september 1969 exas ~ us1ness rev1e VOL. XLIII, NO. 9, SEPTEMBER 1969 TEXAS BUSINESS REVIEW Editor Stanley A. Arbingast; Associate Editor, Robert H. Ryan; Managing Editor, Graham Blackstock Editori~l Board: Stanley A. Arbingast, Chairman; John R. Stockton; Francis B. May; Robert H. Ryan; Robert B. Williamson; Joe H. Jones; Graham Blackstock. CONTENTS ARTICLES 261: THE BUSINESS SITUATION IN TEXAS, by Robert H. Ryan 265: JOHN R. STOCKTON 266: SHORT-Lim; RAILROADS OF Zlatkovich and Edward 272: CONSTRUCTION IN TEXAS, Anderson TABLES TEXAS, by Charles P. Hill Enochs JULY 1969, by Mildred 262: PR!o:LIMINARY ESTIMATES OF TOTAL RETAIL SALES 262: RETAIL-SALES TRENDS BY KIND OF BUSINESS 262: SELECTED BAROMETERS OF TEXAS BUSINESS 262: CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES 263. BUSINESS-ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES 264 : POSTAL RECEIPTS, SELECTED TEXAS CITIES 271: SHORT-LINE RAILROADS OF TEXAS: STATISTICAL SUM­MARY 272: INDEX OF CONSTRUCTION IN TEXAS 272: t;STIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS, SHOWING EFFECT OF INFLATIONARY FACTOR 273: ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS 274: LOCAL BUSINESS CONDITIONS BAROMETERS OF TEXAS BUSINESS (inside back cover) CHARTS 261: TEXAS BUSINESS ACTIVITY 263: PRICES RECEIVED BY FARMERS: ALL FARM PRODUCTS, TEXAS 264: INDUSTRIAL PRODUCTION, TEXAS 264: INDUSTRIAL PRODUCTION: TOTAL MANUFACTURES, TEXAS 264: WHOLESALE PRICES, UNITED STATES 264: CONSUMER PRICES IN THE UNITED STATES 264: INDUSTRIAL ELECTRIC-POWER USE, TEXAS 273 : TRENDS IN RESIDENTIAL CONSTRUCTION PHOTOGRAPHS 265: JOHN R. STOCKTON 268: MOSCOW, CAMDEN & SAN AUGUSTINE COMBINATION BAGGAGE-PASSENGER COACH BUILT IN 1898 269: LOCOMOTIVE AND MAINTENANCE FACILITIES OF THE ROCKDALE, SANDOW & SOUTHERN AT MARJORIE 270: THE "GOOBER SPECIAL" PASSENGER TRAIN MAP 267: SHORT-L!Nt; RAILROADS OF TEXAS BURt;Au OF BUSINESS RESEARCH r>iredor: Stanley A. Arbingast Svecial Research Associate: Joe H. Jones Assistant to the Director: Florence Escott Statistician : John R. Stockton Consulting Statil;tician: Francis B. May Sy.~tems Analysts: Dennis W. Cooper, Richard Scamell Cooperating Faculty: Charles T. Clark, Lawrence L. Crum, William T. Hold, Arch W. Hunt, Jerry Todd, Ernest W. Walker, Robert B. Williamson Administrative Assistant: Margaret Robb Research Associates: James Blackburn, Graham Black­stock, Willetta Dement, John Franklin, William Gru­ben, Letitia Hitz, Gay Horak, Ida M. Lambeth, Robert M. Lockwood, Ben McAndrew, Robert H. Ryan, Lamar Smith, Jr., Richard Wadsworth, Charles P. Zlatkovich Research Assistant: Charlotte Hage Statistical Assistants: Mildred Anderson, Constance Cool­ edge, Glenda Riley Statistical Technicians: Doris Dismuke, Mary Gorham Computer Assfatants: Michael Coneway, Lawrence Dorn, Terry Throckmorton Cartographers: Penelope Lewis, Carl Senter, James Weiler Librarian: Merle Danz Administrative Secretary: Jeanette Pryor Administrative Clerk: Nita Teeters Senior Secretary: Elizabeth Vickers Senior Clerk Typist: Margaret Fielder, Patsy Ann Harris Clerk Typist: Linda Cantu Senior Clerk: Salvador B. Macias Clerks: Faye Bartula, Forrest Overstreet, Frank H. Stephens Offset Press Operators: Robert Dorsett, Daniel P. Rosas Published monthly by the Bureau of Business Research, Graduate School of Business, The University of Texas at Austin, Austin, Texas 78712. Second-class postage paid at Austin, Texas. Content of this pub· lication is not copyrighted and may be reproduced freely, but acknowl­edgment of source will be appreciated. The views expressed by auth~rs are not necessarily those of the Bureau of Business Research. Subscrip· tion, $3.00 a year; individual copies 25 cents. The Bureau of Business Research 1's a. member of the A · t d U · · B f B · d E m1'c Research. ssoCia e mvers1ty ureaus o usmess an cono THE BUSINESS SITUATION IN TEXAS Robert H. Ryan Texas' possibly overheated economy showed in July only sporadic evidence that it is responding to the anti­inflationary efforts of national policymakers. The Index of Texas Business Activity, charted below, lurched er­ratically upward with a June-to-July gain of 28 points. Yet that sharp increase was not convincingly supported b~· statewide increases in production or employment. Rather, the index showed the influence of inordinately high bank­debit activity in Dallas and Houston. Though employment and production statistics for the state continued to show strength, they did not register any dramatic month-to-month gain. The conclusion is clear that the business-activity index was distorted by excep­tionally large transfers of money from demand accounts in city banks. The index is based upon bank debits in Texas' major cities, adjusted for price changes and pre­dictable seasonal factors. In a special sense all transfers of funds do represent business activity; however, trans­fers from one account to another do not necessarily re­flect any growth of the economy. During July slightly more Texans were employed than in the preceding month, largely because of increases in work forces of const111ction, retailing, and service firms. Moreover, average pay rates gained, especially in oil and gas production and in wholesale trade. On the other hand, average hourly earnings and employment were lower in some manufacturing industries-primary metals, machin­ ery, and transportation equipment other than aircraft. Texas retailers fared reasonably well as summer wore on. Furniture and appliances sold unexpectedly well, as did clothing and automobiles. Advancing sales of these categories of goods generally indicate optimistic con­fidence on the part of consumers, who can often defer such purchases. Though Texas const111ction activity was high during July, the increase was due to the high level of authoriza­tions for large projects, such as· hospitals, schools, and apartment buildings. Fewer permits were being sought for single-family houses than in past months. Texas consumer prices, long claimed to be lower than national averages, may be catching up. Houston is the only Texas city for which a consumer price index is com­puted by the Bureau of Labor Statistics, but the experi­ence there may be representative to some degree of what has been happening in other parts of the state. Houston consumer prices during the years since the 1957-1959 base period have risen less than U.S. prices, in a relationship maintained as recently as July. The price indexes in that month were 127.0 for Houston, 128.2 for the nation (1957­1959=100). Yet prices from July 1968 to July 1969 rose 6.5 percent in Houston, as compared with 5.5 percent na­tionally. Key items in Houston's 1968-to-1969 price in­flation were food ( + 6.5 percent), housing ( +7.3 percent), apparel and upkeep ( + 7 .6 percent), and medical and per­sonal care ( + 9.2 percent). In all these groups Houston's increases significantly exceeded U.S. averages. By July TEXAS BUSINESS A<::TIVITY Index Adjusted for Seasonal Variation-1957-1959=100 350 300 250 200 150 100 50 0 350 300 250 200 150 100 50 0 PRELIMINARY ESTIMATES OF TOTAL RETAIL SALES (Unadjusted) Percent change July July Jan-July 1969 1969 1969 July 1969P* Jan-July 1969 from from from (millions (miJlions June July Jan-July Type of store of dollars} of dollars) 1969 1968 1968 Total ... l,611 10,705 Durable goods# . . 601 3,958 -2 6 Nondurable goods l,010 6,747 P Preliminary. (I Bureau of Business Research estimates based on data from the Bureau of the Census. # Contains automotive stores, furniture stores, and lumber, building­material, and hardware dealers. RETAIL-SALES TRENDS BY KIND OF BUSINESS (Unadjusted} Percent change July from June Actual July July Jan-July 1969 1969 1969 Number of from from from Kind of business reporting Normal stores seasonal...,. June 1969 July 1968 Jan-July 1968 DURABLE GOODS Automotive storest . ..... .. 319 -7 -4 Motor-vehicle dealers 189 - 3 Furniture and household­ appliance storest .....147 - 1 10 12 Furniture stores 88 13 10 Lumber, building-material, and hardware stores ... 217 - 1 -1 11 Farm-implement dealers 18 3 16 2 Hardware stores 56 -1 13 9 Lumber and building- material dealers ... 143 -2 -2 12 NONDURABLE GOODS Apparel stores ... 270 Family clothing stores . 44 18 Men's and boys' clothing stores 58 7 Shoe stores 58 -4 -8 Women's ready-to-wear stores 82 4 7 Other apparel stores. 28 11 10 Drugstores ......162 -2 -1 Eating and drinking placest 116 - 2 -1 4 Restaurants 96 3 Food storest ......349 7 2 2 Groceries (without meats } 50 7 Groceries (with meats} ... 292 2 Gasoline and service stations ..... 657 3 4 8 9 General-merchandise stores .. 224 9 6 Full-line stores .. 124 8 Dry-goods stores 60 12 6 Department stores 40 12 5 6 Other retail storest . . .... 276 - 4 Florists 53 -7 3 Nurseries 16 -15 13 8 Jewelry stores 36 -8 -9 8 Liquor stores 48 9 Office-, store-, and school- supply dealers 35 14 11 ..., Percent change of current month's seasonal average from preceding month's seasonal average. Includes kinds of business other than classifications listed. ** Change is less than one half of 1 percent. 1969 Houstonians were reportedly paying more for sirloin steak than were New Yorkers, more for round steak than San Franciscans, more for pork chops than Chicagoans. Some relief from high grocery prices may be in sight. Wholesale food prices are weakening substantially, with lower prices due within the coming two months for meat, chickens, fruit, and sugar. How fully the declines will be reflected at retail is still questionable, for grocers com­monly attempt to stabilize their shelf prices rather than respond to the short-term ups and downs of the highly volatile wholesale market. Any softness in grocery prices, nevertheless, is related more to weather conditions than to any permanent shift in the economy. ~...;...~~~~~~...... SELECTED BAROMETERS OF TEXAS BUS!NESS (Indexes-Adjusted for seasonal variation-1957-1959=100) Percent change Year-!-0­date Year-to-average date July 1969 1969 July June average from from Index 1969 1969 1969 June 1969 1968 Texas business activity . 271.9 243.7 247.8 12 16 Crude-petroleum production .. 120. 7* 124.0* 112.5 -3 -2 Crude-oil runs to stills... 146.5 142.8 135.3 Total electric-power use.. 276.8° 244.0* 242.8 13 11 Industrial electric-power use . . . .. 221.8* 219.8* 216.8 11 Bank debits . . .. ....308.1 275.7 277.8 12 20 Sales of ordinary life insurance .249.0 239.5 235.5 Urban building perm its issued 204.4 170.5 194.1 20 18 New residential ...... 153.6 142.6 160.1 8 7 New nonresidential . .. 295.6 213.6 252.6 38 33 Total industrial production ...........174.3* 176.7* 171.4 -1 Total nonfarm employment . . 145.1 * 144.5* 143.5 .. Manufacturing employment .. 150.3* 150.5* 149.0 ** Total unemployment 88.2 93.9 72.8 -6 Insured unemployment 46.5 41.2 42.3 13 Average weekly earnings- manufacturing .142.7* 143.1 * 142.6 Average weekly hour­ .. manufacturing .100.7* 100.9* 100.9 ** .;. Preliminary. ** Change is les.s than_one half of 1 Percent. CREDIT RATIOS lN DEPARTMENT AND APPAREL Collection ratios! Classification Number of------­(annual sales reporting July July July Credit ratios* July volume 1968) stores 1969 1968 1969 1968 ALL STORES ... . .... . . . 31 58.2 60.8 29.7 28.5 BY TYPE OF STORE 32.7 Department stores ... .... 12 62.0 63.9 32.9 Dry-goods and apparel stores Women's specialty shops . Men's clothing stores . 8 7 57.6 57.0 59.4 58.6 60.3 58.4 39.0 31.2 45.4 41.9 30.9 44.4 BY VOLUME OF NET SALES Over $1,500,000 $500,000 to $1.500,000 . $250,000 to $500,000 . Less than $250,000 . ..13 6 4 8 58.3 53.4 61.4 51.7 61.0 53.5 60.6 50.6 29.4 39.8 45.4 34.9 28.2 40.8 43,9 35.l '' t Credit sales divided by net sales. Collections during the month divided by accounts unpaid on f first o the month. During July consumer food prices were near the head of the inflationary parade, \dth a month-to-month in­crease a\'eraging a full one percent-enough to double food prices by the mid-19/0's if the mowment continued. Consumer prices as a whole climbed at a 6-percent annual rate during the month. Although the increase was a bit lower than that for the preceding month, any optimism was tempered with the general belief that no substantial relief from price increases is in sight. In the first six months of the year unions \\·on wage and fringe-benefit gains aYeraging i.1 percent a year. In many industries, of course, the gains were eYen higher, with 10-percent to 15-percent boosts common in construc­tion work. The push for higher wages has been excused on the grounds of higher costs of liYing-which will go still higher as wages increase. Fears of federal wage­price controls haYe giYen immediacy to many unions' de­mands. ~ew t\\'O-and three-year labor contracts that al­low for further wage hikes as far ahead as 197:2 \\·ill tend to offset anti-inflation measures well into the future. Treasury Cndersecretary Charis E. Walker, a former Tera.~ 8u$incs~ Re1·ieu· columnist, sees the public as being torn between anger at inflation and fears of higher un­employment rates in the 5-percent-to-i-percent range. The 3.5-percent unemployment rate that has been quoted as the national a\·erage in recent weeks masks some sig­nificant differentials. Department of Labor surYeys shO\\' that only 0.5 percent of all ch·ilian \\'Orkers had been un­employed for fifteen weeks or more at the beginning of summer, \\·hile the majority of the nominally unemployed had been jobless for less than fiye weeks. :IIany of these latter persons are Yoluntarily bet\\·een jobs. By contrast there is an unhappy core of some 130,000 nom,·orking ll'Orkers in the nation who haYe been without empioyment for twenty-Se\'en weeks or longer. '.\lost of these Yictims of chronic unemployment are underprepared by training or experience to offer market­able skills. A large share of them are less than t-,·enty Bl"~!. "ESS-ACTI\"ITY !:'\DEXES FOR 20 SELECTED TEXAS CITIES Adjusted for ::;eas1 nal \·ariation-lfl.-7 =.~1 100 Percent change Year-to-date average Index July 1969 June 1969 Year-to-date average 1969 July 1969 from June 1969 1969 from 1968 Abilene 148.1 145.5 142.7 7 Amarillo .....208.0 188.5 191.3 10 2 Austin ........410.6 353.7 364.6 16 49 Beaumont ... 401.7 197.4 195.5 2 C<>rpus Christi .....170.6 159.6 159.9 7 Corsicana .. 163.7 155.2 161.1 6 Dallas ....334.0 305.8 314.8 9 25 El Paso ... 172..8 151.5 153.3 14 13 Fort Worth ........195.6 180.4 180.2 8 9 Galveston .... 127.6 126.2 127.1 - 4 Houston ..........283.1 261.8 258.9 8 12 Laredo .... 250.2 236.4 237.6 11 Lubbock ......191.5 182.7 173.0 13 Port Arthur .......130.0 129.1 117.0 4 San Angelo .168.6 165.5 168.1 2 8 San Antonio 224.1 209.7 205.5 7 6 Texarkana 257.3 2.35.5 248.5 9 8 Tyler .. 188.1 179.6 179.6 15 Waco .....197.6 182.7 184.3 8 8 Wichita Falls ..... . 155.5 133.5 141.8 16 4 SEPTE::llBER 1969 years old or are members of minority groups, or both. The unemployment rate for job-seeking nomYhites bet\Yeen sixteen and nineteen years of age has recently been near 22 percent, the lou:cst rate in some time. By contrast, the unemployment rate for professional and technical per­sonnel is about 1.0 percent. Counts of the unemployed include persons who are not seeking full-time employment but are eligible only for part-time \\'Ork, most of them presumably women or teen­agers. Of the nation's 2.3 million jobless in :'.\Iay, fewer than 440,000 were males o\·er t\Yenty years of age who had lost their last job. :llany were youngsters who had neYer worked before. Though the total unemployment rate was 3.5 percent, the rate among married men was only 1.5 percent. This is not to understate the importance of the unemployment problem but mere!~-to suggest that most of the unemployed workers are members of problem groups or are residents of economic problem areas. Texas is not \\·ithout such areas. Chronic pockets of relatiYely high unemployment han~ persisted in the Lower Rio Grande \'alley and Laredo, while the labor market in most of the state has been characterized by a tight supply of workers. For June the Texas Employment Commission reported an a\·erage rate of 2.i percent for the state's major labor-market areas. This low rate was heavily in­ fluenced by conditions in the state's two largest markets, \\·here unemployment is probably near an ineducible level: Dallas (2.1 percent) and Houston (2.4 percent). Encour­ agingly, about half of Texas' insured jobless haYe been without work for a month or less. The mixed trends shown in the accompanying tabula­ tion of business indexes for Texas cities point up the relati\·ely dynamic grO\\·th of some cities. They also open to serious doubt the ,·a!idity of some measures of business actiYity. It is quite unreasonable to believe that business actiYity in Austin has increased 49 percent from Janu­ ary-July 1968 to the corresponding months of this year. Even the 25-percent growth in Dallas is open to question. At least partial explanation must be sought in the fact that •.\ustin is a major tax-collection center and the fact that Dallas is a general financial center, especially for insurance and inYestment funds. In these t\\'o cities, un­ derstandably, large sums of money are deposited and withdnJ.\\'n from banks nry frequently with no important benefit to the local economies. In short, these indexes, based on the Yolume of bank debits, do reflect almost all business acti\·ity but are also subject to distortion by acti\·ity that is of marginal significance to business. PRICES RECEIVED BY FARMERS ALL FARM PRODUCTS, TEXAS /nde• Adju1ted for Se..on•I V1r1at1on-1910-1914=100' 350 llO 30C 300 2'0 250 200 200 150 150 100 100 50 "' NOTE: Shaded area• ind1ca1e period• of decline of total buurie•• acbvity in the United State•. SOURCE: U.S. Department of Agricult\lre. 263 INDUSTRIAL ELECTRIC-POWER USE, TEXAS INDUSTRIAL PRODUCTION, TEXAS" Ind.. Adjvat.d for SH•on•/ Variation.-1'$1-1'$1•100 151 350 350 300 300 250 250 250 200 200 150 150 100 100 100 ~ 50 1956 19.57 1951 19.59 1960 '961 1962 1963 1964 1965 1966 1967 1961 1969 1956 1957 1951 1959 1960 1961 1962 1963 1964 l965 1966 1967 1968 1969 NOTE: Shaded area• indicate period• of dt!!cline of total bu•irutu activity In the United St.UH. *Manufactur e• and m ineral• {includ\DI crude-oil and natural·&•• production). NOTE: Shaded area• indicate period• of decline of total bu•lne•• activity In the Un.ited State1. SOURCE: Federal Reu rve Ba nk of Da llae. POSTAL RECEIPTS SELECTED TEXAS CITIES INDUSTRIAL PRODUCTION Percent change TOTAL MANUFACTURES, TEXAS July 1969 July 1969 /nde:w. Adjuated for Seasonal Variation-1951 -1959 1 /00 from from 350 City July 1969 June 1969 July 1968 Alvin .. 13,429 -43 -26 Ballinger 5,804 -36 250 Belton .11.256 -18 Breckenridge 9,663 -36 -10 Carrizo Springs 2,964 -32 -21 Carthage 7,131 -38 Center 7,936 -32 10 100 Childress 9,294 -14 37 Cleveland 8,928 -24 50 Coleman 6,437 -43 ~ Columbus 6,313 -25 15 Commerce 9,925 -34 -13 1956 1957 1951 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 Cuero 7,528 -13 -14 NOTE: Sh:r.ded area• l.l'ldi.cue pe riod• o! de clil'le of tot.al bu1il'le1a activity il'I the Ul'lited Sta.tea. SOURCE: Federal Reaerve Bal'lk of Dalla1. Dalhart 7,503 -29 2 Dumas ... . 10,770 -28 El Campo ... . 12.8~1 -~7 Falfurrias . .. . . . ... . 5,537 -21 WHOLESALE PRICES, UNITED STATES 14 Fort Stockton 9,823 -30 lndu Adju1ted for Seuon•l Variation-1951-lf59 z /00 Gainesville .. . 17,405 -24 -16 350 350 Galena Park .. . 10,164 -27 -6 300 300 Gilmer 6,140 -44 -18 Hale Center 2,588 -12 -8 250 2'0 Hearne 4,494 -28 -16 Hempstead 6.123 -_36 200 200 -12 1 Hillsboro ... 10,020 -21 Huntsville ..19,418 -47 150 150 14 Hurst . 22,438 -18 Kenedy 5,260 -25 Kermit . .. 10,380 -7' ~ 50 Kerrville . ..18, 788 -34 La Grange 6,332 -32 100 100 10 -21 2 La Marque ..15,699 -18 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 -28 Lake Jackson 8,897 -44 NOTE: Shaded area• indicate period• of declil'le of tota.l bulineu activity in the United Sta.tea. SOURCE; U.S. Depar tment of Labor. Marlin 8,900 -23 -18 -18 Mathis 3,515 -37 Navasota 5,520 -44 CONSUMER PRICES IN THE UNITED STATES New Braunfels 26,228 -8 Nixon 2,362 -32 -11 Pampa ... 28,390 -33 -4 Pasadena . .. 67,988 -33 300 16 Perryton .11.602 -16 -18 Pittsburg 5,llZ -43 Plano ... ..15,989 -22 -18 Port Lavaca .. 11,577 -32 200 -4 Rosenberg ..11,823 -29 -44 Rusk 4,025 -55 -9Seminole 5,787 -27 -22 100 Taft 3,251 -38 -20 Terrell 9,837 -40 50 Weatherford 15,152 -14 10 Wharton .10,054 -28 Winnsboro 5,121 17 - NOTE: Shaded ar ea• indicate period• of decll.ne of total bu1ineu activity ~n the United Sta.tea. Yoakum . 23,637 -4 TEXAS BUSINESS REVIEW JOHN R. STOCKTON It is a great privilege for me to have this opportunity Members of the Bureau of Business Research staff re­to join those paying tribute to Dr.. John R. Stockton on member John Stockton during the twenty years of his the occasion of his retirement as director of the Bureau directorship as a skilled and kindly executive and, above of Business Research. all, as a gentleman. He was easy to work with, and he Dr. Stockton has had a most distinguished career in was an administrator who developed ame>ng us a strong public service. He has achieved wide recognition of his sense of loyalty to the Bureau and to its program. His personal capabilities a~ eviden~ed by the many .demands sense of humor helped carry us through many emergen­ for his services on various advisory and fact-findmg com­cies. He kept an open mind to the suggestions and ideas missions. Under his leadership the Bureau of Business of others. Many of us benefited from his sound advice on Research of The University of Texas has won the respect, personal as well as operational and academic problems. confidence, and acclaim of industry and governmental We are delighted that he is remaining on campus. units alike. Those of us who have had the privilege of knowing and working with him personally have long depended on his ability and wisdom, and we shall no doubt continue to call on him even though he has officially retired. My warmest personal regards to Dr. Stockton and my sincere best wishes in all his future endeavors. Preston Smith Governor of Texas * * * John Stockton's career is an illustra­tion of Woodrow Wilson's concept of "the university in the service of the state." In the triad of university goals­teaching and discovery and public service -the Bureau which he headed has gained steadily increasing confidence. Dr. Stockton and his colleagues have dem­onstrated that widened scope does not demand shallow performance. To make usable sense out of changing fact is one of the hardest tasks of the academic world. In performing that task Dr. Stockton has been neither smothered by old tradition nor overwhelmed by new technology. His accomplishment stays significant because his purpose stayed clear. To that practical accomplishment Dr. Stockton has added the example of his own integrity, humility, and devotion to the University. His example is worth cherishing. Harry Ransom Chancellor, The University of Texas System * * One has many measures which deter­mine a man's contributions over his ac­tive career. However, when these meas­ures are stripped to their essentials the outstanding quality is service to man­kind. John R. Stockton's contributions when measured by this standard make h.im a giant among men. His contribu­tions to the state of Texas, The Univer­sity of Texas at Austin, the Graduate Sch?ol of Business, and the College of Busmess Administration constitute an enviable record of accomplishments. As an educator he has touched and influ­enced the lives of thousands of graduate and undergraduate students. His basic tex~ in statistics was a pioneering work >:·h~ch has continued to maintain its pres­tJg10us position. The Bureau of Business (cont. bottom col. 3) Ph.D., State University of Iowa, 1932 LL.D., '.\iaryville College, 1956 Director, Bureau of Business Re­ search, 1949-1969 Professor of Business Statistics, Graduate School of Business, The University of Texas at Austin, 1935­ :VIember, Texas Tax Study Com­mission, 1957-1967 Director, San Antonio Branch of the Federal Reserve Bank of Dallas, 1960-1965 Member, Advisory Board to T2xas Industrial Commission, 1956-1959. Member, Governor's Oil Irnpo1t Study Commission, 1957-1959. Member, Council, American Statis­ tical Association, 1950-1955 President, Association of Univer­sity Bureaus of Business :rnd Economic Research, 1957-1958 President, Western Council for Travel Research, 1960-1961 Member, Advisory Group to the Commissioner of Internal Reve­nue, 1966-1967 * * * With quiet authority and sound judg­ment John Stockton has directed the ac­tiviti~s of the Bureau of Business Re­search of The University of Texas at Austin for twenty years. During those years the Bureau has developed into one of the most important service-oriented research organizations on the campus and indeed in the State. I have had the pleasure of working closely with Dr. Stockton for a number of years, and he has always been one of those admirable administrators-seldom heard from but always on the job. The Bureau under his guidance has operated as a highly successful vehicle for the collection and study of economic data, and its stature is the best possible trib­ure to his abilities as an administrator. The Universitv is fortunate that with Dr. Stockton's i:etirement as director of the Bureau he is not leaving the Univer­sitv but instead will return to full-time teaching in the College of Business Ad­ministration. Thus the University com­munitv will continue to have the benefit of his. abilities and experience. Norman Hackerman President, The University of Texas at Austin Research under his directorship has been recognized as providing out~tand!ng service to the state and The Umvers1ty. Under his direction the Bureau became a model for the development of other university Bureaus. His many speeches and his service on numerous impo1tant national, state, and Univernity committees are unquestion­able evidence of his unselfish investment of time in state and University affairs and in public service. His outstanding record of devoted service merits a spe­cial place in the history of The Univer­sity as well as an expression of .deep gratitude by his colleagues and friends for a job well done. George Kozmetsky Dean, College of Business Administration The Uni\·ersity of Texas at Austin SEPTEMBER 1969 It would probably surprise most Texans to learn that two new railroad companies have begun operations in Texas since 1965 and that another railroad is now under construction in the state. For most people the mention of railroad construction brings to mind thoughts of pushing rail Jines across the West, fighting Indians, and driving the Golden Spike at Promontory a century ago. The rail­road news of today is more likely to concern the latest merger proposal, abandonment of a branch line, or the discontinuation of another passenger train. To learn that the new railroad companies are short lines might come as an even greater surprise, for most people think of the short-line railroad as a relic of the past--a line that went out of business during the Depression or was absorbed into some larger system years ago. Nevertheless, new short-line railroads have recently come into being across the state of Texas. These new Jines, like the older short Jines they join, have an interesting and useful place in Texas transportation. It is true that the great days of railroad development in Texas are long past. Railroad mileage in Texas, reach­ing its peak of 17,078 miles in 1932, has declined steadily in almost every succeeding year. At the end of 1967 rail­road line in Texas measured 14,014 miles, representing a decrease of 3,064 miles in thirty-five years. Yet during this decline in mileage new railroad lines have been built in several areas of Texas. l{easons for New Railroadi:; The reasons for this situation are relatively easy to explain. Railroads, like almost all other institutions, must change to meet changing conditions and fluctuating de­mands for transportation service. A rail line is no more a permanent feature of the landscape than any other man­made structure, and, as lines outlive their usefulness, they are abandoned or dismantled. At the same time, as popu­lation growth or industrial development creates new de­mands for transportation service, new lines are built to fulfil the demand. The principal reason for the decline in rail mileage in Texas is the growth of the Texas highway system. In 1929, the first year in which records were maintained, when Texas had only 6,061 miles of paved highway, a rail line was almost essential for the survival of a community. By 1967 Texas highway mileage had in­creased more than elevenfold to more than 67,000 miles, thus making unnecessary many miles of railroad. Short-line railroads, by their very nature, tend to he particularly affected hy changes in local conditions. Unlike the larger rail systems, short lines must depend on rela­ tively few communities and industries for support. Very ~'Mr. Zlatkovich is a research associat~ with the Bureau of Busi­ness Research at The University of Texas. >::*Mr. Enochs is a 1969 graduate of The University of Texas at Austin. few short Jines have any substantial through traffic, and many are "stub" or "branch" lines connecting a major industry, a community, or a group of communities with a major rail line at one end of the branch. Thus, the over­all changes in the transportation industry have affected the short lines even more than they have influenced the larger rail systems. Many of the smaller, weaker Jines, such as the Bartlett Western, the Fredericksburg and Northern, and almost all of the electric interurban lines, have ceased to exist altogether. Others, including the Aus­tin and Northwestern, the San Antonio and Aransas Pass, and the Fort Worth and Rio Grande, were totally ab­sorbed by larger systems. A few live on, but virtually in name only, operated as branch lines of larger systems. Examples include the Weatherford, Mineral Wells and Northwestern, controlled by the Texas and Pacific, which is in turn controlled by the Missouri Pacific, and the Qua­nah, Acme and Pacific, a subsidiary of the St. Louis-San Francisco, commonly known as the Frisco. The remainder -those Texas short lines which live on as independent carriers or which have been recently created as such­constitute the major subject of this article. Definition of "Short-Line" lfailroad A short-line railroad does not always fit into an easy definition. Line-haul railroad companies are commonly des­ignated as "Class I" or "Class II" on the basis of annual operating revenues, Class I lines being those with annual operating. revenues in excess of $5,000,000 and Class II lines, those with less than $5,000,000 per year. This classi­fication is not really adequate for the purpose of this arti­cle, however, for a list of the Class II lines would include many of the aforementioned subsidiary Jines which are in practicality nothing more than parts of larger systems. A total of forty-six railroad, switching, terminal, and wharf companies in Texas were recognized by the Texas Railroad Commission at the close of 1967. Of these, twelve are major component parts of the ten Class I systems serving Texas. Nine more are Class II affiliates of the major systems. Ten others are switching and terminal companies whose operations are limited to a single city or industrial area. The remaining fifteen are classified by the Railroad Commission as "unaffiliated companies." These unaffiliated companies were the true short lines of Texas at the end of 1967. The Galveston, Houston and Henderson does not belong to the group, because it is not truly unaffiliated, being owned jointly by the Missouri Pacific and the Missouri-Kansas-Texas. The Texas State Railroad, which is a nonoperating lessor owned by the state of Texas but operated by the Texas South-Eastern, not a true short line, will be described later. Since 1967 one other short-line railroad, the Permian Basin, has come under construction and should be considered as one of the group. Volume of Service of Short Lines The thirteen unaffiliated short lines now operating in Texas together provide service over 398 miles of railroad line. The companies had assets totaling $31,887,350 at the end of 1968. During the same year they had railway op­erating revenues of $13,631,612 and earned $2,465,893 in net income. In 1967, the last year for which complet~ statewide railroad industry statistics are available, th~ operating ratio (railway operating expenses to railway operating revenues) of the short lines was 58.58, mor-~ than 20 points lower than the 79.46 ratio of all railroad operations in Texas. The short lines operated only 2.84 percent of the railroad mileage in Texas and took in only 2.30 percent of the railway operating i:evenue, but the $2,141,982 earned by the short lines was 7.00 percent of all Texas railroad net income in 1967. Factors in the Success of Short Li1ws Several factors contribute to the success of the short­line railroads in Texas. One of the major factors is low operating cost. Short-line operations tend to be localized and therefore can be managed at minimal costs. Labor organization, if present at all, tends to be more flexible and more progressive than in other segments of the rail­road industry, since the interest of employees in the finan­cial health of the short lines is more readily apparent. Thus, the short lines are not confronted with as many of the "featherbedding" problems that continue to plague most of the rail industry. Revenues of a short line may be increased by tariff regulations that benefit carriers originating or terminating shipments by allowing them a greater division of the total revenue than that to which they would be entitled on a pure mileage basis. In many SHORT-LINE RAILROADS OF TEXAS LUFKIN AREA A&NR ANGELINA & NECHES RIVER RAILROAD 8 BELTON RAILROAD G GEORGETOWN RAILROAD MC&SA MOSCOW. CAMDEN & SAN AUGUSTINE PVS PECOS VALLEY SOUTHERN RAILWAY PB PERMIAN BASIN RAILROAD [under conillucl iot1 ] PC&N POINT COMFORT & NORTHERN RAILWAY RAILROAD o 1oto •o eo 10 RS&S ROCKDALE. SANDOW & SOUTHERN RAILROAD RS&P ROSCOE, SNYDER . & PACIFIC RAILWAY SR&N SABINE RIVER & NORTHERN RAILROAD TC TEXAS CENTRAL RAILROAD TM TEXAS MEXICAN RAILWAY T&N TEXAS & NORTHERN RAILWAY TS.E TEXAS SOUTH . EASTERN RAILROAD cases a specific branch line can be operated as a short line at a profit while the same line operated as a branch of a major system would produce a loss. Thus, one reason behind the growth in the number of short lines is the increased abandonment of service on marginal lines by major railroads. Loralion of tlw :-i hort Lines The fourteen short lines in operation and under con­struction in Texas are located in diverse areas of the state, as is shown by the accompanying map. From Orange County to west of the Pecos and from Daingerfield to Laredo, the short lines constitute a most interesting seg­ment of Texas transportation. The following descriptions of each line tell the story of the Texas short lines. .\ng·l'lina & \eches f{ivPr f{ailroad Company The Angelina & Neches River Railroad Company was incorporatell August 6, 1900, and began operations with the purchase of a logging railroad which it com·erted to common-carrier status. Its 9.99 miles of line extend from a connection with the Cotton Belt at Keltys to Prosser and Dunagan, at both of which points the A&NR conm,cts with the Southern Pacific. From Prosser the line extends also to Lufkin, where the A&NR connects with the Cotton Belt, the Southern Pacific, and another short line, the Texas South-Eastern-the only point in Texas where two short lines connect. Owned mainly by Southland Paper Mills, Inc., the A& NR had assets of $1,004,048 at the end of 1968, a year in which its railway operating revenues and net income totaled $722,497 and $164,638 resp1'ctively. The A&NR operates 6 locomotives, 15 freight cars, and a cab.oose. Pulp, paper, and allied products; lumber and wood prod­ ucts, except furniture; and chemicals and allied products were the principal commodities carried by the A&NR in 1968. Together they accounted fo1· 96 percent of the total revenue freight in tons and 94 percent of the gross freight revenue of the line. B<'lton l{ailroad Company The Belton Railroad is the second shortest of Texas' short-line railroads. It operates in Bell County from a point on the Missouri-Kansas-Texas main line just south of Temple known as Smith, Texas, to Belton, a distance of fi.81 miles. The line operated by the Belton Railroall, originally built in the 1890's, was once a branch of the !\1issouri-Kansas-Tcxas. In recent years operation of the line proved uneconomical for the M-K-T, which proposed to abandon the line in 1960. A group of Delton business­ men who wished to keep the line in operation formed the Belton Railroad Company on April 14, 1960. The company purchased the line from the M-K-T and began operations on June 1, 1961. The Belton Railroad owns two locomotives (one called No. 1, and the other 2-1-61, the date on which the com­ pany received l.C.C. p2rmission to operate), three freight cars, and two pieces of company service equipment. Its assets at the <' IHI of HHl8 were $209,503. Operating rev­ l_:nues and net. income for the year were $57,907 and ::;1.8,001 respectively. Primary metal products; nonmetallic minerals except fuels; and stone, clay, and glass products were the principal commodities carried, all together ac­counting for 97 percent of the tonnage and 96 percent of all freight revenue. Georgetown lfailroad Company The Georgetown Railroad Company of today is a sort of railroad reincarnation. Its 7.97-mile line from the name­sake city of Georgetown to a connection with the Missouri Pacifi: at Kerr (just west of Round Rock) was originally built m 1876 as the Georgetown Railroad. One year later however, operation of the line was turned over to th~ International and Great Northern, which later became a part of the Missuuri Pacific. The Georgetown branch was operated by the Missouri Pacific until 1959, when the present Georgetown Railroad Company took over opera­tions. The new company was incorporated July 25, 1958, and is now owned by a group of individuals . Stone, clay, and glass products originating on the linz, particularly crushed stone, provide m'.Jst of the freight traffic-91 pe1·cent of both the tonnage and the frei7ht revenue in 1968. The Georgetown Railroad delivers the stone to the Missouri Pacific at Kerr or the Missouri­Kansas-Texas at Georgetown for shipment to other points. Revenues from the railway operation totaled $823,779 and brought in $224,467 of net income in 1968. Assets of the company were $798,347 at the end of the year. The Georgetown Railroad hauls its freight with 3 locomotives and 54 cars which it owns and leases, plus cars supplied by other railroads. :\Ioscow, Camden & San Augustine Hailroad The :vioscow, Camden & San Augustine is one of Texas' most colorful short-line railroads. Incorporated May 28, 1898, to build a line from Moscow to San Augustine, a distance of 65 miles, it actually built only a little more than one tenth of the total distance. The line connects Camden with the Southern Pacific Railroad at Moscow, 6.87 miles away. The MC&SA is unusual among short-line railroads in that it provides both freight and passenger service. Pas­senge1·s are the number-two "commodity" on the MC&SA in terms of revenue produced, second only to lumber and wood products. The line carried 6,605 passengers in 1968, accommodating them in its lone forty-six-seat baggage­passenger coach, built over seventy years ago, in the same year the railroad was founded. The MC&SA bought the coach from the Long Island in 1927. This car and one Moscow Cam.den & S an Augustine combinatWn baggOJ.!e· passenger coach built in 1898, still in regular service. Photo by auth:.o.o...r..... ----------------' TBXAS BUSINESS REVIEW diesel locomotive comprise the total equipment roster of the !IIC&SA. Operations are conducted Monday through Friday, year round. Transport of lumber and wood products is the major source of income for the :JIC&SA. This single commodity provided the line with 98 percent of its tonnage and 95 percent of its freight revenue in 1968. Railway operating revenues for the year were $56,674. l:nfortunately, th2 line has not been profitable in recent years, and the net loss for 1968 was $16,915. Total assets of the company were stated at $7,334 at the end of 1968. In July 1969 plans were announced for a complete rehabilitation of the '.llC&SA. Included in the rebuilding program are reballast­ing of the road bed, new rail, ancl refurbishing of th'.' baggage-passenger coach. The Pecos Yalley !':'outlwrn Hailway Company The Pecos Valley Southern operates from Pecos, ,,·here it connects with the main line of the Texas and Pacific, to Toyahrnle, 39.91 miles distant, serving the intermediate towns of Saragosa and Balmorhea. The company was in­ corporated :\lay 28, 1909, and the line was placed in oper­ ation April 6, 1911. Today the Pecos Valley Southern is controlled by Trans-Pecos :Jlaterials, Inc. Its raihrny c.p­ erating rewnues and net income for 1968 were $186,030 and $3,159 respectiwly. Assets at the end of the year were rnlued at $865,269. Farm products, nonmetallic minerals except fuels, and food and kindred products are the principal commodities carried by the Pecos Valle~· Southern. Together they pro­ \·ided 90 percent of its freight tonnage and 86 percent of its freight revenue in 1968. The Pecos Valley Southern owns 2 locomotives, a caboose, and a company ser>ice car, and thus depends on other lines for its freight-car supply. Permian Ba,in Hailroad Company The Permian Basin Railroad is the newest of Texas' short-line railroads; so new, in fact, that the actual rail­ road is still under construction. When completed, the Per­ mian Basin line will extend from a connection \\·ith the Texas and Pacific at Odessa, through Andrews and Sem­ inole, to Seagraves, where it \\·ill connect with a Santa Fe branch from Lubbock. The line will be 78 miles long and is expected to cost approximately $9,000,000. Founded in 1961, the Permian Basin Company worked long and hard to become a railroad. After hearings that sta1ted in 1963, an Interstate Commerce Commission ex­ aminer in 1966 recommended against apprornl of the ap­ plication to build the line, on the grounds that it would be unprofitable and would siphon off business from other railroads in the area. In :Jlarch 1967 the ICC approved the application but the ruling was contested by the Texas and Pacific, which opposed construction of the line. Final­ 1)-. a special three-judge federal court upheld the ICC de­ cision permitting construction of the railroad. Point Comfort & ~orthern Railway Company The Point Comfort & Northern is one of two railroads in Texas owned by the Aluminum Company of America. The 12.70-mile main line was constructed to connect . .\lcoa facilities at Point Comfort with the :'>Iissouri Pacific Rail­road at Lolita. The company was incorporated April 29, 1948, and constiuction commenced June 17, 1948. As might be expected, metallic ores, primary-metal products, and chemicals and allied products are the major commodities carried by the PC&N. Together they repre­sent 84 percent of the tonnage and 83 percent of the freight revenue of the line. Raihrny operating revenues of the PC&N \\'ere Sl,132,375 in 1968. Its 1967 operating ratio of 24.17 \\·as lo"·er than that of any other line, and climbed only slightly to 26.03 in 1968. Net income for 1968 \\'as $317,229, with year-end assets valued at $1,941,­ 536. The PC&N owns 3 locomotives and 7 cars. lfockdale, Sandow & Southl'rn Hailroad Company The Rockdale, Sandow & Southern, also owned by Alcoa, holds the distinction of being the shortest line in Texas. The 5.87-mile line extends from !\Iarjorie, a point on the !llissouri Pacific main line four miles west of Rockdale, to Sandow, site of the Alcoa plant. The company was originally incorporated June 15, 1923, and const1ucted by Standard Coal Company. It was com·eyed to the present O\\'ner on December 31, 1923. The RS&S had assets of $943,313 at the end of 1968. Its operating revenues for the year reached $831,910 and its opernting ratio of 24.00 for 1968 \\'as even lower than that of the other . .\lcoa-owned short line, the PC&N, in 1967. Net income for the year was $214,276. Metallic ores, primary-metal product~, and stone, clay, and glass prod­ucts were the principal commodities canied by the line. Together they accounted for 92 percent of all tonnage canied and produced 90 percent of all freight revenue. Three locomotiws are the only rolling stock owned by the RS&S, which, like many other short lines, depends on con­necting railroads for its car supply. Locomotive and maintenance facilities of the Rockdale, Sandow & Southern at Marjorie. Photo by author. lim;coe, Snyckr and Pacific Hailway Company The Roscoe, Snyder and Pacific Railway Company was incorporated ..\ugust 31, 1906, to construct a railroad from Roscoe to the Ne\\· :'>Iexico state line. Like a number of other projected railro<1ds, it failed in its objective. rPaC'h­ing neither the Pacific Ocean nor the stated goal of the New :\Iexico border, although it did once extend to Flu­vanna in northwest Scuny County. Today the Rosco2, Snyder and Pacific operates between Roscoe and Snyder, a distance of 32.00 miles, and is one of the best-known short-line railroads in the country. The fame of the RS&P is largely due to its basic policy of sales and sen-ice, without which the line could not sur­Yi,·e. l"nlike most short lines, the RS& P handles mainly through traffic. Some 95 percent of the traffic handled hy the RS&P neither originates nor terminates on the line. It functions primarily as a "bridge" road connecting the Texas and Pacific at Roscoe with the Santa Fe at Snyder. Nevertheless, securing traffic for a 32-mile railr.oad as a leg in a through haul requires considerable effort. For this reason the RS&P maintains sales offices in places as far away from Roscoe and Snyder as Los Angeles and Pittsburgh. The RS&P makes two regularly scheduled trips in each direction per day and will operate additional service when necessary. Customer service is emphasized on the RS&P and is responsible for the prosperity of the line. The nature of the RS&P operation is reflected in the diversity of its traffic. Its two largest commodity groups (food and kindred products and chemicals and allied prod­ucts) taken together account for only 35 percent of its tonnage and 30 percent of its freight revenue. The rolling stock of the RS&P consists of 3 locomotives, 2 cabooses, and 1 freight car. Since the line handles mostly through traffic, its operations do not require ownership of a large fleet of cars to serve its customers. The company had assets of $1,595,193 at the end of 1968, a year in which its operating revenues reached $1,293,265. Net income for the year was $415,596. Sabi 11\' l{ iffl' and '\ort hei'!t J;a i!road {'om l•".!l) The Sabine River and Northern is one of Texas' newest short-line railroads. It was incorporated April 20, 1965, and placed in full operation August 17, 1967, although construction work continued until February 16, 1968. The line was built by Owens-Illinois, Inc., to serve that com­pany's new pulp and container-board mill at Morgan's Bluff, some seven miles north of Orange. The line extends from Echo, located on the Southern Pacific main line north and east of Orange, to Bessmay, a point on the Santa Fe in Jasper County. Between Echo and Bessmay (29.42 miles apart) the line connects with the Kansas City Southern at Lemonville and the Missouri Pacific at Mauriceville. Lumber and wood products; plup, paper and allied prod­ucts; and chemicals and allied products are the principal commodities carried by the line. Together they account for 94 percent of the freight tonnage and 95 percent of freight revenues. The SR&N owns 3 locomotives and a caboose. At the end of 1968 its assets were stated at $2,920,379. Operating revenues were $471,793 but the line sustained a net loss of $28,168. 'l\·xas ('(•Jltral l/ai!road Company The Texas Central of today is the newest short line in Texas actually in operation. Like the Belton and George­town Railroads, its creation was the result of a service abandonment by a larger railroad, in this case the Mis­souri-Kansas-Texas. The line that today comprises the Texas Central Railroad is part of a line originally built under the same name in 1892. The former Texas Central extended from Bellmead (Waco) to Rotan a distance of 269 miles. In 1932 the Texas Central wa; leased to the M-K-T, which operated the line until 1967. During that year the M-K-T abandoned service on the line between Bellmead and Stamford (226 miles) continuing to serve Stamford, Hamlin, and Rotan by means of trackage rights on the Fort Worth and Denver between Wichita Falls and Stamford. To protect the interest of peanut-shelling plants in 270 De Leon and Gorman, which would otherwise have been without rail service, the Texas Central was reorganized to operate the line from Dublin to Gorman (24.10 miles) under the original charter effective December 1, 1967. Assets of the company at the end of 1968, its first full year of operation, were $689,244. Operating revenues for the year totaled $81,048, and the company sustained a modest loss of $5,654. Two locomotives are the only equipment owned by the Texas Central. Farm products and food and kindred products (mainly peanuts) are the principal commodities carried by the line, providing 86 percent of its tonnage and 89 percent of all freight revenue. On May 30, 1969, the Texas Central became the second short-line railroad in Texas to offer passenger service with the inauguration of its "Goober Special" excursions. The passenger service · will operate daily except Monday and Tuesday from Memorial Day through Labor Day. Passen­gers are carried from Dublin to De Leon in a car leased from the Trinity Valley Railfans. In De Leon they tour the Texas Railroad Museum operated by the Railfan group while the train makes its freight run to Gorman and re­turns. They then return to Dublin on the train. Besides providing the Texas Central with considerable publicity, the Goober Special furnishes added income during the summer months when peanut movements are at a sea­sonal low. The "Goober Special" passenger train of the Texas Gen· tral Railroad at Dublin station. Photo by author. The TPxas :IIexican lfailway Company The Texas Mexican, Texas' longest and oldest short line, has a long and colorful history which began March 13, 1875, with its founding as the Corpus Christi, San Diego and Rio Grande Narrow Gauge Railroad Company. In June 1881 the name was changed to the present title, often popularily shortened to "Tex-Mex." The Texas Mexican was controlled by Mexican interests until August 1902, when the stock of the company was transferred to the Manufacturers Hanover Trust Company of New York. In 1939 it became one of the first railroads in the United States to convert fully from steam to diesel power. The line of the Texas Mexican extends from the center of the Rio Grande bridge at Laredo to Corpus Christi: a distance of 161.38 miles. Between the two cities the hne serves Hebbronville, San Diego, Alice, Robstown, and othe; communities. It connects with the Missouri Pacific an the National Railways of Mexico at Laredo, with ~he Southern Pacific at Alice, and with the Missouri Pacific again at both Robstown and Corpus Christi. The Texas TEXAS BUSINESS REVIEW Mexican also operates 19 miles of line built by the United States government from a point near Corpus Christi to the U. S. Naval Air Station at Flour Bluff. The Texas Mexican carries a diversity of commodities, the most important being nonmetallic minerals except fuels, waste and scrap materials, chemicals and allied products, and food and kindred products. In terms of tonnage and freight revenues, however, the largest three produce only 51 percent and 40 percent of the totals, respectively. Operating revenues of the Texas Mexican in 1968 were $4,154,239, while net income came to $88,602. Losses in prior years have saddled the Texas Mexican with a deficit of $2,285,062. The assets of the company, which owns 13 locomotives and 139 freight cars, are valued at $11,648,840. Texas & Xorthern Railway Company The Texas & Northern Railway operates 7.60 miles of line from a connection with the Louisiana & Arkansas (part of the Kansas City Southern system) at Dainger­ field to Lone Star, site of the facilities of the Lone Star Steel Company. The Texas & Northern was incorporated August 4, 1948, by Lone Star Steel and built to serve the Lone Star Steel mill. Despite its small size, the T&N owns more rolling stock than any other short line in Texas, 12 locomotives and 790 cars. Assets of the T&N were $8,131,582 at the end of 1968, with operating revenues and net income reaching $3,378,323 and $1,032,446 respectively. Primary-metal products are the largest revenue producer for the line, accounting for 78 percent of all freight revenue and 37 percent of all tonnage carried. Other major commodities are metallic ores, waste and scrap materials, and petroleum and coal products. Texas South-Eastern Railroad Company The Texas South-Eastern is unique among Texas short lines in that it consists of two lines, geographically sep­arate and having no physical connection with each other. The first of these lines, the "Southern Division," extends from Diboll to Vair, a distance of 10.30 miles, with a branch extending from Blix to Lufkin (9.85 miles), a total length of 20.15 miles. This line is owned by the Texas South-Eastern and connects with the Southern Pacific at Diboll and with the Southern Pacific, the Cotton Belt, and the Angelina & Neches River at Lufkin. In addition to its own line, the Texas South-Eastern leases and operates another line, the Texas State Rail­road. The Texas State line was originally built by the state of Texas from Palestine to Rusk, a distance of 33.03 miles, to serve the penitentiary at Rusk. Until 1957 the line was operated by the Texas & New Orleans, now a part of the Southern Pacific. The Texas State connects with the Missouri Pacific at Palestine and with the Cotton Belt at Rusk. On the Texas South-Eastern it is known as the "Northern Division." Operation of the Texas State Railroad by the Texas South-Eastern may be short-lived, however, since the lease on the line expires at the end of 1969, and may not be renewed. It is pos­sible that another independent short line could come into being as a result. The Texas South-Eastern was incorporated October 9, 1900, and is now owned by a group of individuals. The company owns 3 locomotives, 68 freight cars, 3 cabooses, and 3 business or official cars, the only such equipment owned by any short line in Texas. Assets of the company were $1,132,772 at the end of 1968. Operating revenues for the year were $441,772 and the line earned $38,216 in net income. Pulp, paper and allied products, nonmetallic minerals except fuels, and food and kindred products produced 63 percent of all freight revenue for the line during the year. Future of the Short Lines In general, the future appears bright for the short lines of Texas. Continued population and industrial growth will provide increased demand for transportation service, some of which can be supplied by short lines. Further abandonments by major railroads of marginal lines will create new opportunities for short-lines development. Of course, not all short lines can expect to prosper, and some will doubtless disappear as the need for their servkss decreases. Changes in transportation technology and regu­latory policy could also have significant effects on short­line railroads in Texas and other sections of the United States. SHORT-LINE RAILROADS OF TEXAS STATISTICAL Sl:MMARY AS trnPORTF.D TO THE RAILROAD COMMISSION OF TEXAS, DECEMBER 31, 1968 Railroads Miles of Date of line founding Number of locomotives Number of cars* Assets 12-31-68 Railway operating revenue 1968 Operating ratio 1968 Net income 1968 Angelina & Neches River Railroad Company Belton Railroad Company ....... Georgetown Railroad Company . Moscow, Camden & San Augustine Railroad The Pecos Valley Southern Railway Co.. 9.99 6.81 7.97 6.87 39.91 1900 1960 1958 1898 1909 2 3 1 2 16 3 54 1 s 1,004,048 209,503 798,347 7,334 865,269 722,497 57,907 823,779 56,674 186,030 45.22 50.40 38.49 104.54 88.94 s 164,638 18,001 224,467 [16,9151 3,159 Permian Basin Railroad Company. Point Comfort & Northern Railway Co . . Rockdale, Sandow & Southem Railroad Co. 78.00 12.70 5.87 1961 1948 1923 ..... Railroad Not 7 1,941,536 0 943,313 Yet in Operation . 1,132,375 831,910 26.03 24.00 317.229 214,276 Roscoe, Snyder and Pacific Railway Co. . . Sabine River and Northern Railroad Co.. 32.00 29.42 1906 1965 3 3 3 1,595,193 2,920,379 1,293,265 471,793 76.11 62.47 415,596 [28,168] Texas Central Railroad Company .. . ... Z4.10 1967°• 2 0 689,244 81,048 88.35 [ 5,654] The Texas Mexican Railway Company .. 161.38 1875 13 139 11,648,840 4,154,239 79.79 88,602 Texas & Northern Railway Company .. . 7.60 1948 12 790 8,131,582 3,378,323 37.82 1,032,446 Texas South-Eastern Railroad Company 53.18 1900 3 71 l,132,772 441,772 83.80 38,216 • Includes freight cars owned and leased, as reported, and cabooses, but does not include company service equipment. All are freight cars or cabooses except the one MC&SA baggage-passenger car. •• Date of reorganization under current management. Original Texas Central built in 1892. See text. CONSTRUCTION IN TEXAS JULY 1969 Mildred Anderson Demand for nonresidential construction in Texas con­tinues to be one of the most important segments in the sta_te's ec?nomic growth. This is reflected in the seasonally adJusted mdex for July 1969, which was 295.6 percent of the 1957-1959 average. This is the highest July index on record. The future continues to look bright fo r the constrnction industry in Texas, with July estimated value of construc­tion authorized in permit-issuing areas reaching $211,­022,000. July authorizations exceeded those in June by 12 percent. The strongest contribution was the nonresi­dential category, with a 27-percent gain. Permit authoriz:..t­ tions for residential building and additions, alterations, aud repairs each gained 1 percent. Adjusted for seasonal variation, the index of building construction authorized in Texas was 204.4 percent of the 1957-1959 average. The July index of nonresidential con­struction was 295.6 percent and the residential index was JG3.(i percent of the 1957-1959 average. Month-to-month comparisons show that all three categories increased from . June HJ69. Residential construction was the only category showing a decline from July 1968. In the accompan ying table comparisons arc shown for July 1969 ancl the first seven months of 19G9. INDEX OF CONSTRUCTION IN TEXAS (Adjusted for seasonal variation, 1957-1959 100) Percent change Ty1>e of construction July 1969 July 1969 from June July June 1969 1968 1969 July 1969 from July 1968 Year-to-Percent date change average 1969 from 1969 1968 1968 Total construction . 204.4 170.5 180.9 20 13 194.1 165.0 18 Residential ..153.6 142.6 174.3 8 -12 160.1 149.1 7 Nonresidential ...295.6 213.6 191.4 38 54 252.6 190.3 33 In the fi rst seven months of 1969 nonresidential con­ struction in municipalities which issue permits has in­ creased :50 percent over the first seven months of 1968. Categories showing the sharpest gains in the 7-month comparisons were amusement buildings (30 percent), in­dustrial buildings (27 percent), service stations and re­pair garages (20 percent) , office-bank buildings (63 per­cent), educational buildings (46 percent), stores and mer­cantile buildings (57 percent), and other buildings and structures (265 percent). The seasonally adjusted index of residential construction for July 1969 was 153.6 percent of the 1957-1959 average. Month-to-month comparisons show an 8-percent gain in July 1969 over June 1969, but a 12-percent decline in July 1969 from July 1968 . In the first 7 months of 1969 residential construction has increased 8 percent. This is supported by the strong show­ing made by multiple-family dwellings, which show a 26­percent increase for the first 7 months of 1969 over the same period in 1968. Permit authorizations for one-family dwellings were the only category of residential building sho\ving a decline from the January-July 1968 period (-4). The general belief is that the tight-money policy \\"ill continue indefinitely and the average would-be home­owner will suffer most. The accompanying chart shows that the trend of resi­dential construction has been away from one-family dwell­ings. A number of factors have influenced this trend : the high cost of constrnction, growing interest rates, and gro\\·ing maintenance costs after occupancy. The increas­ing trend toward apartment living has b2en generally ac- ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS Showing Effect of Inflationary Factor, 1959, 1964, and 1969 (Value in thousands of dollars) 1959 1964 1969* Type of construction Unadjusted Adjusted for price changet Unadjusted Adjusted for price changet Adjusted for Unadjusted prjce changet TOTAL CONSTRUCTION New construction ·············· ······· · Residential (housekeeping) . . . . . . . . . . One-family dwellings ..... .. Multiple-family dwellings Nonresidential buildings Hotels, motels, ············· and tourist courts. Amusement buildings Churches . . . . . . . . . . . . . . . . . . . . . . Industrial . . . . . . . . . . . . . . . . . . buildings Commercial garages . . . . . . . . . . . .. Private garages . . . . . . . . . . . . . . . . . .. Service stations and repair garages. Hospitals apd other institutional buildings. Office-bank buildings Works and utilities. Educational buildings . . . . . . . . . . . . . Stores and mercantile .buildings Other buildings and structures .. Additions, alterations, and repairs _ On housekeeping dwellings.. On other private buildings. $1,256,566 $1,231,927 l,127,539 1,105,430 709,909 695,989 660,331 647,383 49,578 48,606 417,630 409,441 15,868 15,557 13,169 12,911 34,363 33,689 30,483 29,885 1,445 1,417 4,755 4,662 9,109 8,930 24,254 23,778 83,833 82,189 12,496 12,251 74,995 73,525 94,635 92,779 18,225 17,868 129,027 126,497 63,637 62,389 65,390 64,108 $1,612,584 1,440,039 809,658 582.284 227,374 630.381 28,447 17,722 41,021 84,596 2,601 4,992 16,591 62,328 87,849 30,811 125,116 107,721 20,586 172,545 80,856 91,689 $1,439,807 1,285,749 722,909 519,896 203,013 562,840 25,399 15,823 36,626 75,532 2,322 4,458 14,813 55,650 78,437 27,510 111,711 96,179 18,380 154,058 72,193 81,865 $1,774,456$2,448.750 2,198,820 l,593,354 1,164.544 843,872 611,376 443,026 400,846553,168 1,034,285 749.482 22,29630,768 19,920 14.435 38,175 27.663 134,508 97,470 11,943 8,654 5,638 4,086 19,149 13,876 87,315 63,272 124,075 89,909 40.005 28,989 246,041 178,291 206,539 149.665 70,209 50.876 249,921 181.102 107,100 77.609 142,821 103,493 t Using Department of Commerce Composite Cost Indexes o Annual rate based on January-July 1969. . cepted by all age and income groups. One group may choose apartment living for economic reasons while an­other group chooses it to avoid the inconvenience of hou~e­keeping and lawn tending and the chore of tax paying. In standard metropolitan statistical areas authorizations of apa1tment dwellings for Janua1·y-July 1969 were more than twe!Ye times the total for the same period in 1968 in Abilene and thirteen times the preceding year's total for Wichita Falls. In other gaining S'.\1SA's percentage increases were Austin (94), Beaumont-Po1t Arthur­Orange (117), Browns,·ille-Harlingen-San Benito (621), El Paso (11), Houston (97), :\IcAllen-Pharr-Edinburg (G5), San Angelo (339), Sherman-Denison (575), Texar­kana (58), and T,·ler (685). Four cities reported individual constrnction authoriza­tions for apartment projects Yaluell at ~2 million or more in July 1969. Houston led "·ith three, Dallas hall two, and Austin had one. Houston had one other project Yalued ESTIMATED VALL'ES OF BL'ILDING AL'THORIZED IN TEXAS# Percent change Jan-July July Jan-July 1969 Classification 1969 1969 (thousands of dollars) July 1969 from June 1969 from Jan-July 1968 ALL PERMITS ........211.on 1,428,438 12 18 New construction .. 188,655 1,282,651 14 18 Residential (housekeeping) 84,162 679,318 One-family dwellings . 42,181 356,636 -12 Multiple-family dwellings 41,981 322,682 19 26 Nonresidential buildings ... 104,493 603,333 27 33 Hotels, motels, and tourist courts 3,387 17,948 163 - 37 Amusement buildings . 870 11,620 3 30 Churches 3,2.39 2.2,269 72 - 3 Industrial buildings 11,260 78,463 -43 27 Garages (commercial and private) 1,141 10,256 81 - 7 Service stations 1,532 11,170 23 20 Hospitals and institutions 18,222 50,934 378 9 Office-bank buildings 15,102 72,377 155 63 Works and utilities . 2,252 23,336 33 - 33 Educational buildings 29,078 143,524 89 46 Stores and mercantile buildings 12,640 120,481 -54 57 Other buildings and structure 5,770 40,955 117 266 Additions, alterations, and repairs 22,367 145, 787 10 METROPOLITAN vs. NONMETROPOLITANt Total metropolitan .. 185, 789 1:282,698 11 21 Central cities .. 132,773 900,007 18 15 Outside central cities. 53,016 382,691 -3 35 Total nonmetropolitan 25,233 145,740 20 - 3 10,000 to 50,000 population 13,975 83,279 48 - 14 Less than 10,000 population 11,258 62,461 -2 16 # Only buildings for which permits were issued within the incorporated area of a city are included. t Standard metropolitan statistical area as defined in 1960 Census and revised in 1968. •• Change is less than one half o'f 1 percent. Source: Bureau of Business Research in cooperation with the Bureau of the Census, U.S. Department of Commerce. SEPTE:\IBER 1969 at $1.7 million and Fort Worth had one project YaluC'd at $1.0 million. Educational building authorizations with a Yaluatinn O\'Cr $1.0 million were issued in Arlinglon (L'11iy1•rsit,· or Texas at A.di11gton, $2,592,800), Houston ( Ric<> l'nin·r­sit,-, $:3,637,400), Xacogdoches (Stqilwn F. Austin l.'ni,·l'r­sit,-, $1,815,000) , Richardson (a public school, $1,175,000), San Antonio (a public school, $1,215,000), Sherman (high schools, $~,8J.1,000), and Waco (high school and gym­nasium, $1,400.(100). Other large pe1·mit authorizations \1·ere issued in Dallas (addition and alteration to a Vet­erans .\dministration hospital, SI0,78:!,000), Amai·illo (a new Le,·i Strauss facility, $1,000,000), GrecnYille (a new hospital, $2,557,000), Houston (t\rn office-bank buildings, $1,200,000 and $4,()50,000), and :\fosquite (a new l'cpsi­Cola plant, $1,142,000). The large increases ,,·hich the construction industry seems to have been enjoying over the past ten years, pre­sented as monetary totals, do not indicate the actual situa­tion as to gro,,·th in the industry. The costs of constrnc­tion haYe been rising steadily since 1959. The D:~partment of Commerce composite cost index for construction for 1959 was 102 per cent of the 1957-1959 average. This in­dex increased to 112 percent in 19G4 and has increased to the present ]eye! of 138 percent of the 1957-1959 aver­age. This is an increase of ~-35 percent over the past ten years. The accompanying table shows the cstimakd Yalues of building authorized, \Yith and without adjustment for price changes. All evidence indicates that the tight-money policy will continue for some time. This, coupled with rising costs of materials, may fm·ther restrict the total value of resi­ dential permits issued in Texas. Nonrcsidential construc­ tion, ho\1·ever, may begin to slow down but not as sharply as residential building. HOXOR FOR DR. ER)l'EST W. WALKER The National Association of Crcclit :\1anagerr.ent has appointer! Dr. ErnC"st \V. WalkC'r, a professor of finance at The l:niYC'rsity of Texas at .\ustin, to the position of consulting economist, the appointment having become dfectiYc ,June 1, 1%\). Dr. Walker, a financial consultant to :.;('Yem\ corporations, is a frequent contributor to the T cxu:; JJ11 .~i11c:;.~ Rc 1·icw on fmancial subjects. LOCAL BUSINESS CONDITIONS Statistical datn compiled by: Mildred Anderson, Constance Cooledge, nnd Glendn Riley, statistical assistants and Doris Dismuke and Mary Gorham, statistical technicians. Jndicators of businrss conditions in Tl!Xas cities pub­lislwd in this tahlc include statistics on banking, building permits, Pmploynwnt, postal n·cPipts, and retail trade. An incli\·idual city is listed wlwn a minimum of thr;o<· indicators :.HP :l\·ailablf'. The citirs haw been grouped according to standard metropolitan statistical arl'as. Tn Texas all twcnt,·-threc S:IISA's arc defined by eounty lines; thr> countie~ included an~ lisl<'d under each S'.ITS:'I. Th•· populations sho\\'n for tlw S:llSA's are cstimat<~s fo r April l, 1968, prepared by tlw Population Research Center, Departm('nt of Sociology, Thl' L'ni\'ersity of Texas at Austin. The populati:< $ 30,204 -22 Automotive stores ......... . 3 Building permits less federal contracts S 1,871,802 303 79 Eating and drinking places . Bank debits (thousands) . 18,743 8 7 Gasoline and service stations. End-of-month deposits (thousands) t 11,009 8 11 Lumber, building-material,Annual rate of deposit turnover . 19.6 7 11 and hardware dealers . Building permits less federal contracts $18,295,223 -21 Midlothian (pop. 1,521) Bank debits (thousands) II $~0.917,704 16 Building permits less federal contracts S 35,500 201 122 End-of-month deposits (thousands) t $ 617,409 8 Bank debits (thousands). S 1,791 35 12 Annual rate of deposit turnover . 33.3 End-of-month deposits (thousands) t $ 1,943 Nonfarm employment (area) . 283,900 Annual rate of deposit turnover . 10.8 35 Manufacturing employment (area) 89,200 Percent unemployed (area). 2.8 -10 10 22 Pilot Point (pop. 1,603 ') Building permits less federal contracts S 50,790 15 160 Arlington (pop. 79,713 ') Bank debits (thousands) . $ 2,412 Postal receiptst" $ 170,836 -7 16 End-of-month deposits (thousands) t $ 2,159 9 Building permits less federal contracts s 8,598,850 -36 120 Annual rate of deposit turnover . 12.9 2 Bank debits (thousands) . $ 107,108 11 25 20 End-of-month deposits (thousands) t $ 45,129 Richardson (pop. 43,406 ') 2 Annual rate of deposit turnover. 28.4 Postal receipts• . . . . . . . . . . . . . . . .. $ 75,809 -11 14 Building permits less federal contracts $ 2,053,662 Cleburne (pop. 15,381) -24 28 Bank debits (thousands) .......... s 51,361 Postal receipts" $ 27,546 10 2 22 27 End-of-month deposits (thousands) t $ 22,171 Building permits less federal contracts $ 57,650 9 18 8 Annual rate of deposit turnover . 27.8 Bank debits (thousands) . $ 21,258 16 24 13 14 End-of-month deposits (thousands) t. $ 17,169 Annual rate of deposit turnover. 14.6 Seagoville (pop. 4,410 ') Postal receipts" S 8,689 -21 7 Euless (pop. 10,500 ') Building permits I~~~ f~.e~~l ·c~~t·r~~~~ $ 11,721 466 84 21 !Jank debits (thousands) . . . . . . . s Postal receipts•' $ 16,178 -6 6,974 24 -83 - Building permits less federal contracts $ 132,406 67End-of-month deposits (thousands) t $ 3,517 7 Bank debits (thousands). $ 14,754Annual rate of deposit turnover. 22.8 12 6 End-of-month deposits (thousands) t $ 5,593 -3 Annual rate of deposit turnover. 32.3 For an explanation of symbols see p. 274. Percent change Percent change Local Business Conditions Local Business Conditions July 1969 July 1969 July 1969 July 1969 July from from July from from City and item 1969 June 1969 July 1968 City and item 1969 June 1969 July 1968 TEXAS CITY (pop. 38,276 ')FORT WORTH (pop. 356,268) Postal receipts':= $ 31,102 -21 -11Retail sales '"'tt Building permits less federal contracts s 539,300 162 -54Apparel stores 23tt 12 Bank debits (thousands) s 40,075 9 12Automotive stores 3tt 2 End-of-month deposits (thousands) t 15,325 •:::;: Eating and drinking places . 4tt Annual rate of deposit turnover . 31.0 IO 8 Lumber, building-material, and hardware dealers . 4tt 5 17 Postal receipts* $ 1,116,956 14 HOUSTOX S:\ISA Building permits less federal contracts $ 4,828.383 -25 -46 (Brazoria, Fort Bend, Harris, Liberty, and Bank debits (thousands) .. $ 1,635,367 7 15 :\Iontgomery; pop. 1,836,700 ') End-of-month deposits (thousands) t s 514,538 3 7 Retail sales 4Annual rate of deposit turnover . 37.5 6 Apparel stores 13 Automotive stores 7 Drugstores 4 Grapevine (pop. 4,659 ') Eating and drinking places . 23 Postal receipts* 8,992 -20 3 Florists -13 -24 Building permits less federal contracts S 843,754 846 463 Food stores Bank debits (thousands) . $ 6,416 -8 12 Furniture and household-End-of-month deposits (thousands) t $ 5,143 17 appliance stores 16 24 Annual rate of deposit turnover. 15.4 -13 General-merchandise stores 13 6 Liquor stores Lumber, building-material, North Richland Hills (pop. 8,662) and hardware dealers . 19 Building permits less federal contracts $ 246,090 53 84 Building permits less federal contracts $54,496,044 80 65 Bank debits (thousands) . $ 16,757 21 26 :;:>;: Bank debits (thousands) II. $95,553,432 19 End-of-month deposits (thousands) t $ 7,602 -2 End-of-month deposits (thousands) t s 2,458,969 7 Annual rate of deposit turnover. 26.2 14 13 rate of deposit 38.4 Annual turnover . 11 Nonfarm employment (area). 819,800 Manufacturing employment (area) 143,600 1 White Settlement (pop. 11,513) Percent unemployed (area). 2.4 -27 9 Building permits less federal contracts S 978,457 Bank debits (thousands) . $ 9,617 42 Angleton (pop. 9,131) End-of-month deposits (thousands) t $ 3,822 10 38 Postal receipts* 12,036 -28 10Annual rate of deposit turnover. 31.6 5 :Duilding permits less federal contracts $ 344,777 198 Bank debits (thousands) . S 18,705 26 9 GALVESTON-TEXAS CITY SMSA End-of-month deposits (thousands) t $ 11,887 -2 -20 (Galveston; pop. 168,600 a) Annual rate of deposit turnover. 18.7 27 20 Retail sales 9 - Apparel stores 2 -9 Baytown (pop. 45,263 ') Automotive stores 9 -11 Postal receipts* 45,659 -14 Drugstores -10 iBuilding permits less federal contracts $ 1,485,173 17 30 Food stores Bank debits (thousands) . $ 60,524 19 -25 10 Lumber, building-material, End-of-month deposits (thousands) t s 31,740 -4 -3 and hardware dealers 3 19 Annual rate of deposit turnover . 22.5 21 -10 Building permi"ts less federal contracts $ 1,022,658 -38 -38 Bank debits (thousands) 11. $ 2,629,800 2 10 Bellaire (pop. 19,872 ') End-of-month deposits (thousands) t $ 102,735 7 Postal receipts'' $ 413,031 -10 78 Annual rate of deposit turnover . 2.4.6 'Building permits less federal contracts S 238,525 118 842 Nonfarm employment (area). 58,800 2 2 Bank debits (thousands) . $ 50,337 14 18 Manufacturing employment (area) 11,200 *~' 2 End-of-month deposits (thousands) t $ 25,221 3 16 Percent unemployed (area). 4.3 -16 10 Annual rate of deposit turnover. 24.3 10 3 Clute (pop. 4,463 ') Dickinson (pop. 4,715) Building permits less federal contracts $ 3,600 -50 -98 Bank debits (thousands) . 15,716 $ 23 43 Bank debits (thousands) . $ 3,615 3 -9 End-of-month deposits (thousands) t s 6,105 6 14 End-of-month deposits (thou.sands) t $ 2,448 13 Annual rate of deposit turnover . 29.9 23 24 Annual rate of deposit turnover. 17.8 -18 Conroe (pop. 9,192)GALVESTON (pop. 67,175) Postal receipts* $ 23,368 -14 -16 Retail sales 1 t -7 -9 'Building permits less federal contracts $ 477,650 983 160 Apparel stores 2t -10 Bank debits (thousands) . $ 31,653 30 Automotive stores 7t -13 -14 22. ····· ······ ·· End-of-month deposits (thousands) t $ 18,844 Food stores 7t -12 ···················· · •• Annual rate of deposit turnover . 20.4 6 9 Postal receipts* $ 113,541 -15 -19 Building permits less federal contracts s 389,106 -72 42. Dayton (pop. 3,367) Bank debits (thousands) . $ 145,907 11 5 Building permits less federal contracts $ 40,375 42 End-of-month deposits (thousands) t s 63,650 -9 4 Bank debits (thousands) . $ 5,752 2 Annual rate of deposit turnover . 26.2 2 10 End-of-month deposits (thousands) t $ 4,299 7 Annual rate of deposit turnover . 16.2 6 For an explanation of symbols see p. 274. SEPTEMBER 1969 Percent change Local Business Conditions Percent change Local Business Conditions July 1969 July 1969 July 1969 July 1969 July July from from from from City and item 1969 June 1969 July 1968 City and item 1969 June 1969 July 1968 South Houston (pop. 7,253) Deer Park (pop. 4,865) Postal receipts* $ 11,844 Postal receipts* 10,614 -25 Building permits less federal contracts $ 48,175 Building permits less federal contracts S 484,704 -75 127 Bank debits (thousands) . s 11,033 •• 10 Bank debits (thousands) . S 9,960 •• 20 End-of-month deposits (thousands) t $ 7,413 •• 7End-of-month deposits (thousands) t. $ 4,257 8 25 Annual rate of deposit turnover. 17.9 ••Annual rate of deposit turnover. 26.9 -8 Tomball (pop. 2,025 ') Freeport (pop. 11,619) Postal receipts* $ 40,510 -18 Postal receipts* 25.562 -7 2 Building permits less federal contracts S 48,000 31 65Building permits less federal contracts $ 147,915 -81 Bank debits (thousands) . S 12,833 Bank debits (thousands) . S 25,819 13 8 88 End-of-month deposits (thousands) t S 7,192 -33End-of-month deposits (thousands) t S 14,425 Annual rate of deposit turnover. 21.7 189 Annual rate of deposit turnover. 21.7 13 15 LAREDO SMSA HOUSTON (pop. 938,219) (Webb; pop. 79,300 •) Retail sales ltt Retail sales 14 -2 Apparel stores 5tt 13 7 General-merchandise stores 20 -3 4 Automotive stores 4tt Building permits less federal contracts $ 148,140 -28 107 Eating and drinking places . 2tt 23 Bank debits (thousands) 11. $ 878,268 6 Food stores 4tt -1 End-of-month deposits (thousands) t $ 39,913 s Lumber, building~material, Annual rate of deposit turnover. 22.3 .. and hardware dealers. 6tt -19 Nonfarm employment (area). 24,700 Postal receipts• $ 3,512,948 14 8 Manufacturing employment (area) 1,350 llluilding permits less federal contracts $l6,153,827 98 78 Percent unemployed (area) 7.5 -14 -11 Bank debits (thousands) S 7,653,002 19 End-of-month deposits (thousands) t. S 2,085,147 8 Annual rate of deposit turnover . 43.0 11 LAREDO (pop. 71,512 ') Retail sales General-merchandise stores 9t 20 -3 Humble (pop. 1,711) Postal receipts* 64,101 -14 Postal receipts~" 5,753 -29 -3 'Building permits less federal contracts S 148,140 -28 107 Building permits less federal contracts 34,821 -52 -22 Bank debits (thousands) . $ 71,514 6 Bank debits (thousands) . 7,079 4 27 End-of-month deposits (thousands) t. $ 38,356 •• End-of-month deposits (thousands); 5,617 32 Annual rate of deposit turnover. 22.4 5 " Annual rate of deposit turnover . 15.4 -5 Nonfarm placements 476 -3 LUBBOCK SMSA Katy (pop. 1,569) (Lubbock; pop. 198,600 ') Bank debits (thousands) . 4,678 58 End-of-month deposits (thousands); . 3,669 6 28 Retail sales -3 -1 Annual rate of deposit turnover. 15.7 8 27 Apparel stores -7 15 Automotive stores -19 8 Furniture and household­appliance stores 16 Liberty (pop. 6,127) Lumber, building-material, Postal receipts* 10,433 -21 4 and hardware dealers . 13 Building permi'ts less federal contracts $ 37,564 5 18 -79 Building permits less federal contracts $ 1,981,663 -23 Bank debits (thousands) $ 14,286 3 3 Bank debits (thousands) II. $ 4,846,080 3 9 End-of-month deposits (thousards); S 10,662 3 2 End-of-month deposits (thousands) t $ 149,894 -5 " Annual rate of deposit turnover 15.8 Annual rate of deposit turnover. 31.6 Nonfarm employment (area) . 64,400 Manufacturing employment (area) 6,970 ., Pearland (pop. 1,430) Percent unemployed (area) . 4.0 -17 Postal receipts• S 8,359 Building permits less federal contracts S 292,800 11 -Bank debits (thousands) . S 6,671 31 LUBBOCK (pop. 170,025 ') End-of-month deposits (thousands); S 4,037 5 -1 Retail sales 1t -3 Annual rate of deposit turnover . 19.3 15 19 Apparel stores 2t -7 Automotive stores 7t -19 Furniture and household- Richmond (pop. 4,500 ') appliance stores 16 Postal receipts* 7,279 - Lumber, building-material, 8 38 13 Building permits less federal contracts 2 90,400 -30 -51 and hardware dealers . lt Bank debits (thousands) . 9,220 Postal receipts''' $ 249,903 -28 -15 26 8 End-of-month deposits (thousands); . -23 -79 8,889 -12 4 Building permits less federal contracts $ 1,981,663 Annual rate of deposit turnover. 10 11.7 27 7 Bank debits (thousands) . s 339,319 End-of-month deposits (thousands) t s 137,669 " Annual rate of deposit turnover. 29.2 For an explanation of symbols see p. 274. Percent change Percent change Local Business Conditions Local Business Conditions July 1969 July 1969 J uly 1969 July 1969 July from from July from from City and item 1969 June 1969 July 1968 City and item 1969 J une 1969 J uly 1968 Slaton (pop. 6,568) Mission (pop. 14,081) Postal receipts• . . . . . . . . . . . . . . . . S 3,754 -43 -21 Postal receipts* 9,135 -22 -16 Bank debits (thousands) . . . S 4,947 7 -10 Building permits less federal contracts $ 18,400 -84 -87 End-of-month deposits (thousands) t $ 4,017 -3 12 Bank debits (thousands) . $ 17,073 1 14 Annual rate of deposit turnover . 14.5 7 -19 End-of-month deposits (thousands) i S 12,974 7 5 An nual rate of deposit turnover. 16.3 7 l\IcALLEN-PHARR-EDINBURG SMSA (Hidalgo; pop. 177,100 ") Retail sales - 7 - 3 PHARR (pop. 15,279 ') Apparel stores 8 11 Postal receipts* S 9,486 -17 27 Automotive stores -10 - 6 Building permits less federal contracts $ 51,635 -24 44 Food stores - 2 2 Bank debits (thousands) . $ 6,264 - 3 8 Gasoline and service stations - 2 9 End-of-month deposits (thousands) i S 6,159 -10 2 General-merchandise stores - 3 -25 Annua l rate of deposit turnover . 11.6 - 1 Lumber, building-material, and hardware dealers -21 -20 Building permits less federal contracts S Bank debits (thousands) 11 $ End-of-month deposits (thousands) t S 640, l 78 1.540,068 92,261 -52 -1 5 -28 6 10 San Juan (pop. 4,371) Postal receipts* S 3,040 -41 -10 Annual rate of deposit turnover 17.1 - 4 - 2 Building permits less federal contracts S 6,400 -84 32 Nonfarm employment (area) . 41, 400 - 8 2 Bank debits (thousands) . $ 3,791 20 21 Manufacturing employment Percent unemployed (area) . (area) 4,970 6.5 -28 -6 3 •• End-of-month deposits (thousands) i Annual rate of deposit turnover . S 3,055 14.7 - 2 24 5 15 Alamo (pop. 4,121) Postal receipts• 13,047 4 Weslaco (pop. 15,649) Building permits less federal contracts S 4,400 -33 42 Postal receipts* $ 14,657 -27 5 Building permits less federal contracts S 54,l 79 411 -71Bank debits (thousands) . S 2,935 17 24 Bank debits (thousands) . S 14,632 19 29 End-of-month deposits (thousands) t S 1,835 15 25 Annual rate of deposit turnover. 20.5 5 •• End-of-month deposits (thousands) i S 13,068 5 19 Annual rate of deposit turnover . 13.7 15 10 Donna (pop. 7,612 ') Postal receipts* $ 4,523 -30 12 MIDLAND SMSA Building permits less federal contracts S 12.300 -13 -2 (l\Iidland; pop. 65,200 •) Bank debits (thousands) $ 3,693 59 •• End-of-month deposits (thousands) t S 2,498 -18 -43 Retail sales 33 Apparel stores 2 58 Building permits Jess federal contracts $ 343,215 60 -91 Bank debits (thousands) II $ 1.979,484 5 5 EDHiBURG (pop. 18,706) E nd-of-month deposits (thousands) i $ 136.328 2 Postal receipts• $ 16.894 -30 12 Annual rate of deposit turnover . 14.7 2 Building permits less federal contracts S 120,229 -30 -20 Nonfarm employment (area) b 62,600 2 Bank debits (thousands) $ 25,026 . 8 Manufacturing employment (area) b 5,110 4 End-of-month deposits (thousands) t S 15.542 1 24 Percent unemployed (area)•. 3.2 -22 Annual rate of deposit turnover. 19.4 -5 -14 Nonfarm placements 229 -35 4 Annual rate of deposit turnover . 16.0 139 62 MIDLAND (pop. 62,625)Elsa (pop. 3,847) Retail sales 1t 33 Building permits less federal contracts S 6,430 -33 -19 Automotive stores 7t 58 Bank debits (thousands) . S 2,865 -26 -10 Postal receipts* $ 157,251 1 7 End-of-month deposits (thousands) i S 2,274 9 31 Building permits Jess federal contracts $ 343,215 -60 -90 Annual rate of deposit turnover 15.8 -32 -27 Bank debits (thousands) . $ 164,198 10 End-of-month deposits (thousands) i $ 133.192 2 Annual rate of deposit turnover .. 14.9 6 1 .McALLEN (pop. 35,411 ') 18 Nonfarm placements 664 -27 Retail sales 1t -7 -10 Postal receipts• S 46,781 -22 5 Building permits less federal contracts S 278,750 -68 -17 ODESSA SMSA Bank debits (thousands) . S 47,016 6 -8 (Ector; pop. 83,200 ") End-of-month deposits (thousands) i $ 32,443 •• 2 Annual rate of deposit turnover . 17.4 5 -12 Retail sales 31 Nonfarm placements 303 -30 -69 Apparel stores 17 2 Building permits Jess federal contracts S 244,794 -72 7 Ba nk debits (thousands) II. .. $ 1,503,264 -6 Mercedes (pop. 11,843 ') End-of-month deposits (thousands) i $ 75,787 •• 9 Building permits less federal contracts S 89,655 306 308 Annual rate of deposit turnover. 19.8 -8 2 Bank debits (thousands) . $ 8,179 226 Nonfarm employment (area)•. 62,600 -2 1 End-of-month deposits (thousands)i . S 5,228 19 2 4 Manufacturing employment (area)• 5,110 •• Annual rate of deposit turnover. 20.4 -5 25 Percent unemployed (area)•.. 3.2 -22 For an explanation of symbols see p. 274. 281 SEPTEMBER 1969 Percent change Local Business Conditions Percent changeLocal Business Conditions July 1969 July 196~ July 1969 July 1969 July from from July from from City and item 1969 June 1969 July 1968 City and item 1969 June 1969 July 1968 Seguin (pop. 14,299)ODESSA (pop. 80,338) Postal receipts•:• $ 18,097 -21 6 31 -14 Retail sales lt Building permits less federal contracts S 184,185 120 -42 Apparel stores 2t 17 Bank debits (thousands) . . $ 21,224 Postal receipts':' 96,394 --31 16 End-of-month deposits (thousands) t $ 17,493 Building permits less federal contracts $ 244,794 -72 7 Annual rate of deposit turnover 14.4 9 10 Bank debits (thousands). S 133.857 8 End-of-month deposits (thousands) t S 76,386 12 SHER.MAN-DENISON SMSA x Annual rate of deposit turnover 20.9 3 (Grayson; pop. 80,500 ') Nonfarm placements 1.058 126 Retail sales Apparel stores 16 SAX AXGELO SMSA Automotive stores 4 (Tom Green; pop. 75,200 ') Building permits less federal contracts S 5,529,741 -30 751 Retail sales 8 -4 Bank debits (thousands) II $ 1,029,456 4 Automotive stores 8 -16 End-of-month deposits (thousands) t $ 60,557 10 Gasoline and service stations 19 9 Annual rate of deposit turnover . 17.5 -2 Building permits less federal contracts 316,541 -51 -38 Bank debits (thousands) 11 1,093,632 -11 DENISON (pop. 25,766 ') End-of-month deposits (thousands) t 62,346 -13 2 Postal receipts':' 32,461 -23 " Annual rate of deposit turnover 16.3 -9 3 'Building permits less federal contracts $ 178,173 -31 -44 Nonfann employment (area) 23,600 Bank debits (thousands) . $ 32,221 10 8 Manufacturing employment (area) 3,530 -2 9 End-of-month deposits (thousands) t $ 20,324 -4 Percent unemployed (area) . 3.5 -15 Annual rate of deposit turnover. 18.7 9 1 Nonfarm placements 194 -38 -20 SAN ANGELO (pop. 58,815) SHERMAN (pop. 30,660 ') Retail sales 1t 8 4 Postal receipts•:• $ 40,052 -20 Automotive stores 7t 16 Building permits less federal contracts S 5,313,568 -30 Gasoline and service stations 3t 19 9 Bank debits (thousands) . S 52,561 16 Postn.J receipts~' 125,725 -21 End-of-month deposits (thousands) t S 28,542 -2 12 Building permits less federal contracts S 316,541 -51 -38 Annual rate of deposit turnover. 21.8 3 , Bank debits (thousands) . S 101,999 7 Nonfarm placements 165 -30 -30 End-of-month deposits (thousands) t S 62,782 -12 TEXARKA~A SMSA Annual rate of deposit turnover . 18.3 8 (Bowie, Texas, and Miller, Ark; pop. 100,000 !) Retail sales -2 SAN AXTONIO S:\ISA Building permits less federal contracts $ 429,989 58 -95 (Bexar and Guadalupe; pop. 837,100 ') Bank (thousands) II 1,604,928 9 debits $ Retail sales End-of-month deposits (thousands) t $ 72,671 9 Apparel stores ** Annual rate of deposit turnover. 21.8 .. Automotive stores 1 Nonfarm employment (area) . 43,600 Eating and drinking places . 9 Manufacturing employment (area) 14,940 .. General-merchandise stores 27 Percent unemployed (area). 3.3 -15 Lumber, building-material, and hardware dealers 4 TEXARKANA (pop. 50,006 ') Building permits less federal contracts s 7,340,632 6 14 Retail sales -3 lt Bank debits (thousands) II S 16.412,808 2 10 Postal receipts''' $ 94. 792 -11 4 End-of-month deposits (thousands) t $ 600,041 -9> 3 Building permi'ts less federal contracts $ 429,989 64 Annual rate of deposit turnover 26.9 2 7 Bank debits (thousands) . . . . . . . . . . $ 130,397 12 Nonfarm employment 283,700 1 End-of-month deposits (thousands) t $ 61,047 ­ (area) . 4 11 Ma.nufacturing employment (area) 31,050 12 --7 Percent unemployed (area) . 4.5 -12 13 TYLER SMSA (Smith; pop. 99,100 ') Annual rate of deposit turnover 25.1 SAN ANTONIO (pop. 726,660 ') Retail sales Retail sales '''"tt II Apparel stores Apparel stores 1tt Building permits less federal contracts S 572,325 -19 Automotive stores 1tt " 2 Bank debits (thousands) II. $ 2,199,072 14 Eating and drinking places 7tt 9 , End-of-month deposits (thousands) t $ 91,576 Postal receipts'' S 1,308,812 9 Annual rate of deposit turnover. 23.0 Building permi'ts less federal contracts S 6,731,668 27 Nonfarm employment (area). 38,000Bank debits (thousands). S 1,402,035 15 12 Manufacturing employment (area) 11,340 End-of-month deposits (thousands) t S o63,78S 4 1 17 Percent unemployed (area). 3.5 Annual rate of deposit turnover. 29.2 10 12 TYLER (pop. 51,230) Schertz (pop. 2,867 ') Retail sales lt II Postal receipts" S Apparel stores 2t 3,273 17 31 -10 0 Building permits less federal contracts S Postal receipts''' S 136.222 14 Bank debits (thousands) . $ Building permits less federal contracts $ 554,475 -21 744 -15 15 End-of-month deposits (thousands) t $ Bank debits (thousands) . $ 186,269 10 1,194 6 4 Annual rate of deposit turnover . End-of-month deposits (thousands) t S 81,510 -11 7.7 -11 4Annual rate of deposit turnover.. 25.8 10 -15 2 For an explanation of symbols see p. 274. Nonfarm placements 538 ~8~ Percent change Local Business Conditions Local Business Conditions Percent change July 1969 July 1969 July 1969 July 1969July from from July from from City and item 1969 June 1969 July 1968 City and item 1969 June 1969 July 1968 WACO SMSA Burkburnett (pop. 7,621) (McLennan; pop. 148,400 •) Building permits less federal contracts S 15.450 69 Bank debits (thousands) . $ 10,034 7 Retail sales 4 End-of-month deposits (thousands) t S 5,285 Apparel stores 8 Annual rate of deposit turnover. 22.2 Automotive stores 2 Building permits less federal contracts 3,2.48,400 69 202 Bank debits (thousands) ... 2,895,756 •• 17 Iowa Park (pop. 5,152 ') End-of-month deposits (thousands) t. 114,307 3 Building permits less federal contracts 11,820 --86 Annual rate of deposit turnover . 24.9 17 Bank debits (thousands) . 4,419 10 23Nonfarm employment (area) . 58,900 1 End-of-month deposits (thousands) t 3,978 8Manufacturing employment (area) 13,050 1 Annual rate of deposit turnover . 13.0 12Percent unemployed (area) 4.3 -12 McGregor (pop. 4,642) WICHITA FALLS (pop. 115,340 ') Building permits less federal contracts $ 2,100 91 320 Retail sales 1t 8 6Bank debits (thousands) . . $ 6,629 37 34 Postal receipts• 149,724 -12 9End-of-month deposits (thousands) t. S 7,855 -6 2 Building permits less federal contracts 1,097 ,354 102Annual rate of deposit turnover . 9.8 40 26 Bank debits (thousands) . 185,762 17 End-of-month deposits (thousands) t. 100,794 2 WACO (pop. 103,462) Annual rate of deposit turnover. 21.9 15 •• Retail sales lt 4 Apparel stores 2t 8 •• LOWER RIO GRANDE VALLEY Automotive stores 7t 2 Postal receipts• $ 212,920 -36 4 (Cameron, Willacy, and Hidalgo; pop. 326,800 ') Building permits less federal contracts $ 3,103,660 67 200 Retail sales 1t Bank debits (thousands) . $ 228,009 11 16 Apparel stores . . . . . . . . . . . 2t 14 15 End-of-month deposits (thousands)t . $ 96,653 1 Automotive stores 7t 7 Annual rate of deposit turnover . 28.1 8 17 Drugstores 2t Food stores 7t Furniture and household- WICHITA FALLS SMSA appliance stores It 8 24 Archer and Wichita; pop. 132,200 •) Gasoline and service stations. 3t 12 Retail sales 8 6 General merchandise stores . 9t -25 Building permits •less fede ral contracts S 1,124,624 98 9 Lumber, building-material, Bank debits (thousands) II. $ 2,354,160 10 and hardware dealers. 1t -12 End-of-month deposits (thousands) t S 115,087 •• Postal receipts* -20 1 Annual rate of deposit turnover . 20.5 11 .Building permi'ts less federal contracts S 15 18 Nonfarm employment (area) . 50,500 Bank debits (thousands) . $ 21 15 ** •• Manufacturing employment (area) 5,160 4 End-of-month deposits (thousands) t $ 10 6 Percent unemployed (area). 2.8 -7 22 Annual rate of deposit turnover . 20.7 16 10 ALPHABETICAL LISTING ALBANY (pop. 2,174) Building permits less federal contracts s Bank debits (thousands) .......... s 3,809 19 End-of-month deposits (thousands) t $ 4,243 -2 Annual rate of deposit turnover . 10.7 18 ALICE (pop. 20,861) Postal receiptsi:i ··················· $ 23,829 -18 )luilding permits less federal contracts S 202,021 19 Bank debits (thousands) . . . . . . . . . . . $ 43, 139 21 End-of-month deposits (thousands) t $ 20,136 3 Annual rate of deposit turnover . 25.3 19 OF 2 7 1 -74 50 -6 54 ALPI E (pop. 4,740) Postal receipts* $ 7,379 -26 Building permits l ~~ fed~~~j c~~t~~~~~ $ 137,700 270 Bank debits (thousands) ........... s 5,507 23 End-of-month deposits (thousands) t . s 5,137 3 Annual rate of deposit turnover . 13.1 24 -5 699 -5 20 For an explanation of symbols see p . 274. NON-SMSA CITIES, WITH DATA ANDREWS (pop. 13,450 ') Postal receipts* $ 9,619 -24 -3 Building permits less federal contracts $ 2,850 -86 -96 Bank debits (thousands) . $ 8,508 15 •• End-of-month deposits (thousands) t s 6,982 -1 8 Annual rate of deposit turnover . 14.6 20 -5 ATHENS (pop. 10,260 ') Postal receipts* $ 17,883 - 21 15 Building permits less federal contracts $ 115,900 - 67 1 Bank debits (thousands) . End-of-month deposits (thousands) t $ $ 17,337 11,542 33 4 21 7 Annual rate of depo:;it turnover . 18.4 33 14 BARTLE'IT (pop. 1,540) Postal receipts.:. $ l,354 - 38 - 17 Bank debits (thousands) $ 1,072' 2 - 6 End-of-month deposits (thousands)t . $ 1,637 5 11 Annual rate of deposit turnover. 8.0 8 . SEPTEMBER 1969 Percent change Local Business Conditions Percent change Local Business Conditions July 19&9 July 1969 July 19&9 July 1969 July from from July from from City and item 1969 1969 June 1969 July 1968 June 1969 July 196SCity and item BAY CITY (pop. 11,656) Pootal receipts* $ Building permits less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t $ Annual rate of deposit turnover . Nonfarm placements 16,972 30,750 22,147 28,055 9.4 40 -26 -96 •• -1 •• -60 --- 5 73 6 4 2 49 BRYAN (pop. 33,141 ') Pootal receipts* $ Building permits less federal contracts s Bank debits (thousands) . $ End-of-month deposits (thousands) t $ Annual rate of deposit turnover . Nonfarm placements 43,637 303,254 75,177 33,686 25.6 254 -14 -32 26 -8 Z4 -14 6 -68 16 14 2 BEEVILLE (pop. 13,811) Pootal receipts• $ Building permits less federal conlracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t $ 17,273 27,680 18,948 17,195 -20 -65 16 8 -- 15 62 15 1 CALDWELL (pop. 2,204 ') Postal receipts* Bank debits (thousands) End-of-month deposits (thousands) t Annual rate of deposit turnover . $ $ S 3,355 4,153 5,222 9.9 -37 12 7 9 -7 12 Annual rate of deposit Nonfarm placements turnover. 13.8 110 11 29 18 7 CAMERON (pop. 5,640) Postal receipts'' . . . . . . . . . . . . . . . . . . . $ 5,241 -45 14 BELLVILLE (pop. 2,218) Building permits less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t . 491,500 6,172 6,046 971.. 27 Building permits less f~eral contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) t $ Annual rate of deposit turnover. 3,000 6,813 6,543 12.4 -10 -1 -10 -97 21 12 6 Annual rate of deposit turnover . . 12.2 22 CASTROVILLE (1,800 ') BIG SPRING (pop. 31,230) Building permits less federal contracts $ 5,710 Bank debits (thousands) . $ l,261 -82 -73 13 Postal receipts* 35,747 -26 - 6 End-of-month deposits (thousands) t . $ J,537 24 Building permits less federal contracts $ 87,547 -76 - 79 Annual rate of deposit turnover. !LS -12 Bank debits (thousands) $ 54,499 6 End-of-month deposits (thousands)! . $ 29,745 17 CISCO (pop. 4,499) Annual rate of deposit turnover . 22.1 8 Postal receipts* $ 6,571 21 Nonfarm placements 189 - 10 - 23 Bank debits (thousands) . . $ 4,439 14 -II End-of-month deposits (thousands) t . $ 4,592 6 3 BONHAM (pop. 9,506 ') Annual rate of deposit turnover. 12.0 -15 Postal receipts• $ Building permits less federal contracts $ 7,741 21.200 -24 -88 3 18 COLLEGE STATION (pop. 18,590 ') Bank debits (thousands) S 11,512 10 11 Postal receipts* $ 24,531 -24 End-of-month deposits (thousands) t . 10,263 - 5 12 ·Building permits less federal contracts S 138,927 543 -95 Annual rate of deposit turnover . 13.1 10 3 Bank debits (thousands) . $ ll,892 54 18 End-of-month deposits (thousands) t . $ 6,532 - 1 12 BORGER (pop. 20,911) Annual rate of deposit turnover. 21.7 56 10 Pootal receipts* $ Building permits less federal contracts $ Nonfarm placements 20,340 6,225 111 -25 -78 8 -- 16 96 50 COLORADO CITY (pop. 6,457) Pootal receipts* $ 6,796 -14 - 7 Bank debits (thousands) . $ 6,174 13 14 BRADY (pop. 5,338) Postal receipts• $ 5,778 -34 End-of-month deposits (thousands) t . $ Annual rate of deposit turnover. 6,216 11.6 - 5 13 5 Building permi'ts less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands)! . $ Annual rate of deposit turnover . 200,450 10,953 7,981 16.6 724 3 14 9 17 COPPERAS COVE (pop. 10,202 ') Postal receipts" $ Building permits •less federal contracts S Bank debits (thousands) . $ 6,301 68,900 3,079 -39 -69 3 -5 28 19 BRENHAM (pop. 7,740) Pootal receipts* . . . . . . . . . . . . . . . . . . . $ 11,662 -37 End-of-month deposits (thousands) t. . $ Annual rate of deposit turnover. 1,922 17.8 -14 7 " Building permits less federal contracts $ Bank debits (thousands) . . . . . . . . . $ End-of-month deposits (thousands) t . S Annual rate of deposit turnover. BROWNFIELD (pop. 10,286) Postal receipts• . . . . . . . . . $ Bank debits (thousands) . . . . . ..... $ End-of-month deposits (thousands) t $ Annual rate of deposit turnover. BROWNWOOD (pop. 16,974) Pasta.~ receipts• ............... _. . $ 255,412 17 ,981 16,377 12.9 10,497 22,392 14,309 18.7 27,126 246 -5 -5 -43 8 1 8 -35 -- 14 14 1 11 17 39 12 24 9 CORSICANA (pop. 20,344) Postal receipts* $ Building permits less federal contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover. Nonfarm placements CRANE (pop. 3,796) 52,539 145,420 30,959 24,166 15.3 178 Building permits less federal contracts S 600 Bank debits (thousands) . $ 2,605 End-of-month deposits (thousands) t . $ 2,017 Annual rate of deposit turnover. 15.3 -10 26 14 -1 12 -21 -96 12 -3 14 -23 JO 7 ~99 13 -10 25 Euildmg permits less federal contracts $ Bank debits (thousands) 11-...... .. . S End-of-month deposits (thousands)+ . $ Annual rate of deposit turnover . Nonfarm placements 127 .500 26,429 16,833 19.8 121 For an explanation of symbols see p. 274. 129 . 4 11 - 35 14 21 2 48 CRYSTAL CITY (pop. 9,101) Building permits less federal contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) t. $ Annual rate of deposit turnover 42,391 5,255 2,953 21.6 11 94 27 -1 37 284 TEXAS BUSINESS REVIEW Percent change Local Business Conditions Local Business Conditions Percent change July 19&9 July 1969 July from from City and item 19&9 June 1969 July 1968 DECATUR (pop. 3,563) Building permits less federal contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) t. $ Annual rate of deposit turnover . 15,100 - 48 5,840 22 10 5,308 7 12 13.6 18 DEL RIO (pop. 23,290 ') Postal receipts• $ 28,877 -4 17 Building permits less federal contracts $ 108,755 -55 -10 Bank debits (thousands) $ 19,359 6 4 End-of-month deposits (thousands) i. $ 18,878 -6 Annual rate of deposit turnover . 12.4 10 DIMMITI' (pop. 4,500') Bank debits (thousands). End-of-month deposits (thousands) i Annual rate of deposit turnover . 15,842 7,415 24.S 29 15 8 EAGLE LAKE (pop. 3,565) Bank debits (thousands) . $ End-of-month deposits (thousands) t S Annual rate of deposit turnover . EAGLE PASS (pop. 12,094) Postal receipts• Building permits less fed.,ra] contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands)t . $ Annual rate of deposit turnover . EDNA (pop. 5,038) Postal receipts• Building permi.ts Jess feckral contracts S Bank debits (thousands) . S End-of-month deposits (thousands) i S Annual rate of deposit turnover . 4,493 4,920 10.6 lZ,242 84,160 11,518 5,733 24.8 4,740 47.595 10,203 8,327 16.2 FREDERICKSBURG (pop. 4,629) Postal receipts• $ Building permits .less feckra.l contracts S Bank debits (thousands) . S End-of-month deposits (thousands) i $ Annual rate of deposit turnover . FRIO A (pop. 3,149 ') Building permits less federal contracts S Bank debits (thousands) . S End-of-month deposits (thousands) t S Annual rate of deposit turnover . 7,641 10,775 17,528 12,161 17.8 14,500 21.004 6,481 40.3 5 7 10 -41 -75 42 6 31 -50 796 49 22 36 -39 -94 33 26 -69 18 8 20 8 9 -2 63 25 23 -18 387 27 26 10 -31 -68 36 14 21 -71 60 22 40 GATESVILLE (pop. 5,180 ') Postal receipts• $ Bank debits (thousands) ........... $ End-of-month deposits (thousands) i . $ Annual rate of deposit turnover . 9,565 9,653 7,900 14.3 -10 14 -5 15 35 18 GEORGETOWN (pop. 5,218) Postal receipts• . . . . . . . . . . . . . . . . . . . S Building permiits less feckra.l contracts S Bank debits (thousands) ........... S End-of-month deposits (thousands) t . S Annual rate of deposit turnover. 6,010 116,300 8,297 7,913 12.5 -46 278 13 2 15 240 16 7 7 For an explanation of symbols see p. 274. SEPTEMBER 1969 July 1969 July 1969 July from from City and item 1969 June 1969 July 1968 GIDDINGS (pop. 2,821) Postal receipts• Building permits less federal contracts Bank debits (thousands) .. End-of-month deposits (thousands) t. Annual rate of deposit turnover . GLADEWATER (pop. 5,742) Postal receipts• Building permits less federal contracts Bank debits (thousands) . End-of-month deposits (thousands) i Annual rate of deposit turnover . Nonfarm employment (area)•. Manufacturing employment (area)• Percent unemployed (area)•. GOLDTHWAITE (pop. 1,383) Postal receipts• Bank debits (thousands) . End-of-month deposits (thousands) t Annual rate of deposit turnover . GRAHAM (pop. 9,326 ') Postal receipts• . . . . . . . . . . . . . . . . $ Building permits less federal contracts $ Bank debits (thousands) . S End-of-month deposits (thousands) i S Annual rate of deposit turnover . GRANBURY (pop. 2,227) Postal receipts• $ Bank debits (thousands) . $ End-of-month deposits (thousands) t. $ Annual rate of deposit turnover . 4,445 10,447 5,901 5,969 12.0 6,848 104,600 8,127 4,969 19.6 34,950 10,120 3.0 2,805 7,032 4,314 19.0 12,240 298,348 13.577 11,393 14.3 10,405 3,257 3,622 10.8 GREENVILLE (pop. 22,134 ') Postal receipts• $ 29,523 Building permits less federal contracts $ 3,197,142 Bank debits (thousands) . $ 33,827 End-of-month deposits (thousands) i $ 24,758 Annual rate of deposit turnover . 17.6 Nonfarm placements 116 -37 -1 HALLETTSVILLE (pop. 2,808) Building permits less federal contracts S 43,579 Bank debits (thousands) .......... $ 3,958 End-of-month deposits (thousands) t $ 6,991 Annual rate of deposit turnover . 6.9 HALLSVILLE (pop. 1,015 ') Bank debits (thousands) . 1,200 11 36 End-of-month deposits (thousands) t 1,192 3 - 23 Annual rate of deposit turnover . 11.9 16 55 HASKELL (pop. 4,016) Building permits less federal contracts $ 250 Bank debits (thousands) . $ 4,648 End-of-month deposits (thousands) i . 4,794 Annual rate of deposit turnover . 11.4 HENDERSON (pop. 11,477 ') Postal receipts• $ 18,656 Building permits less federal contracts $ 105,760 Bank debits (thousands) . S 18,245 End-of-month deposits (thousands) t $ 17,080 Annual rate of deposit turnover . 12.8 - 41 28 - 70 - 48 7 10 2 15 2 16 355 41 18 -1 •• 38 21 •• 74 91 -12 11 - 36 - 30 2 - 29 54 -23 -4 518 825 -4 •• -5 -1 -14 141 22 19 •• 6 17 11 - 38 - 13 - 8 16 2 10 - 9 5 28 913 352 12 9 7 11 3 - 98 5 - 99 9 4 7 7 -8 2A 16 247 16 21 14 17 Local Business Conditions Percent change Local Business Conditions Percent change Julv 1969 Julv 1969 July 1969 July 1969 July from from July from from City and item 1969 June 1969 July 1968 June 1969 July 1968 City and item 1969 KINGSVILLE (pop. 31,160 ')HEREFORD (pop. 12,175 ') Postal receipts* $ 23,905 Building permits Jess federal contracts $ 302,000 -13 Postal receipts':' $ 20,658 -17 -3 -27 Building permits less federal contracts $ 1,657,959 Bank debits (thousands) $ 49,512 25 40 $ 21.510 11 12 Bank debits (thousands) . End-of-month deposits (thousands) t. 18,127 18 End-of-month deposits (thousands) t $ 18,487 9 .. Annual rate of deposit turnover. 33.4 26 16 14.6 17 Annual rate of deposit turnover. KIRBYVILLE (pop. 2,021 ')HONDO (pop. 4,992) Postal receipts* $ 4,805 -21 Postal receipts>:• $ 5,386 -30 -1 Bank debits (thousands) . $ 3,170 16 Building permits less federal contracts $ 60,725 403 160 17 End-of-month deposits (thousands) t $ 4,811 ., Bank debits (thousands) $ 5,744 26 34 Annual rate of deposit turnover. 7.9 14 End-of-month deposits (thousands) t. $ 4,915 6 13 Annual rate of deposit turnover . 14.5 25 20 LAMESA (pop. 12,438) Postal receipts"-' $ 14,541 -20 JACKSONVILLE (pop. 10,509 ') Building permits less federal contracts $ 72, 700 924 Postal receipts>:' $ 27,957 -15 5 Bank debits (thousands) . $ 17,276 10 6Building permits less federal contracts $ 27.ooo 315 -98 End-of-month deposits (thousands) t $ 16,403 -4 14Bank debits (thousands) . $ 19,760 -4 Annual rate of deposit turnover. 12.4 14 -8End-of-month deposits (thousands) t $ 17,939 27 43 Nonfarm placements 63 -30 -26Annual rate of deposit turnover. 14.S -19 -19 LAMPASAS (pop. 5,670 ')JASPER (pop. 5,120 ') Postal receipts'~ $ 6,052 -46 -19 Postal receipts(• $ 13,550 -17 -6 Building permits less federal contracts $ 75,750 59 Building permits less federal contracts $ 209,75& 501 798 Bank debits (thousands) . $ 11,340 16 Bank debits (thousands) . $ 17,618 8 End-of-month deposits (thousands) t. $ 8,917 8 End-of-month deposits (thousands) t. $ 10,029 2 Annual rate of deposit turnover. 15.1 Annual rate of deposit turnover. 21.3 8 LEVELLAND (pop. 12,073 ')JUNCTION (pop. 2,514 ') Postal receipts* $ 16,161 -39 -11 Building permits less federal contracts $ 21,400 511 Building permits less federal contracts $ 25,295 -22 -74 Bank debits (thousands) . $ 2,958 6 Bank debits (thousands) . $ 16,746 -6 12 End-of-month deposits (thousands) t. 4,377 7 End-of-month deposits (thousands) t. $ 10,409 -45 -15 Annual rate of deposit turnover. 8.1 7 Annual rate of deposit turnover. 13.8 22 -13 KARNES CITY (pop. 3,000 ') LITTLEFIELD (pop. 7,236) Building permits less federal contracts $ 4,000 -92 -95 Postal receipts* $ 9,115 -5 Bank debits (thousands) $ 4,907 18 Building permits less federal contracts s 0 End-of-month deposits (thousands) t $ 4,643 5 11 Bank debits (thousands) $ 9,835 17 Annual rate of deposit turnover. -17 13.0 10 11 End-of-month deposits (thousands) t. $ 8,022 -8 Annual rate of deposit turnover. 14.1 22 KILGORE (pop. 10,500 ') Postal receipts* 18,837 -20 LLANO (pop. 2,656) Building permits less federal contracts 34,145 -97 -73 Postal receipts* $ 5,142 -9 52 Bank debits (thousands) 18,717 20 16 Building permits less federal contracts $ 0 End-of-month deposits (thousands) t 14,289 18 4 Bank debits (thousands) . $ 6,430 27 11 Annual rate of deposit turnover 17.0 13 20 End-of-month deposits (thousands) t. s 5,155 Nonfarm employment :;:,;: 19 (area)'· 34,950 74 Annual rate of deposit turnover. 15.4 Manufacturing employment (area) c 10,120 91 Percent unemployed (area)'· 3.0 -12 LOCKHART (pop. 6,084) Postal receipts':: $ 5,669 -26 -64 KILLEEN (pop. 30,400 ') Building permits less federal contracts $ 13,698 -86 24 Postal receipts* Bank debits (thousands) . $ 8,602 26 $ 50,190 -15 -5 4 7,793 2 Building permits less federal contracts End-of-month deposits (thousands) t. $ ­ $ 337,184 -43 -84 18 26 Bank debits Annual rate of deposit turnover. 13.l (thousands) . $ 31,838 -3 49 End-of-month deposits (thousands) t. $ 14,974 -12 Annual rate of deposit turnover. 23.8 -6 21 LONGVIEW (pop. 52,242 ') Postal receipts•:: $ 81,512. -26 -25 -22 Building permits less federal contracts $ 479,000 KINGSLAND (pop. 1,200 ') 11 -3 Bank debits (thousands) . $ 98,975 Postal receipts* -10 $ 2,293 -55 21 1 End-of-month deposits (thousands) t $ 50,264Bank debits (thousands) . $ 2,952 16 18 -4 Annual rate of deposit turnover. 23.7 End-of-month deposits (thousands)+ . 71 1,929 2 19 Nonfarm employment (area) c 34,950 •• Annual rate of deposit turnover . 91 18.1 12 5 -Manufacturing employment (area) c 10,120 11 -12 Percent unemployed (area)'· 3.0 For an explanation of symbols see p. 274. Percent change Local Business Conditions July 19&9 July 1969 July from from City and item 1969 June 1969 July 1968 Local Business Conditions Percent change City and item July 1969 July 1969 from June 1969 July 1969 from July 1968 NACOGDOCHES (pop. 18,076 ') Postal receipts* $ 30,561 -14 77 Building permits less federal contracts $ 2,119,167 398 Bank debits (thousands) $ 33,936 5 26 End-of-month deposits (thousands) t . $ 28,806 - 4 - 1 Annual ,_;,te of deposit turnover. 13.8 5 22 Nonfarm placements 44 -15 -39 OLNEY (pop. 4,200 ') Building permits less federal contracts s 0 Bank debits (thousands) $ 7,595 2 13 End-of-month deposits (thousands)+ . $ 5,475 5 1 Annual rate of deposit turnover. 17.1 -6 28 LUFKIN (pop. 20,756 ') Postal receipts* $ 36,690 - 29 2 Building permits less federal contracts $ 423,156 100 24 Nonfarm placements 74 - 25 19 McCAMEY (pop. 3,375 ') Postal receipts• Bank debits (thousands) End-of-month depa'sits (thousands)+ . Annual rate of deposit turnover . $ $ $ 3,490 2,231 2,016 14.1 - 18 8 13 3 -- 4 4 6 2 MARBLE FALLS (pop. 2,161) Bank debits (thousands) . s End-of-month deposits (thousands)+ . $ Annual rate of deposit turnover. 4,668 3,729 15.5 - 4 7 4 35 23 10 PALESTINE (pop. 13,974) Po1;tal receipts* $ 17 ,566 - 28 •• Building permits less federal contracts s 67,625 - 44 - 95 Bank debits (thousands) . s 19,894 14 15 End-of-month deposits (thousands)+ $ 18,499 - 9 8 Annual rate of deposit turnover . 12.3 17 2 Nonfarm placements 55 28 MARSHALL (pop. 29,445 ') Postal receipts* $ 29,920 - 18 - 32 Building permits less federal contracts Bank debits (thousands) s $ 273,821 29,796 - 64 5 - 51 6 End-of-month deposits (thousands)+ $ 32,500 6 10 Annual rate of deposit turnover . 11.3 1 ** Nonfarm placements 299 23 - 20 PARIS (pop. 20,977) Postal receipts>:' $ 30,864 - 19 - 2 Building permits less federal contracts $ 137 ,037 - 41 - 9 Nonfarm placements 142 - 9 - 29 PECOS (pop. 13,479 ') Postal receipts~' $ 14,206 - 27 8 Bank debits .(thousands) . s 18,847 - 5 19 End-of-month deposits (thousands)+ $ 11,642 - 5 15 Annual rate of deposit turnover . 18.9 - 4 3 Nonfarm placements 86 1 - 17 MEXIA (pop. 7,621 ') Postal receipts::< $ 7,312 - 34 - 9 Building permits less federal contracts s 11,020 - 86 - 21 Bank debits (thousands) $ 8,366 5 10 End-of-month deposits (thousands)+ $ 6,784 1 7 Annual rate of deposit turnover. 14.8 2 1 MINERAL WELLS (pop. 11,053) Postal receipts* $ 26,984 - 30 - 10 Building permits less federal contracts s 69.949 9 - 80 Bank debits (thousands) . $ 28,012· ..~ :;: - 6 End-of-month deposits (thousands)+ . $ 19,683 2 6 Annual rate of deposit turnover. 17.2 - 8 - 16 Nonfarm placements 95 - 35 - 39 PLAINVIEW (pop. 21,703 ') Postal receipts* $ 25,624 -29 -2 Building permits less federal contracts $ 12,000 -74 -79 Bank debits (thousands) $ 52,207 9 8 End-of-month deposits (thousands)+. $ 26,088 "* 2 Annual rate of deposit turnover.. 24.0 7 4 Nonfarm placements 249 -6 11 PLEASANTON (pop. 5,053 ') Building permits less federal contracts $ 36,000 12 Bank debits (thousands) . $ 6,489 10 16 End-of-month deposits (thousands)+ $ 4,599 2 7 Annual rate of deposit turnover. 17.1 12 7 QUANAH (pop. 4,570 ') Postal receipts* $ 4,263 -41 -8 Building permits less federal contracts $ <> .. Bank debits (thousands) . $ 6,255 -12 -2 End-of-month deposits (thousands) + $ 7,787 -2 32 Annual rate of deposit turnover . 9.6 -20 -23 RAYMONDVILLE (pop. 9,385) Postal receipts* $ 8,521 - 5 14 Building permits less federal contracts $ 118,100 208 Bank debits (thousands) $ 16,479 105 46 End-of-month deposits (thousands)+ . $ 12,236 29 14 Annual rate of deposit turnover. 18.2 75 40 Nonfarm placements 41 - 29 - 2 MONAHANS (pop. 9,476 ') Postal receipts.;. $ 12,244 - 7 14 Building permits less federal contracts $ 29,825 - 32 53 Bank debits (thousands) . $ 14,719 21 22 End-of-month deposits (thousands)+ . $ 7,778 - 6 7 Annual rate of deposit turnover. 22.0 26 9 MOUNT PLEASANT (pop. 8,027) Postal receipts• $ 11,502 - 36 - 6 Building permits less federal contracts $ 38,283 - 68 - 79 Bank debits (thousands) . $ 18,599 6 3 End-of-month deposits (thousands)+ . $ 10,884 - 1 11 Annual rate of deposit turnover. 20.4 4 - 8 MUENSTER (pop. 1,190) Postal receipts• $ 1,854 -41 -11 Building permits less federal contracts $ 15,000 400 Bank debits (thousands) . $ 3,543 *" -13 End-of-month deposits (thousands) + . $ 2,879 15 11 Annual rate of deposit turnover. 15.8 -8 -16 MULESHOE (pop. 4,945 ') Bank debits {thousands) $ 12,709 22 15 End-of-month deposits (thousands)+ . $ 10,394 -2 38 Annual rate of deposit turnover. 14.5 24 -21 For an explanation of symbols see p. 274. ~ S-EPTEMBER 1969 Percent change Local Business Conditions Percent change Local Business Conditions July 19&9 July 1969 July 1969 July 1969 July from July from from from Citv a nd item 1969 City and item 1969 June 1969 July 1968 June 1969 July 1968 STRATFORD (pop. 2,500 ')REFUGIO (pop. 4,944) Postal receipts* $ 4,001 -20 -7 Postal receipts* $ 4,407 -46 -1 Building permits less federal contracts $ 114,600 100Building permits less federal contracts $ 14,00() 600 Bank debits (thousands) . $ 15,786 4 Bank debits (thousands) . $ 4,545 7 6 31 End-of-month deposits (thousands) t. $ 6,720 13 23End-of-month deposits (thousands) t $ 8,288 3 Annual rate of deposit turnover . 29.9 -1 11 Annual rate of deposit turnover.. 6.8 13 SULPHUR SPRINGS (pop. 12,158 ') ROCKDALE (pop. 4,481) Postal receipts* $ 23,371 -7 Postal receipts* $ 5,314 -29 3 Building permits less federal contracts $ 221,450 36 Bank debits (thousands) . $ 7,655 8 33 Bank debits (thousands) $ 24,307 End-of-month deposits (thousands)t . 5,737 1 13 End-of-month deposits (thousands) t $ 18,168 Annual rate of deposit turnover ... 16.1 8 19 Annual rate of deposit turnover. 16.1 .. SWEETWATER (pop. 13,914) SAN MARCOS (pop. 17,500 ') Postal receipts* .................. $ 14,047 -23 -27 Postal receipts* $ 16,209 -3& -13 Building permits less federal contracts $ 16,500 44 -58 Building permits less federal contracts $ 650,975 304 45 Nonfarm placements 111 -5 -12 Bank debits (thousands) $ 19,988 8 10 End-of-month deposits (thousands) t. $ 14,943 2 7 Annual rate of deposit turnover . . 15.9 ** TAHOKA (pop. 3,600 ') Building permits less federal contracts $ Bank debits (thousands) $ 3,501 -22 -7 SAN SABA (pop. 2,728) End-of-month deposits (thousands) t. $ 6,301 -4 Postal receipts* $ 3,463 3 15 Annual rate of deposit turnover. 6.5 -19 -14 Building permits less federal contracts $ 7,685 -34 16 Bank dellits (thousands) $ 7,212 -8 6 End-of-month deposits (thousands) t $ 6,444 3 TAYLOR (pop. 9,434) Annual rate of deposit turnover . ,13.6 -11 Postal receipts* $ 10,628 -23 -5 Building permits less federal contracts $ 89,855 -56 -14 Bank debits (thousands) $ 12,998 7 11 SILSBEE (pop. 8,447 ') End-of-month deposits (thousands) t. 22,631 Annual rate of deposit turnover. 6.9 Bank debits (thousands) 9,976 2 Nonfarm placements 32 68 23End-of-month deposits (thousands) t. 10,276 8 Annual rate of deposit turnover 11.8 6 TEMPLE (pop. 34, 730 ') Retail sales It 10 SMITHVILLE (pop. 2,935 ') Furniture and household-Postal receipts* $ 3,139 -36 -13 appliance stores 1t -18 -6 Building permits less federal contracts $ 300 -94 -1 Postal receipts* 54,434 -20 Bank debits (thousands) . $ 3,377 58 67 39 Building permits less federal contracts 459,658 -47 End-of-month deposits (thousands) t 2,772 -6 -1 Nonfarm placements 194 -30 -24 Annual rate of deposit turnover. 14.2 58 61 UVALDE (pop. 14,000 ') SNYDER (pop. 13,850) Postal receipts~' $ 14,148 -15 Building permits less federal contracts 120,000 95 116 Bank debits (thousands) $ 19,41() 4 Bank debits (thousands) 14,610 10 11 End-of-month deposits (thousands) :I. $ 11,417 2 End-of-month deposits (thousandslt . 18,027 2 Annual rate of deposit turnover. 20.6 Annual rate of deposit turnover. 9.6 4 VERNON (pop. 13,385 ') Postal receiptst~ $ 13,009 -24 SONORA (pop. 2,619) 578 Building permits less federal contracts $ 517,750 Building permits less federal contracts $ 14,100 -15 112 Bank debits (thousands) . $ 21,877 Bank debits (thousands) $ 3,984 13 24,841 •• 6 End-of-month deposits (thousands) t. $ End-of-month deposits (thousands) t -19 5,370 8 14 Annual rate of deposit turnover. 10.5 Annual rate of deposit turnover 32 9.3 -5 Nonfarm placements 96 STEPHENVILLE (pop. 7,359) VICTORIA (pop. 37,000 ') 4 Postal receipts>:: Retail sales 1t -1 $ 13,269 -4 15 -7 Building permits less federal contracts $ 163,950 18 Postal receipts>:: $ 50,812 -28 Bank debits (thousands) . Building permits less fed~ral contracts $ 166,700 -SS -70 $ 14,007 18 15 9 End-of-month deposits (thousands) t Bank debits (thousands) . $ 91,295 13 s 12,228 12 Annual rate of deposit turnover . End-of-month deposits (thousands)t. $ 101,871 13.8 15 Annual rate of deposit turnover. 11.l 10 -11 Nonfarm placements 449 For an explanation of symbols see p, 274. BAROMETERS O F TEXAS BUSINESS (All figures are for Texas unless otherwise indicated.) All indexes ar~ based on the average .m~nths for 1957-19~9 except where other specification is made; all except annual indexes are adJusted for seasonal variation unless otherwise noted. Employment estimates are compiled by the Texas Em­ployment C?mmission i!1 co~peratioi:i "?th the Bure_au of ~a?or Statistics o~ the U.S. J?epartment of Labor. The symbols used below impose qualifications as indicated here: ···-prehmmary data subJect to revision; r-revised data; #-dollar totals for the calendar year to date; §-dollar totals for the fiscal year to date; t-employment data for wage and salary workers only. Year-to-date average July June July i969 i969 1968 1969 GENERAL BUSINESS ACTIVITY Texas business activity (index) . . . . . . . . . . . . . . . . 271.9 243.7 236.0 247.8 213.3 Wholesale prices in U.S. (unadjusted index) Consumer prices in Houston (unadjusted index) . 113.3 127.0 113.2 109.1 119.3 112.1 125.2 108.3 118.0 Consumer prices in U.S. (unadjusted index) . 128.2 127.6 121.5 126.2 120.0 Income payments to individuals in U.S. (billions, at seasonally adjusted annual rate) . $ 752.3* $ 746.1 * $ 691.0' $ 735.3 $ 673.9 Business failures (number) . Business failures (liabilities, thousands) . Newspaper linage (index) .. Sales of ordinary life insurance (index) .. 30 $ 5,350 132.4 249.0 34 $ 2,894 129.1 239.5 29 $ 3,934 118.2 236.2 $ 29 6,504 127.4 235.5 $ 38 3 835 122.8 217.6 TRADE Ratio of credit sales to net sales in department and apparel stores 61.1 * 59.6* 61.0' 62.0 62.4 Ratio of collections to outstandings in department and apparel stores 31.7* 27.3* 32.2' 30.2 31.8 PRODUCTION Total electric-power use (index) . Industrial electric-power use (index) . Crude-oil production (index) . Average daily production per oil well (bbl.) . Crude-oil runs to stills (index) . Industrial production in U.S. (index) . Texas industrial production-total (index) Texas industrial production-total manufactures (index) Texas industrial production-durable manufactures (index) Texas industrial production-nondurable manufactures (index) . Texas industrial production-mining (index) Texas industrial production-utilities (index) Urban building permits issued (index) . New residential building authorized (index) . New nonresidential building authorized (index) . 276.8* 221.8* 120.7 16.0 146.5 175.2* 174.3* 198.4* 217.3* 185.8* 127.0* 241.0* 204.4 153.6 295.6 244.0* 219.8* 124.0 16.7 142.8 173.9* 176.7* 197.7* 215.8* 185.6* 134.5* 241.0* 170.5 142.6 213.6 231.l' 199.1' 118.1 15.5 135.1 166.0' 167.3' 188.7' 203.l' 179.l' 125.5' 225.3' 180.9 174.3 191.4 242.8 216.8 112.5 15.5 135.3 172.0 171.4 194.6 215.4 180.8 124.7 242.0 194.1 160.1 252.6 218.5 196.1 115.0 15.7 133.2 163.5 164.1 185.1 198.0 174.8 125.7 214 8 165.0 149.1 190.3 AGRICULTURE Prices received by farmers (unadjusted index, 1910-14=100) . Prices paid by farmers in U.S. (unadjusted index, 1910-14=100) 273 374 275 375 246 355 263 371 243 351 Ratio of Texas farm prices received to U.S. prices paid by farmers ............ . .... . . . ..... . ......... . 73 73 70 71 69 FINANCE Bank debits (index) . . . . . . . . . . . . ................... . Bank debits, U.S. (index) ............................. . 308.1 320.2 275.7 325.1 257.5 282.7 277.8 311.5 231.1 262.6 Reporting member banks, Dallas Federal Reserve District Loans (millions) ......... . ...... . Loans and investments (millions) . Adjusted demand deposits (millions) . . ...... . Revenue receipts of the state comptroller (thousands) . Federal Internal Revenue collections (thousands) . $ 6,145 $ 8,655 $ 3,353 $197,706 $225,078 $ 6,270 $ 8,772 $ 3,277 $173,673 $1,047,526 $ 5,384 $ 7,873 $ 3,241 $159,936 $167,857 $ $ $ $ $ 6,091 8,737 3,337 230,155 225,078§ $ $ $ $ $ 5,249 7,741 3,141 207,036 167,857§ Securities registrations-original applications Mutual investment companies (thousands) . $ 40,425 $ 31,800 $ 56,045 $ 374,036§ $ 413,180§ All other corporate securities Texas companies (thousands) . Other companies (thousands) Securities registrations-renewals $ 14,749 $ 24,162 $ 36,141 $ 35,939 $ 20,110 $ 56,070 $ $ 259,258§ 447,433§ $ $ 146,135§ 232,507§ Mutual investment companies (thousands) .. Other corporate securities (thousands) ............... . LABOR $ 24,338 $ 507 $ 24,973 $ 410 $ 7,598 $ 490 $ $ 298,767§ 10,662§ $ $ 168,744§ 15,186§ Total nonag.ricultural employment in Texas (index) .. Manufacturmg employment in Texas (index) . . . . .. Average weekly hours-manufacturing (index) . Average weekly earnings-manufacturing (index) . Total nonagricultural employment (thousands) . . . . . . . . ... . . . . Total manufacturing employment (thousands) . . Durable-goods employment (thousands) ... . ~.ondurable­goods employment (thousands) . Total civilian labor force in selected labor-market 145.1 * 150.3* 100.7* 142.7* 3,603.8* 732.5* 414.1 * 318.4* 144.5* 150.5* 100.9* 143.1* 3,593.4* 734.7* 417.0* 317.7* 138.8' 148.3' 101.2' 138.2' 3,445.8' 722.6' 405.5' 317.l' 143.5 149.0 100.9 142.6 3,536.1 723.8 409.4 311.8 136.1 144.8 101.2 137.5 3,360.8 700.9 391.5 309.5 Non:~c~l~~~~f~~~i2y~~~t· i~ s~i~~ted l~b~~~~-a~k~t· areas (thousands) .. ............. . .......... . Manufacturing employment in selected labor-market T l areas (thousands) ........ . ....... . .... . ota unemployment in selected labor-market areas (thousands) .......... .. .. .. .... . .. . ... . 3,838.5 3,150.0 625.8 103.4 3,356.2 3,130.3 619.2 124.9 3,201.0 3,020.3 610.7 94.4 3,360.4 3,105.6 615.6 91.1 3,144.7 2,976.9 593.2 85.5 Percent of labor force unemployed in selected labo 2.7 3.7 2.9 2.7 2.7 > >-3 Cll c:: :i:: c:: UJ t'l ;:: :3 c:: ~ :z: z c:: >-3 ~ 0 t'l t'l "l ;..: ;:: Cll UJ > UJ c:: ~ UJ _, ~ _, z "" 0 t'l .., UJ ": UJ >-3 ;:: t'l ('; ;..: UJ > ('; 'l. > ;:: ('") ~ ..., > c:: 'fl ::? z UJ ;:: t'l t'l (") >-3 0 c:: z ;:: ti z h ;:: > t-< t'l UJ D UJ c:: t'l "d UJ 0 >-3 UJ t'l >-3 ti > Cl t'l "d > 8 > >-3 > c:: UJ >-3 ~ >-3 t'l ~ > UJ The United States-Mexico Border Cities Association and Twin-City Plants for Mexico and the United States ~ revolution:;i.ry idea in industrial production could solve serious economic problems for both the United States and Me~ico : . for t~e U~ited States, the problem of competing agamst mdustnes with access to lower-cost labor in the Far East, Europe, Africa, and the Caribbean; for Mexico the problem of unemployment among its large potential 'iabor force along the northern border. . The ~xperiment w~s m!'lde po.ssible when Mexico changed its trad1t10nal protective h1gh-tanff policy and agreed to allow du~y-free importation of raw materials, equipment, and ma­chmery for the purpose of manufacturing in its northern border area and to permit foreign control of companies in the area. The objective of these radical policy changes was to encourage manufacturers from the United States and other foreigncountries to expand into Mexico. With the United States the new policy paid off in the establishment of an agreement to encourage a division of in­dustrial production so that labor-intensive operations are con­centrated on the Mexican side, where wage rates are com­petitive with those in overseas areas and where easily trained labor is aYailable in large numbers, and so that administrative functions and operations requiring more skill are performed on the American side. The arrangement results in a twin-plant operation providing all the cost-reduction advantages of a Far East operation, but in a location five thousand or more miles closer to home. The venture has been called "an industrial revolution blazing all along the 2,000-mile U.S.-Mexico border" which will "bring about the greatest social and economic bene­fits ever experienced in this bi-national section of North Ameri­ ca ." Although the twin-plant concept is very young, it has already achieved considerable success, several industrial finns having set up plants on both sides of the border, with thousan~s of Mexicans at work assembling components and even finished products in scores of new plants from Tijuana to Matamor?s, components and products which are finally assembled and dis­tributed in the United States. The L.S.-Mexico Border Cities Association is holding a Twin­Plant Seminar at Juarez, llfoxico, just across the Rio Grand.e from El Paso, on October 5 and 6, which twenty-eight Mexi­can and United States border cities, chambers of commerce, and state development agencies will sponsor, with a full staff of Cabinet-level representatives from both countries. . Information on registration for the Seminar can be obtained from the U.S.-Mexico Border Cities Association, P.O. Box 682, El Paso, Texas 79944, or by telephone: Area Code 915 533-1421.