 -10 SAN ANGELO (pop. 62,359r) Retail sales ············--------------------­Jewelry stores ···········-·------­Lumber, building material. and hardware stores ····----···-·-····----­-Postal receipts• ........................................ $ -It -10 77,396 -9 + IO -34 + 20 + + + 12 Building permits, less federal contracts $ 299,297 -16 -7 ORANGE (pop. 31,556r) Retail sales Automotive stores Building permits, less federal contracts $ Bank debits (thousands ) ........................ $ End-of-month deposits (thousands ) t....$ -lt 356,499 22,689 22,192 -2 -58 -7 + 2 + 38 + 98 + I6 + 6 Bank debits (thousands) ............. $ End-of-month deposits (thousands) f ....$ Annual rate of deposit turnover .......... Employment (area) ---------------------­---------­Manufacturing employment (area) .... Percent unemployed (area) ·-·······-·-··-··· 62,231 46,437 13.8 23,300 3,240 4.6 + + + 8 7 •• 7 + 10 + 6 + + + 8 -27 Annual rate of deposit turnover 12.4 -13 + 11 Employment (area) ............................... . Manufacturing employment (area) ... . Percent unemployed (area) ................. . 105,600 32,830 8.3 + + •• 2 + 3 •• -19 SHERMAN (pop. 31,269r) Retail sales ····-------------------························· Apparel stores ---------------------------.-----------­ It It -28 -I9 •• -20 PARIS (pop. 24,55lr) Retail sales Apparel stores ..................... . Lumber, building material, and hardware stores .. . Postal receipts• ........................................ $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ I t It -lOt I8,314 218,271 17,299 -21 -25 -37 + 3 -33 -7 7 3 -15 + 9 + 37 + 6 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 ___ _______ ••t -mt 26,124 201,964 26,705 19,385 16.0 -19 -2 -10 9 2 + I 2 •• + 48 -4 -71 + 9 + 5 End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover .... 13,620 15.1 - 2 •• 3 + 6 For explanation of symbols, see page 19. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent Ch ange Percent Change N ov 1959 N ov 1959 Nov 1959 Nov 1959 N ov from from Nov from from City and item 1959 Oct 1959 N ov 1958 City and item 1959 Oct 1959 Nov 1958 SAN ANTONIO (pop. 555,000r) TEXAS CITY (pop. 30,000r) Retail sales ............................................... . 1t -10 - 3 Retail sales Apparel stores ...................................... Automotive stores ................................ + 3t 3t+ + 5 -32 + 11 8 L umber, building material, and hardware stores ....................... . -lOt -36 -30 Drug stores ........................................... . Eating and drinking places ............. . 6t ••t -- 4 2 -5 + 6 Postal receipts• ........................................ $ Building permits, less federal contracts $ 19,513 218,290 -9 -34 + 9 -25 Food stores .......................................... . 4t -15 -15 Bank debits {thousands) ........................ $ 20,452 + 4 + 14 Furniture and household End-of-month deposits {thousands) t ....$ 10,998 5 - 6 appliance stores ·······------------------------­ + St -12 2 Annual rate of deposit turnover ......... . 21.7 + 5 + 17 Gasoline and service stations --·­--···-­·--·· 2t 4 4 Employment {area) ............................... . 49,250 + + 2 General merchandise stores ................ 7t - 2 + Manufacturing employment {area) ... . 9,880 + - 10 Lumber, building material, Percent unemployed {area) ................. . 6.6 7 - 8 and hardware stores ........................ St -15 9 Postal receipts• ....................................... $ 610,546 Building permits, less federal contracts $ 2,634,837 Bank debits {thousands) ........................ $ 574,743 End-of-month deposits {thousands) t....$ 374,120 Annual rate of deposit t urnover ............ 18.6 Employment {area) .................................. 200,300 Manufacturing employment {area) .... 25,475 Percent unemployed {area) .................. 3.0 -9 -23 5 + 2 3 + 6 + 2 -43 + 13 -4 + 19 + + -17 VICTORIA (pop. 44,188r) Retail sales ............................................... . Apparel stores ....................................... . Automotive stores ............................... . Food stores ........................................... . Furniture and household appliance stores ............................... . Gasoline and service stations ........... . - lt 1t lt 2t ••t 1t -12 -2 -27 -10 + 22 + 5 + 4 + 13 + 5 6 3 + 11 TEMPLE (pop. 33,912r) Retail sales ............................................... . Apparel stores .................................... . Drug stores ........................................... . lt lt 4t -12 -14 -16 + 13 + 6 Lumber. building material, and hardware stores ....................... . Postal receipts• ........................................ $ Building permits, less federal contracts $ -lOt 27,575 155,328 + 11 -12 + 33 -5 Furniture and household appliance stores ...... ------------···-····­-·-· Lumber, building material, and hardware stores .................. . ••t -lOt + 14 -22 + 15 -24 WACO (pop. 101,824r) Retail sales ............................................... . Apparel stores .................................... . lt lt -- 9 9 -- 1 2 Postal receipts• ........................................ $ Building permits, less federal contracts $ 33,816 287,675 -3 + 34 + 18 -16 Automotive stores ..... . Florists ..................................................... . 1t -16 -3 -12 + 26 Bank debits {thousands) ........................ $ End-of-month deposits {thousands) t ....$ Annual rate of deposit turnover ........... . 12,648 11,239 18.3 -13 -3 + 18 -31 + 56 Furniture and household appliance stores ............................... . General merchandise stores ............... . ••t + 2t -25 2 + 12 + 13 Lumber, building material, TEXARKANA (pop. 50,784r) Retail sales .............................................. . lt Apparel stores ..................................... . lt Automotive stores __ ....................... . lt Furniture and household appliance stores ............................... . ••t Postal receipts•§ ....................................... $ 51.347 Building permits, less federal contracts§$ 145,915 Bank debits {thousands) ........................ $ 46,041 -33 -21 -43 -20 -6 -69 -12 -22 + 3 -33 + 11 + 7 -56 + 9 and hardware stores ....................... . Postal receipts• ........................................ $ Building permits, less federal contracts $ Bank debits {thousands) ........................ $ E n d-of-month deposits {thousands) t ....$ Annual rate of deposit turnover ........... . Employment {area) ............................... . Manufacturing employment {area) ... . Percent unemployed {area) ·······-········· -lOt 143,383 955,940 98,977 68,581 17.2 47,900 9,870 4.3 + -69 -21 -2 -22 •• -3 + 30 + 2 + 54 + 4 2 + 5 + 2 •• -10 End-of-month deposits {thousands) i§ $ 16,306 + 3 - 3 Annual rate of deposit turnover ........... . Employment {area) ................................ . 15.6 29,550 -14 •• + 10 + 2 WICHITA FALLS (pop. 103,152r) Retail sales Manufacturing employment (a.real ... . 3,760 - 1 + 3 Automotive stores ............................... . - 1t -23 -28 Percent unemployed {area) ................. . 6.8 + 21 6 Lumber, building material, TYLER (pop. 49,443) Retail sales Automotive stores ·········------------··········· - lt -28 - 5 and hardware stores ....................... . P ostal receipts ........................................... $ Building permits, less federal contracts $ Bank debits {thousands) ........................ $ -lOt 109,035 341,633 120,068 + 4 -6 -68 •• + + 15 -56 + 19 Postal receipts ............................................$ Building permits, less federal contracts $ Bank debits {thousands) ........................ $ 84,492 352,632 81,880 + -27 + 2 + 17 -34 + 1 End-of-month deposits {thousands) t ....$ Annual rate of deposit turnover ......... . Employment {area) ............................... . 105,435 13.7 40,750 + -1 •• -4 + 22 + 3 End-of-month deposits {thousands) t....$ 59,532 1 3 Manufacturing employment {area) ... . 3,750 - 1 + 5 Annual rate of deposit turnover ......... . 16.4 + 2 + 3 Percent unemployed {area) ................. . 4.4 + 26 + 2 t Normal seasonal change from October to November. •For the period October 17-November 13. 11 Reported by the Bureau of Business and Economic Research, University of Houston, for Harris County. i Money on deposit at the end of the month, but excludes deposits to the credit of banks. r Revised for use by the Texas Highway Department. u 1950 Urbanized Census. •• Change is less than one-half of one percent. §Figures are for Texarkana, Texas (pop. 31,051) only. DECEMBER 1959 BAROMETERS OF TEXAS BUSINESS Year-to-date average Nov Oct Nov 1959 1959 1958 1959 1958 GENERAL BUSINESS ACTIVITY tTexas business activity, index ................................................................................. . 220 217 193 218 195 Miscellaneous freight carloading in SW District, index ................................... .. 78 78 78 81 77 Ordinary life insurance sales, index ...................................................................... . 425 418 392 405 376 Wholesale prices in U.S., unadjusted index ......................................................... . 118.9 119.lr 119.2 119.5 119.2 tConsumers' prices in Houston, unadjusted index ............................................ .. 125.4 124.2 124.6 123.6 Consumers' prices in U.S., unadjusted ................................................................. . 125.6 125.5 123.9 124.5 123.4 Income payments to individuals in U.S. (billions, at seasonally $ 384.8* $ 382.3r $ 367.5 $ 379.2* $ 358.3r adjusted annual rate) ...................................................................................... $ 367.5 Business failures (number) ..................................... ............................................. .. 37 38 41 35 36 Newspaper advertising linage, index .................................................................... . 167.0 182.3 168.7 176.9 159.5 TRADE Total retail sales, index ........ .................................................................................. .. 201• 232r 205r Durable-goods stores ....................................................................................... . 147 " 192r 150r Nondurable-goods stores ................................................................................ . 238* 252r 233r Ratio of credit sales to net sales in department and apparel stores .... .............. . 10.1• 70.9* 69.lr 69.1* 68.4 Ratio of collections to outstandings in department and apparel stores ........... .. 34:2• 40.8* 36.0r 36.9* 37.5 PRODUCTION Total electric power consumption, index ............................................................. . 374• 398r 330r 373• 338r Industrial electric power consumption, index ..................................................... . 381* 376r 343r 372• 330' Crude oil production, index ................................................................................... . 109* 107r 118r 116* llO Crude oil runs to stills, index .................................................................................. 143 138 144 143 135 Natural gas production, index .............................................................................. .. 193 189 185 Industrial production in U.S., index ..................................................................... . 141 133 Cottonseed crushed, index ....................................................................................... 146 143 129 153 151 Construction authorized, index ............................................................................... 201 284 239 245 234 Residential building ....................................................................................... .. 215 260 285 272 267 Nonresidential building ................................................................................... 172 341 181 222 '203 Cement shipments, index .... ­ .... ­ .................................................... ·---··-· 172 182 188 200 183 Cement production, index ·····-·····-·········--············--·····--·----·--·--·----·--·------· Cement consumption, index ------.................................................... -----·· 161 163 194 179 208 184 201 191 186 177 AGRICULTURE P rices received by farmers, unadjusted index, 1909-14 =100 ........................ . Prices paid by farmers in U.S., unadjusted index, 1909-14 =100 .................. .. 262 297 266 296 284 294 279 298 279 293 Ratio of Texas farm prices received to U.S. prices paid by farmers ................. . 88 90 97 94 95 FINANCE Bank debits, index ................................................................................................... . 262 259 230 260 233 Bank debits, U.S., index ................... ..... .............. .................................................... 227 230 192 226 206 Reporting member banks, Dallas Reserve District: §Loans (millions) ............ ................................................................................. . $ 2,885 $ 2,865 $ 2,696 $ 2,827 $ 2,581 §Loans and investments (millions) ................................................................ . $ 4,558 $ 4,529 $ 4,518 $ 4,518 $ 4,255 Adjusted demand deposits (millions) .. ......................................................... Revenue receipts of the State Comptroller (thousands) .................................. .. Federal Internal Revenue collections (thousands) ............................................ . $ 2,702 $ 89,690 $283,944 $ 2,748 $ 97,771 $134,830 $ 2,697 $ 70,415 $216,295 $ 2,750 $ 97,852 $244,420 $ 2,660 $ 85,449 $234,976 LABOR Total nonagricultural employment (thousands) U .......................................... .. Total manufacturing employment (thousands) U ...................................... 2,459.2* 480.8* 2,452.8r 479.Br 2,427.7 478.3 2,436.0* 482.l * 2,396.l 477.8 Durable-goods employment (thousands) U ........................................ .. 228.9* 228.4r 227.7 230.9* 227 .4 Nondurable-goods employment (thousands)U .................................. .. 251.9* 251.4r 250.6 251.2* 250.4 Total civilian labor force in 17 labor market areas (thousands) ....................... 2,152.9 2,143.6 2,107.6 Employment in 17 labor market areas (thousands) .................................. .. 1,984.4 1,976.7 1,829.3 1,941.6 1,797.9 Manufacturing employment in 17 labor market areas (thousands) . 368.4 369.3 355.3 366.4 356.0 Total unemployment in 17 labor market areas (thousands) ..................... . 93.6 81.7 101.7 97.4 ll6.7 Percent of labor force unemployed in 17 labor market areas ............ . 4.3 3.8 5.1 4.6 All figures are for Texas unless otherwise indicated. All indexes are baaed on the ave!'all'e months f<>r 1947-49, except where indicated; all are adjusted for seasonal variation, except annual indexes. Employment estimates have been adjusted to first quarter 1958 benchmarks. • Preliminary. t Based on bank debits in 20 cities, adjusted for price level. t Index computed for February, May, August, and November only. § Exclusive of loans to banks after deduction of valuation reservee, r Revised. RIncludes wage and salary workers only.