Annual Issue 
TEXAS BUSINESS REVIEW 

A Monthly Summary of Business and Economic Conditions in Texas 
BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS 
VOL. XXXIV, NO. 2 TWENTY CENTS A COPY-TWO DOLLARS A YEAR FEBRUARY 1960 
The Texas Economy: 1959 

Virtually all components of Texas economic activity showed gains from 1958, as indicated in the chart of selected barometers below. 
Retail Sales, Durables 
Industrial Power Consumption 
Nonresidential Building Authorized 
Texas Business Activity 
Ordinary Life Insurance Sales 
Crude Runs to Stills 
Miscellaneous Freight Carloadings 
Crude Oil Production 

J Manufacturing Employment Residential Building Authorized Retail Sales, Nondurables 
This issue contains a summary of business and economic activity in the 
state in 1959, with emphasis on the oil industry (page 2). A special re­
port on industrial expansion in Texas in 1959 will appear in the March 
.
issue. 


The Business Situation in Texas 
By FRANCIS B. MAY 
The seasonally adjusted Index of Texas Business Ac· tivity for December rose 1 % to a value of 223% of the 1947-49 average. At this level it was 1 % below the all-time high of 226% established in July. In 1959 the index aver· aged 11 % above its average value for 1958, establishing 1959 as another record year in total business activity in the state. The index covers total volume of all transactions resulting in money payments in industry, trade, agricul­ture and service industries. Purely financial transactions such as sales of real property and of securities are included. If there had been no steel strike, the index would have averaged higher. Layoffs and inventory depletions resulting from the strike slowed the rise of the index in the last quar· ter of the year. 
Crude petroleum production in December was 6% above November after adjustment for seasonal variation. It was 7% below December of last year. Texas producers were given a 12-day allowable in December of 1958 by the Rail· road Commission and 10 days in December 1959. This was a 17% decline in the number of producing days. The in· crease in the number of wells to which the allowable ap· plied mitigated the effect of the smaller number of pro· ducing days. January and February allowables of 10 days each mean a small increase in average daily production in January and a more substantial increase in February since there are only 29 days in February. Year-to-year com· parisons for the two months will be affected by the fact that 12 producing days were allowed in January of 1958 and 11 days in February of that year. 
During the January 1959-February 1960 period the number of producing days in Texas varied from a high of 12 days in January of last year to a low of 9 days in the July-November period. A rise to 10 days in December of last year has been held at that level during the first two months of 1960. The effect of this low level of proration is apparent in the year-end crude production figure for the state, which was 942 million barrels. This is an increase of 3.5% over 1958, but 1958 was a very poor year. In April, May, and June of that year only 8 days of production monthly were allowed. When one considers that domestic crude production rose 5% in 1959, compared with 3.5% for Texas, it is clear that the state is supplying a shrinking proportion of the domestic market. Other states are supply­ing an increasing proportion of the domestic crude market. While Texas producers tighten their belts in order to re· duce excessive crude inventories, some other states make no comparable contribution to solving the problem of temporary over-production. What is needed is a program of proration in all states which will spread the burden. At present only five producing states have state proration. Texas has been traditionally the state that bore the brunt of cut-backs because it was the largest producer. This cannot continue indefinitely. Production in the state reached a peak of 1.11 billion barrels in 1956. In 1957, production was 1.09 billion barrels. It dropped to 910 million barrels in 1958. The 942-million-barrel total for 1959 is 169 million barrels below the 1956 peak. At an average price of $3 a barrel this is a $507 million loss in annual revenue to the state's oil producing industry. 
An indication of the difficulties involved when a single state tries to serve as a balance wheel to the industry can he gained by examining the ratio of end-of-month U. S. 

Texas Business Activity 


Index • Adjusted for seasonal variation • 1947-1949 ..100 

250
250 
200
200 150 
150 100
100 
50

50 0 
'55 '56 '57 '581946 '47 '48 '49 '50 '52 '53 '54 

TEXAS BUSINESS REVIEW 
stocks to production in the following month. Data for the period of January 1946 to July 1959 have been prepared by the Bureau of Business Research. The ratios fluctuate widely, reaching a peak of 1.88 in June of 1949. This means that total crude stocks were 1.88 times production in the following month. The lowest value was 1.07 in February of 1957. Averaging these ratios by years yields the follow­ing data: 
Average of Monthly Ratios of End  
of Month Crude Inventories to  
Year  Production in Following Month  
1946  1.58  
1947  1.51  
1948  1.42  
1949  1.73  
1950  1.47  
1951  1.33  
1952  1.39  
1953  1.43  
1954  1.40  
1955  1.27  
1956  1.25  
1957  1.27  
1958  1.29  
1959*  1.22  

•January-July inclusive. 
There is a declining trend in the data that is encouraging. From an average of 1.73 month's supply on hand in 1949, the ratio dropped to an average of 1.22 month's supply in the first seven months of 1959. It is apparent that the na· tion's production and stocks are being kept in better balance but that more improvement is needed. Even with 1.22-1.29 ratio of stocks to production, wide swings in the number of producing days in Texas, varying from 8-12 days in 1958 to 9-12 days in 1959, have been necessary in order to achieve this balance. 
If end-of-month crude stocks are expressed as a ratio to runs to stills in the following month the results are similar to the comparison of stocks with production. The annual averages of these ratios are: 
Ratio of Stocks to  
Year  Runs to Stills  
1946  1.63  
1947  1.56  
1948  1.44  
1949  1.77  
1950  1.51  
1951  1.36  
1952  1.45  
1953  1.45  
1954  1.42  
1955  1.29  
1956  1.28  
1957  1.32  
1958  1.29  
1959*  1.23  

*January-July inclusive 
The same declining trend in the ratios is evident in this series of data, showing that stocks are being managed more 
RA TIO OF CRUDE PETROLEUM STOCl<.S OVEP 
FOLLOWING MONTH'S CRUDE PETROLEUM PRODUCTION. 
UNITED STATES, 1946-1959 

.5t---t--t--t--t--l--+---l--+---l---i---+-+---+--l.5 
0 


1946 ·47 48 ·49 ·so 51 52 ·~3 ·54 ·55 ·56 ·57 58 ·59 
So urce: 	Annual Summary Monthly Petroleum Statement. Mineral industry Surveys, Bureau of Mires; 1949, 1950 onrt 1959 token from mo nthly publicotiont 
RATIO OF END-OF-MONTH CRUDE STOCKS TO CRUDE RUNS TO STILLS FOR THE FOLLOWING MONTH, UNITED STATES 1946-1959 

2.0 
2.0 
~ 
v 
\\ 
\

1.5 
I .5 
w 
'fJ'. Vrl
~
""V 
~ 
rt\, 
tJ r\ 
l,A 
1.0

1.0 
.5 
0 
1946 ·41 ·40 ·49 50 ·51 ·52 ·53 ·54 ·55 '56 57 ·50 ·59 ° 
Source1 Annual Summary Crude Petroleum and Petroleum "Products, Mineral lndu1try 
Surveys, U.S. Bureau of Mine11 1949 computed from Monthly Pettole\lm StOtemenh. 
Bureau of -Busineu ReHarch. 
carefully. It is unfortunate that one geographical area has had to bear the brunt of the wide swings in production necessary to achieve this relative stability of the ratios. 
Crude runs to stills in Texas were up 1 % in December after adjustment for seasonal variation. They were 2% above December 1958. Stocks of refined products are still high. Unless runs are kept down, more price weakness will result. 
Total electric power consumption in December declined 2% after adjustment for seasonal factors. It was 10% above December of 1958. Comparing annual averages for 1958 and 1959 reveals that the index averaged 377% in 1959 and 337% in 1958. The 1959 average was 12% above 1958, a substantial gain. 

Industrial power consumption dropped 2% in Decem­ber to 371 % of the 1947-49 average consumption. It was 8% above December 1958. Total industrial power con· sumption for all of 1959 averaged 12% above 1958, indi­cating a substantial gain in industrial activity in the state. 
Life insurance sales in December were up 8% from November after allowing for seasonal factors . They were 11 % above December of 1958. For all of 1959 the index of life insurance sales averaged 8% above 1958. There was only one month in 1959 that the index did not exceed the value for the corresponding month of 1958. 
Total retail sales in December were 3% above Novem­
ber after seasonal adjustment. They were down 3% from 
December of last year. The decline resulted from a drop 
in sales of durable goods. Sales of durables fell 1 % in 
December from the November figure after taking seasonal 
factors into account. They were 16% below December of 
1958. Automobile and farm implement sales were the prin­
cipal contributors to the unfavorable showing. Automobile 
sales rose less than they usually do at this time of the year 
because of shortages induced by the steel strike. Farm im­
plement sales declined more than seasonally in December 
in part because of the relatively unfavorable income re­
sulting from high costs and declining prices of farm pro­
ducts. 
Nondurable goods sales in December rose 5% above 
November after seasonal adjustment. They were 1 %above 
December of 1958, which was one of the best Decembers 
on record. 
Total urban building permits issued in December were 
22% above November after seasonal adjustment. At 246% 
of the 1947-49 average they were equal to the December 
1958 level. Residential permits were up 6% in December 
to 228% of 1947-49. At that level they were 27% below 
December of 1958 when a vigorous upsurge in residential 
construction was under way. 
Nonresidential permits in December were 6.2% above 
November after 	seasonal adjustment. They were 52% 
above December of 1958. Principal gains in this category 
were in office buildings, stores, and mercantile buildings. 
It is clear from the available data that 1959 was a record 
year in business activity in the state for many lines of busi­
ness. It was not a record year for oil producers. Certain 
chronic problems of the oil industry require solution. In 
view of the problems of the oil and farm sections of the 
state's economy, it is essential that industrialization be 
pushed forward with all speed. Otherwise, an unnecessary 
lag in economic growth will result. By "lag" it is meant 
that other states will outstrip Texas in growth rate. 
SELECTED BAROMETERS OF TEXAS BUSINESS 
(1947-49 =100) 
Percent change 
Dec 1959 Dec 1959 Dec Nov Dec from from Index 1959 1959 1958 Nov 1959 Dec 1958 
Texas business activity ·-----··--·-223 220 211 + + 6 Miscellaneous freight carloadings in S.W. district . 76 78 75 
+ 
Crude petroleum productionN 115* 108* 124r 6 7 
Crude oil runs to stills .............. 145 143 142 

+ 
+ + 2 
Total electric power 
consumption 366• 374* 332r 2 + 10 Industrial electric power consumption ---------------------371* 377* 344r 2 + 8 Bank debits ... ---------------------265 262 251 + + 6 
········-··········· 
Ordinary life insurance sales .... 457 425 413 8 + 11 + 
+ 

Total retail sales ............... 218* 211r 225r -3 Durable-goods sales .. 147* 149r 175r -16 Nondurable-goods sales 255* 244r 252r 5
+ + 1 

Urban building permits issued 246 201 247 + 22 •• Residential .......... 228 215 313 6 27
+ ­
Nonresidential 278 172 183 + 62 + 52 

Adjusted for seasonal variation, except annual averages and farm cash income. 
•Preliminary, 
r Revised. 
•• Change is less than one-half of one percent. 

TEXAS BUSINESS REVIEW 


Editor ................................................... John R. Stockton 

Managing Editor ................................ Robert H. Drenner 

CONTENTS 
The Business Situation in Texas.................................. 2 

Industrial Production 	5 
Building Construction 	7 
Agriculture ................................................................ 9 

Finance ................. .................................................... 11 

Retail Trade ................................................................ 13 

Local Business Conditions ........................................ 15 

Barometers of Texas Business .................................... 28 

BUSINESS RESEARCH COUNCIL 
J ohn Arch White, Acting Dean of the College of Business Adminis. tration (ex officio); J ohn R. Stockton; W. H. Baughn; L. G. Blackstock; E. W. Cundiff; J. Neff; G. H . Newlove. 
BUREAU OF BUSINESS RESEARCH 
J ohn R. Stockton Stanley A. Arbingast Florence Escott 
Director Assistant Direct<W Assistant to the DirectOT 
Resources Speciali.st
Francis B. May 	Charles O. Bettinger
Statistician Alfred G. Dale 
Junior Statistician 
Research A88ociate
Robert H . Drenner 
William H. Turpin
Research Associate Fredolin J. Kaderli Research Associat• 
Research Associate

Aileen Donovan Ida M. Lambeth 
Research Associate Marie Fletcher 
Research AB&ociate 
Research Associate 
Anna Merle Danz 	Roberta Steele 
Library Assistant 	Marjorie T. Cornwell CartographerAdministrative Clerk 
Mildred Anderson 	Candler P. CaBS 
Eva A. Arias
Statistical Assistant 	Statistical Assistant 
Statistical Technician 
Barbara Warden 	Mary Haas 
Josephine J. Knippa Senior Secreta111 Senior Ckrk Typist
Senior Secretaru 
Marilyn Whites 	Margene Parr 
Barbara Schaief
Publications Assistant 	Ckrk Typist
Senior Cleric Typist
R obert Dorsett 	Daniel P. Rosas 
Vernell Prather
Offset Press Operator 	Offset Press Operator
Senior Clerk Typist 
Cooperating Faculty 
Charles T. Clark Robert H. Ryan Stella Traweek 

Assistant Professor Instructor in Assistant ProfeBBOT of Business Statistics Business Writing of Business Statistics 
Francis R. Cella 
Visiting Professor of Business Statistics 
Assistants 
Ronald M. Farris, Royce R. Kilday, George B. Pearson, 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 ~t Austin, Texas, under the act of August 24, 1912. Content of this pubh· cation is not copyrighted and may be reproduced freely. Acknowledge­ment of source will be appreciated. Subscription, $2.00 a year; individual copies, 20 cents. · 
TEXAS BUSINESS REVIEW 

Industrial Production: 

FOUNDRIES IN TEXAS 
By JOE CARROLL RUST 

Growth of the oil industry in Texas and similar indus­tries requiring heavy cast metal equipment ?as.been a pri­mary consideration in the growth of foundries m the state. Outside the Great Lakes region and California, Texas ranks as one of the nation's most important foundry areas. The Houston Metropolitan Area, for instance, with some 35 foundries employing more than 2,000, is one of the nation's noted foundry centers. . 
Foundries supply the average Texas home with some 4,000 separate everyday items. This industry~ which has existed since approximately 4000 B.C., when its products were used mostly for ornamental purposes, today is a basic industry in the engineering field-the branch of eng_ineer­ing dealing with the melting of metals and the pourmg of molten metal into molds from which castings are obtained. Bathtubs, sinks, wash basins, sewer covers, soil pipe, fur­naces, gym equipment, candlesticks, cemetery plaques­these are only a few founding products. It ranks as the fifth largest manufacturing industry in the United States. 
Modern founding in this nation is the outgrowth of cen­

turies of study of metal technology and cast metal use. The 
first foundries in the United States, which were built in 
New England in the middle 1600's, largely made cast iron 
cooking pots. Today foundries produce items for almost 
every industry, supplying, for example, more than 600 
pounds of cast metal parts for the construction of the aver­
age American-made automobile. 
Founding is concentrated largely in the Great Lakes 

region, with the Middle Atlantic states (New York, New 
Jersey, Pennsylvania) and the East North Central states 
(Ohio, Indiana, Illinois, Michigan, Wisconsin) casting 
more than one-half the nation's foundry products. Pennsyl­
vania and Ohio lead in production. Convenience to water 
transportation and accessibility to raw materials are im­
portant factors in the Great Lakes foundry industry. 
Products from foundries are broadly classed in four 

groups--gray iron castings, malleable iron castings, steel 
castings, and nonferrous castings. Of 10,371,000 short 
tons of gray iron cast in the United States in 1958, Texas 
foundries accounted for approximately 311,150 short tons. 
Shipments were primarily in molds for heavy steel ingots, 
chilled iron railroad car wheels, cast iron soil pipe, fittings, 
Cr.de Oil Runs to Stills in Texas 
Index • Adjusted for seasonal variation • 1947-1949-100 


Crude Petroleum Produ<tion in Texas 


and cast iron pressure pipe and fittings. Of steel castings, 21,980 of 1,121,000 short tons were cast in Texas. Mal­leable iron castings in the United States in the same year amounted to 661,000 short tons, but figures for the Texas portion are not available. (Also, tonnage statistics are not available for nonferrous castings, including copper, alumi­num, zinc, magnesium, and lead and their corresponding alloys.) 
Total U. S. castings shipments in 1959 were approxi­mately 16 million short tons, according to a survey con· ducted by Foundry Magazine. Producers anticipate a 10% across-the-board shipment increase in 1960, due chiefly to the fact that the steel strike deferred some shipments from late 1959. The improvement should boost the 1960 ship­ping tonnage in castings to one of the top three totals in the history of the nation's founding industry. Steel castings should experience up to a 15% increase, the magazine editors reported. Producers reported plans for one of the most extensive capital investment programs in the industry in recent years for new plant and equipment. 
Texas has 61 foundries producing gray iron castings, two foundries making malleable iron products, 20 steel casting foundries, 64 foundries producing aluminum cast­ings, 48 casting brass, bronze, copper and copper alloy products, and 20 foundries casting other nonferrous items. In each category there is some overlapping, with approxi­mately 10% of the foundries which cast gray iron also making steel castings, and some 75% of the aluminum foundries also casting other nonferrous products. Several Texas foundries cast iron, steel, and nonferrous products. Foundries in Texas are spread along the Gulf Coast and across the eastern half of the state, with only four (two in El Paso, one each in Amarillo and San Angelo) located west of a line through Wichita Falls and San Antonio to the Lower Rio Grande Valley. Concentration of foundries is in San Antonio, the Dallas-Fort Worth area, and the Houston area, the latter region being the largest foundry center in the state. However, as is true today of many of the industries in Texas, decentralization from larger to smaller communities has been a growing trend in the Texas foun­dry picture. Foundries have spread northward from the Dallas-Fort Worth area into Gainesville, Sherman, Bon­ham, Weatherford, and Plano, and southward to Clifton and Corsicana. Plants have been built northwest from Houston to Brenham and McDade. Perhaps a striking ex­ample of decentralization of the foundry industry is in the 
success of foundries in Tyler and Lufkin. Tyler has two of the largest foundries in the state, Tyler Pipe & Foundry 
Company and Western Foundries, and two nonferrous Total Electric Power Use i1 Texas 
foundries. Some 40% of the Tyler labor force is employed in the primary metals industries. Texas Foundries of Luf­kin is the largest malleable iron foundry in the Southwest and the Lufkin Foundry & Machine Company, another of the state's large foundries, operates a large subsidiary for manufacturing truck trailers. Foundries have spread as far south in Texas as San Juan and Edinburg in the Lower Valley. 
The foundry industry consists primarily of a number of small plants, each employing from 20 to 200. The average gray iron foundry employs approximately 40; the average steel foundry, about 150. (However, some of the larger foundries in Texas-the Tyler Pipe & Foundry Company, for instance--employ more than 1,000.) There are some 100 job classifications in founding practice, ranging from those which require only the equivalent of a grade school education to those requiring an engineering degree. The skilled molder makes approximately $2.25 per hour. In tern Company, manufacturer of magnesium and aluminum castings for the aircraft industry. Ennis: ~,000-foot ex~an­sion of Airloy Foundry, maker of precision steel castmgs for the aircraft and petroleum industries. Forreston: opening of H. L. Harvill Company, manufacturing die cast­

Industrial Electric Power Use in Texa s 
Index .Adjusted for seasonal variation • 1947-1949·100 
soo

00 
300 
200 
100 
0 
w~ 
~ 
~ 
~ 
~ ~ ~ ~ ~ ~ ~ ~ ~ s 
November 1959, the Texas Employment Commission listed 
some 5,350 employed in founding in the state, as compared 
to approximately 4,740 a year before. 
Founding in a given area normally is aimed at meeting the demand for cast metal products in the area. This is due largely to the great difficulty and cost of shipping heavy cast metal items. For instance, foundry production in Hous­ton is primarily in items for the oil industry; in San An­tonio, in products for aircraft; in the Dallas-Fort Worth area, in industrial defense products. Thus, the progress of the founding industry has been dependent on the develop­ment of industries in a given area which need an increas­ing supply of cast metal products. The average daily pro­duction of a medium-sized foundry is approximately three tons of the usual type of small and medium-sized job-shop castings. Competition is keener in iron and steel founding than in the nonferrous castings area. 
An indication of the growth of the Texas founding indus­try is shown in the number of new foundries established in the state over the past two years. Also, there has been sub­stantial expansion of existing foundries. According to Texas Industrial Expansion, new foundries and expansions in the past two years include the following: 
Corsicana: expansion of the Oil City Iron Works to add a new type of iron casting to the firm's product line. Dallas: expansion of Dallas Die Casting Company; expan­sion of Patterns, Inc., manufacturer of wood and metal foundry patterns; opening of Oak Park Foundry, making ornamental metal castings; new Big D Foundry and Pat­
ings. Fort Worth: new Dalworth Foundry Company, making aluminum and magnesium castings for t~e ~i.rcr~ft industry; expansion of Stevenson Foundry, speciahzmg m aluminum and brass castings. Garland: opening of Ampco Metal, Inc., manufacturing custom bronze and alloy cast­ings. Houston: reopening of Houston Metal Spinning Company; building of Carbide Manufacturing Company, Inc., maker of tungsten carbide castings; expansion of Pro­duction Die Casting & Plating Company, tripling output of die castings; expansion of Atlas Pipe, Inc. Jackson· ville: 4,000-foot expansion of Nichols Industries, Inc., making aluminum and zinc die castings. Longview: new Engineered Castings Company, making gray, alloy, and chilled iron castings. Lufkin: expansion of Lufkin Found­ry & Machine Company. Midland: $200,000 expansion of Central Texas Iron Works. Richmond: new W-K-M Man­ufacturing Company, making iron and steel foundry prod· ucts and casting molds for use in the company's Mission City plant. San Antonio: opening of A & A Iron Works. Sherman: Capitol Products Corporation, adding of smel­ter, casting equipment, and new aluminum extrusion presses. Tyler: expansion of Tyler Pipe & Foundry Com­pany; expansion of Western Foundry Company, concen­trating on casting of soil pipe fittings and iron and brass plumbing specialties. 
REFINERY STOCK S* 
(in thousands of barrels) 
Sou rce: The Oil and Gas J ournal 

Average month 
Percent change Dec ( 1959 from Ar ea a nd produ._c_t _ __1_9_59 ___19_5_9 _ _ _19_5_8___1_95_8_) _ 
(thousands of barrels) 
UNITED STATES  
Gasoline  --------------­-----­--·-­ 188,966  193,098  189 ,367  + 2  
Disti llate  148,807  128, 101  118, 628  + 8  
Residual  49 ,938  55,879  62,246  -10  
Kerosene  26,771  26,338  24,81 8  + 6  
T EXAS  
Gasoline  31,725  31,708  32,606  - 3  
Dist illate  .  18,962  16,534  14,306  + 16  
Residu al  7,286  8,007  8,538  -6  
Kerosen e  2,831  3,277  2,850  + 15  

*Figures shown for week ending nearest the last day of the month. 
TEXAS BUSINESS REVIEW 

Iron and steel castings are made from sand molds, some 85% of which are termed "green sand" molds. Nonferrous castings are made from metal dies. "Green sand" molds are constructed of sand in its natural state with a clay bond· ing agent. This type mold depends upon moisture and the clay binder to retain its shape. The moisture forms a steam when the metal is poured into the mold and chills or hardens the surface of the metal. Large uniform items such as engine blocks are cast from dry sand molds, which are rammed when wet and baked. Intricate castings, such as church bells, are made from loam molds. Pipe is cast on a horizontal centrifugal force principle. 
Molds are constructed in frames called flasks and designs pressed into the molds from wood, plaster, or metal pat­terns. The face of the mold is coated with powdered graph· ite to prevent the molten metal from sticking to the sand. Most foundries today still use hand molding and casting, but some large plants utilize conveyer belts for dumping sands into flasks and machines for pouring molten metal into molds. 
Most metals used in iron and steel castings are melted in cupola furnaces, a type furnace resembling a blast furnace, but smaller. It is a hollow vertical cylinder with an outer shell of riveted boiler plate and an inner firebrick wall. Alternate layers of coke, pig iron, scrap metal, and flux (limestone) are placed in the furnace and heated by air forced through the bottom of the furnace. The molten metal is collected through a trap door also at the bottom of the furnace. 
Other type furnaces used for iron and steel foundry prac­tice are electric, direct arc (heated by carbon electrodes), indirect arc, induction (heated by high-frequency copper coils running alongside the crucible where the metal is melted), or air (which has a firebox separate from the crucible). 
Nonferrous metals are melted in a metal crucible by di­rect gas, oil, coils, or coke heat, since they melt rapidly under controlled conditions. A lift-coil type of induction furnace has been designed for melting brass and bronze. 
Castings are normally hand cleaned with a stiff wire brush and emery stone. Those which have rough edges may be placed at low speed in a tumbling barrel with wood blocks and metal stars and then smoothed with an emery wheel. Often sand blasting, chemical cleaning, handsaws, oxyacetylene torches, and buffing wheels are used. Some castings must have heat treatment to prevent uneven cool· ing, which causes damage to the structure of the metal. 
Foundry growth in Texas communities is dependent largely on the growth of heavy industry in the area and/or on large area consumption of foundry products in such in­dustries as home construction. Due to the difficulty of trans­porting heavy cast metal items, a foundry must locate within a short distance of the ultimate consumer of its products. Too, although a foundry operates within a wide employment range, a strong core of skilled workers is neces­sary for molding and patterning operations. Thus, the available labor force in a community is another strong consideration in putting a foundry into operation. Another major economic consideration is the availability of raw materials, principally scrap metal. Again the transporta· tion problem with heavy metal items comes into play. 
FEBRUARY 1960 Building Construction: 
NEW BUILDING PERMIT RECORD IN 1959 
By ROBERT H. DRENNER 

Urban building construction valued at an estimated $89,440,000 was authorized in Texas in December, an amount 19% above authorizations in the preceding Novem­ber and 1 % greater than in December 1958. A nominal 1 % November-to-December increase in the value of new resi­dences authorized was overshadowed by a 51 % rise in per­mits for new nonresidential building. Furthermore, in De­cember the dollar value of new nonresidential building for which permits were issued amounted to over 50% of all new building construction authorized in the state during the month, an unusually high percentage in view of the fact that in the past few years nonresidential permits have almost invariably accounted for about 40% of all new building authorized in Texas in any given month. 
Building Construction in Texas• 
Index • Adjusted for seasonal variation • 1947-1949-100 
AOO 

AOO 
~­
~ 

r "' \200
rw... 
Ai
200 
' 
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)
/I 
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19.46 JJ Ml A9 50 51 52 53 5A 55 56 S7 58 59 O 
· value of building conslrucl io n ouihorizel 

New building authorized in December, however, was 2% below the total dollar figure for December 1958. An un­usually large 51 % jump in permits for additions, altera­tions, and repairs was responsible for pushing total build­ing authorized 1 % over the year-ago level. On the other hand, the November-to-December dollar gain was wholly nonseasonal, with the over-all building index, adjusted for seasonal trends, moving strongly upward to 246 from 201 in the preceding month. 
Building authorized in Texas in 1959 reached a new an­nual high, with permits issued for building construction valued at over $1.25 billion (actual building volume was substantially greater, with an appreciable but as yet inde­terminable amount in areas, chiefly rural, for which build­ing permits were not issued). Total dollar value of building authorized in the state in 1959 was 5% greater than in 1958. Allowing for a moderate rise in building costs during the year, the value of work put in place was roughly 3% greater than in 1958. The magnitude of the gain was the result of an 11 % dollar rise in nonresidential building dur­ing the year; the residential category rose only 1 %-which after allowance for cost increases translates into a dollar physical volume of home construction in 1959 about the same as or slightly lower than 1958 volume. 
7 
RESIDENTIAL 
New homes valued at an estimated $39,934,000 were authorized in Texas in December, 1 % above the November dollar total and also 1 % greater than in December 1958. The November-to-December improvement was in contrast to a customary 6% permit drop between the two months. But the nonseasonal December gain was probably non­significant. The monthly residential total in Texas (and the over-all building permit total as well) is subject to large random variations, and there has been no convincing recent evidence of new strength in Texas homebuilding. Most of the available evidence points in a quite different direction -the direction suggested by the fact that the average value of the monthly residential index for January-July 1959 was 283 and its average value through the last five months of the year was 247. A similar decline has been charac­teristic of U.S. homebuilding during the same period, and the primary cause of the decline-tight money and rising interest rates-is still the dominant consideration in pre­dicting the rate of home construction in the immediate future. No one expects much improvement until a signifi­cant change occurs in the money markets. On the other hand, it does not seem likely that the rate of new home starts will fall much below the current level; the demand for new homes, even at present mortgage terms, is strong. 
The total dollar value of new residential construction authorized in Texas in 1959 barely exceeded the 1958 total ( +1 % ) . Physical volume was probably down about 1%. The months immediately ahead will almost certainly compare unfavorably with the corresponding months in 1959, but home construction is widely expected to speed up significantly at least by the last half of the year. On balance, 1960 should be a new record year for Texas residential building, with the dollar total rising 3%-5%. 


NONRESIDENTIAL 
New urban nonresidential building authorized in the state in December had an estimated total value of $40,423,­
LOANS BY SAVINGS AND LOAN ASSOCIATIONS 
Source: Federal Home Loan Bank of Little Rock 

Percent change 
Jan-Dec 1959 J an-Dec from Type Dec 1959 1959 J an-Dec 1958 
ALL LOANS ......................... .  3,943  62,073  + 5  
Number  
Construction .................................... .  899  11,282  + 15  
Purchase  __  l ,751  24,337  + 14  
Other  ...  1,293  16,454  - 9  

Va lue (thous of dollars) 
ALL LOANS ..... .................... ......... $38,193 $498.436 + 21 Construction ........................... . 11,054 138,359 + 24 Purchase ... . 17,336 240,782 + 21 Other ......... . 9,803 119,294 + 17 
000, an amount 51 % above the November figure and also 51 % greater than in December 1958. The strong increase was in contrast to a customary small seasonal drop, and the seasonally adjusted monthly nonresidential index conse­quently leaped from November's 172 to 278. The Decem­ber gain was also large enough to raise the category's 11­month cumulative gain over 1958 of 8% to an 11%im­provement in the 12-month comparison. 
The monthly nonresidential building index exhibited exceptionally large fluctuations all through the last half of 1959. These fluctuations, much more characteristic of the nonresidential index than of the residential, are usually the result of the uneven distribution of very large individual permits. In December, for example, a permit for a new $8-million city-owned office building in Houston accounted for about 20% of the value of all new nonresidential build­ing authorized during the month and was an important factor in the category's December rise. In short, a large index rise or fall in a given month is usually not significant. Nevertheless, for some months is has appeared that Texas nonresidential building was slowly gathering strength, even though much building in the category has been delayed by the high cost of borrowed funds. Record business activity 

BUILDING AUTHORIZED IN TEXAS 20 SELECTED CITIES 
Residential Dwelling Units-(Number) Nonresidential Total Construction• 
Jan-Dec Jan-Dec % Jan-Dec Jan-Dec % Jan-Dec Jan-Dec % Jan-Dec Jan-Dec % 1959 1958 Change 1959 1958 Change 1959 1958 Change 1959 1958 Change 
Abilene  ---------------------­ $19,018,267 $14,951.146  +  27  1728  1316  + 31  $ 9,634,722  $ 7,271,879  + 32  $29,389, 137  $22,871,085  + 28  
AmarilJo  .  21,834,345  17 ,633,581  +  24  1762  1468  + 20  15,097,062  6,095,092  +148  39,579,704  26,423,693  + 60  
Austin  ........................  30,371.075  23,918,399  +  27  2150  1758  + 22  19,896,212  22,499,975  -12  55 ,990,800  50,637,028  + 11  
Beaumont  7,518,116  9,779,632  - 23  861  1243  -31  10,680,009  7,595,919  + 41  19,770,147  18,902,031  + 5  
Corpus Christi ......  8,638,653  12,345,165  - 30  864  1308  -34  10,856,542  7,993,886  + 36  21 ,387,776  23,793,903  -10  
Dallas  -----------·········--·­ 85,708,382  75,803,795  +  13  8760  7705  + 14  51,273,993  53,123,104  - 3  158,806,506  145,164,285  + 9  
El Paso ......................  41,743,108  48,217,205  - 13  4100  5311  -23  14,974,098  13,337 ,131  + 12  65,002,529  66,939,151  
Fort Worth  ..............  27,409,251  27,668,564  - 1  3037  3285  - 8  24,901,347  21 ,224,236  + 17  58,386,105  53,712,075  +  
Garla nd  -----------­./------­ 10,554,514  10,532,073  x  1088  1116  - 3  2,192,212  3,096,353  -29  13,111,928  14,048,984  
Houston  ···· ················ 124,251,098 144,035,061  - 14  11,006  12,650  -13  72,156,898  63,742,965  + 13  226,578,122  233,189,347  
Irving  ---------------·-····  10,168,098  9,491,520  +  7  983  947  +  4  7,529,361  2,367 ,095  +218  18,128,181  12,330,004  + 47  
Longview  ..................  6,298,700  7,983,500  - 21  392  420  - 7  1,196,267  4,283,968  -72  8,349,902  12,922,065  -35  
Lubbock  ·········---········  32,734,787  28,426,574  +  15  244 2  2150  + 14  18,414,107  13,136,207  + 40  53,600,572  43,068,049  + 24  
Midland .....................  23,979,745  20,420,537  +  17  1888  1673  + 13  10,169,335  8,325,750  + 22  36,502,465  30,007,653  + 22  
Odessa -----------·············  17,196,150  21 ,378,555  - 20  1573  2207  -29  10,751 ,549  5,525,824  + 95  28,831,504  27,565,163  + 5  
Port Arthur ..............  l,939,864  2,455,329  - 21  213  249  - 14  2,985,288  5,123,976  -42  6,087,539  8,776,175  -31  
San Antonio  35,774,792  35,650,966  x  4501  4608  - 2  15,975,681  15,438,811  + 3  60,306,937  58,640,630  + 3  
Tyler  ..............  6,493,385  7,287,600  - 11  535  620  - 16  2,534,834  3,107,100  -18  9,885,203  11,877,383  -17  
Waco  ····················  7,020,145  9,424,282  - 26  539  841  - 36  8,479,273  3,482,899  + 143  17,012,541  14,656,578  + 16  
Wichita Falls ............  7,244,431  5,113,715  +  42  652  436  +  50  4,517,942  3,033,892  + 49  13,635,091  9,776,070  + 39  

* Includes additions, alterations and repairs. 
x Percent change is less than one-half of one percent. 
TEXAS BUSINESS REVIEW 
ESTIMATED VALUE OF BUILDING AUTHORIZED 
Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce 
Dec  Percent change J anuary-December Jan-Dec 1959 from  
Classification  1959  1959  1958  Jan-Dec 1958  


Thousands of dollars  
CONSTRUCTION CLASS  
ALL PERMITS  ................  89,440  1,254,974  1,195,280  +  5  
New construction ....  80,357  1,125,582  l,081,897  +  4  
Residential  (housekeeping)  39,934  706,713  703,025  +  1  
One-family dwellings  ......  35,424  655,955  640,766  +  2  
Multiple-family dwellings  4,51(}  50,760  62,259  - 18  
Nonresidential buildings ....  40,423  418,869  378,872  +  11  
Nonhousekeeping build­ 
ings  (residential)  127  17,544  22,751  - 23  
Amusement buildings ....  1,954  13,188  11,066  +  19  
Churches ................  3,098  43,279  37,706  +  15  
Factories and workshops .  2,162  30,657  27,070  +  13  
Garages (commercial and  
private)  ···--·--····-·-··-········  1,199  6,182  4,715  +  31  
Service stations ... ....  434  13,933  9,762  +  43  
Institutional buildings ....  1,213  24,824  15,717  +  58  
Office-bank buildings•  10,382  122,107  64,006  +  91  
Works and utilities ..........  601  13,535  14,989  - 10  
Educational buildings .  7,954  75,455  97,141  - 22  
Stores and  
mercantile buildings  10,282  94,437  70,101  +  35  
Other buildings and  
structurest  ------· ·--·-·······-·  1,017  16,267  14,688  +  11  
Additions, alterations, and  
repairs§  ....... ..............  9,083  129,393  113,381  +  14  
METROPOLITAN vs.  
NON-METROPOLITANt  
Total metropoli"tan ....................  67,149  937,902  899,915  +  4  
Central cities  ............  58,724  807,565  768,060  +  5  
Outside central cities . __  8,425  130,337  131,855  1  
Total nonmetropolitan ...  22,291  317,071  295,365  +  7  
10,000 to 50,000 population .  14,125  221,303  212,651  +  4  
Less than 10,000 population  8,166  95,768  82,714  +  16  

•Includes public (non federal) administration buildings beginnin!<' July 1957. t Includes government (nonfederal) service buildings beginning July 1957. I Includes additions and alterations to public buildings beginning July 
1957. t As defined in 1950 census. 
and a prosperous and expanding economy, however, are evidently offsetting the money rate consideration to a much greater extent than in the residential area. The next six months, on average, should record a substantial nonresi­dential building gain over the same period a year ago. 
November-to-December showings by the various non­residential subclassifications were extremely diverse, as is often the case. Showings for the year as a whole were more uniform, but here also there were wide differences. In the following list, the November-to-December change is the first figure, and the 1959-1958 comparison the second: Hotels, tourist courts, and other nonhousekeeping residen­tial buildings (-94%, -23%); theaters, bowling alleys, and other amusement buildings (+545%, + 19% ); churches (+3%, +15%); factories (+22%, +13%); commercial and private garages ( + 197%, +31 % ) ; serv­ice stations (-53%, +43%) ; hospitals and institutional buildings (-13%, +58%) ; office-bank buildings (+340%, +91%); utilities (-70%, -10%); schools ( + 15%, -22%) ; and stores and mercantile buildings (+111%, +35%). 
Agriculture: 
VEGETABLE OUTLOOK: TEXAS CARROTS, LETTUCE, AND PEPPERS 
By JOE CARROLL RUST 

Prospects for two of Texas' top winter vegetables, car­rots and lettuce, are improved over 1959. Texas winter carrot acreage, about three fourths of which is in the Lower Rio Grande Valley, is up some 20% from 20,000 acres last year. Production for the winter carrot crop is indi­cated at 264.0 million pounds for 1960. Texas winter let­tuce production for 1960 has been estimated at 63.0 million pounds, an increase of some 30.5 million pounds over 1959. 
Large-scale replanting of carrots was necessary in most of the state's carrot-producing areas due to abnormally hot weather in September and early October and heavy rains in October, the U. S. Department of Agriculture an­nounced, resulting in thin stands in early fields. Late plant­ings, however, have good stands and have made good growth. Growing conditions during December were good, and harvest was active in the Lower Rio Grande Valley in late December. Supplies became available in small amount in late November. 
Texas and California combined accounted for some 60% of the total national carrot crop in 1959. Approximately one-third the total crop was winter carrots from these two states. California consistently has enjoyed a higher yield per acre in carrot production than Texas. Coupled with this disadvantage to Texas for the 1959 winter crop were adverse planting conditions due to heavy statewide rain 
CARLOAD SHIPMENTS OF FRUIT AND VEGETABLES 
Source: Compiled from reports received from Agricultural Marketing
Service, U. S. Department of Agricultue 

January-December 
P ercent Commodity 1959 1958 change 

TOTAL SHIPMENTS ........... .  23,522  28,226  -17  
VEGETABLES ......... ...................... .  20,679  23,996  -14  
Beets .... ...................................................... .  44  61  -28  
Broccoli  34  46  -26  
Cabbage ..  2,187  2,883  -24  
Carrots  2,837  5,769  -51  
Cauliflower  239  451  -47  
Corn  303  295  + 3  
Cucumbers ---··············· ------------··-············­ 21  19  + 11  
Lettuce ................................................ .  627  829  -24  
Onions ................... .  3,932  4,303  -9  
Peppers .......................................... .  706  383  + 84  
Potatoes ..................................................... .  l ,275  620  + 106  
Radishes ........................ . ....................... .  0  -100  
Spinach ...................................................... .  1,454  1,664  -13  
Tomatoes ................... ........................ .  3,192  2,792  + 14  
Mixed Vegetables .................................. .  3,828  3,880  -1  
FRUIT ...................................... .  2,681  4,099  -31>  
Canteloupes ................................. .  387  1,212  -68  
Grapefruit ................................................. .  392  335  + 17  
Honeydews .............................................. .  313  604  -48  
Lemons ·······----------·-·---­········ --·················--­ 3  16  -81  
Oranges  77  113  -32  
Strawberries .......... -----·---··············­ 2  -67  
Watermelons ..............................................  906  1,228  -26  
Plums & prunes ...................................... .  4  +125  
Tangerines ----····---················--------·······  9  11  -18  
Mixed citrus ................. --­-------·-··--··-·········  599  569  -2  
Mixed melons ..........................................  24  +2.300  
ALL OTHERS ............................... .  162  131  + 24  

Prices Received by Farmers in Texas 
Index • Unadjusted for seasonal variation • 1909-1914·100 

and flooding in October 1958 and a December cold wave in all the Texas vegetable-growing areas, resulting in a drop to 95 cwt. yield per acre, cutting the 1959 crop sharply to 19.0 million pounds. Blight trouble also was experienced in January and February. California, with a much lower planted acreage, upped its yield per acre and harvested a 218.4-million·pound crop. Average Texas yield in 1958 was 160 cwt. per acre, producing a 312.0-million-pound crop, some 163.6 million pounds over the California harv­est. 
Principal growing areas for Texas winter carrots are the Lower Rio Grande Valley (largely Cameron and Hi· dalgo counties), the Winter Garden and the Eagle Pass area, the San Antonio area, the Laredo region, and the Coastal Bend (mainly Nueces and San Patricio counties) . Planting begins in early August, continuing into January. Harvest in the San Antonio, Winter Garden, and Laredo areas usually begins in November, but not in the Valley until December. Coastal Bend carrots do not usually start making until late February, with production continuing as late as June. Ample supplies should be available into April this year. 
Production of fall carrots in Texas also dropped drastic­ally in 1959. This drop, rather than due to adverse weather, was the result of a more than 50% decrease in acreage planted. Although hail caused damage to some plantings in early summer, yield per acre was increased. Texas ranked first in fall carrot production in 1958, with a 97.5­million-pound crop. In 1959 the state dropped behind New York, Wisconsin, and Oregon, showing a 52.5-million­pound production. 
Plantings of fall carrots in Texas are from mid·April to August, with harvest beginning in late July. The peak sup­ply is hit in mid-September, but production usually con­tinues into January. The Panhandle (Bailey, Castro, Deaf Smith, Hale, Lamb, and Parmer counties) is the principal producing area. 
Lettuce is a second vegetable crop of which Texas pro­duces both a winter and fall harvest. However, Texas ranks much lower in lettuce production than in carrots. The state stood third in winter production last year, but sub­stantially below California and Arizona. In fall production Texas was second below California, but again substantially under this state. In winter production in 1959 California turned out 652.5 million pounds of the 869.0-million-pound total. Arizona produced 160.0 million pounds, while Texas produced only 32.5 million pounds. In the fall crop, Texas produced only 36.4 million pounds of the 457.3-million­pound total. California turned out 362.7 million pounds. Although a 94% increase in Texas winter lettuce produc­tion in 1960 is indicated, the harvest will still stand sub· stantially behind California's estimated 690.0 million poun~s and ~rizona's estimated 160.5 million pounds. Texas 1959 wmter crop fell below the 1958 crop by some 
23.6 million pounds due to an approximate 50% acreage cut. The fall crop was substantially the same in 1958 and 1959. 
Principal lettuce-growing areas in Texas are the Lower Valley, t?e Winter. Garden, th~ Laredo area, and the Eagle ?ass reg10n (especially Ma~en~k County). Planting begins m September and product10n m the Winter Garden con· tinues as late as April. Heavy marketings should continue !hrough March this year. Light harvest began in the Valley m late November, but volume did not start moving to market until mid-December. A freeze in the Winter Garden on November 7 lowered yield prospects, but no acreage was lost co~pletely. The freeze also caused some tip-burn. 
Plantings of Texas early fall lettuce begin in late June in the Panhandle, the chief producing area. Harvest is in September and October, but lettuce which stays in the field into November is usually killed by freezes. 
Texas drew ahead of Florida in production in fall green or bell, peppers in 1959 (the state produced about one-third of the nation's fall peppers last year), but plantings in summer peppers in the state in recent years have been so low that the U. S. Department of Agriculture discontinued estimates in 1956. Texas fall production was 12.2 million pounds in 1959; Florida, 10.5 million pounds. Florida topped Texas 16.5 million to 10.0 million pounds in 1958. Chief growing areas for fall peppers in Texas are the Lower Valley and the Winter Garden. Seedbeds are prepared in early July and the plants are placed in the fields in late August. Harvest begins in late October and remains active throughout November and December. 
Seedbeds for summer Texas bell peppers are planted in early January, with plants carried to the field in early March. Principal growing areas are the San Antonio area 
(Atascosa and Bexar counties), the Coastal Bend (Jim Wells, Kleberg, San Patricio counties), South Texas (prin· c~pally ~arris County), East Texas (Cherokee, Falls, Hop· kms, Milam, Robertson, Rusk, Shelby, Smith, Van Zandt, and Wood counties). Production in South Texas the Pan· handle, and East Texas runs as far as mid-July. ' 
C ARLOAD SHIPMENTS OF LIVESTOCK* 
Sour ce: Bureau .of Busi~l!Ss Research in cooperation with Agricultural 
Marketing Service, U. S. Department of Agriculture 

Percent change  
Classification  Dec 1969  Nov 1969  Dec 1968  Dec '59 from Nov '69  Dec '69 from Dec '68  

TOTAL ---i,774 1,704 i.879 4 -6
+ Cattle ·--· ----------·········· 1,486 1,442 1,687 + 3 -6 Calves ----················----------------201 198 263 + 2 -2A 
Hogs 
------··-·· 3 0 0 Sheep -·-·--··-----------------·········--·· 84 64 29 + 31 +190 INTERSTATE l ,589 1,626 1,664 4 + 2
+ Cattle -·····-···········-------------------· 1,338 1,311 1,823 + 2 + 1 Calves --------------------············---· 166 160 216 + 10 -24 Hogs ··--------------········----·--·-----··· 3 0 0 
····-·-·--··--------·
Sheep 83 64 26 + 80 +232 INTRASTATE 185 179 315 + 3 -41 Cattle 148 131 264 + 13 -44
-········-·---·---··-·-­Calves -------·-----------------36 48 47 -26 -23 Sheep 0 4 -75
--··················------·----------­
* Rail-car basis: Cattle, 30 head per car ; calves, 60 ; hogs, 80 ; and sheep, 250. 
TEXAS BUSINESS REVIEW 

Finance: 
THE U. S. BALANCE OF PAYMENTS-A CHANGING PICTURE IN A CHANGING WORLD 
By P. JOHN LYMBEROPOULOS* 

As 1959 came to an end, concern was expressed by the Administration, and by many businessmen and other per­sons versed in the field of international economics, with regard to the relatively high deficit of approximately $4 billion that the United States was running in its balance of payments with the rest of the world. To others the situ­ation did not seem at all of alarming nature or to bear unpleasant consequences for the economy, but on the con­trary was viewed with hope and enthusiasm as indicating the end of a postwar era that was characterized by a major dollar shortage and trade barriers among nations. 
The last thirty years, with two major wars and a period of tensions that divided the world into two rival philos­ophies, possess significant importance in the economic hi~­tory of this nation. It was an era during which economic "isolation" policies in the United States gave way to trade interdependence and cooperation with other nations, based upon economic justice and opportunity. The wars in Europe and a tremendous growth of wealth and power in the United States have given to this country the role of economic and political leadership in the society of nations. The growing concern of the United States with international economic affairs has been intensified in the postwar years through ample military and economic grants in aid, vast exchanges of goods and services and the exportation of valuable tech· nical knowledge to other lands aimed toward the raising of living standards, and facilitating higher levels of eco­nomic activity in less developed areas of the world. 
The effort on the part of this nation to aid less developed economies and restore war-devastated countries resulted in a heavy over-all surplus in the balance of payments of this country, which was financed primarily by large im­portations of gold. Such a balance is simply an a<:counting statement which provides, in summary form, valuable in­formation with regard to a country's over-all economic picture and especially its economic status among other na­tions. It covers all transactions conducted by the residents of one nation with the rest of the world during a given period of time, usually one year. All transactions are classi­fied into a few distinct groups that constitute major com­ponents of economic activity. 
Recently the United States has ceased playing the bene· factor to the majority of the free world, and on the contrary has come to realize that she has undertaken a new duty and role, that of a free competitor in the world's markets. For a period of ten years this nation diligently strove to rehabilitate its present competitors through various mutual defense and economic assistance programs that originated with the Marshall Plan in 1943. Such an effort has brought forth strong economies that, along with the United States, are presently directing their trade activities toward striking financial balance in their international economic relations. 
*Instructor in Business Statistics and Finance, The University of 
Texas. 

The present deficit in the balance of international pay­ments constitutes the most tangible proof of the over-all success of the military, economic and technical aid that was provided for the war-torn economies. In a period of less than ten years the economies of the previously devastated nations emerged reconstructed, fairly stable, vital and highly competitive. This strength and vitality of both Western Europe and Japan first became evident in 1950 when trade surplus figures of the United States drastically declined from $7 billion to $3 billion. Between 1947 and 1957 the same nations, having overcome major inflationary problems within their own economies and having improved considerably on wage scales, production costs, managerial techniques and technological advancements, were able to experience a tremendous leap in their exports, which in turn caused a considerable increase in United States im· 
U.S. BALANCE OF PAYMENTS 
(Excluding Military Grants In Aid) 
Seasonally Adjusted 
(Millions of Dollars) 
1958 1959 Classification II III IV II 

U.S. PAYMENTS, TOTAL ----$6,697 $6,832 $7,027 $6,650 $7,348 $7,351 
Imports, total 5,166 6,272 5,517 5,513 5,986 5,985 Merchandise 3,187 3,2181 3,432 3,540 3,930 8,956 Services and mil. expendit. 1,979 2,054 2,085 1,973 2,056 2,029 
Remittances and pensions .... 170 173 186 186 185 198 Govt. grants and related capital outflows (net) 609 612 580 647 559 627 

U .S. 	private and other govt. capital outflows (net) 752 775 744 304 6182 541 


U. 
S. RECEIPTS, TOTAL _ 5,734 5,897 5,869 5,614 5,864 6,308 


Exports, total 5,749 5,923 5,817 5,539 5,674 6,17-1 Merchandise ............... . 4,019 4,143 4,000 3,807 3,925 4,335 Services and mil. 

transactions 1,730 1.780 1,817 1,732 1,749 1,839 Foreign long-term invest­ments in the U.S. ____ _ -15 -26 52 75 190 134 ERRORS AND OMISSIONS (net receipts) -------·------112 45 148 117 362 -12 
INCREASE 	IN FOREIGN GOLD AND LIQUID DOLLAR ASSETS THROUGH TRANSAC· TIONS WITH THE UNITED STATES 851 890 1,010 919 1,122 1,055 
1 Excludes census trade adjustment of $33 million. 
2 Excludes $1,375 million IMF subscription. 
Source: U. S. Department of Commerce, Office of Business Economics, 


Siirvey of Current Bu.siness, D ecember 1959, p. 6. 
ports at an average rate of increase of nearly 12% a year. However, the United States continued assisting the rest of the free world intensively, even though indirectly. Defense assistance continued with nuclear weapons. Protective measures on the part of many nations, designed to discrim­inate against dollar goods and services, were tolerated. In addition, the United States financed other nations' exporta­tions of goods and services to underdeveloped areas and thus made available to them additional amounts of highly­needed dollars. 
This explosive growth of Western European and Jap· anese trade, along with inflationary prices in this country during the period of 1947-57, has accounted to a great extent for this present reversal in the balance of payments. This shift from the position of net surplus to that of a de­ficit has in recent years caused considerable impact on foreign gold and short-term dollar holdings which in the period between 1949 and 1958 were slightly more than doubled, with Canada, Asia, the Sterling Area countries and Latin America benefiting the most. 
The table on page 11 provides a summary of the eco­nomic status of the United States and its activity with other nations for the last three quarters of 1958 and the first three quarters of 1959. In the third quarter of 1959, U. S. payments reached a high point. In the second quarter, im­ports, even after the required seasonal adjustment, attained a new peak of activity and even exceeded exports of non­military goods. Nonferrous metals, newsprint, vehicles, tex­tiles and wood products led in the list. In the third quarter, however, this increase in imports continued at a decreasing rate. Sales of foreign automobiles and agricultural ma­chinery in American markets experienced the most notice­able decline. 
Following the same pattern, exportation of non-military 
goods experienced an increase during the second quarter 
of 1959, but not comparable to that of imports. Finished 
manufactured goods and foodstuffs accounted primarily 
for this increase. The picture, however, changed somewhat 
when merchandise exports during the third quarter rose 
$410 million over the second, for one of the largest quarter­
to-quarter changes in recent years. Studies by the Depart­
ment of Commerce indicate that nearly half of this sea­
sonally adjusted increase can be attributed to exports to 
Wes tern Europe (nearly 40% of the total) , Australia and 
Canada. 
Trade with Western Europe, one of the principal export 
markets of the United States, is under pressure as the Euro­
peans, with their economies reconstructed and enjoying 
"healthy" economic cooperation, are industrially compet­
ing with the United States. There is no doubt, however, 
that the demand for American products will continue. 
Consequently, in the months or even years to come, the 
United States will not cease experiencing a favorable bal­
ance of trade. The only changes that are expected to occur 
are in the nature and character of the commodities to be 
exported, which have already begun shifting from heavy 
manufactured and capital goods to chemicals, plastics, and 
consumer durables. 
While the export-import relations of this nation have 
followed a more or less "normal" pattern, direct United 
States private foreign investment, especially to Western 
Europe and Japan, has been subject to a tremendous 
growth. Reconstructed economies have created in recent 
years an investment-favorable environment that has boosted 
the new outflow of direct investment capital to Europe from 
$74 million in the first six months of 1958 to $284 million 
in the period between January and June, 1959. 
As the 1960's began, a new era of financial interdepend­
ence among nations of the free world saw its beginning. It 
is the beginning of an epoch during which the United 
States is destined to play probably the most vital role, that 
of the "world banker." At present, however, a rather size­
able deficit in the country's international balance of pay­
ments and the potential action with regard to the deficit's 
absorption seem to occupy the minds of policy planners. 
This deficit, even though it has performed the service of 
better distributing the existing monetary reserve through­out the world and has thus increased the probability of peaceful coexistence, is the result of an unfavorable balance of trade. Devaluation of the dollar and an increased re­striction of imports, even though they guarantee immediate results, are excluded as undesirable and extremely drastic for the restoration of balance in the U. S. international accounts. Foreign aid if directed toward countries who de­pend on United States exports might eventually create a favorable balance of trade and thus contribute to the re­duction of the existing deficit. 
Currently the Administration has taken steps toward the elimination of this balance deficit by taking decisive action toward a tight money policy that will control inflationary pressures. Thus, a close control will be kept between costs and the price structure. In addition, since the United States will be carrying on international trade on equal terms with the rest of the nations, it has been suggested that other countries immediately remove the remaining discrimina­tory restrictions against dollar goods and services, that they shouM carry heavier responsibility in the rehabilitation of underdeveloped areas, and that defense expenditure?! should be shared financially on a more equal basis. 
CHANGES IN CONDITION OF WEEKLY REPORTING MEMBER BANKS IN THE DALLAS FEDERAL RESERVE DISTRICT 
Source: Board of Governors of the Federal Reserve System 
Percent change• 
Dec 1959  Dec 1959  Dec 1958  
from  from  from  
Account  Nov 1959  Dec 1958  Nov 1958  

TOTAL  ASSETS  + 2  - 2  + 5  
Loans and investments, less  
loans to banks and  
valuation reserves -----------­ + 1  ••  + 2  
Loans, less loans to banks  
and valuation reserves ---·  + 2  + 4  +  
Commercial, industrial, and  
agricultural loanst  ..................  + 1  +  +  7  
Loans for purchasing or  
carrying securities ·--­··-·-----­---­Real estate loans ................................  + 1 + 1  8  + 14 3  
Other loans .............. .........................  + 4  + 14  + 2  
T otal U.S. Government securities _------------··········-------·  - 9  - .  
Treasury bills ....................................  -39  -36  -33  
Treasury certificates of  
indebtedness .......... ..................... Treasury notes and bonds .............. Other securities ............................  •• + 2 + 8  -75 + 2 + 5  -2 •• + 5  
L oans to banks ..........................  + 41  +650  -89  
Reserves with Federal  
Reserve banks ....................... . Cash in vaults .......................... .  -9 + 10  -6 + 12  + 1••  
Balance with domestic banks Other net assets .............. .  + 19 + 6  -22 + 12  + 49••  
TOTAL LIABILITIES ......  + 2  3  + 5  
Total adjusted deposits ............. .  + 2  2  + 2  
Demand deposits ......................... . Time deposits ......................... .  + 4 + 1  3 2  + 7••  
U. S. Government deposits ....... Total interbank deposits ........... .  -30 ••  + 11 -16  -50 + 22  
Domestic  banks  ............................... .  + 6  -16  + 23  
Foreign banks ....................................  + 13  + 6  -16  
Borrowings  ................................... .  -14  -100  
Other liabilities CAPITAL ACCOUNTS....  + 2••  + 16 + 9  -- 8 1  

*Percentage changes are based on the week nearest the end of th• 
month. *• Change is less than one-half of one percent. tincludes loans t-0 nonbank financial institutions. 
TEXAS BUSINESS REVIEW 
FEDERAL INTERNAL R EVENUE COLLECTIONS Source: Internal Revenue Service, U. S. Treasury Department 
July 1-December 30 
Percent District 1959 1958 change 
TEXAS _ ------------------------------­
Income ................. Employment -------------------------­Withholding _______ ----------------------­
Other ------------------------------------­
SOUTHERN DISTRICT.. Income ····---·---······· ----·---·---·---···-··· Employment -------------------------------­
Withholding -------------------------­Other _ 
NORTHERN DISTRICT__ Income ---·-············--·-................... . Employment 
Withholding ---­Other -------------------------------------------­
$1,177,43C>,614 435,462,391 6,926,845 623,345,868 111,695,510 594,885,512 2.12,092,240 43,997 314,874,952 67,874,323 582,545,102 223,370,151 6,882,848 308,470,916 43,821,187 $1,044,005,414 373,385,672 6,222,239 554,004,893 110,392,610 539,615, 783 189,455,222 86,344 281,957 ,860 68,116,357 504,389,631 183,930,450 6,135,895 272,047 ,033 42,276,253 
+ 
13 + 17 + 11 + 13 + 1 + 10 + 12 -49 + 12 

+ 
15 

+ 
21 

+ 
12 

+ 
13 


+ 4 
** Change is less than one-half of one percent. 
REVENUE RECEIPTS OF THE STATE COMPTROLLER Source: State Comptroller of Public Accounts 
September 1-December 31 
Percent Account 1959 1958 change 
TOTAL ..... -----···-··---·····---­Ad valorem, inheritance and poll taxes __ 
---·----····--······· Natural and casinghead gas production taxes --··--·····--······· 
Gas severance ben eficiary tax .. Crude oil production taxes ---------­Other gross receipts and 
production taxes ........................ Insurance companies and other occupation taxes ........................ Motor fuel taxes (net) 
·············-·­
Cigarette tax and licenses .......... Alcoholic beverage taxes and licenses 
·······················-···· 
Automobile and other sales taxes All licenses and fees _____ 
Franchise taxes ······--······--··-·····-··­Mineral leases, land sales, 
rentals, and bonuses Oil and gas royalties Interest earned 
·····-·················-···--· 
Unclassified receipts 
···-·-········ 
Other miscellaneous revenue ...... 
Federal aid for highways -----------­Federal aid for public welfare __ __ Other federal aid 
······--··-·-·-··--····--­Donations and grants .................... 
$374,2(}4,521 
18,763,058 
15,843,766 104,302 39,125,140 
6,438,842 
231,629 61,454,817 26,075,566 
13,490,157 10,153,272 12,450,627 12,871,756 
10,510,286 9,011,961 10,948,606 4,375,664 4,533,359 63 ,359,809 40,448,737 13,914,325 98,842 
$330,248,567 
17 ,452,2.43 
14,390,291 0 44,934,691 
5,788,649 
303,022 57,897,613 16,855,847 
11,372,732 5,887,517 11,366,108 
907,199 
10,960,644 9,424,476 10,207,249 3,990,426 4,147,427 51,554,780 45,819,117 6,783,315 205,221 
+ 13 
+ 
+ 
10 

+ 
11 

+ 
6 

+ 
55 

+ 
19 

+ 
72 

+ 
10 +1.319 


-13 
-24 
4 4 
+ 
7 

+ 
10 

+ 
9 

+ 
23 -12 +105 -52 


Newspaper Advertislng linage 
Index • Adjusted for seasonal variation • 1947.1949·100 


Retail Trade: 
DECEMBER SALES GOOD, BUT BELOW A YEAR AGO 
By ROBERT H. DRENNER 
Total retail sales in Texas in December were an esti­mated $1,437.3 million, 3% below retail volume in the same month a year ago. Such a showing, though not up to the expectations of the more optimistic merchants, does not imply that Christmas trade was poor. It was in fact quite good. The percentage decline is the result of compari­son with a month when many observers were startled by the sudden resurgence of consumer buying after the 1957­58 recession. Texas retail volume in December 1958 was at a record level, up 7% from December 1957-though total 1958 sales fell l % from 1957 volume. It is also significant that December 1959 sales of nondurable goods actually exceeded (+1 % ) the extremely high level of such sales a year ago. The December-to-December decline in total 
ESTIMATES OF TOTAL RETAIL SALES (Unadjusted for seasonal variation) (Millions of dollars) 
Percent change 

Dec '59  
Dec  J an-Dec  from  
Type of store  1959  1959  Nov '59  
Total ---------­--------­-1,437.3  13,734.9  + 27  
Durable goods•  -------­ 287 .5  3,706.4  + 8  
Nondurable goods  ---­ 1,149.8  10,028.5  + 33  

Dec '59 from Dec '58  Jan-Dec '59 from Jan-Dec '58  
-3 -16  + 5 + 16  
+ 1  + 1  

• Contains automotive stores. furniture stores, and lumber, building material and hardware stores. 

sales was the result of a sharp drop in durables volume (-16%), which had been expected. Though sales declines were general throughout the durables category, most were small-with the important exception of sales by motor ve· hide dealers, down 24% from December 1958. This was largely responsible for the over-all 16% drop in durables sales. 
Further evidence that December buying was better than usual is the fact that the November-to-December increase in total sales was greater than the normal seasonal gain from the one month to the other. The seasonally-adjusted monthly index of total retail volume rose 7 points, from 211 % of the 1947--49 average in November to 218 in De· cember. The adjusted nondurables index rose 11 points (from 244 to 255 ) and the durables index, in spite of the sharp dollar decline from December 1958 sales, dropped only 2 points ( 149 in November to 147). In short, though merchants did not have quite as good a Christmas season as they did a year ago, December 1959 retail volume was barely below its 1958 high. 
For the year as a whole, total retail sales in Texas in 1959 rose 5% (to an estimated $13.735 billion) from the 1958 figure, for a new annual record. Generally high auto· mobile sales through the year (with the exception of the last quarter) were chiefly responsible for the magnitude of the total sales gain. Up 19% for January·December, the gain contrasted with a nominal 1 % rise in total sales of nondurables during the year (leaving the latter category at about the 1957 sales level. Sales of nondurables in 1958 fell 1 % from 1957) . 
Sales showings in the various retail subclassifications varied considerably in the comparisons with November 1959 and with December 1958, but records were, with several important exceptions, much more uniform for the 12-month period. In the nondurable goods area, December sales by apparel stores showed no change from the same month a year ago, were up 66% from November, and rose 5% from January-December 1958. Drug store volume, which also showed no significant change from December 1958, was up 44% from November, and gained 4% for the year as a whole. Food store volume, influenced by sig­nificant food price declines, was the major exception to the general trend in nondurables sales; up 15% from Novem­ber and 2% above December 1958, total 1959 sales in the category fell 6% from 1958. 
December volume of gasoline and service stations rose 12% from November, fell 4% from December a year ago, and gained 4% from 1958. General merchandise stores, including department stores, recorded approximately the same sales volume as in December 1958, posted a 71 % gain from November 1959, and for the 12-month period showed a 5% dollar sales rise from 1958. Other nondur­able goods stores (including florists, jewelry stores, and liquor stores) recorded a 9% sales gain for the year, and reported December volume 50% above the preceding No­vember and 7% above the same month a year earlier. 
Annual sales records in the durable goods subcategories all showed substantial improvement from 1958. Most im­portant was the strong 18 % rise in dollar sales by auto­motive stores, including motor vehicle dealers; the cate­gory, though down 21 % from December 1958, reported a 4% gain from November 1959. Volume of furniture and household appliance stores rose 9% from the preceding year; December sales were down 3% from the same month in 1958 but were 26% over November 1959 sales. Lumber, building material, and hardware stores (including farm implement dealers) reported 1959 sales up 8% from 1958, though a 2% drop from December 1958 and a 1 % decline from November 1959 were also reported. Farm implement dealers reported 1959 sales 11% above the 1958 level. 
CREDIT RATIOS IN DEP ARTMENT AND APPAREL STORES 
Credit  Collection  
ratios•  ratios••  
N umber of  
Classification  reporting st or es  Dec 1959  Dec 1958  Dec 1959  Dec 1958  
·----­ 
ALL STORES  44  67.7  67.0  40.1  41.2  
BY CITI ES  
Austin ___ ----------·············----­- 55.8  57.8  45.8  47.6  
Da llas  ....  4  79. 7  80.9  41.1  41.5  
Galveston  63.7  64.1  27.7  28.2  
San Anton io ----------------····--··-·······  3  75.3  70.4  41.6  46.2  
W aco  4  55.5  54.7  41.3  42 .2  
HY TYPE OF STORE  
Department stores  
(over $1  million)  ·­ 10  70.8  70.8  38.4  39.4  
Department stores  
(under $1 million)  15  42.2  42.8  53.4  46.2  
Dry goods a nd a pparel stores .  4  70.8  71.4  57.1  56.9  
W omen's specialty shops ..  8  64 .1  60.9  41.6  45.4  
Men 's clothing stor es .  7  57.9  55.7  44.0  42.8  
BY VOLUME OF NET SALES  
Over $1,5 00,000 ----------------­-----····  13  90.4  69.9  39.5  40.8  
$500,000 to $1,500,000 ----­ 10  49.3  47.9  44 .2  46.5  
$250,000 to $500,000  11  46 .5  48.4  43.3  44.7  
L ess than $250,000 ....................  10  48.1  46.6  45.7  44.2  

• Credit sales divided by net sales. 
•• Collections du ring the month divided by accounts unpaid on the first of the month. 
RETAIL SALES TRENDS BY KINDS OF BUSINESS 
Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce 
Percent change 
Normal seasonal* Actual 
Number of 
reporting Dec '59 Dec '59 Dec '59 Jan-Dec 
establish-from from from 1959 from 
men ts Nov '59 Nov '59 Dec '58 Jan-Dec Kind of business 
DURABLE GOODS  
Automotive stores  _  247  +  +  4  - 21  + 18  
Furniture &  household  
ap pliance  stores  153  + 28  + 26  3  +  
L umber, building  mater ial,  
and h ardwa re stores . .  294  - 1  - 1  2  +  
NONDURABLE GOODS  
A pparel stores  _  195  + 64  + 66  x  +  
Drug stores  149  + 44  + 44  x  +  
Eating and drinki n g  places  86  + 4  + 4  3  +  
F ood  stores  ····---······-·---···-·-·  346  +  6  + 15  +  
Gasoline and ser vice  
stations  124  +  6  + 12  4  +  
General  merchanrlise  stor es  186  + 58  + 71  +  1  +  
Other retail stores .  206  + 56  + 50  +  7  +  

* A vera<re seasonal chan ge from preceding month to current month. x Change is less than one-ha lf of one percent. 
POSTAi. RECEIPTS 
Percent change  
City  Nov 14­Dec 11 1959'  D ec 13 1958­Dec 11 1959  Dec 14 1957 Dec 12­1958  Dec 13 '58­Dec 11 '59 from Dec 14 '57­Dec 12 '58  

Borger  ---­· -··········­ $17,972  S197,070  
Brownfield  12,613  124 ,414  
Cameron  6,473  85,633  87,995  
Childress  5,592  66,647  62.679  +  
Cleburne  ·····----··-···········---·---·  15,888  175,190  152,192  + 15  
Coleman  ···-----·-····-·············---·  5,656  85,042  72,851  + 17  
Cryst al City ··­·---····--··-·· ······  3.220,  42.,371  
Cuero  -··-­--­-·-······-···-·--· ·  6,029  70, 816  
Den ison  ....  21,171  256,785  
Eagle Pass  7,435  84,37 2  72,273  
Edna  ···-···-----·-·­·-· ······· ·  5,842  64,078  56,820  + 13  
El Campo  10',722  124,554  112,972  + 10  
Ga inesville  15,072  181,135  
Gatesv ille  ··--·---···-----···  5,863  57,734  51,450  + 12  
Graham  ··-· ·-·-····------­ 8,416  109,821  95 ,058  + 16  
Granbur y  3,669  48,109  43 ,500  + 11  
Hale Center .  2,402  24,790  20,786  + 19  
Hillsboro  7,758  
Huntsville  9,693  130,498  109,663  + 19  
K en edy --·--·-····-···---·  3,992  47,749  44 ,426  + 7  
Kermit  9,043  98,945  88,315  + 12  
Ker rville  -----······  14,117  149,570  132,405  + 13  
Kingsville  14,783  187,058  
Kirbyville  ·­---···--·-····-··  2,910  38.892  33.680  + 15  
La Gt'ange  4,735  60,524  55,728  + 9  
L evella nd  ···-··· ·-· -·····  9,316  105,484  91 ,640  + 15  
L ittlefi eld  7.958  83.972  80,466  + 4  
McCam ey  5,798  49 ,804  40 ,450  + 23  
Marlin  7,064  84,519  87,()98  -3  
Mission  10,087  116,400  102.488  + 14  
Navasota _  5,920  62 .548  55,791  + 12  
Pasadena ----­---------­-------­ 38,335  459,187  352,274  + 30  
Pecos ··--·--···········-·-·-·-­ 13.554  163,002  152,519  + 7  
Pittsburg -·­·--· -·­·-·-­··-·­···-----·  4, 142  50,767  42,597  + 19  
Sinton -­-·-----­--·­··· ·-···  5,124  91 ,044  
Taft  ······ ···--··---·  2,949  36,812  34,705  +  
Ter r ell  10,555  95,586  
W axahach ie  12,151  143,270'  138,447  +  
W eatherford  ·-··················  11 ,515  125,657  
Y oakum  ...... .. ...........  12,513  129,237  

TEXAS BUSINESS REVIEW 






Local Business Conditions 

Percent change  Percent change  
City a nd item  Dec 1959  Dec 1959 from Nov 1959  Dec 1959 from Dec 195S  1959  195S  1959 from 195S  

ABILENE (pop. 62,500")  
Retail sales .............................. ............ .......................... .  +  23t  +  33  + 2  +  15  
Apparel stores ...................................................... .  +  64t  +  66  -19  - 4  
Drug stores ---·---·­··········­------­-------­·---­-­--------­----·-··· General merchandise stores ............................... .  + 44t + 6St  + +  43 93  + 7 + 6  + +  12 10  
Postal  receipts•  ........................................................... $  123,722  +  lS  +  4  $  1,337,04 3  
Building permits, less f ederal contracts ................ S  3,347,739  +  S3  + 23  $ 29,3S9,137  $ 22,S71,0S5  +  2S  
B~nk debits (thousands)  ............................................ $  107,653  +  11  + 3  $  1,lS0,070  s  1,039,636  +  14  
End-of-month deposits  (thousands) t  .................... $  65.660  +  1  +  $ 64,265  $  60,4S9  +  6  
Annual rate of deposit turnover .............................. ..  19.S  +  9  +  lS.4  17.2  +  7  
Employment  (area)  .................................................. ..  33,660  +  2  +  32,660  30,960  +  5  
Manu facturing employment  (area)  .............. ..  3,340  1  3,420  3,216  +  
Percent unemployed (area)  ......................................  4.4  2  s  4.6  6.0  - 23  

ALICE (pop. 22,945r)  
Retail  sales  .................................................................  
Drug  stores .......................................................... ..  + 44t  + 62  + 12  +  4  
Lumber, building material, and  
hardware stores ........................................... .  - lt  -15  +22S  +  82  
Postal receipts•  ............................................................  S  15,S40  + s  - 3  $  200,S25  $  l 71,3E4  +  17  
Buiid'.ng permits, less federal contracts ..  .. ...... S  35,041  -36  + 65  s  1,336,831  s  2,219,609  - 40  

ALPINE (pop. 5,261) Postal receipts• ............................................................ Building permits, less federal contracts ................  $ $  3,957 5,000  -2 ••  -2  $ 56,303 $ 166,400  $ 48,934  + 16  
Bank debits (thousands) ............................................  $  2,641  +  +  $ 33,083  
End-of-month deposits (thousands) t ....................  $  3,Sl6  4  -23  $ 3,812  
Annual rate of deposit turnover ............................... .  S.1  + 5  + 23  8.6  
AMARILLO (pop. 147,949r) Retail sales --­----------------------------------------­··---·········-···  + 23t  + 6  -7  + 17  
Apparel stores ...................................................... ..  + 64t  + 67  + 1  + 14  
Automotive stores ······-···-············-························  + St  -16  -19  + 22  
Drug stores ...... ---­-------------·-·····­·-·-························  + 44t  + 82  12  -3  
Eating and drinking places ...............................  + 4t  + 10  + 9  + 11  
Furniture and household appliance stores .  + 2St  + 23  + 14  + 23  
Liquor stores __ ----­--·--------·-·····­·­·····-·--·----···············  + 26  -11  + 6  
Lumber, building material, and  
hardware stores --····-·····································  -lt  -26  -20  + 13  
Postal receipts• ......................................................  S  209,102  + 13  $ 2,160,465  
Building permits, less federal contracts ......  $  5,S6S,2SO  +203  +300  s 39,579,704  s 26,423,693  + 60  
Bank debits (thousands) ................  $  237,234  + 2  +  $ 2,690,721  $ 2,273,710  + lS  
End-of-month deposits (thousands ) t .............  $  120,574  +  $ 117,S71  s 114,667  + 8  
Annual rate of deposit turnover .......... ..................... .  23 .S  +  + 10  22 .S  19.9  + 16  
Employment (area) ..................... ............................. ..  52,900  +  + 4  51,660  49,860  +  
Man ufacturing employment (area)  6,S70  1  + 6  6,876  5,520  + 6  
Percent unemployed (area) ........................ ..  3.9  + 15  + 3  3.2  6.6  -43  

AUSTIN (pop. 197,000r) Retail sales ...................................... .  +  23t  +  26  +  + 12  
Apparel stores ........................................ .  +  64t  +  76  +  16  + 11  
Automotive stores  -------·-------····-···-··· ··­····-············  + st  11  - 21  + 26  
Eating and drinking places ....  ......................  + 4t  - 5  10  + 8  
Food stores  ···-------·---·--·----··-··--·-­.................... .  + Gt  + 3  7  
Furniture and household appliance stores ··-·  + 2St  + 46  +  +  11  
General merchandise stores .  -·---·--···-··········  + 5St  + 67  +  18  +  
Lumber, building material, and  
hardware stores -··-··-···--··--··--·-····  - l t  + 17  +  8  + 17  
Gasoline and service stations -······················-···­ + 6t  1  +  1  + 11  
Postal recei pts•  ...........  .. ............................. $  3S4,160  + 18  +  s  4,492,4 49  s  3,S00 ,145  + lS  
Building permits, less f ederal contracts ................ $  2.055,663  -19  - 61  $ 55,990,SOO  s 50.637,02S  + 11  
!Jank debits  (thousands)  ............................................ S  213,663  +  6  +  11  $  2,473,6S5  s  2,167,lSS  + 16  
End-of-month deposits  (thousands ) t  .................... $  16S,367  + 9  +  15  $ 154,667  $ 129,067  + 20  
Annual rate of deposit turnover ....................... , ....... .  15.S  2  6  16.1  16.S  4  
Employment (area)  .................................................. ..  74,60(}  +  +  5  72,500  70,300  + 3  
Manufacturing employment (area)  ......... .  6,760  3  +  4  5,720  6,475  +  
Percent unemployed (area)  .................... ..  2.7  13  - 25  3.5  4.2  - 17  

For explanation of symbols, see p age 27. 
FEBRUARY 1960 
Percent change  Percent change  
City and item  Dea 1959  Dec 1959 from Nov 1959  Dec 1959 from Dec 1958  1959  1958  1959 from 1958  

ARLINGTON (pop. 45,340r)  
Postal receipts*  ............................................................ $  40,541  + 16  - 19  $ 442,559  $ 369,020  + 20  
Building permits, less federal contracts  $  1,095,853  +189  - 16  $ 11,999,421  $ 13,298,535  -10  
Employment (area) ................................................... . Manufacturing employment (area) ..  209,200 55,150  + +  2 2  + - 2 1  204,750 55,735  200,900 55,800  + 2 ••  
Percent unemployed (area)  ..................................... .  4.3  7  - 26  4.9  6.6  - 26  

BAY CITY (pop. 14,042r)  
Retail  sales  
Drug stores ........................................................... .  + Ht  
Postal receipts• ............................................................ $  13,513  
Bank debits (thousands) ............................................ $  14,390  
End-of-month deposits  (thousands) i  .................... $  21,33()  
Annual rate of deposit turnover ............................... .  8.2  

+  54  3  - 8  
+  40  +  6  $  145,798  126,270  + 15  
+  13  +  8  
+  2  +  
+  14.  +  6  

BAYTOWN (pop. 28,945r) Postal receipts* ............................................................ $  26,320  +  16  ••  $  310,985  $  275,245  +  13  
Building permits, less federal contracts ................ S  59,060  - 55  - 67  $  3,366,590  $  4,497,835  - 25  
Bank debits (thousands)  ............................................ $  21,600  5  $  258,996  $  248,760  +  
End-of-month deposits  (thousands) i  .................... $  23,712  +  4  +  s  23,814  $  23,971  
Annual rate of deposit turnover ............................... .  11.1  s  7  11.0  10.5  +  
Employment (area) ................................................... . Manufacturing employment (area) ............... .  500,000 94,30()  + +  2 2  + +  5 2  481,350 93,595  462,450 93,605  +  ••  
Percent unemployed (area)  ..................................... .  4.0  - 11  - 29  4.7  6.4  - 27  

BEAUMONT (pop. 122,485r)  
Retail sales ..................................................................... .  + 23t  +  87  +  2  +  8  
Apparel stores ....................................................... .  + 64t  +  74  +  5  - 1  
Automotive stores  ·----···--···-··································  + St  - 1  7  +  14  
Eating and drinking places ............................... .  + 4t  +  4  4  
Furniture and household appliance stores ... .  + 28t  +  13  7  +  2  
General merchandise stores -···-····--·-····-··------······  + 58t  +  98  +  10  +  
Lumber, building material, and  
hardware stores ........................................... .  - lt  - 7  - 8  +  
Postal receipts•  ............................................................ $  127,799  +  16  - 5  $ 1,488,622  $ 1,327,153  +  12  
Building permits, less federal contracts ................ $  727,651  - 29  - 54  $ 19,770,147  $ 18,902,031  +  5  
Bank debits (thousands) ............................................ $  179,763  +  21  +  3  $ 1,897,543  $ 1,790,824  +  
End-of-month  deposits  (thousands) i  .................... $  107,801  - s  2  $ 103,720  $ 107,687  
Annual rate of deposit turnover·····························-· Employment (area) ................................................... . Manufacturing employment (area) ................ Percent unemployed (area) ......................................  19.7 105,800 32,550 8.S  + - 17 •• 1 ••  + + - 6 3 •• 13  18.2 104,100 32,450 9.9  16.6 105,300 83,975 9.5  + +  10 1  

BEEVILLE (pop. 15,I05r)  
Postal receipts•  ............................................................ $  12,646  + 27  - 1  $  145,590  $  129,058  +  13  
Building permits, less federal contracts ................ $  75,875  +374  +  49  $  1,311,386  $  1,356,464  - 3  
Bank debits (thousands)  ............................................ S  10,308  + 14  +  2  $  119,552  $  108,643  +  10  
End-of-month deposits (thousands) i  .................... $  13,738  - 1  $  13,830  $  13,044  +  
Annual rate of deposit turnover ............................... .  8.9  +  13  +  8  8.6  8.1  +  

BIG SPRING (pop. 30,433r)  
Retail sales ..................................................................... .  + 23t  +  20  - 13  +  11  
Drug stores ........................................................... .  + 44t  +  48  6  +  5  
Lumber, building material, and  
hardware stores ---·------··························--······  - lt  +  19  +  +  14  
Postal receipts*  ···············································-·········­$  12,646  +  27  $  375,335  $  315,108  +  19  
Building permits, less f ederal contracts ................ $  113,620  7  $  2,766,571  
Bank debits (thousands)  ............................................ $  39,091  6  - 10  s  477,368  $  442,378  +  
End-of-month deposits  (thousands) i  .................... $  29,311  +  1  - 15  $  28,881  $  28,497  +  
Annual rate of deposit turnover ............................... .  16.1  9  16.9  

BRADY (pop. 5,944) 
Postal receipts* ........................................................... $ 
Building permits, less federal contracts ................ $ 
Bank debits (thousands) ............................................ $ 
End-of-month deposits (thousands) i .................... $ 
Annual rate of deposit turnover ............................... . 

5,211 39,250 4,692 7,189 
7.8 
+ 
29 

+ 
19 

+ 
20 


-1 
+ 
2 +1,977 -2 

+ 
3 -10 


$  60,828  
$  182,745  
$  55,851  
$  6,953  
8.5  

$  52,090  
$  227,160  
$  54,170  
$  6,698  
8.1  

+ 17 
-20 + + + 
For explanation of symbols, see page 27. 
fEXAS BUSINESS REVIEW 
Percent change  Percent change  
City and item  Deo 1969  Dec 1969 from Nov 1969  Dec 1959 from Dec 196S  1969  196S  1969 from 196S  

BRENHAM (pop. 6,941)  
Postal receipts•  ······----­-------···· ····································· $  9,031  +  36  - 10  $  97,974  $  S7 ,6S6  + 12  
Building permits, less federal contracts  $  3,465  - 94  - 93  $  1,216,367  $  696,6S7  + 104  
Bank debits (thousands) -----­----·----------­------­-------------­End-of-month deposits (thousands) t --­---------­------­ $ $  S,931 13,16S  +  9  + - 12 3  $ $  103,999 12,637  $ $  SS,276 12,611  + lS ••  
Annual rate of deposit turnover ......  S.3  9  +  17  S.3  7 .1  + 17  

BROWNSVILLE (pop. 36,066)  
Retail sales ...................... ------·-·······································  +  23t  +  29  - 6  +  16  
Automotive stores ·····························-···-··-···········  + st  + 25  -19  +  22  
Lumber, building material, and  
hardware stores ---·--·······--·---------------------------­ 1 t  + 74  -10  +  9  
Postal receipts•  ----.----­----··-­····-··--·-·-·-··----·­--·-------·---····· $  34,656  + 23  +  6  $  391,001  $  332,S90  +  17  
Building permits, less federal contracts  $  410,599  +117  +32S  $  2,335,967  $  2,620,26S  - 11  

BROWNWOOD (pop. 20,181)  
Retail sales ......................................................................  +  23t  +  67  - 3  +  4  
Apparel stores ---­------·----·------­------------------·-······-·····  +  64t  +  54  +  6  +  9  
Automotive stores  ·-···-···-···-······-·-··-········-·············  + St  +  24  - 14  + 3  
Furniture and household appliance stores ....  +  28t  +  91  - 14  +  4  
Postal receipts*  .......................................................... $  27,5S9  +  32  $  292,396  
Building permits, less federal contracts ··············-· $  21,229  - S4  +  63  $  1,351.650  $  390,964  +246  
Bank debits (thousands) ············-····-········-·· ..... $ End-of-month deposits (thousands) i ··-····-·-·········· $  14,613 13,297  +  16 ••  + - 11 2  $ $  159,363 13,090  $ $  13S,039 12,731  + 16 + 3  
Annual rate of deposit turnover ................................  13.2  +  16  +  11  12.2  10.9  + 12  

BRYAN (pop. 23,883r)  
Retail sales .. ....................................................................  +  23t  +  6  - 8  +  9  
Automotive stores ························-·····················-­ +  St  +  14  - 20  +  34  
Food  stores ............................................................  + st  3  - 4,  - 6  
Lumber, building  material,  
and hardware stores ....................................  1 t  9  - 13  +  17  
Postal receipts*  ··-·········-·-··-········-········-···-·····-····-········· $  23,946  +  15  $  2Sl,60S  
Building permits, less federal contracts ······-········· $  153,065  - 34  +  60  

CALDWELL (pop. 2,098r) 
Bank debits (thousands) $ 2,125 9 -9 $ 26,646 $ 23,9S6 + 11
··-····-·-·································· End-of-month deposits (thousands) i .................... $ 4,506 3 + 3 $ 4,401 $ 4,146 + 6 Annual rate of deposit turnover ................................ 6.6 6 -14 6.0 6.S + 3 
CISCO (pop. 5,230)  
Postal receipts•  ·····-···-·····-·-­······-··························-······ $  4,634  +  13  - 11  $  65.995  $  61,353  + 9  
Bank debits  (thousands)  ·······--··················-···-········ $  3,597  +  19  +  16  $  3S,217  $  31,531  + 21  
End-of-month deposits  (thousands) i  .................... $  3,946  - 6  +  s  $  47,061  
Annual rate of deposit turnover ................................  10.6  +  19  +  9  9.S  

CORPUS CHRISTI (pop. 180,000')  
Retaii sales ......................................................................  +  23t  +  35  +  2  -10  
Apparel stores ..............................................·-·-··­ +  64t  +  7S  +  17  +  6  
Automotive stores  ········ ······-·-········-····---········---·-­ + St  - 4  - lS  + 16  
General merchandise stores ···--·····-····-····-···········  + 5St  +103  - 2  - 2  
Lumber, building material, and  
hardware stores ··-························-··········--···  - 1 t  -11  - 33  -24  
Postal receipts• .............................................................. $  1S3,272  + 21  +  1  $ 2,133,991  
Building permits, less federal contracts .................. $  1,065,269  + 17  - 21  $ 21,387,776  $ 23,793,903  -10  
Bank debits (thousands) ···········································­$ End-of-month deposits (thousands) i ...................... $  186,S90 119,296  + 7 + 10  2  $ 2,2S3,14S $ 113,030  $ 2.203 ,9Sl $ 113,222  + 4..  
Annual rate of deposit turnover ................................  19.7  +  3  +  2  20 .2  19 .5  +  
Employment (area) -··········-··································-······ Manufacturing em ployment (area) ······-···--····  64,SOO S,290  +  ••  +  8  64,400 S,196  65,S50 S,215  - 2 ••  
Percent unem ployed (area )  ··································-­··  6.3  +  9  +  3  6.2  7.1  - 13  

CORSICANA (pop. 25,262r)  
Postal receipts• .............................................................. $  86,564  +122  +  14  $  367,703  $  321,103  +  15  
Building permits, less federal contracts .................. $  40,550  -so  - 7S  $  1,483,676  $  1,2SS,165  +  16  
Bank debits (thousands ) ·····························-·············· $  19,456  + 12  +  1  $  202 ,9S6  $  200,679  +  
End-of-month deposits  (thousands) t ...................... $  20,S22  +  4  - 9  $  20,4SO  $  21,965  7  
An nual rate of deposit t urnover ...................... ·-·······  11.4  + 11  +  12  9.9  9.1  +  9  

For explanation of symbols, see page 27. 

FEBRUARY 1960 
Percent change  Percent change  
City and item  Dec 1959  Dec 1959 from Nov 1959  Dec 1959 from Dee 1968  1959  1958  1959 from 1958  

DAIL.AS (pop. 641,000r) Retail sales ·····-·········-····-···········-··················-···········--­---Apparel stores .. ..................................................... .  + ao ·r + 66t  -47 + 52.  + 4  + +  
Automotive stores .... . .............................. . Eating and drinking places .. ............................. . Florists .... . ................... ·····--·····················­ + 6t + 4t + 59 t  + 26 + 4 + 91  13 •• ••  + 24 -4 -4  
Furniture and household a ppliance stores .....  + 25t  -17  -13  -1­ 
Lumber, building material, and  
hardware stores ........................................... .  at  - 8  5  +  
Office, store, and school supply dealers ......... .  + 24t  + 11  + 7  +  
Postal receipts• ···································-·········------·-­$ Buildin g permits, less federal contracts ....... ........... $  2.270,443 9,725.524  + 5 -4  + + 1  $ 26,603,628 $158,806,506  S145, 164,285  +  
Bank debits (thousands) .. .......................................... $  3,262,744  + 22  + 8  $ 31,524,323  $ 27 ,973,942  + 13  
End-of-month deposits (thousands) t  .............. S  1,252,726  + 10  2  $ 1,146,196  $ 1,069,508  +  
Annual r ate of deposit turnover ....................... : ....... .  32 .8  + 16  + 9  27.5  26.3  +  
Employment  (area)  .. ............ .  406,900  + 1  + 3  394,300  385,650  +  
Ma nufacturing employment (area)  .  86,025  •::>!<  2  85,465  88,9·35  4  
P ercent unemployed  (area) .................................... .  3.0  - 14  -14  3.3  4.3  - 23  

DELRIO (pop.14,292)  
Postal receipts• ·················································-··········· $ Building permits, less federal contracts .................. $ Bank debits (thousands) ·····························--···--······­$  14,202 82,254 9,672  + 37 + 52 ••  -10  $  1,632,440  $  1,459,755  + 12  
End-of-mont!> deposits (thousands>: ...................... S  12,870  +  
Annual rate of deposit turnover ...... ........................ .  9.0  +  
DENTON (pop. 29,479r)  
Retail sales ................................................................... .  
Drug stores ......................................................... . Postal receipts• ... . ................................................ $  + «t 33,351  + 72 + 12  + ••  $  366,685  $  311,953  + 4 + 18  
Building permits, less federal contracts ............ $  836,700  -71  -19  $  7,221 ,491  $  6,213 ,665  + 16  
Bank debits (thousands ) .. ....................... .................. $  16,324  3  
End-of-month deposits (thousands)t ............ S  19,002  + 4  
Annual rate of deposit turnover ............ .  10 .6  5  

EDINBURG (pop. 15,993r)  
Postal receipts• .............................................................. $  12,968  + 61  +  $  137 ,480  $  120,643  
Building permits, less federal contracts ................. $  100,530  + 24  + 33  $  1,623,923  $  1,741,890  
Bank debits  (thousands)  .. .......................................... $  14,411  + 11  + 44  $  162 ,974  $  126,734  
End-of-month deposits (thousands ) t ...................... S  8,993  -12  - 8  $  8,655  $  8,7 43  
Annual rate of deposit turnover ---·­......................... .  18.0  + 10  + 44  18.9  14 .8  

EL PASO {pop. 244,000r) Retail sales ..................................................................... .  + 23t  + 28  - 8  
Automotive stores ······ ···· ···· · ··-­·~---·· -·---·--······---·-·-·  + Bt  + 6  -43  
Drug stores --·······································-················· Food stores .. ........................................•...................  + 44t + 6t  + 51 + 7  1 5  
General merchandise stores __  + 5Bt  + 30  6  
Lumber, building material, and  
hardware stores ........................................... .  - lt  - 3  -25  
,· Postal receipts• .............................................................. $  346,726  + 25  + 10  $ 3,475,443  $ 2,988,544  
Building permits, less federal contracts ................. $  3,890,435  -23  -4()  $ 65,()02,529  $ 66,939,151  
Bank debits (thousands) ...................... ...................... $  399.340  + 8  +  $ 4,213,093  s  3,660,789  
End-of-month deposits (thousands) t ...................... $  172 ,234  + 2  2  $ 168,134  $ 174,135  
Annual rate of deposit turnover ............................... .  28.2  + 7  + 6  25.0  23.5  
Employment (area ) ·······-···················-"····················­Manufacturing employment (area) ..  90,000 13,460  + 4 + 5  + 8 + 1  84,150 13,330  80,950 13,285  
Percent unemployed (area)  ·················-·-·····---····-····  4.• 5  + 7  + 7  4.2  4.7  

FREDERICKSBURG {pop. 3,854) Postal receipts• ............................................................ $ Buildi ng permits, less federal contracts . $ Bank debits (thousands) .................. . ........... ....... $ End-of-month deposits (thousandslt ..... $ Annual rate of deposit turnover ........ . 
5.703 
24,245 7,044 6,940 
12.7 
+ 17 -46 
+ 
6 

+ 
9 


+ 11 
$ 63,5-35 
+ 19 
GARLAND (pop. 28,15Jr)  
Postal receipts• ....................  S  30,572  + 11  - 9  
Building permits, less federal contracts --'·  .. i  562,511  -40  - 52  $ 13,111,928  $ 14,048,984  7  
Employment (area) ................................................... . Manufacturing employment (area) ......... .. ... . .  406,900 86,025  + 1 ••  + - 3 2  394 ,300 85,4.65  385,650 88,935  :+ - 2 4  
Percent unemployed (area) .................................... .  3.0  - 14  - 14  3.3  4.3  - 23  

For explanation of symbols, see page 27. 
TEXAS BUSINESS REVIEW 
Percent change  Percent change  
City and item  Dec 1959  Dec 1959 from Nov 1959  Dec 1959 from Dec 1958  1959  1958  1959 from 1958  

FORT WORTH (pop. 373,000r) .  
Retail sales •·········-···---··-··-······-····--··-----··-·--·-···················  +  25t  +  27  - 10  +  5  
Apparel stores ...  ·-·--·-·················--················  +  S5t  +  62  - 4  +  4  
Automot,ive stores  ····························--·--------··  + 3t  - 6  - 38  +  14  
Drug stores ..................................... Eating and dr inking places . --········---·-············-··  + 3lt 2t  +  30 ••  -- l 20  +  2 4  
Liquor stores ··--·-···-··················--·-·--·----······­-·········  +  67  - 24  5  
Food stores ..  ...................................  + St  +  11  - 4  8  
Furniture and household appliance stores .. General merchandise stores ................................  + +  29t 55t  -+  5 77  - 21 ••  + +  9 5  
Lumber, building material, and hardware stores ··­·-······-·········--······ Gasoline and service stations ....  -12t . + St  5 l  +  4 7  •• ••  
Postal receipts* .......... ------------··-······-·····-······················· $  783,582  +  7  G  $ 8,799,752  $.  7,9S3,Sl4  +  10  
Building permits, less federal contracts  ... ...... $  2,5S3,S92  - 58  - 29  $ 58,38S,105  $ 53,712,076  +  9  
Bank debits (thousands )  .................... $  873,43S  +  19  - l  $  9,431,14S  $  8,68S,SlS  +  10  
End-of-month deposits (thousands) t Annual rate of deposit tu rnover .............  ................ $  " 375,447 27.5  +  l 18  - 3 ••  $  37S,520 25.0  $  3S8,147 23.6  + +  2 s  
Employment (area ) ...................... Manufacturing employment (area)  209,200 66,150  + +  2 2  + - 2 l  204,760 66,735  200,900 65,800  +  2 ••  
Percent unemployed (area)  ·······-··········-······  4.3  - 2S  4.9  s.s  - 2S  

GALVESTON (pop. 71,590r)  
Retail sales ... ······················-······ ······························-·····  +  23t  +  51  5  + 3  
Apparel stores ................ ···················-···----·-··----·-­ +  64t  +  85  +  4  
Food stores ··-·························-··········-·····-·-·············  + St  +  l  +  6  4  
Furniture and household appliance stores  +  28t  +  24  6  + 8  
Lumber, building m aterial, and  
hardware stores ······--·-····-·····························  - l t  + 30  - 16  + 3  
Postal receipts• ...............  ·····-··················-····--·· $  93,741  + 5  +  l  $  1,118,675  $  l,010,523  + 11  
Building permits, less federal contracts Bank debits (thousands ) -···············  ........ s ········ s  55S,156 102,415  +S3 1 + 13  + +  8  $ $  4,111,956 l ,OS7,8SO  $ $  4,2S2,073 l,OSS,373  - 4..  
End-of-month deposits (thousands)t .  ··········­$  S4,1S8  +  l  +  2  $  S3,743  $  S6,S56  4  
Annual rate of deposit turnover  19.2  + 10  +  2  lS.8  15.9  + 6  
Employment (area )  ....  49,800  +  +  2  49,300  48,560  +  2  
Manufacturing employment  (area )  9,860  ( : •  - 10  10,410  11,155  7  
Percent unemployed (area)  6.0  9  - 14  7.3  7.5  3  

GIDDINGS (pop. 2,532)  
Postal receipts• ...  ·········-··········· ···-···-····· $  4,488  +  S7  +  28  $  41,0Sl  $  34,854  + 18  
Bank debits  (thousands)  .. .. .. ······················-·· ······-···· $  2,3S4  +  2  $  28,304  $  24,287  + 17  
End-of-month deposits (thousandslt  ................. $  3,988  +  +  $  3,757  $  3,694  + 5  
Annual rate of deposit turnover ..  7.1  +  7.5  S.8  + 10  

GILMER (pop. 4,096)  
Retail sales ···········-······-·······-····· ·········-··········-·····-·····-···· Lumber, building material, and hard ware stores .. .......................... Postal receipts* ...................... ······················ ················ $ Building permits, less federal contracts . ············­$  -l t 4,438 5,000  --- 8 28 60  ~ 15 -27 -89  $ $  S3,440 28S,800  $ $  59,128 192,540  + 9 + + 49  

GLADEWATER (pop. 6,28lr)  
Postal receipts* ····--···········-······················-······--············­$  5,477  +  10  - 8  $  78,818  
Building permits, less federal contracts .................. $  3,100  - 82  - 91  $  429,lSO  $  346,119  +  24  
Bank debits (thousands)  ...........  ············--·············· $  3,824  +  lS  +  2  $  44,573  $  42,619  +  5  
End-of-month deposits (thousands) t ...................... $  4,279  - 5  - n  $  4,473  $  4,S03  3  
Annual rate of deposit turnover .... ·········-··············-··  10.5  +  24.  +  15  9.9  9.3  +  s  
Employment  (area )  ···•······-···-········  28,300  +  +  3  27,80 0  2S,860  +  4  
Manufacturing employment (area)  ·- 5,0'70  +  +  10  4,900  4,370  +  12  
Percent unemployed (area)  3.3  8  28  4.0  5.S  - 29  

GOLDTHWAITE (pop. 1,566) 
$ 2,799 + 92 -12 $ 27,S97 $ 27 ,39S + Bank debits (thousands) .. s 2,846 + 2 + 5 $ 41,197 $ 38,104 + 8 
····~-­
Postal receipts• ·····-······-··-·······-··-···················-.-­
····-·················· 
End-of-month deposits (thousands) i $ 3,580 l + l $ 3,554 $ 3,527 +
············­Annual rate of deposit tu rnover ··········-······· 9.5 + 3 + 6 11.6 10.9 + 6 
For explanation of symbols, see page 27, 
FEBRUARY 1%0 
P ercent change  Percent change  
City and item  Dec 1959  Dec 1959 from Nov 1959  Dec 1959 from -Dec 1958  1959  1958  1959 from 1958  

GRAND PRAIRIE (pop. 35,000r)  
Postal receipts•  ............................................................ $  22,152  - 2  - 19  $  281,993  $  243,712  +  16  
Building permits,  less  federal  contracts  .............. $  143,345  - 70  - 42  $  6,448,188  $  5,812,034  +  11  
Employment (area) ................................................... . Manufacturing employment (area)  406,900 86,025  +  ••  + - 3 2  394,300 85,465  385,650 88,935  + - 2 4  
P ercent  unemployed  (area)  ................................... .  3.0  - 14  - 14  3.3  4.3  - 23  

GREENVILLE (pop. 20,034r) Retail sales .................................................................. .  + 23t  + 22  - 2  +  16  
Apparel stores  ..................................................... .  + 64t  + 87  +  14  +  3  
Drug stores ........................................................... .  + 44t  + 46  +  3  +  6  
Lumber, building material,  
and hardware stores ......  . .................... .  - lt  -10  7  2  
P ostal receipts•  ............................................................ $  28,035  + 21  1  $  272,677  $  235,353  +  16  
Building permits, less  federal  contracts  ............. $  193,450  + 5  +  77  $  2,160,164  $  1, 778,381  +  21  
Bank debits  (thousands)  .......................................... $  17,400  + 4  +  7  $  199,843  $  171,499  +  17  
End-of-month deposits (thousands) i .................... $ Annual rate of deposit turnover ......... .  16,725 12.4  2 + 3  +  3 ••  $  16,214 12.3  $  15,149 11.3  + +  

HARLINGEN ( pop. 31,799r) R etail sales  + 2St  +  4  - 15  +  10  
Automotive stores ---------------------------·  + St  - 22  - 30  +  15  
Drug stores ----······-·······--·······-·············---················  + 44t  +  43  - 6  
Furniture and household  
appliance stores ............................................  + 2St  +  30  +  15  +  9  
P ostal receipts•  ............................................................ $  36,846  6  - 17  $  444,538  $  410,198  +  
Building permits, less federal contracts .  .. $  387,405  +  56  +  22  
Bank debits (thousands ) .................................... $ End-of-month deposits (thousandsH .... $  38,255 27,657  + +  5 1  +  3 ••  $ $  537,422 27,718  $ $  471,302 26,477  + +  14 5  
Annual rate of deposit turnover ................... .  16.7  +  7  +  4  19.0  17.8  +  

HENDERSON (pop. 11,606) Retail sales ............................................. .  + 23t  +  28  -13  +  4  
Apparel stores ....................... . Food stores ............................... .  + 64t + St  + +  86 7  +  4  +  ••  
Furniture and household  
appliance stores ............... .  + 2St  +  44  + 18  ••  
General merchandise stores  ------------·-····--·---·---·­ + 58t  +  82  + 11  +  
Postal receipts•  ................................ ........................... $  12,775  +  32  + 15  $  135,813  $  117,424  +  16  
Building permits, less federal contracts . .  . ...... $  47,200  +  44  + 69  $  1,707,515  $  979,920  +  74  
Bank debits  (thousands )  .......................... $  8,023  - 1  +159  $  90,661  
End-of-month deposits (thousands) i ... ........ $ Annual rate of -deposit turnover ........ .................. .  16,067 6.0  +  ••  - 3  $  15,933 5.7  $  15,705  +  1  

HEREFORD (pop. 7,500r)  
Postal receipts•  ....................................  . ..............  $  9,048  +  30  - 42  $ 106,207  
Building permits, less federal contracts ................  $  98,850  +  99  - 20  $ 1,518,861  $ 831,450  +  83  
Bank debits (thousands) End-of-month deposits (thousands) i  .. .....  $ $  14,501 12,047  - 9 ••  + +  19 7  $ 156,625 $ 11,076  $ 136,128 $ 10,525  + +  15 5  
Annual rate of deposit turnover ......... .  14.5  - 10  +  12  14.2  12.9  +  10  
HOUSTON (pop. 700,508") Retail sales .................................................................. .  + 34t  +  25  - 6  +  4  
Apparel stores  ......... .  + 61t  +  73  - 2  +  
Automotive stores  ·····-······----·-·-·  + 14t  +  4  - 22  +  a  
Drug sto-res ········································-·-····-··-··--····­Eating and drinking places ............................... .  + 32t + lOt  + +  31 12  +  15 ••  + +  8 1  
Filling  stations  ................................................... .  + 7t  +  12  4  +  
Food  stores  ........................................................... .  + 14t  +  18  - 8  4  
Furniture and household  
appliance stores --··········---­······-··-------·---------··  + 23t  +  32  - 24  ••  
General  m erchandise stores  ··········-····-··-----------­ + 53t  +  50  +  +  
Lumber, building material,  
and ha rdware stores .................. .  - 4t  +  2  +  3  - 13  
Other  retail stores ............................................... .  + 51t  +  47  +  14  +  11  
Postal receipts•  ....................... .  ..  $  1,742,226  +  18  +  3  $ 19,185,936  $ 16,532,138  +  16  
Building permits, less federal contracts ................  $  22,705,104  +  62  +  20  $226,578,122  $233,189,347  - 3  
Bank debits  (thousands)  ..  $  2,927,523  +  22  +  4  $ 30,706,880  $ 27.750,385  +  11  
End-of-month deposits  (thousands) i  ....  $  1,327,215  +  5  +  1  $ 1,254,427  $ 1,209,302  +  
Annual  r ate of deposit turnover ..... .  27.1  +  18  +  5  24.1  23.0  +  5  
Employment (area) .................................................. . Manufacturing employment (area) ..  500,000 94,300  + +  2 2  + +  5 2  481,350 93,595  462,450 93,605  +  4 ••  
Percent unemployed  (area)  ............... .  4.0  - 11  - 29  4.7  6.4  - 27  

For explanation of symbols, see page 27. 
TEXAS BUSINESS REVIEW 
Percent change  Percent change  
City and item  Dec 1969  Dec 1959 from Nov 1959  Dec 1969 from Dec 1968  1969  1968  1969 from 1968  

IRVING (pop. 40,065r)  
Postal receipts•  -------···---·····---·--·-········ --­···-·················· $  26,619  +  20  +  7  $ 270,499  $ 206,327  +  82  
Building permits, less federal contr""ts -·--······-----­ $  689,284  - 32  +  7  $ 18,128,181  $ 12,330,004  +  47  
EmploYment (area) -· -·················-------························· Manufacturing employment (area) ·-----------·--·  406,900 86,026  +  1 ••  +  3 2  394,300 86,466  386,660 88,936  +  2 4  
Percent  unemployed  (area)  --­-----·-·············-·······----­ 3.0  - 14  - 14  3.3  4.3  - 23  

JACKSONVILLE (pop. 8,607)  
Postal reeeipts•  ----------------­-­------·-·-·············--··-·------­----­$  14,743  - 4  +  29  $  201,776  $  177,763  +  14  
Building permits, less federal contr""ts ················ $  17,600  - 62  - 68  $  937,313  $  1,016,680  - 8  
Bank debits  (thousands)  ·······-·-······ ························· $  9,676  +  2  
End-of-month deposits (thousands) t ·------·-··········· $ Annual rate of deposit turnover --­--------·················  9,208 12.8  +  4 ••  

JASPER (pop. 4,403)  
Retail  sales  ········---·-­·-----·-··-·-·-··---··---·-­··--··-·················  
Automotive stores --······--···--·--·····························­ + St  - 14  - 27  +  19  
P ostal receipts•  ·································----·············-----····­$  7,078  +  16  +  9  $  89,847  $  72,736  +  24  
Bank debits  (thousands)  -··--··----··---········-·-··----··-··-··­$  7,346  +  17  +  7  $  83,669  $  76,186  +  10  
End-of-month deposits  (thousands) t  ···················· $  9,118  +  11  +  20  $  8,004  $  6,844  +  17  
Annual rate of deposit turnover --·····-··--················  10.2  +  12  - 11  10.6  11.2  - 6  

KILGORE (pop. 12,373r)  
P ostal receipts•  ............................................................ $  16,132  +  36  +  4  $  180,469  $  162,929  +  11  
Bank debits  (thousands)  .......................................... $  13,191  6  - 20  $  184,689  
End-of-month depoeits  (thousands lt  ···················· $  15,446  +  1  - 1  $  184,666  
Annual rate of deposit turnover ............................  10.3  4  - 18  12.0  
EmploYment (area)  ············································-------­ 28.300  +  +  3  27,800  26,860  +  4  
Manufacturing employment (area)  ··········--····  6,070  +  1  +  10  4,900  4,370  +  12  
Percent unemployed  (area)  ........ -·-· -······-·---------·····  3.3  8  - 28  4.0  6.6  - 29  

KILLEEN (pop. 26,646r)  
Retail  sales  ··············----··-·············································  
Apparel  stores  --··············································----.­ +  64t  +  88  + 46  +  12  
Lumber , building material.  
and hardware stores ········----·-----------------­ - lt  + 15  +us  +  36  
Postal receipts•  ······---·····-····································-········ $  33,972  + 60  + 6  $  331,232  $  314,090  +  6  
Building permits, less federal contracts ················ $  924,644  +131  +1184  $  4,911 ,688  $  3,047,966  +  61  
Bank debits  (thousands)  ·········································· $  9,920  + 9  + 13  $  110,346  $  95,659  +  15  
End-of-month deposits  (thousands ) t  ········--­--------­$  7.668  + 9  + 10  $  7,100  $  6,665  +  7  
Annual rate of deposit turnover ··········-·-----­ 16.2  + 6  +  16.6  14.4  +  8  

LAMESA (pop. 13,813r)  
Retail  sales  ··········--------·································-··············  
Automotive stores ·····-······----·············-------·····-······  + St  +  7  - 19  +  81  
Postal receipts•  ······························-­----·-····-··············--· $  14,921  +  17  +  1  $  172,832  $  142,161  +  22  
Building permits, less federal contracts ···--·-··  .... $  199,400  +  25  +  $  3,006,882  $  3,177,836  - 6  
Bank debits  (thousands)  ···-··············--·--··············· ... $  21,781  - 32  3  $  227,471  $  178,264  +  28  
End-of-month deposits  (thousands) t  ·······•············ $  19,229  - 6  2  $  17,053  $  16,126  +  13  
Annual rate of deposit turnover ············----------······  13.1  - 32  6  13.3  11.7  +  14  

LAMPASAS (pop. 4,869)  
P ostal receipts•  ............................................................ $  6,706  + 66  +  6  $  60,375  $  63,870  +  12  
Building permits, less federal contr..,,ts ················ $  37,400  +149  - 38  $  387,015  $  601,140  - 23  
Bank debits (thousands) ·········································· $ End-of-month deposits (thousa nds) t ···················· $  6,878 6,637  + 8 ••  4 2  $ $  77,102 6,896  $ $  65 ,384 6,351  + +  18 9  
Annual rate of deposit turnover ····························  10.6  +  9  4  11.2  10.3  +  9  

LAREDO (pop. 59,350r)  
Postal receipts•  ·--------···············································---­$  31,919  +  11  - 7  $  392,327  $  360,250  +  9  
Building permits, less federal contracts ················ $ Bank debits (thousands) ·········································· $  117,850 28,818  -+  37 9  +164 ••  $ $  2,689,423 323,815  $ $  1,298,724 311,619  + +  99 4  
End-of-month deposits  (thousands) t  ·------------------­$  22,899  +  8  +  $  22,107  $  21,700  +  ~  
Annual rate of deposit turnover --------------------------­ 16.4  +  8  - 1  14.7  14.4  +  2  

LLANO (pop. 2,957r) 
Postal receipts• $ 4,071 + 88 + 40 $ 34,317 $ 26,637 + 29
--················-·-·························-·-------····· Bank debits (thousands) 2,664 2 -12 $ 36,944 $ 36,639 + 1
·········································· $ End-of-month deposits (thousands) t .................... $ 4,051 3 + 6 $ 3,919 $ 3,643 + 11 Annual rate of deposit turnover 17 9.6 10.3 -8
·----------·-··············· 7.8 + 1 ­
For explanation of symbols, see page 27. 


FEBRUARY 1960 
Percent change  Percent change---­--­ 
Dec 1959  Dec 1969  1969  
Dec  from  from  from  
City a nd item  1969  Nov· 1959  Dec 1958  1969  1968  1968  

LOCKHART (pop. 7,067r)  
Postal  receipts•  -------­---------------------------------------------------­$  4,899  + 69  + 8  $  61,863  
Building  permits, less federal contracts -·------------·­$  26,700  +196  +183  $  911,713  379,210  +140  
Dank debits  (thousa nds)  ·---------------------·---···---·----­---­$  3,949  3  - 6  $  56,476  
End-of -month deposits  (thousands) t  -------------·-----­$  6,829  + 2  +  6  $  6,384  
Annual rate of deposit turnover ---·-------·-­--­-----­---·­ 8.2  - 11  10.3  9.7  +  6  

LONGVIEW (pop. 46,688r)  
Postal receipts•  -----····---------------­---------------------------------­$  50,372  +  27  +  12  $  516,049  
Building permits, less federal contracts . ----·--------$  409,800  - 81  - 80  $  8,349,902  $ 12,922,066  - 36  
Dunk  debits  (thousands)  ·················-­ ·····  $  42,229  +  9  
End-of-month deposits  (thousands )t  -------------------­$  39,006  +  6  
Annual  rate of deposit turnover ·······-------··----··-··-··  13.4  +  2  
Employment  (area)  ·················----------·························  28,300  +  +  3  27,800  26,850  +  4  
Manufacturing employment (area)  ................  6,070  +  1  +  10  4,900  4,370  +  12  
P er cent  unemployed  (area )  -------·························---­ 3.3  8  - 28  4.0  6.6  - 29  

LUBBOCK (pop. 152,776r)  
Retail  sales  ········-----------·------·-·····························-------····  +  23t  +  46  - 4  + 20  
Automotive stores ···················----------------······-·-····  + St  - 10  - 32  + 31  
Furniture and household  
appliance stores ················-----------------------­---­ +  28t  +  67  +  10  + 13  
Postal  receipts•  ---------­--------------------­--------------­···----------­$  165,182  +  12  +  3  $ 1,843,780  1,681,164  + 17  
Building permits, less federal cont racts  . $  2,305,632  - 19  - 21  $ 63,600,672  $ 43,068,049  + 24  
Ba nk debits  (thousands)  ------------------------------·--------­$  292,978  +  16  +  28  $ 2,451,232  $ 2,030,762  + 21  
End-of-month deposits  (thousands ) t  ---·-------$  134,119  +  10  +  $ 116,608  $ 107,497  + 8  
Annual rate of deposit turnover  _  27.6  +  4  +  24  21.0  18.9  + 11  
Employment (area) ---------··--···························---­-------­Manufacturing employment (area) Percent unemployed (area) ........  64,600 6,670 2.6  +  ••••  + + - 9 9 41  61,400 6,410 3.7  48,260 4,960 6.0  + 7 + -26  

LUFKIN (pop. 20,846r)  
P ostal  receipts•  ----------­-----------------­------------­-­-·-----­----­--­$  22,627  + 26  8  $  267,637  $  233,163  +  11  
Building permits, less federal contracts --· ­--·--·-----­$  254,130  +144  +  s  2,380,065  $  2,477,680  4  
Dank debits  (thousands )  ----­-· $  29,086  + 32  +  13  $  287,840  $  277,169  +  4  
End-of-month deposits (thousands ) t --­·----------­$ Annual r ate of deposit turnover ............................  26,997 13.7  + 6 + 28  + +  2 10  $  24,809 11.6  $  24,109 11.6  +  3 ••  

McALLEN (pop. 25,326r)  
R etail  sales  -­ -· --··-·················-··-···  + St  - 3  - 20  + 28  
Postal receipts•  --------·-------·---------------------------·----------­---­$  28,134  +  8  $  331,286  
Building permits, less federal contra.eta  --$  276,087  - 31  +  46  $  6,614,905  $  4,731 ,335  + 19  
Ba nk debits (thousands) End-of-month deposits (thousands lt  ---$ ---­--------------­$  26,950 21,990  + +  16 10  + +  4  $ $  317,670 21,688  $ $  276,687 20,082  + 16 + 7  
Annual rate of. deposit turnover ·······-·········-·-·-·-·--­ 16.4  +  12  3  14.7  13.9  +  

McKINNEY (pop. 16,653r)  
Build ing  permits, less federal contracts  ·-­$  135,600  - 64  +848  $  1,962,729  $  1,468,727  + 34  
Bank d~bits (thousands) End-of-month deposits (thousands ) t  -$ -·-­---------------­$  10,277 12,988  + +  3 2  + 18 ••  $ $  113,164 12,006  $ $  99,296 12,036  +  14 ••  
Annual  ra te of deposit turnover ···-----··-­ 9.6  +  2  + 17  9.6  

MARSHALL (pop. 28,444r)  
R etail  sales  ··--··-·······-······ ··--···-··---·--------·················-····  
Apparel stores  ············-·-··--·--·-····· -·-·········-··----·····  +  64t  +  75  - 1  +  7  
Gener al  m er chandise stores  -·--·---·····-·········-----··  +  68t  +110  +  8  +  8  
P ostal  receipts•  ····················-·-··---··----·------···········-·----· $  26,636  + 17  +  44  $  289,492  
Building  permits, less federal contracts  -·-­-­ $  191,224  + 69  +  41  $  2,394,137  $  1,862,796  +  29  
Ba nk  debits  (thousa nds )  --------····-····--··· ·······---···-·-···· $  17,980  + 12  +  4  $  200,238  $  180,901  +  11  
End-of-month deposits  (thousands )t  -$  20,809  +  1  +  1  $  20,817  $  20,238  +  3  
Annual  rate of  deposit turnover ..............  10.4  -42  +  2  10.4  9.0  +  16  

MERCEDES (pop. 10,081)  
P ostal  receipts•  -·--····--·-·-----·----------·--------·············· -----­$  6,980  +  4  +  12  $  68,875  
Build ing permits, less federal cont racts ·-----·-·------­$ Bank debits (thousands ) ········---­---····-----·--·-·· --------­$  17,135 6,892  + +  12 10  +177 ••  $ $  193,988 76,897  $ $  241,070 79,498  -- 20 3  
E nd-of-month deposits  ( thousands ) t  ··--··-···-·-------­ $  4,840  +  7  + 6  $  4,666  $  6,629  - 18  
Annual rate of dep osit turnover --------­-------------·----­ 16.l  +  9  17.0  

For explanation of symbols, see page 27. 
TEXAS BUSINESS REVIEW 
Percent change  Percent chang"  
City and item  Dec 1959  Dec 1969 from Nov 1969  Dec 1969 from Dec 1968  1959  1958  1969 f rom 1968  

MIDLAND (pop. 54,288r)  
Postal  receipts  ............................................................ $  142,498  +102  +  12  s  992,125  
Building permits, less federal contracts ................ $ Bank debits (thousands) .......... ................... $  1,722,986 121,087  + 6 + 23  -+  11 27  s 36.602,466 s 1,176,823  s 30,007 ,663 s 980,066  + 22 + 20  
E nd-of-month  deposits  (thouoands) t  ................... $  97,684  + "  +  6  s  90,918  s  86,008  + 7  
Annual rate of deposit turnov"r .......................... .  16.2  + 19  12.9  

MONAHANS (pop. 10,l83r)  
P ostal receipts•  ........................................................... S  9,602  +  36  +  12  $  104,034  s  87,991  +  18  
Building permits, less federal contracts ....  $  207,776  +  19  - 16  $  2,061,960  $  2,268,885  - g  
Bank debits  (thousands)  .............................  ..... S  10,344  - 12  '  123,927  s  113,131  +  10  
End-of-month deposits  (thousands) t  .... $  8,302  +  7  6  $  7,742  $  7,681  +  
Annual  rate of deposit turnover ............... .  16.4  - '  - 7  16.0  14.7  +  g  

NACOGDOCHES (pop. 14,770r) 
Postal receipts• .........._ ................................................ S 16,864 + 182,769 
Building permits, less federal contracts ............... S 21,444 -91" 8 '$ l ,436,842 $ 1,986,769 -28 
Bnnk debits (thou•ands) .......................................... $ 13,730 + 8 3 170,131 s 165,693 + 9 
E nd-of-month deposits (thousands)t ......... $ 14.933 -7 6 '$ 16,053 $ 15,096 •• 
Annual rate of deposit turnover ......................... .. 10.6 + 12 •• 11.8 10.3 + 10 

NEW BRAUNFELS (pop. 12,210)  
Retail  sales  ................................................................. .  
Automotive stores ................................... .  + st  +  20  - 40  
Postal receipts•  .......................................................... S  20,969  +  18  - 16  s  223,916  '  209,069  +  7  
Building permits, less federal contracts ................ $  38,412  - 47  - 24  '  l,468,481  s  1,482,376  
Bank debits  (thousands)  ........... S  9,948  +  - 12  $  124,086  $  116,947  +  7  
End-of-month deposits  (thousands) t  .................... $  12,171  +  3  +  28  '  11,648  $  10,060  +  16  
Annual  rate of deposit turnover  10.0  +  6  - 22  10.8  

ODESSA (pop. 87,52Ir)  
Retail  sales  ............................................................... ..  
Furniture and household  
appliance stores ----·--­·-·-·--··························--· Postal receipts• .......................................................... $ Building permits, less federal contracts ................ $  + 2St 84,496 l,671.360  + 17 + 22 -33  -17 + g + 12  s 929,979 ' 28,831,604  $ '  767,361 27 ,666,163  -8 + 21 + 5  

ORANGE (pop. 31,556r)  
Retail  sales  
Apparel stores  ........................................  + 6(t  +  68  +  8  - 2  
Lumber , building material,  
and hardware stores ----···--·-·········-···············  - it  +  12  +  2  - 10  
Postal rec.,ipts•  ............................................................ S  26,670  +  80  - 11  '  293,803  $  268,263  +  10  
Buildinl!' permits, less federal contracts . .. .......... $  188,404  - 47  - 37  
Bank debits  (thousands)  ..................  .. ... S  25, 237  +  11  +  15  '  266,074  '  244,517  +  
E nd-of-month deposits  (thousands)t  ..  ........ $  21,440  - g  +  3  '  21,190  '  21,o42  +  
Annual rate of deposit turnover ........ . E mployment (area ) .......................................... . Manufacturing employment (area) ..... Percent unemployed (area) ................ .  13.9 106,800 32,660 8.3  + - 12 •• 1 ••  + + - 11 3 •• 13  12.6 104,100 32,(60 9.9  11.6 106,300 33,975 9.6  + +  0 4 4  

PALESTINE (pop. 15,063r)  
P ostal  receipts•  ........................................................... f  16,419  +  49  - 18  '  160,276  $  146,050  +  10  
Bank debits  (thousands)  ................. $  9,279  +  s  110,468  '  103,626  +  7  
End-of-month deposits  (thousands) t  .................... $  14,704  +  4  +  4  $  13,622  '  13,639  +  
Annual  rate o! deposit  turnover ..  7.7  3  7  8.1  

PAMPA (pop. 26,720') 
Postal receipts• ................................ . $ 28,067 + 28 + 10 • 302,677 Building permits, less federal contract• . S 239,260 -68 -67 $ 6,600,034 + 6 Bank debits (thousands) .................. .. .... 24,408 + 16 End-of-month deposits (thousands) t 26,603 + 3 
' 
Annual rate of deposit turnov"r .... ... 11.6 + 12 
PASADENA (pop. 58,928r) Postal receipts• .............................................................. $  38,335  + 24  - 6  $  469,187  $  362,27(  +  so  
Building permits, less federal contracts .................. S  1,057,450  +185  - 61  
E mployment (a rea ) .................................................. .. Manufacturing employm ent (area) .  600,000 94,300  + +  2 2  + +  5 2  481 ,350 93,595  462,460 93,606  +  4 ••  
Percent unemployed (area)  .................... .  4.0  - 11  - 29  4.7  6.4  - 27  

For explanation of symbols, Sf>e pa.ire 27. 
FEBRUARY 1960 
Percent change  Percent change  
Cit y and item  Deo 1959  Dec 1959 from Nov 1959  Dec 1959 from Dec 1958  1959  1958  1959 from 1958  

PARIS (f.op. 24,55Ir) Retail sa cs ...................................................................... Apparel stores .....................................  + +  23t 64t  + +  25 52  +  3 ••  + +  13 8  
Automotive stores ·········-·····--···-·--···  + St  +  15  9  +  21  
Lumber, building material, and  
hardware stores --····························  1 t  +  28  +  8  +  8  
Postal receipts• ·····-·································· -----·--············ s  21,224  +  16  8  $  239,983  $  212,750  +  13  
Building permits, less federal contracts .. ................ s  400,512  +  83  +  90  $  2,811,286  $  2,044 ,390  +  38  
Bank debits  (thousands)  ----------------------------·····--­··-···-·  $  17 ,968  +  4  +  10  $  195,548  $  178,899  +  9  
End-of-month deposits (thousands) t ...................... $  13,868  +  2  3  $  13,475  $  13,767  - 2  
Annua l rate of deposit turnover .....  15.7  +  +  13  14.5  12.9  +  12  

PHARR {pop. 8,690)  
Postal r eceipts• .............................................................. $  8,185  +  36  +  7  $  77,568  $  70,317  +  10  
Bank d ebits (thousands ) ............................................ $  4,428  +  21  5  $  54,838  $  50,337  +  
End-of-month deposits (thousands H  ...................... $  4,242  +  9  - 11  $  4,455  $  4,297  +  
Annual rate of deposit turnover ... ---------·--·· ··············  13.1  +  11  +  5  12.2  11.9  +  

PLAINVIEW (pop. 21,I06r)  
Retail sales .. ....................................................................  +  23t  +  30  - 14  + 24  
Apparel stores ........................................................  +  64t  +  83  +  3  + 53  
Automotive stores ..................................................  + 64t  +  83  +  3  +  
General merchandise stores ___ ------------····---········· P ostal receipts• .............................................................. $  + 58t 22,375  + +  57 36  - 18 ••  $  243,322  s  210,060  -2 + 16  
Building permits, less feder al contracts .................. $  212,000  +  12  +  25  s  3,382,530  $  2,188,375  + 55  
Bank debits  (thousands)  ······-··-·-·------·--··-··················· $  53,879  +  16  +  41  $  371,110  $  290,822  + 28  
End-of-month deposits (thousands H  ......................  $  28,687  +  14  +  $  24,907  $  22,746  + 10  
Annual rate of deposit turnover ......................  24.0  +  4  +  43  15.0  

PORT ARTHUR (pop. 82,150u)  
Retail sales ......................................................................  +  23t  +  25  - 7  
Apparel stores ........................................................  +  64t  +  82  - 4  +  
Automotive stores ------­----··· ········ --------···················  + 8  - 7  - 18  +  
Eating and drinking places ................................  + 4t  - 5  +  36  +  
Food stores ... -­························································  +  St  +  19  +  8  
Furniture and household appliance.stores ......  +  28t  +  46  +  8  
Postal receipts• ........ ...................................................... ~  66,373  +  36  $  666,203  
Building permits, less federal contracts ..  .. $  199,226  - 23  - 42  $  6,087,539  $  8,776,175  - 31  
Bank d ebits (thousands) ·········-····--·····-··········-··········· $ End-of-month deposits (thousands) t ...................... $  72,417 45;853  + +  24 4  + - 10 4  $ $  761,796 44,172  $ $  778,609 45,951  2  
Annual rate of deposit turnover ................................ Employment (area) .................................................... Manufacturing employment (area) Percent unemployed (area) ·---­ 19.3 105,800 32,550 8.3  + - 19 •• 1 ••  + + - 15 3 •• 13  17.2 104,100 32,450 9.9  17.0 105,300 33,975 9.5  + +  

RAYMONDVILLE (pop. 9,136) 
Postal receipts• .............................................................. $ 5,690 + 9 -12 $ 80,032 
Building permits, less federal contracts ......... $ 22,220 + 42 +108 $ 571,175 169,930 + 236 
Bank debits (thousands) .............. $ 5,994 3

············-·····-····· 
End-of-month deposits (thousandsH $ 8,805 4 
Annual rate of deposit turnover ........ ··-···-····-··--··-· 8.0 + 4 


ROCKDALE (pop. 6,400r) 
Postal receipts• .............................................................. $ 5,126 

+ 49 -5 $ 50,571 $ 46,910 + 8 
Building permits, less federal contracts .................. $ 2,300 -13 40

-s 139,248 $ 309,200 -55 
Bank debits (thousands) ··········--·······-----···················· $ 3,806 + 6 -27 $ 42,988 $ 41,543 + 3 
End-of-month deposits (thousandsH ...................... $ 5,428 2

+ + 5 $ 5,348 $ 4,994 + 7 
Annual rate of deposit turnover .................... 8.5 

+ 8.1 
SAN ANGELO (pop. 62,359r)  
R et a il sales ........... ·····················-··--·­·-:............·...............  
J ewelery stores . ·-··················································  +196  - 6  +  
Lumber, building material, and  
hardware stores ··································· ·········  - 1 t  +  25  +  26  +  10  
Postal r eceipts• ...  -····--·-······--··-······························· $  74.815  - 3  + 12  $  868,752  $  755 .183  +  15  
Building permits. less feder a l contracts .................. $ Bank debits (thousands) ·································-·········· $ End-of-month deposits (thousands ) t ...................... $ Annual rate of deposit turnover ................................  405,113 53,751 47 ,251 13.9  + 35 + 3 + 4 +  +103 •• + 7 -6  $ $ $  4,822,209 649 ,943 45,763 14.2  $ $ $  4,556,997 591,721 41,679 14.2  + + +  10 10 ••  
Employment (area) ··­·····-···································-···-··· Ma nufacturing employment (area) ... ............•  23,700 3,240  +  2 ••  + 2 + 10  23,100 3,170  22,800 3,030  + +  
Percent unemployed (area) ·--······-·· ··--··-···············  4.4  - 4  -88  4.9  7.8  - 37  

For explanation of symbols, •ee page 27. 
TEXAS BUSINESS REVIEW 
Percent change  Percent change  
City and item  Dec 1959  Dec 1959 from Nov 1959  Dec 1959 from Dec 1958  1959  1958  1959 from 1958  

SAN ANTONIO (pop. 555,000r) Retail sales ...................................................................... Apparel stores .......... -­----------­··-·····························  + 25t + 44t  + 26 + 42  - 7 ••  + +  6  
Automotive stor es ············---­--­----­--­----·············-·····  +  4t  +  2  - 18  +  20  
Florists  -----­······-······························--·-­···········-········  + 96  +  10  
Drug stores  -·-­··­---·····························------­·············  +  35t  +  30  +  +  s  
Eating and drinking places ................................  + 6t  + 9  +  2  +  2  
Filling stations ......................................................  +  5t  + 2  +  8  
Food stores ..............................................................  + 9t  + 13  10  5  
Furniture and household appliance stores ......  +  30t  +  35  3  +  13  
General merchandise stores ...............  +  42t  +  64  - 3  +  2  
Lumber, building material, and  
hardware stores ..............................  - Gt  2  - 17  +  12  
Postal receipts• .............................................................. $  807,138  + 82  +  8  $ 8,329,586  
Building permits, less federal contracts ............... .. $  5,360,345  +103  +  85  $ 60,306,937  $ 58,640,630  +  
Bank debits (thousands) ·······················---------­-------··· $  648,737  + 13  +  8  $ 7,223,239  $ 6,498,530  +  11  
End-of-month deposits (thousands) t ...................... $  371,664  1  7  $ 387,942  $ 372,589  +  4  
Annual rate of deposit turnover ................................  20.9  + 12  +  9  18.6  17.6  +  6  
Employment (area) -­----··---------·-----··--························· Manufacturing employment (area) ................  205,100 25,375  +  2 ••  + +  2  200,550 25,005  196,200 23,750  + +  2 5  
Percent unemployed (area)  ···-··································  3.2  +  +  10  3.5  4.1  - 15  

SAN MARCOS (pop. 14,300r)  
Postal receipts• .............................................................. $  10,043  - 3  -23  $  129,280  $  120,314  +  7  
Building permits, less federal contracts .................. $  211,714  +904  + 967  s  1,382,875  $  1,979,488  - 30  
Bank debits (thousands)  ............................................ $  6,673  3  -12  $  89,738  $  87,645  +  2  
End-of-month deposits (thousands)t ...................... $  8,596  +  1  $  8,869  $  8,229  +  
Annual rate of deposit turnover ................................  9.1  - 13  10.1  10.8  6  

SAN SABA (pop. 3,400) Bank debits (thousands) s 4,373 -8 -6 $ 49,480 $ 48,094 +
-······················· 
End-of-month deposits (thousands)t ..................... $ 4,890 •• + $ 4,614 $ 4,816 + 
Annual rate of deposit turnover ................................ 10.7 -4 -11 10.7 11.2 

SEGUIN (pop. 14,0()()r)  
Postal receipts• ................................ :. -----··--·-·······--·-·-·  '  11,293  +  11  $  137,911  
Building permits. less  federal  contracts  ·········----­$  43,015  +  91  - 57  $  1,248,292  $  1,395,783  - 11  
Bank debits  (thousands)  ········································-­ $  9,674  +  11  - 1  $  117,236  $  102,755  +  14  
End-of-month deposits  (thousands) t  ----·---··------···· $  14,320  - 3  - 10  $  14,495  $  15,129  4  
Anual rate of deposit turnover ................................  8.0  +  18  +  10  8.1  

SHERMAN (pop. 31,269r)  
Retail  sales  ············­-··-·······-····-···-··-·····························  
Apparel stores ........................ ···························-­ +  64t  +  96  8  s  
Furniture and household  
appliance stores ...........  +  28t  +  21  +  +  6  
Lumber, building material,  
and  hardware  stores  --­·---·-·-··  - lt  + 7  + 21  +  25  
Postal receipts.• ............................................................  $  38,284  + 47  - 1  $  870,997  $  340,741  +  9  
Building permits, less  federal  contracts  ---··-········  $  598,807  +196  +194  $  4,819,200  $  3,525,938  +  37  
Rank debits  (thousands)  ·····················-------············-­$  25,970  +  1  - 1  
End-of-month deposits  (thousands) t  ···················· $  20,605  + 6  + 8  
Anual rate of deposit turnover ----··-···········------········  15.6  2  

SLATON (pop. 6,35Jr) Postal receipts• ···········-··········· --·-----------·-·-··············--· Building permits, less federal contracts -----··-·····  $ $  4,155 126,939  + 11 +2208  -+  19 68  $ $  47,910 809,450  $ $  43,633 487,185  + +  10 66  
Bank debits  (thousands)  ·········································· $  4,266  + 7  8  $  39,922  $  34,578  +  15  
End-of-month deposits  (thousands) t  ···················· $  5,101  + 12  5  $  4,432  $  4,109  +  8  
Annual rate of deposit turnover ............  10.6  - 5  9.0  

SMITHVILLE (pop. 3,373r) Postal receipts• ............................................................ ..  2,157  +  18  
Bank debits  (thousands)  ···················-······------·--······· $  1,899  +  31  +  25  $  14,184  $  11,374  +  25  
End-of-month deposits  (thousands) t  .................... $  2,386  - 2  - 6  $  2,393  $  2,308  +  8  
Annual rate of deposit turnover ................  7.0  +  32  5.9  

SNYDER (pop. 16,324r) Postal receipt.s ······························································ $  22,502  +104  +  50  
Building  permits, less feaeral  contracts  ----·-­ $  74,500  +299  - 70  $  2,551,020  $  3,869,593  - 84  
Bank debits  (thousands)  ········----------···········---·--­·­-··· $  20,294  + 23  +  17  $  188,034  $  172,79()  +  9  
End-of-month deposits  (thousands) t  ··········-··-·-·--­$  14,717  + 3  - 26  $  16,541  $  17,700  - 7  
Annual rate of deposit turnover  16.8  + 19  +  62  11.5  9.8  +  17  

For explanation of symbols, see page 27. 


FEBRUARY 1960 
Percent change  P ercent change  
City and item  Dec 1959  Dec 1959 from N ov 1959  Dec 1959 from Dec 1958  1959  1958  1959 from 1958  

SULPHUR SPRINGS (pop. 9,890r ) 
80 108,796 Building permits, less federal contracts ......... $ 62,300 +849 Bank debits (thousands) $ 9,958 + 5 •• $ 117,451 $ 106,980 10 Postal receipt•• ·-··········································-··-··-········· $ 9,554 + •• $ 99,863 + 9 
··--·-···································-+ End-of-month deposits (thousands) t ........ $ 13,022 •• + $ 12,297 $ 12,048 + 2 Annual rate of deposit turnover ................. 9.2 + 8 -" 9.6 8.9 + 8 
SWEETWATER (pop. 16,283r )  
P ostal receipts• ·----········································---···-­Building vermits, less federal contracts Bank debits (thousands) ....................................  $ $ $  12,391 116,930 14,652  + + - 11 6 7  -3 +328 ••  $ $  2,247,410 147,188  $ $  2,037,722 132,962  + 10 + 11  
End-of-m onth deposits  (thousands) t  ·······---­ $  12,067  +  2  $  11,702  '  11,440  + 2  
Annual rate o! deposit turnover ··--······················  14.6  - 10  +  12.6  11.6  +  

TAYLOR (pop. 9,071)  
Retail  sales  ......  ----------··-·································  
Automotive stores ··-···········································-­ + 8t  +  2'  - 7  +  11  
Postal receipts• ·················-·················-·-······-········------­ $  8,999  +  23  - 16  $  112,074  $  103,966  +  8  
Building permits, less federal contraets  -·· $  21 ,237  - 44  - 59  $  543,181  $  798,404  - 82  
l"h1nk debits  (thousands )  ------------------·······-···--·-·········  $  7,958  4  +  5  $  97,637  $  86,687  +  13  
End-of-month deposits (thousands) t Annual rate of deposit turnover  .................... $  14,688 6.6  +  2 3  +  "••  $  13,402 7.3  $  12,091 7.2  + +  11 l  

TEMPLE (pop. 33,912r)  
Retail sales .  ...................................... ..................  +  23t  +  61  +  2  +  
Apparel stores ......................................................  +  64t  + 61  +  10  +  
D~stores ·--·-··­····································  + 4H  + 60  +  10  +  
Furniture and household  
appliance stores ...............  +  28t  +  40  +  
Lumber, buildinll' material,  
and hardware stores .....................  - 1 t  + 42  +  
Postal receipts• ............................................................  $  39,331  + 16  +  5  $  441,967  $  888,692  +  14  
Building permits, less  federal  contracts  .............  $  182,347  -37  +  2  $  3,176,742  $  8,570,260  - 11  
B:i.nk  debi ts  (thousands)  ·········································· $  23,242  + 6  +  12  $  278,959  $  237,418  +  17  

TEXARKANA (pop. 50,784,r)  
Retail sales ···-·······-·-··-···-····-·-··-··-····-················  +  23t  +  8  - 1'  +  18  
A pparel stores -···-··-·-····························-·­ +  64t  +  63  +  8  +  4  
Autom otive stores ................................................  + St  - 16  - 21  +  27  
Furniture and household  
appliance stores ............................................  + 2St  +  2  - 26  +  
Postal  receipts• §  .............................................. .......... '  60,71.&  +  18  +  4  $  668,002  $  608,652  +  10  
Building permits, less federal contracts§  ........... $  184,600  +  26  - 20  $  2,757,187  $  2,858,146  - 4  
Bunk debits (thousands) .......................................... $ End of month deposits (thousands) t $  61,762 16,359  +  12 ••  + - 10 5  $ $  576,960 16,196  $ $  499,823 16,438  + - 16 1  
Annual rate of deposit turnover ................ Employment (area) ........................................... Manufacturing employment (area) ................ Percent unemployed (area) ··································  18.4 29,660 3,610 6.9  + +  18 •• "  + + - 19 2.. 1  16.3 29,160 3,690 7.2  14.3 28,500 3,685 9.7  + + + - 14 2 8 26  

TEXAS CITY (pop. 30,000r )  
Retail  sales  ......................................... ··························  
Lumber, building m aterial,  
and ha rdware stores ........  - lt  10  - 33  +  9  
Postal receipts• ·············--·-······································· $ Building permits, less federal contracts $ Bank debits (thousands) ····························· .. $ End-of-month deposits (thousands) t ················· .. $ Annual rate of deposit turnover ......... .................... E mployment (area) ···················································· Manufacturing employment (area) ................ P ercent unemployed (area) ····································  24,042 896,900 22,480 11,226 24.3 49,800 9,860 6.0  + 23 + 82 + 10 + 2 + 12 + .. -9  ---+ + -- 5 24 •• 10 9 2 10 14  $ $ $ $  269,434 4,911,925 254,867 11,685 21.8 49,300 10,410 7.3  $ '$ $  236,570 6,574,016 253,676 15,0U 17.3 48,550 11,165 7.5  + --+ +  14 26 •• 22 26 2  

TYLER (pop. 56,725r ) Retail sales 
···················· ..................... ······················· Automotive stores ................. ···························· + 8t -1 -16 + 12 Postal receipta ................... ····················· ···················· $ 138,664 + 64 -1 $ 1,073,718 $ 963,639 + IS Building permits, less federal contracts $ 336,075 5 
-48 $ 9,885,203 $ 11,877,383 -17 Bank debits (thousands) ················· ........................ $ 88,197 
+ 8 $ l,043,640 $ 980,982 + End-of-month deposits (thousands) t ·················· + 8 2 $ 61,150 $ 61,453 ..
$ 64,091 
Annual rate of deposit turnover ........ 17.2 

+ 5 3 17.0 15.6 + 
For explanation of symbols, see page 27. 
TEXAS BUSINESS REVIEW 
Percent change  Percent change  
City and item  Dec 1959  Dec 1959 from N ov 1959  Dec 1959 from Dec 195S  1959  195S  1959 from 195S  

VICTORIA (pop. 44,188r) 
Retail sales .................................................................... + 23t Automotive stores ----------······----·--······· + St Furniture and household appliance stores .......................................... . + 2St Lumber, building material, and hardware stores -·······--------------·····----------l t Postal receipts* ............................................................ $ 3S,900 Building permits, less federal contracts ......... $ S5,S32 
+ 
19 •• + 5 

+ 
17 -13 + 11 

+ 
4S + 21 -19 + 1 

+ 
41 + 5 $ 399,515 376,426 + 6 -45 -75 


WACO (pop.101,824r) Retail sales ......................................................... .  +  23t  +  5S  ••  +  9  
Apparel stores ..................................................... .  +  64t  +  76  5  - 6  
Florists ................................................................... .  +  90  + s  +  12  
Furniture and household  
appliance stores ··········------------------················  + 2St  +  16  + 6  +  12  
General merchandise ---------············-··············----­­ +  5St  +  73  + 4  +  11  
Lumber, building material, and hardware stores ······----------------------····---·  - it  - 4  + 34  +  17  
Postal receipts* ............................................................  $  174,077  +  21  
Building permits,  less  federal contracts  .............. $  712,678  - 25  -46  $ 17,012,541  $ 14,656,578  +  16  
Bank debits  (thousands)  .......................................... $  114,391  +  16  + 7  $  l,30S,217  $  l ,153,363  +  13  
End-of-month deposits  (thousands) :j:  •...••...••..••.••..  $  71,400  +  4  - 5  $  69 ,126  $ 66,667  +  4  
Annual rate of deposit turnover .......... .  19.6  +  14  + 11  l S.9  17.2  +  10  
Employment (area ) ................................................... . Manufacturing employment (area) ............... . Percent unemployed (a.rea) ····························­---·  4S,550 9,770 4.3  +  1 ••••  + 1 -2 -14  47,550 10,100 4.7  45,900 9,660 5.9  + + - 4 5 20  

WICIDTA FALLS (pop.103,152r)  
Retail sales ................................................................... .  +  23t  +  13  - 25  +  5  
Automotive stores ............................................... .  + St  +  5  - 29  +  6  
Furniture and household  
appliance stores ······-------------------------------------­ + 2S t  + 25  - 15  
Postal receipts ···················································­····--· $ Building permits, less federal contracts .............. $  l S0,947 697,510  + 66 +104  + +  47 47  $ 13,635,091  $  9,776,070  +  39  
Bank debits (thousands) .......................................... $ End-of-month deposits (thousands) :j: •...•.........•.••.• $  130,94S 120,157  + 9 + 14  +  7 1  $ l,443,5SO $ 106,313  $ $  l,24S,170 106,276  +  16 ••  
Annual rate of deposit turnover ----------------------------­ 13.9  +  +  9  13.6  11.6  +  17  
Employment (a rea)  ................................................... .  41,450  + 2  +  2  40,700  39,150  +  4  
Manufacturing employment (area)  ............... .  3,720  1  +  4  3,690  3,565  +  4  
Percent unemployed (a,rea)  ..................................... .  4.9  +  11  +  11  4.4  5.9  - 25  

t Normal seasonal change from November to December. 
*For the period November 14-December 11. 
UReported by the Bureau of Business and Economic Research, University of Houston, for Harris County. 
:j: 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. 

Bureau of Business Research Publications 
1960 DIRECTORY OF TEXAS MANUFACTURERS 
twelve dollars 


Uncertainty in Forecasting and Policy Formation 
The ]. Anderson Fitzgerald Lectures in the Dynamics of Business Enterprise, Series 1958-59 
by V. Lewis Bassie 
Director, Bureau of Business and Economic Research, 
University of Illinois 

one dollar 
FEBRUARY 1%0 
BAROMETERS OF TEXAS BUSINESS 

Year-to-date averageDec Nov Dec 1969 1959 1968 1969 
GENERAL BUSINESS ACTIVITY  
tTexas business activity, index ............................................................ ..................... .  223  220  211  218  197  
Miscellaneous freight carloading in SW District, index .................................... .  76  78  75  81  77  
Ordinary life insurance sales, index ............................................ ..... ..................... .  457  425  413  409  379  
Wholesale prices in U.S., unadjusted index .................... .................................... .  118.9  118.9  119.2  119.4  119.2  
+Consumers' prices in Houston, unadjusted index ...................... ....................... .  125.4  124.6  123.6  
Consumers' prices in U.S., unadjusted ................................................................. .  125.5  125.6  123.7  124.6  123.5  
Business failures (number) ................................................................................... .  52  37  51  36  38  
Newspaper advertising linage, index .................................................................... .  174.l  167.0  167.5  176.7  160.2  
TRADE  
Total retail sales, index ........................................................................................... .  218*  211r  225r  
Durable-goods stores ....................................................................................... .  147*  149r  175r  
Nondurable-goods stores ................................................................................ .  255*  244r  252r  
Ratio of credit sales to net sales in department and apparel stores .................. .  67.0*  70.7*  67.0r  69.0*  68.3  
Ratio of collections to outstandings in department and apparel stores ............ .  40.l*  34.2*  4L2r  37.1°  37.8  
PRODUCTION  
Total electric power consumption, index ....................... ...................................... .  366*  374r  332r  377•  337r  
Industrial electric power consumption, index ..................................................... .  371•  377r  344r  371•  33 lr  
Crude oil production, index ................................................................................... .  115•  108r  124  115•  Ill  
Crude oil runs to stills, index ................................... .............................................. .  145  143  142  143  136  
Gasoline consumption, index ............................................................................... .  172  183  182  
Natural gas production, index ............................................................................... .  200  192  185  
Industrial production, index ................................................................................. .  170  169  167  170  159  
Southern pine production, index ................................. ........................................ .  83  81  103  85  102  
Cottonseed crushed, index ...................................................................................... .  165  146  143  154  151  
Construction authorized, index ............................................................................. .  246  201  247  245  235  
Residential building ........................................................................................ .  228  215  313  268  271  
Nonresidential building .................................................................................. .  278  172  183  226  201  
Cement shipments, index ····-······-······················································-···-· Cement production, index ····-·······--··· ·················································-····-· Cement consumption, index -······-·····················································--···-··  182 153 168  172 161 163  197 182 191  199 197 189  184 185 179  
AGRICULTURE  
Prices received by farmers, unadjusted index, 1909-14 =100 ........................ . Prices paid by farmers in U.S., unadjusted index, 1909-14 =100 ....................  262  262 297  283 295  278  279 293  
Ratio of Texas farm prices received to U.S. prices paid by farmers ......... ........ .  88  96  95  
FINANCE  
Bank debits, index ................................................................................................... .  265  262  251  260  234  
Bank debits, U.S., index ......................... ................................. ................................  236  227  216  227  207  
Reporting member banks, Dallas Reserve District:  
§Loans (millions) ................................................................................ ............. . §Loans and investments (millions) ................................................................. Adjusted demand deposits (millions) .......................................................... . Revenue receipts of the State Comptroller (thousands) .................................... Federal Internal Revenue collections (thousands) ............................................ .  $ 2,943 $ 4,613 $ 2,815 $102,044 $118,382  $ 2,885 $ 4,558 $ 2,702 s 89,690 $283,944  $ 2,835 $ 4,620 s 2,899 $109,932 $ 97,673  $ s s 2,837 4,526 2,756 s 98,201 $233,917  s $ s 2,602 4,285 2,680 s 87,573 $223,535  
LABOR  
Total nonagri cultural employment (thousands) IT .......................... ................. . Total manufacturing employment (thousands) IT ..................................... .  2,499.6* 482.4*  2,464.7r 480.8r  2,467.l 478.3  2,441.8* 482.1*  2,402.0 477.9  
Durable-goods employment (thousands) IT .................................. ........  230.5*  228.9r  227.6  230.9*  227.4  
Nondurable-goods employment (thousands) IT ................................... .  251.9*  251.9r  250.7  251.2°  250.5  
Total civilian labor force in 17 labor market areas (thousands) ...................... . Employment in 17 labor market areas (thousands) ................................... . Manufacturing employment in 17 labor market areas (thousands) .  2,170.9 2,018.9 371.0  2,152.9 1,984.4 368.4  1,854.6 354.8  2,112.8 1,948.0 366.8  1,802.6 355.9  
Total unemployment in 17 labor market areas (thousands) ..................... .  89.7  93.6  99.2  96.7  115.2  
Percent of labor force unemployed in 17 labor market areas ............ .  4.1  4.3  4.9  4.6  

All figures are for Texaa unless otherwise indicated. All Indexes are baaed on the averaee months for 1947-49, except where indicated; all are adjusted for seasonal variation, except annual indexes. Employment estimates have been adjusted to first quarter 1968 benchmarks. 
•Preliminary. 
t Based on bank debits in 20 cities, adjusted for price level. i Index computed for February, May, August. and November only. § Exclusive of loans to banks after deduction of valuation reserves. r Revised. 
VIncludes wage and salary workers only. 
TEXAS BUSINESS REVIEW