~TEXAS BUSINESS REVIEW ~ A Monthly Summary of Business and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS u: l.1' tr VOL. XXXI, NO. 9 TWENTY CENTS A COPY-TWO DOLLARS A YEAR SEPTL\IBER 1957 T E x A s D E s I G lJt N . t l . SEE PAGE 6 The Business Situation in Texas By JOHN R. STOCKTON Business activity in Texas during July showed a strong improvement after closing the first half of 1957 with a rather poor showing for June. A great many uncertainties remain in the business picture, but there is still no evidence in the barometers of Texas business that any serious decline has set in. The increase registered for July cancelled most of the decline in June, leaving the pattern of 1957 business still remarkably steady. The index of business activity in Texas rose 8% in July to 200 and was 4% above July of last year. This level was very close to the average for the first seven months of 195~ with the individual months fluctuating between the high of 208 in May and the low of 185 in June without establishing any definite trend. The barometers of Texas business in the table on page 3, with the exception of the oil industry, show a unanimous rise in volume during July. Both production of crude and refinery runs to stills declined. The discussions of imports of foreign crude continue, but the reduction of the Texas allowable has made its effect felt on the business situation. Consumer spending for July showed a strong rise from June Seasonally adjusted sales of durable goods stores rose 5% and nondurable goods stores 2%, resulting in an increase of 3% in total sales. After making allowance for the seasonal forces that normally make July sales considerably less than those of certain other months, the volume of retail business in July made it the best month so far of 1957. The indexes of the sales of durable goods and nondurable goods stores, both after adjustment for seasonal variation, registered new highs for the year. The continued high level of consumer buying at retail reflects the effects of the continued increase in personal income received by individuals in the United States. The changes in the level of consumer income in Texas are not measured on a monthly basis, but personal income for the United States continued through July to register new highs. Total income payments to individuals in the United States in July were at the annual rate of $345.5 billion, compared with $325.6 billion in July of last year. For the last three years the total has risen almost without interruption, mostly from the increase in labor income. The annual rate of personal income in July 1957 was 20% higher than the rate for the year 1954. Over the same period the index of consumers' prices rose 5%, which means that a part of the increase in personal income reflected the rising price level. The rising level of consumer income has been one of the mainstays of the rise in Texas business activity. The evidence of a continuation of the high level of income constitutes a strong argument in favor of expecting the level of Texas business to remain high. Consumers tend to try to maintain their scale of spending even when income de· clines, so there is little reason to believe that any serious curtailment in spending will occur as long as income remains high. Texas Business Activity Index • Adiusted for seasonal variation • 1947-1949=100 250 250 . It 200 200 NV NVv rJVtJ I"" • I ,JV\ A ~ 150 150 VI.. . ,.. ., .. JrvJ" W" A v -.. -~ ~ 100 100 '°\~.. A~µ-'vlVr ~~ ~A!r...._r l...A-/ 50 ~ 50 0 0 1940 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 '51 '52 '53 '54 '55 '56 '57 .Bank debits in twenty major Texas cities adjusted for prices changes with the U.S~ Wholesale Price Index. 2 TEXAS BUSINESS REVIEW The~e is still no evidence that there has been any slowing down m the plans of business for expansion. In spite of the record-breaking volume of expenditures for new plant and equipment in recent years, the most recent survey by the Securities and Exchange Commission and the Department of Commerce indicates that the third quarter of 1957 will register another gain in the amount invested in capital assets in the United States. The survey of business-expenditure plans made in April and May indicates that the third quarter will show a moderate increase over the second quarter, continuing the rising trend that has held since the beginning of 1955. Government spending for defense has been a major factor in the income of Texas businesses and consumers, and there is strong likelihood that the projected cuts will have an adverse effect on the total volume of business in the state. Not only would a reduction in government spending reduce the flow of income to consumers, but the investment in new capital goods needed for defense contracts might be curtailed. The changes in spending plans of the military services should be watched closely in evaluating the prospects for business, since all such changes are the result of decisions in Washington and cannot be anticipated much in advance. Building activity is the third strategic factor in terms of its contribution to the total volume of consumer income in the state. July showed a substantial rise in the value of new construction authorized, both residential and nonresitial. The total value of permits issued in Texas rose 26%, with residential up 38% and nonresidential up 14%. Both of these categories were much higher than in July 1956. Nonresidential construction has been rising throughout 1957, but residential building has fluctuated within a relatively narrow range since the first of the year. The sudden sharp increase in the value of residential permits issued represents a strong supporting factor in the business situation. New housing starts in the United States also rose substantially after adjustment for seasonal variation. Starts under FHA loans increased for the sixth consecutive month, but VA housing starts remained at approximately half the rate of a year ago. In spite of the increase registered in July, privately financed new housing starts have been below the annual rate of 1,000,000 for the last seven months. The July rate of 980,000 houses per year was equal to the May rate, but rates for the remaining five months of the first half of 1957 were below this level, and fell to 935,000 in February and March. Farm income is still the most depressed sector of the Texas economy, although rising prices and a better outlook for crops give some grounds for optimism. The rise in farm prices has been slightly more than the rise in prices farmers pay, and if production increases this year; the farm portion of the economy of the state should contribute somewhat more to the total business picture than in recent years. The index of industrial production compiled by the Board of Governors of the Federal Reserve System is estimated at 144 for July, the same as the June index, and 2% below the all-time peak of 147 reached in December 1956. The slowing down in production during the first seven months of 1957, even though it was slight, has helped bring inventories into better balance as part of the strong consumer demand was filled out of stock. During the first quarter of 1957 inventories were reduced at the annual SEPTEMBER 1957 rate of $800 million, after increases of $4.6 billion and $4.2 billion in 1956 and 1955, respectively. This reduction in inventories was viewed as a healthy development, which was expected to make possible a strong increase in industrial production later in the year. However, the second quarter of 1957 showed a reversal of the trend with a rise in inventory accumulation to the annual rate of Sl.7 billion. There is concern on the part of business analysts that this rise in inventories is involuntary. If inventories increased because the goods manufactured could not be sold, they may be a drag on business activity at a later period. The present situation finds businessmen divided as to whether inflation or deflation is to be feared most. There is fear in some quarters that the accumulation of inventories will result in a slowing down in capital expansion, in the belief that manufacturers will hesitate to build more capacity when the output of present capacity is too large to find a market. The opposite view is that accumulated demand is large enough to absorb any existing surplus of goods and will continue to stimulate expansion of productive capacity. This view expects any recession in business activity to last only a short time, to be followed by still greater expansion. The uneasy behavior of the stock market this summer reflects the opinion of the persons who believe the forces of deflation are getting the upper hand, although it might be pointed out that the prices of common stocks have tended to anticipate some of the future growth of industry and are at a somewhat inflated level. Ifthis is the case, it is not unusual for a period of adjustment in values to occur. The pessimists have been wrong in their forecasts since the end of World War II, and the prospects for expansion in the Texas economy still seem great enough to offset the present slowing down in business activity. In spite of the growth of inventories and some decline in production, the level of prices advanced again in July. The index of consumers' prices set another record by ad vancing to 120.8, and the index of wholesale prices also set a record at 118.1. Prices of farm products and proc essed foods contributed most of the increase, but industrial prices rose in July after showing slight declines during the first half of 1956. SELECTED BAROMETERS OF TEXAS BUSINESS (Adjusted for aeaaonal variation, 19' 7-'9 = 100) Percent change July 1957 July 1957 July June J uly from from Index 1957 1957 1956 J une 1957 July 1956 Texas business activity ------------200 185 193 + 8 + 4 Miscellaneous freight carloadin gs in S.W. district.. 85 83 93 + 2 9 Crude petroleum production.... 122 135 131 -10 7 Crude oil runs to stills ----------·· 137 141 143 3 4 Total electric power consumption ----------------------------347 332 303 + 5 + 15 Industrial electric power consumption --------------------------- 350 357 287 -2 + 22 Ordinary life insurance sales.. 361 329 269 + 10 + 34 Total retail sales ----------------------+ 189 184 165 3 + 15 Durable-goods sales --------------175 167 148 + 5 + 18 Nondurable-goods sales -------· 196 192 173 + 2 + 13 Urban building permits issued 250 199 191 + 26 + 31 Residential ----------------------------- 252 182 180 + 38 + 40 Nonresidential ------------------------257 225 206 + 14 + 25 3 TEXAS Editor...................................................... John R. Stockton Managing Editor................................Robert H. Drenner TABLE OF CONTENTS Texas Interior Decorating --------------------------------------I The Business Situation in Texas ------------------------------2 Industrial Production ------------------------·-··-···--------------4 Retail Trade 9 Construction ·····-------------------·-···------------········--····---12 Agriculture ··········--------------··············--··------------------14 Finance .................................................................. 16 Local Business Conditions ----------------------------·-··-····· 18 Barometers of Texas Business ................................ 24 BUSINESS RESEARCH COUNCIL William R. Spriegel, Dean of the College of Business Administration (egJ officio); L. G. Blackstock; C. P. Blair; J. W. Cashin; E. W. Mumma; Eastin Nelson; and G. H. Newlove. BUREAU OF BUSINESS RESEARCH John R. Stockton Stanley A. Arbingast Florence Escott Director Assistant Director Research Supervisor Resources Specialist Richard C. Henshaw, Jr. Robert H. Drenner Alfred G. Dale Statistician Research Associate Research Associate Anne K. Schuler Marjorie T. Cornwell Roberta Steele Research Associate Administrative Clerk Ca,rtographer Tina Piedrahita Joan N. Houston Eloise N. Richardson Statistical Assistant Statistical Assistant Statistical Assistant Jean J. Harrison Mary Lou Hammack Anna Merle Danz Senior Secreta,T'I/ Senior SecretaT11 Library Assistwnt Eva A. Arias Candler P. Cass George E. Neel, Jr. Statistical Teclmician Statistical Assistant Editorial Assistant Robert Dorsett Charles E. Chick Marilyn C. Whites Offset Press Opera.tor Research Assistwnt Publicatitt 150150 r ~~ rl.J l\J 100 I VJ WJ 100 . l I rJ ti 50 50 v\,J v ' \ t._ ... J • I"' 0 0 1940 ·41 ·42 ·43 ·44 ·45 '46 ·o '48 ·49 ·so ·51 ·52 ·53 ·54 ·ss '56 ·51 •value of building construction authorized dwellings. The most important single category, one-family dwellings, gained more than $6 million ( + 15%). Only one-family dwellings increased (+ 10%) during the first seven months of 1957, compared with the same period of last year. Two-family dwellings (-7%), 3family and 4-family dwellings (-43%), and apartment buildings (-9%) all declined from the January-July period of 1956. According to a recent survey by the National Association of Real Estate Boards, the nation's new apartment construction was at its lowest point since 1947, with a consequent strain on rental housing facilities. On the basis of value of new apartment building authorizations, Texas, although declining from past high levels, is considerably above most low points since 1947 and apparently is not faring as badly as some other parts of the nation. NONRESIDENTIAL Of the seven largest categories with over Sl million authorized in July only three-institutional buildings ( + 1,014%), office-bank buildings (+7%), and works and utilities ( + 1,631 % )-showed gains over June. Through July 1957, however, only one of the large categories declined from the January-July period of 1956. This decline (-51% ) was registered in office-bank buildings. Due largely to an extremely high value of authorizations in January 1956, cumulative authorizations of office. bank buildings through each month of 1957 have been consistently below the like periods of 1956. For the other six largest categories, the increases over the first seven months of 1956 were for churches ( +36%), factories and workshops (+71% ) , institutional buildings (+202%), works and utilities ( +81% ) , and educational buildings and stores and mercantile buildings (both less than +.5%) .. Value of permits issued for tourist courts, although small by comparison, showed a healthy activity with a seven-month total increase of 116% over the same period of 1956. Large July authorizations for office-bank buildings included three in Dallas for $100,000, $200,000 and $1.7 million; 23 permits in Houston for a total valuation of $1.2 million; and a permit issued to the Citizen's National Bank in Waco for $750,000. There were two large authorizations for church buildings in Austin for a total of $205,000; six in Dallas for $410,000; and 12 in Houston for almost $500,000. TEXAS BUSINESS REVIEW . Perm~ts issued for institutional buildings included four m Austm for a total of nearly 8709,000 for additional structures at the Austin State Hospital; one in Longview for the Gregg Memorial Hospital for $1.1 million; one in Fort Worth for almost $2.1 million for the All Saints Hospital; and one for an addition to the Dallas Home for Jewish Aged for $106,000. Four permits in Fort Worth for public works and utilities buildings totaled nearly $423,000; one permit was issued to the City of El Paso for a $625,000 addition to the sewage plant. Two permits to the City of Dallas included one for $1.1 million for two hangars and an office building and one for $1.5 million authorizing construction of a hangar and a main building for Braniff Airways. The Dallas Transit Company was authorized to remodel a building at an estimated cost of $127,000. Authorizations for educational buildings continued at a brisk pace with one for a library building to cost $155,000 at Victoria College and a gymnasium for the Nazareth ESTIMATED VALUE OF BUILDING AUTHORIZED Source: Bureau of Buaineaa Research in ceoperation with the Bureau of Labor Statistics, U.S. Department of Labor January-July July Percent Classification 1957 1957 1956 change Thousands of dollars CONSTRUCTION CLASS ALL PERMITS -----------··---·-101,823 620,631 572,485 + 8 New construction ----------------------89,788 547,498 508,748 + 8 Residential (housekeeping) .. 51 ,217 312,077 284,595 + 10 One-family dwellings ------·-47,580 297,224 270,188 + 10 Multiple-family dwellings.. 1,624 12,841 14,407 -11 Nonresidential buildings ------38,571 235,421 224,153 5 + Nonhousekeeping buildings (residential) --------------------150 4,458 3,225 + 38 Amusement buildings ........ 813 3,723 4,262 -13 Churches -----------····----·-··-------2,144 15,705 + 36 21,376 Factories and workshops.. 1,493 25,920 15.156 + 71 Garages (commercial and private) -·-·· -----------------------471 3,288 3,02!' + 9 Service stations ------------·---·-866 7,731 7,380 + 5 Institutional buildings ···-·-4,190 11,220 3,713 + 202 Office-bank buildings• ------5,503 28,511 57,829 -51 Public buildingst ----·····-----11,874 2,029 Works and utilities ............ 7,822 12,065 6,6~2 + 81 Educational buildings ------4,706 58,553 58,754 •• Stores and mercantile buildings --------------------------9,567 43,546 43,417 •• Other buildings and 3,156 2,972 + 6 structures+ -----------···-------·--846 Additions, alterations, and 63,737 + 15 repairs§ --------------------------------12,035 73,133 METROPOLITAN vs. NONMETROPOLITANII Total metropolitan --------------------79,823 476,804 428,678 + 11 418,475 14 Outside central cities ··----------10,699 58,329 60,950 -4 Total nonmetropolitan -····------· 22,000 143,827 143,807 •• 10,000 to 50,000 population . 16,244 105,349 103,800 + 1 Less than 10,000 population.. 5,756 38,478 40,007 -4 Central cities ------------·-··----------69,124 367,773 + •Includes public (nonfederal ) administration buildings beginning July 1957. tPublic (nonfederal) building authorized is reported as office buildings or other nonresidential buildings beginning July 1957. tlncludes government (nonfederal) service buildings beginning July 1957. §Includes additions and alterations to public buildings beginning July 1957. ll As defined in 1950 Census. ••Change is less than one-half of one percent. SEPTEMBER 1957 Academy to cost $150,000. Both are in Victoria. In San Antonio a convent will cost S237,000. The Plainview Independent School District was authorized to build a junior high school at an estimated cost of 8550,000. Corpus Christi authorized the Sundeen Independent School District to construct a nine-room cafeteria and school plant to cost Sl00,000. Christ the King School in Lubbock was issued a permit for $380,000 while the Westminster Presbyterian Church there was is.sued one for $220,000. The Dallas Independent School District was is.sued a SI.I million permit for construction of two junior high school buildings, and Saint Edward's University in Austin was authorized to build a new dormitory at a cost of $200,000. Two permits were issued for educational buildings in Fort Worth for a total of $170,000. Houston issued one for $400,000. Authorizations for stores continued at a high level. Mesquite authorized the Big Town Company of Dallas to construct a shopping center at an estimated cost of S2.9 million. A permit in Amarillo to W. A. Mays estimated cost of a retail store at $442,000. In Victoria, H. E. Butt, Incorporated, was authorized to build a food store to cost $110,000. A permit issued to Lamarwell Realty Company indicates a shopping center to be constructed in Austin will cost $430,000. And a retail store to cost $125,000 was authorized in Lubbock. Classified as "other nonresidential buildings," three National Guard Armories were authorized in Texas cities: Midland ($113,000), Luling (Sll0,000), and Lubbock (8182,000). PER CAPITA BUILDING Per capita building authorized in 290 cities, representing 69.2% of Texas' urban population, averaged S23.54 during July. Dallas had the highest building per capita authorized ($42.48) among the six largest cities. Austin ranked second with $35.18, and Houston followed with $32.07. El Paso reported $26.73 and Fort Worth Sl9.95. San Antonio was sixth with $10.17. Of the cities reporting more than $100 per capita authorization in July, four were in Dallas County: Farmers Branch ($123.04), Irving ($550.70), Mesquite ($2,174.94) and Richardson ($602.68). Two such cities were in Harris County: Deer Park (Sl,784.10) and Piney Point Village ($1,165.00). In Tarrant County, Arlington ($144.86) and Haltom City ($123.43) reported more than $100 per capita authorization, as did Seguin ($128.04) in Guadalupe County, Groves ($274.77) in Jefferson County, and Plains ($150.83) in Yoakum County. The unusually high per capita figure for Deer Park was due to a Sl.2 million permit for an educational building. This single permit exceeded the value of total construction in Deer Park for the entire year of 1956. According to figures recently released by Dun and Bradstreet, Incorporated, six Texas cities were among the top fifty in the nation in permit values for the first six months of 1957: Houston, fourth with $118.5 million; Dallas, sixth with $61.1 million; Fort Worth, twenty-third with $27.7 million; San Antonio, twenty-fourth with 827.2 million; Austin, thirtieth with $21.0 million; and El Paso, forty-third with Sl6.8 million. Agriculture: RAIN HURTS CANTALOUPES, WATERMELONS By GEORGE E. NEEL, JR. For cantaloupe growers in South Texas, rain in April and May came at the wrong time. Crop losses were heavy throughout the Winter Garden, Rio Grande Valley, and Laredo areas. Some farmers in the Laredo area said a good onion crop was all that saved them from the full punch of the resulting financial blow. Most of the cantaloupe crop survived a light freeze January 17-18. Then light, intermittent rain during the next two months made the outlook for a good crop bright. The plants grew well, and the fruit developed. But during the last week of April heavy rain gave the fruit a beating. In the Winter Garden area 2.43 inches of rain fell at Carrizo Springs during this period. Laredo registered 2.20 inches, and 2.94 inches fell in the Valley at Raymondville. The rain was mixed with cool weather, and the first cantaloupe harvest was light. Growers looked to the late crop, but heavy rain fell again in May. From May 28 to June 3 rain totaled close to four inches in some of these South Texas areas, following steady rains that had fallen the week before. Carload shipments of cantaloupes for January-July were 49~ less in 1957 than in 1956. Shipments during the 1957 period. totaled 1,478 carloads as compared with 2,882 carloads m 1956. However, in July and August there was some movement of cantaloupes in the East Texas and Trans-Pecos areas. The movement was described as good, d~e to favorable weather conditions, but these shipments will not change total 1957 carload shipments appreciably. Watermelons also were affected by the heavy rain in the spring, making replanting necessary in some areas of the state. In early February considerable acreage was up to an even stand in the Pearsall, Pleasanton, and Stockdale areas. By the middle of March plants were in bloom in the Falfurrias area, and planting was going on in the central and eastern counties. Melon plants were up in a number of CARLOAD SHIPMENTS OF FRUIT AND VEGETABLES Source: Compiled from report.a received from Agricultural Marketing Service, U.S. Department of Agriculture January-July Percent Commodity 1957 1956 change TOTAL SHIPMENTS ............ 20,676 31,126 -34 FRUIT .............................................. 2,871 4,999 -43 Cantaloupes .............................................. 1.4 78 2,882 -49 Honeydews ......................................... ....... 433 543 -20 Watermelons ............................................ 960 1,574 -39 VEGETABLES ................................ 11,715 17,672 -34 Cabbage .................................................... 820 2,411 -66 Corn ............................................................ 143 168 -15 Lettuce ...................................................... 1,034 1,721 -40 Onions ........................................................ 2,993 4,400 -32 Potatoes .................................................... 545 785 -31 Tomatoes .................................................. 3,064 3,186 -4 Mixed vegetables .................................... 3,116 5,001 -38 LL OTHERS• .............................. 6,090 8,455 -28 •Includes items for which no rail shipments occurred in July, 1957. 1957 MONTHLY RAINFALL THROUGH JULY (Averages for Stations in Crop-Reporting Districts) District Jan Feb Mar Apr May June July Total 1-N ----·-·····---------------.21 .99 1.58 2.43 5.44 2.12 .68 13.45 1-S ---········-----·------·----.14 1.10 .59 1.95 5.76 1.64 1.49 12.67 2 ------------·--------·····-····· .19 1.90 1.17 4.96 10.04 1.67 .58 20.51 3 ----------------------·-··------.40 3.84 1.41 9.07 13.04 1.49 1.56 30.81 4 ---······------·-··-·-·· -------1.45 2.52 3.29 13.38 12.09 2.31 1.07 36.11 5 -----------------·-·····--------1.80 3.15 3.72 11.41 5.55 3.66 1.38 30.67 ·-------------------------------.16 1.22 .18 .18 1.59 .31 1.04 4.68 7 ----------------------·-···-·---.46 1.56 1.72 7.01 7.11 1.44 .43 19.73 8 -------------·-··--·-··---------.41 2.49 3.22 9.26 6.95 2.65 .66 25.64 9 --------------------------------.82 2.90 6.56 9.18 5.07 3.36 1.34 29.23 10 ------------------------·-···-.15 1.94 1.62 5.16 5.52 2.08 .03 16.50 10-A -------------------···--.13 3.17 1.30 2.92 3.08 4.78 .19 15.57 State total average .53 2.23 2.19 6.41 6.77 2.29 .87 21.30 Source: Crop-weather reports of the U. S. Departments of Agriculture and Commerce. south central fields also. But heavy rain in the latter part of the month caused the first replantings in the eastern, southeastern, and south central counties. Rain followed in other sections so that some replanting was made necessary in practically all districts. The watermelon harvest was delayed in most areas as much as two weeks, with South Texas having its first harvest, which was light, in early June. In East Texas the harvest, which began in July, also was light because of delays caused by the rain . .Walter Scott, U. S. Department of Agriculture district agent in Nacogdoches, said that "watermelon harvest has begun with poor yields but with good quality and demand." Growers in Mineola thought enough of one of their better melons to ship it to President Eisenhower. Prices for melons in the Hearne area were two to two and one-half cents per pound and retailed in the stores for four to five cents a pound in July. As with the cantaloupe crop there was also some movement of watermelons in the Trans-Pecos area during July and August due to good weather. LESS CATTLE ON FEED FOR MARKET ~exas ranges and pastures were thick and green in the sprmg from April and May rains, but in July and August they dried out considerably over much of the state. Prospects brightened some in the Panhandle when showers fell the first part of August, but much more rain was needed there as well as over the rest of the state. The Crop Reporting Board estimates that cattle and calves on feed for market in Texas on July 1 amounted to 65,000 head. This was 18% less than a year earlier. Large commercial lots in the state, with a total of 49,000 head on feed on July 1, were operating at a level 17% or 10,000 head below the 59,000 head they had on feed a year ago. 1957 COTTON ACREAGE REDUCED Texas cotton acreage in cultivation on July 1 was oneeighth smaller than last year and was the smallest acreage since 1895. 1957 .acreage was placed at 6,250,000 acres by the Crop Repor~mg Board, as compared with 7,065,000 acres under cultivation on July 1, 1956. The record year for Texas was 1925, when 18,443 000 acres were under cultivation on July 1. ' TEXAS BUSINESS REVIEW Prices Received by Farmers in Texas Index • Unadjusted for se asonal variation • 190.9-1914·100 400 400 350 ~I 3SO r ·~ 300 J\ v 300 )Jr 250 \,; ~"If...r....... v 2SO 200 ) 200 '-/ J ~l.rJ lSO 150 ~ _1) 100 100 50 50 0 0 1940 ·41 ·42 ·43 ·44 ·4s '46 ·47 ·4s ·49 ·so ·s1 ·s2 ·s3 ·s4 ·ss '56 ·57 The Lower Valley cotton crop was short of preharvest expectations. The weather was favorable, but insects took a heavy toll of cotton this year-and not only in the Valley. In North and Northwest Texas fleahoppers were so numerous that control measures became necessary, and bollworms became troublesome in the Southeast. Trans-Pecos cotton made normal progress through July, and irrigated crops developed well in the High Plains. One of the chief problems of cotton farmers throughout the nation is the physiological resistance to insecticides that has been built up by certain insects. According to USDA entomologists, some of the post-World War II "wonder" organic insecticides have become increasingly ineffective, against the boll weevil in particular. In 1955 government researchers found the boll weevil in parts of Louisiana was developing resistance to the recommended chlorinated hydrocarbon insecticides (this includes DDT). In the south delta of Mississippi and in southeastern Arkansas other resistance areas were uncovered. FARM CASH IN COME* J anuary-July Percent Commodity 1957 1956 change Thousands of dollars T OTAL 689,052 792,024 -13 Cotton 129,336 165,985 -22 Cottonseed .......... ................ . 9,976 -100 Wheat --·······---······--·-·-----··· 39,163 30,274 + 29 Oats ----···---·---· -·-·····------········ 7,326 4,971 + 47 Corn --··--··---------·-··- 2,818 4,871 -42 Gr ain sorghum ................. . 30,019 31,087 - 3 F laxseed ----------··········--·--···· 314 396 - 21 P eanuts ............................... . 1,547 4,291 -64 Rice ·······--····--··---·------------·--· Cattle ---·--· ···-------------···--······· 163,438 187,528 -13 Calves ...... __ _____ -·-·-·-·---. ... 47,638 53,835 -12 Hogs .. --------· ·---------Sheep and lam bs ............... . Wool ----·----···---····---·-····--·--··· Mohair ............... ................. . 39,09 1 15,301 12,490 8,975 40,084 20,159 9,630 6,612 -2 -24 + 28 + 36 Poultry ------······----·-··----······· Eggs -----·-····-----· ··----·--· ······-·· Milk and m ilk p roducts .. .. 33,386 25,465 69,527 36,764 35,803 75,614 -9 -29 -8 Fru it and vegetables ....... . 56,675 74,044 -22 •Farm cash income as computed by the Bureau understates actual farm cash Income by 6% to 10%. This situation results from the fact that means of securing complete local marketings, especially by truck, have not yet been fully developed. In addition, means have not yet been developed for computing cash income from all agricultural specialities of local importance in scattered areas. This situation does not impair the a ccuracy of t he index shown on page 24. ••change is less than one-hal! of one percent. SEPTEMBER 1957 Cotton farmers in the United States spend more than 850 million a year on insecticides and half as much again in applying them. Last year a new insecticide, malathion, was used by government researchers in Louisiana, Mississippi, and Arkansas; preliminary findings indicated that the boll weevil could be controlled with it. Testing of malathion and other new insecticides continues, and only time will tell their worth. But experience suggests that however effective they may prove to he, the farmer will win only a temporary victory in his struggle with insect pests. NEW CORN HYBRID ANNOUNCED The name is Texas 38, a new hybrid developed in the corn improvement program of the Texas Agricultural Experiment Station. It is a yellow double-cross corn with ears slightly smaller than other Texas hybrids. The ears are borne one to two feet lower, and the plants are usually about two feet shorter than the other hybrids. One of the outstanding qualities of the early-maturing hybrid is that it produces good yields under conditions of low moisture and high temperature. Over 92% of the 1957 corn acreage in the United States was planted with some type of hybrid corn, according to USDA statistics. All Gulf states have shown an upward trend in hybrid acreage percentages, with Texas showing a hybrid acreage of 85%. NEW POULTRY AND BONDING LAWS PASSED The recent legislature passed two major agricultural bills. Under the new compulsory egg grading law, all eggs sold in Texas must be graded and labeled. State Commissioner of Agriculture John White recently said the legislation will assure housewives of the quality of their egg purchases and will eliminate the shipment of inferior eggs into the state. White also said the new law will require cold storage eggs to be labeled, which will prevent their competition with the fresh egg market. The other law passed was the Agricultural Protective Act, requiring bonds and licenses for all persons purchas ing fresh produce from farmers. This protects farmers from "hot check" frauds and assures them of financially responsible dealers. FEDERAL INTERNAL REVENUE COLLECTIONS Source: Internal Revenue Service, U. S. Treasury Department July 1-July 31 Percent District 1957 1956 change TEXAS ........................................ $144,870,370t $104,946,998 + 88 Income ........................................... . 34,9 5,260 30,142,438 + 16 Employment ................................. . 71,815 608,065 -88 Withholding ................................... . 98,778,498 63,356,314 + 56 Other ··········--·-····---····-············-········· 11,034,796 10,840,181 + 2 SOUTHERN DISTRICT ....... . 7 ,708,244t 61,381,615 + 28 Income ··--·---··········--·-·······--·-·····--·-·· 17,853,037 15,471,554 + 15 Employment -···········--········-···----···· 10, 225 10,162 + 1 Withholding ................................... . 52,322,245 40,116,386 + 30 Other ···-············-···--···················-··· 8,522,738 5,783,513 + 47 NORTHERN DISTRICT ....... . 66,162,126 43,565,383 + 52 17,132,223 14,670,884 + 17 Employment ................................. . 61,590 597,903 -90 Withholding -----····························· Income ·········--·-··-··--·······-··············· 46,456,255 23,239,928 +loo Other ............................................... . 2,512,058 5,056,668 -50 t Details do not add to totals due to rounding. 15 Finance: CAPITAL EXPENDITURE STILL HIGH By ROBERT H. DRENNER There is little concrete evidence that the progressively higher cost of borrowed funds is markedly depressing industrial and commercial expansion in Texas. Industry continues to invest heavily in new plant and equipment; every month brings news of new natural gas, crude oil, and products pipelines, of new or expanded refinery facilities, and of new or expanded petrochemical and chemical production, along with establishment of new plants for plastics fabrication, food processing, textile and furniture manufacture, and so on. Evidently the economic growth potential of the state is sufficiently favorable to encourage industrial expansion for the sake of long-range prospects, despite the presence of several depressing factors in the contemporary financial picture. Investment by Texas business in new commercial buildings and capital improvements, along with the development of new shopping centers and retail outlets, also continue at a high rate; Texas businessmen are thus similarly optimistic in regard to future earnings. Short-term prospects, however, are not uniformly favorable. Though there are important exceptions within each category', the quarterly reports of Texas corporations, although often showing increases in sales, reflect the increasing difficulty of raising net earnings in the face of rising costs of all kinds. The effect of the Syrian political situation upon the Texas oil industry appears double-edged. The stocks of those companies importing considerable quantities of Middle Eastern crude declined sharply on the stock exchanges as a result of the political crisis, reflecting at least in part the attitude of investors regarding the financial future of those companies-though this effect had been partially anticipated by the President's request that oil imports be reduced 10%. Texas producers, on the other hand, along with the Texas refining industry, would probably find a slow-down of Middle Eastern oil movement to their advantage. Domestic crude and refined stocks were at high levels during the second quarter, and cut-backs in permissible production and refinery activity were generally reflected in sizable decreases from first-quarter earnings. The Texas natural gas industry, along with Texas utilities, show the most unequivocally favorable financial reports. The expansion of natural gas production and export continued at a high rate, and plans for capital outlays indicate that the market for Texas natural gas is far from saturated. Diversification into petrochemicals and associated products also has contributed to the financial health of the industry; there is little indication that the rate of diversification will soon decrease. Texas utilities are presently' in the midst of a large program of expansion of generating capacity and distribution facilities. They have little choice but to keep pace with the population, commercial, and industrial growth of the state. Bond issues by Texas municipalities and school districts also remain high; they too must provide expanded services and facilities, which in many cases have been postponed so often that present high interest rates must bow to necessity. REVENUE RECEIPTS OF THE STATE COMPTROLLER Source: State Comptroller of Public Aocoonta September 1-July 31 Percent Account 1956-57 1955-56 change TOTAL .......................................... $887,533,396 $839,135,126 + 6 Ad valorem, inheritance, and poll taxes ...................... ............ 42,663,850 40,577,403 + 5 N a tural and casinghead gas production taxes ............................. . 37,760,059 37,968,144 1 Crude oil production taxes ............... . 139,776,198 126,184,854 + 11 Other gross receipts and production taxes ........................... . 19,633,976 18,415,871 + 7 Insurance companies and other occupation taxes ........................... . 24,983,306 23,138,030 + 8 Motor fuel taxes (net) .................... 149,612,429 143,872,548 + 4 Cigarette tax and licenses ............... . 41,731,029 40,371,356 + 3 Alcoholic beverage taxes and licenses ..................................... . 28,555,524 27,054,197 + 6 Automobile and other sales taxes ... . 20,580,579 21,288,677 3 Licenses and fees ............................... . 24,024,202 22,897,659 + 5 Franchise taxes ................................. . 34,641,130 31,717,756 + 9 Mineral leases, land sales, rentals, and bonuses ..................... . 19,613,005 47,452,521 -59 Oil and gas royalties ....................... . 28,869,437 25,087,625 + 15 Interest earned ................................... . 20,790,419 18,647,963 + 11 Unclassified receipts ......................... . 56,912,453 53,605,161 + 6 Other miscellaneous revenue ........... . 10,453,163 8,625,552 + 21 Federal aid for highways ............... . 62,307,869 30,094,886 +107 Federal aid for public welfare ....... . 107,037,869 107,750,755 -1 Other federal aid ............................... . 17,243,633 14,142,348 + 22 Donations and grants ....................... . 343,605 241,820 + 42 The selected corporate reports below partially indicate the conflicting factors involved in the present financial picture over the state. Lone Star Steel Company paid a 10% stock dividend on May 1, the first dividend since 1949. An $87-million loan agreement made in 1951 requires approval by the federal lending agencies of any dividend action. Lone Star had a net income of $6,664,060, or $2.29 a share, in the first six months of 1957, up from $4,798,689, or $1.65 a share, for the same 1956 period. Sales this year are expected to rise above $100 million from record volume of $88,650,577 in 1956. Second-half sales should exceed those for the first half by at least 5%. Demand for the company's pipe products exceeds its steel capacity. To increase second-half production of oil field pipe, casing, and tubing Lone Star purchased 60,000 tons of ingots during the first half of this year; the company will increase its own steel output by 20% when its fifth open hearth furnace goes into operation early next year. In 1956 ingot output was at 114.5% of capacity-the highest operating rate in the industry. Lone Star expects to liquidate its entire government debt by 1959. Texas Instruments, Incorporated, had record sales and earnings for the first six months of 1957. Sales increased from $19,289,917 for January-June 1956 to $30,830,131 for the same period this year. Net earnings (before taxes) nearly doubled-from $1,717,430 to $3,387,672and earnings per share (after taxes) rose from 31 cents in the 1956 first half to 52 cents for the similar period this year. The company's largest gain in manufacturing operations was in the semiconductor components division. Its geographical operations increased to 72 crews, and officials TEXAS BUSINESS REVIEW ~ndicated that this record high would be maintained or improved through the remainder of the year. The company is at present planning no additional long-term financing in 1957. Crane Company, a leading manufacturer of valves, heating, and plumbing fixtures, expects a decline in earnings for 1957 to about $3 a share from $4.39 a share in 1956. Sales are expected to fall 9% below last year's $375,220,848, resulting from a severe cut in sales of plumbing fixtures, due chiefly to the lag in residential construction. Crane also has been hurt by rising materials prices, higher wages, and sharpening competition. Earnings for the first half dropped to $1.04 a share from $2.05 in the like 1956 period. The remainder of the year, however, is expected to be more favorable to earnings. The Texas Company reported record earnings for the six-month period ended June 30. Net earnings of $165,145,982, equal to $3.01 a share, were up 19.6% over the $138,088,709, or $2.52 a share, reported a year ago. Continental Oil Company net income dropped in the first half to $23,714,000, equal to Sl.21 a share, from $25,549,000, or $1.30 a share, for the same period last year. Gross income, however, increased from $287,398,000 to $306,830,000. Increased drilling and development costs were responsible for the decline in earnings. Continental's 1957 drilling schedule calls for a record expenditure of $87 million, up about 14% from 1956, with some 70% of the drilling to be on proven sites. Further development of offshore oil and gas discoveries is planned. However, though Continental's first-half production was 2.6% ahead of last year's, U. S. domestic production showed only a negligible increase, because of sharp reductions in allowables by state regulatory bodies. Prospects for better domestic increases for the balance of 1957 are not considered favorable. Lone Star Gas Company earned $2.03 per share, or a net income after taxes of $12,811,090, in the first half, compared with $1.78 a share, or $11,419,898, for the same 1956 period. In the past six months common shares have been increased by about 500,000. Over the past 12 months Lone Star had net earnings of $15,502,343, compared with $14,435,633 for the preceding 12 months. West Texas Utllities Company announced plans to spend about $51 million during the next five years for construction of new electric facilities in West Texas. Most will go for construction of new plants, installation of new generating equipment, and new transmission line and. distribution facilities. By 1961 this program should have mcreased generating capability to 421,000 kw.; the company's peak load is expected to increase from the present 243,500 kw. to 366,000 kw. by that year. Bell Aircraft Corporation reported net earnings for the first half of 1957 of $2,121,645, equivalent to 79 cents per share, compared with 1956 first-half net income. of $3,240,798, or $1.23 a share. However, sales for the penod ($103,349,885) showed a 5% increase over sales ~or last year's first half ($98,977,038). !he increase. in mterest expense, continued heavy costs m a fixed-pnce defense sub-contract, and cost of building an inventory for a new model commercial helicopter, were given as factors reducing net income. Braniff Airways, Incorporated, net income for the year ended July 31 was $945,000, equivalent to 32 cents CHANGES IN CONDITION OF WEEKLY REPORTING MEMBER BANKS IN THE DALLAS FEDERAL RESERVE DISTRICT Source: Board of Governors of the Federal Resene System Percent change• J uly 1957 July 1957 July 1956 from from from Account June 1957 July 1956 June 1956 TOTAL ASSETS -------·-·--2 + 5 -1 Loans and investments, less loans to banks and valuation reserves 2 Loans, less loans to banks and valuation reserves .J... ---2 2 Commercial, industrial, and agricultural loans -+ 2 ---------------· L oans for purchasing or carrying securities --------+ 44 9 6 -----------····------------+ Real estate loans -1 9 2 Other loans ----------------------------······--•• + 4 •• Total u. s. Government securities -----------------·----5 15 •• --------·---------- Treasury bills ----------22 +406 + 14 Treasury certificates of indebtedness -13 +226 3 -------------------------· - Treasury notes -2 -30 -5 Bonds ------------------------------------------+ 1 + 2 1 Other securities ---------------------· -2 + 6 -1 Loans to banks -20 + 45 -15 Reserves with Federal Reserve banks ----------------2 + Cash in vaults ----------------------+ 10 Balances with domestic banks 7 2 -24 Other net assets --------------------+ ----~--------------- 14 TOTAL LIABILITIES . + 4 -1 Total adjusted deposits --------------2 7 -1 Demand deposits ----------------------·· + 4 2 Time deposits ---------------------------------•• 15 1 u. s. Government deposits -----------59 + 64 -45 Total interbank deposits -----------4 •• -3 Domestic banks ---------------------------5 -1 -3 Foreign banks --------------·--------+ 17 24 . Borrowings -----------------------------3 -54 ...L 105 Other liabilities ----------------------•• -19 38 .. CAPITAL ACCO TS . + 7 •Percentage changes are based on the week nearegt the end of tile month. ..Cha nge iii Ieu than one-half of one percent. per share, down from $1,051,900 or 36 cents a share for the comparable period last year. Though earnings decreased 10% from January-July 1956, there had been a 17% drop in the first six months of this year and a 37% decline in the first quarter. The addition of 12 new aircraft to the company's fleet in the past year increased capacity propoi:ionatel~ less than the rise in revenue passenger miles sold; mternatlonal sales have consistently exceeded added capacity this year. The resulting steady improvement in net income is expected to continue. Braniff, in comm~n with a~rlines ge?erally, believes there is a need for an mcr~a~ m domes~c passenger fares, and intends to ask the C1v1l Aeronautics Board to reconsider its recent decision denying a temporary 6% fare raise. Missouri Pacific Railroad net income for the first six months of 1957 was down to $1,491,182 from $2,638,815 for the same period last year; net operating income declined about 10%. The road has suffered a sharp decline in wheat loadings this year; it was also especially hard hit by this spring's floods, both in damage to the line's properties and the general decline in business over the flood area. Local Business Conditions Percent change Percent change July 1957 July l!l57 July 1057 July 1957 July from from July from from City and item 1957 June 1957 July 1956 City and item 1957 June 1957 J uly Hl56 BAYTOWN (pop. 22,983)ABILENE (pop. 55,000r) Postal receipts• ---------------------------·----·-------$ 86,348 + 4 + ____________ _ ___ __ ___ _______________ $ Postal receipts• 145,263 + + 14 Building permits, less federal contracts $ 434,905 + 10 + 33 Building permits, less federal contracts $ 1,259,986 + 67 -45 Bank debits (thousands) ---·-----·-··---··----·-· $ 22,603 + 19 + 16 ________________ ____ ___ _$ Bank debits (thousands) 91,422 + 10 -23 End-of-month deposits (thousanas >+---J3 27,470 + 7 + l!J End-of-month deposits (thousands)+----$ 62,318 7 + 8 Annual rate of deposit turnover___________ __ _ 10.2 9 + + Annual rate of deposit turnover__________ __ __ 17.0 + 8 + Employment (area) ---·-----------------··--·----·· 424,200 ** + Employment ------------------------------------------·----· 30,250 ** + Manufacturing employment (area) ___ _ 94,975 + + Manufacturing employment --------------·-3,730 + + 7 Percent unemployed (area) ----·--------------· 3.6 -5 ------------------------·-·-···· Percent unemployed 5.2 4 + 6 BEAUMONT (pop. 104,4I6r) ALPINE (pop. 5,261) Retail sales -----·-----·-------------------------------------+ 16 + 17 Apparel stores -----------------------------------------+ 16 + 8 Postal receipts* -------------------------------------..$ 7,619 -11 + 9 Automotive stores --------------------------------+ 24 + 34 Building permits, less federal contracts $ 15,000 +1400 + 233 Eating and drinking places ------------------+ 7 + 14 2,391 Bank debits (thousands) --------------·--------$ + 8 + 10 Food stores ·----------------------------------------·--· ---+ 1 + 6 End-of-month deposits (thousands) :f: __ $ 4,162 + 4 + 5 F urniture and household Annual rate of deposit turnover__ __ _________ _ 7.0 + 6 + 8 appliance stores ------------·-------·-------------+ 18 + 35 Gasoline and service stations.______________ _ -5 2 + General merchandise stores + 11 -5 AMARILLO (pop. 125,049r) Lumber, building material, and hardware stores --------------·----------+ 21 + 23 Retail sales -------------------------------------------------+ 4 + 17 Building permits, less federal contracts $ 1,177,483 -52 + 20 Apparel stores -----------------------------·---------+ 11 + 15 Bank debits (thousands) ________________________$ 165,175 + 12 + 18 Automotive stores ----------------·----------------+ 5 + 43 End-of-month deposits (thousands)+....$ 108,545 + 2 4 + Drug stores ----------------------------------------·----** + 9 Annual rate of deposit turnover -----------18.5 + 11 + 16 Eating and drinking places -----------------+ 10 + 13 Employment (area) ------------·-------------------86,700 •• •• Furniture and household Manufacturing employment (area) ___ _ 29,640 ** 1 appliance stores --------------------------·------+ + Percent unemployed (area) --------------------4.9 -14 + 7 Gasoline and service stations ----·--------+ 11 + 9 Liquor stores ----------------------------·-----·---------2 + 2 BEEVILLE (pop. 10,500r) Lumber, building material, and hardware stores ---------------------------12 15 Postal receipts• ----------------------------------------$ 16,268 + 17 + Building permits, less federal contracts$ 2,037,585 + 18 -10 Building permits, less federal contracts $ 137,489 + 69 + Bank debits (thousands) ------------------------$ 202,599 + 26 + 23 Bank debits (thousands) ---------------------·---·$ 8,859 + 8 + + .,, + End-of-month deposits (thousands)+----$ 106,382 End-of-month deposits (thousands )+---$ 12,795 7 1 Annual rate of deposit turnover______________ 23.2 + 22 + 27 Annual rate of deposit turnover_____________ _ 8.6 + 6 + 10 Employment -----------------------------------·------------48,400 + 1 + >::~ Manufacturing employment -------·--------5,440 + BIG SPRING (pop. 24,442r) Percent unemployed -----------------------·----------4.6 -18 + 10 Retail sales ----·----------·--·-------··-------·--------------9 -4 Apparel stores -----------·-·--·-----------------------14 + 18 Automotive stores ··----------------·-------------·--13 8 ARLINGTON (pop. 27,550r) Drug stores ----------·-----------------------------·-----+ 8 + 9 Lumber, building material, Postal receipts* --·---··----------------·--------------$ 41,877 + 5 + 25 and hardware stores ·------·-·---------·---·· 4 + 2Building permits, less federal contracts $ 1,114,272 + 28 + 311 Postal receipts• --------------------·-------------------$ 42,602 + 17 •• Employment (area) --------------------------------196,300 ** -1 Building permits, less federal contra.eta $ 357,189 -39 -6Manufacturing employment (area) ____ 59,300 -1 -7 ,;_:* Bank debits (thousands) -----------------------·--$ 33,549 + 9 + 86 Percent unemployed (area ) ------·-----------·-5.9 + 31 End-of-month deposits (thousands )+---· 23,032 + 3 -17 Annual rate of deposit turnover..______ ___ _ _ 17.7 + 11 + 61 AUSTIN (pop. 168,500r) BRENHAM (pop. 6,941) Retail sales -------------------------------------------------+ + 12 Postal receipts• ---------------------------------------·$ 12,206 + 23 -2 Apparel stores ---------------------------------------+ 23 + 23 Building permits, less federal contracts $ 82,345 8 -71 Automotive stores ---------------------------------+ 23 + 36 Bank debits (thousands) ________________________ $ 6,522 4 11 + + Eating and drinking places ------------------3 + 4 End-of-month deposits (thousands) t---$ 11,498 1 -7 + Food stores ·------------------·--·-----------------------+ Annual rate of deposit turnover.____________ _ 6.8 + 5 + 21 Lumber, building material, and hardware stores ---·-------------·--------+ 7 + 7 BROWNSVILLE (pop. 36,066) Postal receipts* ----------------------·----------------·$ 485,952 6 + 2 Building permits, less federal contracts $' 4,659,331 + 60 + 72 Retail sales ---·------------------------·---------------------+ 16 + lG Bank debits (thousands) __________________________$ 167,683 + 14 + 3 Automotive stores ----·-·-----------------------·--+ 9 + End-of-month deposits (thousands)t....$ 126,492 + 3 + 11 Lumber, building material, Annual rate of deposit turnover______________ 16.2 + 13 4 and hardware stores ____ ------·----+ 12 >:C J;t Employment ------------------------------------------------70,600 + Building permits, less federal contracts $ 134,393 + 19 Manufacturing employment ----------------5,310 + 4 *}:: Percent unemployed ------------------------------·---3.8 3 For explanation of symbols, see page 23. TEXAS BUSINESS ·REVIEW Percent change Percent change July 1957 July 1957 July 1967 July 195July from from July from from City and item June 1957 July 1956 1957 City and item 1957 June 1967 July 1966 BROWNWOOD (pop. 20,181) DALLAS (pop. 538,924u) Retail sales --------·····-···································· + 14 + 29 Retail sales + + 9 Apparel stores ·-····································-· + + 24 Apparel stores ···-···························· ...... ** + 3 Furniture and household a 19 Automotive stores ············-· +appliance stores ··························-······· + 2.7 + Drug stores ····-······················:·:.·:::::::::::::: + 13 + 6 Postal receipts* ··············-························-$ 33,682 + 27 Eating and drinking places ................ +Building permits, less federal contracts $ 84,440 + 73 + 322 Florists ·······-·············-········· ................. _ 1 + 11Bank debits (thousands) ........................$ 11,252 + 11 + 4 Food stores .............. ·························-·· .. 2 +End-of-month deposits (thousands) :j: ....$ 13,057 + 12 + 5 Furniture and household Annual rate of deposit turnover.............. 10.9 ** + 2 appliance stores ............................... + 4 + Gasoline and service stations .............. + 6 +BRYAN (pop. 23,883r) General merchandise stores .................. + 14 + Retail sales ······-·············-·················-············· + 4 + 19 J ewelry stores ············ ············-·········-····· 6 -12 Apparel stores ··-·········-··························· + 15 + 18 Lumber, building material, Furniture and household and hardware stores .......................... + 9 + 20 appliance stores ----······························ + 3 Office, store, and school 25 Lumber, building material, supply dealers ···························-·-········ + and hardware stores .......................... ** + 19 Other retail stores ···-···························-5 + Postal receipts* ····-···---·-·····-···················· $ 40,342 + 13 + 15 Postal receipts* ···-················-·-······-········· $ 3,003,955 4 + 4 Building permits, less federal contracts $ 305,330 -11 + 16 Building permits, less federal contracts $18,456,670 + 104 + 37 Bank debits (thousands) ··············--······ S 2,2 5,620 + 10 + CISCO (pop. 5,230) End-of-month deposits (thousands) :j:....S 1,007,101 + + Annual rate of deposit turnover...... ........ 27 .4 + + Postal receipts* --·····--·--····························$ 7,741 + 22 + 3 Employment (area) ··············--················-343,400 + + Bank debits (thousands) ·-······················$ 2,761 + 23 + 9 Manufacturing employment (area) .. .. 91,525 + + End-of-month deposits (thousands) :j:....$ 3,621 -2 3 9.0 Percent unemployed (area) ················-··· 2.9 15 + 7 Annual rate of deposit turnover........__ ____ + 18 + 11 CORPUS CHRISTI (pop . 165,458u) EL PASO (pop. 244,400r) Retail sales ··-·················-······-···· ................. ----········ + 5 + 13 2 7 Apparel stores --···············-·············--·-····· + + 1 Retail sales --·-· ··········-····-·····-························ + Automotive stores -····-·········-······--······-··· + 10 + 22 Apparel stores -----·································· 14 + 9 General merchandise stores ................ 9 -7 Automotive stores ..... ··························-+ 16. •• Lumber, building material, Drug stores ..............................··············-· + 11 + 12 + 14 General merchandise stores ··--··········· Ii and hardware stores ··--····-················ Lumber, building material, Postal receipts* ·-······------····----------··········--·$ 253,413 + 4 + 2 Building permits, less federal contracts $ 1,247,464 -27 -54 and hardware stores .......................... + 4 + 46 10 Building permits, less federal contracts $ 3,615,194 + + Bank debits (thousands) ..........................$ 198,153 + 7 + Bank debits (thousands) ...................... S 279,60 + 9 + 21 End-of-month deposits (thousands) :j:....$ 114,024 + 7 + 5 Annual rate of deposit turnover.............. 21.6 + 6 + 8 End-of-month deposits (thousands) :j:... $ 136,593 + + 5 Annual rate of deposit turnover ............. 24. + 12 + 15 Employment --······-·····················-················· 64,800 ** ~'* 7 ,900 •• 2 Manufacturing employment ····-··········· 8,430 ** + Employment . ·····································-······· Manufacturing employment ............. 12,990 a Percent unemployed ··-······························· 4.8 -16 2 Percent unemployed ............................. 4.3 + 10 + 9 CORSICANA (p op. 19,2ll) Building permits, less federal contracts $ 211,050 +145 +185 FORT WORTH (pop. 315,578u) Bank debits (thousands ) ············-··········---$ 16,095 + 10 + 5 -1 2 4 Retail !!ales ............ ·································--- End-of-month deposits (thousands) :j:....$ 21,732 ** + Annual rate of deposit turnover____ __ __ __ __ 8.9 + 11 + 3 Apparel stores ······-····················-············ + 19 + 12 Automotive stores ··············-··················· 10 + 6 Drug stores ···-··········-····························-· 1 DEL RIO (pop. 14,2ll) 3 2 Eating and drinking places --·············· + Postal receipts* -····--·-····-····----·-····-·············$ 20,950 + 11 + 8 2 9Building permits, less federal contracts $ 52,284 + 32 + 5 4 Food stores ·································-··········· Furniture and household 9,549 + Bank debits (thousands) ······-················-$ appliance stores ·········-····-····-· .......... ** + 10,546 9 End-of-month deposits (thousands)+....$ Gasoline and service stations ···-········· + General merchandise stores ·········-· -----DEMSON (pop. 17,504 ) Hay, grain, and feed stores -----··········· -+ 23 5 Retail sales Lumber, building material,Automotive stores ····················-······-······ -15 + 13 and hardware stores ......................... + 12 1627,476 + 10 . Postal receipts* ··················--················-·····$ Other retail stores ······-······-·············· .... 2 Building permits, less federal contracts S 200,260 -53 + 50 Postal receipts* ···············-························ $ 1,027,741 5 + 3 Bank debits (thousands) -········-················ 15,259 + 2 + 13 Building permits, less federal contracts 5,560, 3 + 34 127 End-of-month deposits (thousands) :j: ....$ 12,861 -25 -22 9 5 Bank debits (thousands) ···-············-······· 743, 42 Annual rate of deposit turnover.............. 12.2 + 18 + 22 End-of-month deposits (thousands) :j: .. $ 370,990 •• Annual r ate of deposit turnover ...... .... 24.1 + DENTON (pop. 21,372) Employment (area) ································-196,300 42,602 -3 Postal receipts') ··························--·········----$ 59,300 -1 Manufacturing employment (area) ---Building permits, less federal contracts $ 252,000 -38 5 + 39 Percent unemployed (area) .................... 5.9 •• + 31 Bank debits (thousands) -·····-·-······-·········$ 14,601 + + 16,010 3 -5 End-of-month deposits (thousands) +----S 10.8 + 9 + 13 Annual rate of deposit turnover........---··· For explanation of symbols, see page 23 . 19 SEPTEMBER 1957 Percent change Percent change City and item July 1957 July 1957 from June 1957 July 1957 from July 1956 City and item July 1957 July 1957 from June 1957 July 1957 from July 1956 GALVESTON (pop. 71,52711 ) HARLINGEN (pop. 30,038r) Retail sales Retail sales ----------------------------------------------Apparel stores ---------------------------------------Furniture and household appliance stores --------------------------------Lumber, building material, and hardware stores ------------------------Postal receipts~, -----------------------------------------$ Building permits, less federal contracts $ Bank debits (thousands ) ---------------------$ 134,596 202,304 106,726 + 5 + 14 9 + 4 ** -74 + + ** 8 -11 + 20 Automotive stores ------------------------------Lumber, building material, and hardware stores --------------------Postal receipts* ------------------------------------$ Building permits, less federal contracts $ Bank debits (thousands) ____________________ ____$ End-of-month deposits (thousands) :j: .. .. $ Annual rate of deposit turnover __ __ __ _ 57,670 419,240 62,890 29,614 29.4 + 9 -17 + 47 + 5 +102 + 37 + 68 + 22 -7 -10 + 48 + 7 + 7 •• End-of-month deposits (thousands) +---S Annual rate of deposit turnover____________ __ 69,360 18.4 + 1 7 + 1 + 23 HENDERSON (pop. 11,606) Employment (area ) ------------------------------- 49,450 + 2 + Retail sales ---------------------------------------------- + 15 + 18 Manufacturing employment (area) ____ 12,050 + 2 + Automotive stores ----------------------------- + 16 + 29 Percent unemployed (area ) ------------------- 6.0 5 + General merchandise stores Lumber, building material, ----------- + 3 + 16 GARLAND (pop. 10,571) and hardware stores -----------------Postal receipts* --------------------------------------$ 16,927 + 17 + 29 -21 -1 Postal receipts* ---------------------------------------$ 32,681 + 3 + 27 Building permits, less federal contracts $ 240,585 +105 +980 Building permits, less federal contracts $ 413,918 -29 + 53 Bank debits (thousands) ____ ___ __ _________ _$ 7,370 + 2 + 13 Bank debits (thousands) ---------------------$ 17,891 + 14 + 4 End-of-month deposit.~ (thousands) :j: ...$ 14,257 + + End-of-month deposits (thousands) :j: ....$ 13,437 + + Annual rate of deposit turnover ____ ___ _ 6.2 ** + 13 Annual rate of deposit turnover --------- 16.1 + 13 + Employment (area) ----------------------------Manufacturing employment (area) __ Percent unemployed (area) ------------------- 343,400 91,525 2.9 + + 1 15 + + + 4 9 HEREFORD (pop. 8,500) Postal receipts• ---------------------------------------$ Building permits, less federal contracts $ 13,595 119,075 + 32 +309 + + 32 GIDDINGS (pop. 2,532) Bank debits (thousands) ______ ___ _____________ $ End-of-month deposits (thousands) :f:....$ 10,628 10,736 + 24 + 14 + 3 4 Postal receipts* ----------------------------·-------·· $ 5,366 + 17 + 17 Annual rate of deposit turnover ---------- 12.6 + 18 + 6 Bank debits (thousands) --------------------$ 1,943 + 10 + 21 End-of-month deposits (thousands )+....$ Annual rate of deposit turnover ----------- 3,313 7.0 + -11 + 30 HOUSTON (pop. 700,508u) Retail sales11 ------------------------------------------ + 21 + GLADEWATER (pop. 5,305) Apparel stores11 Automotive stores1! __ __----------------------- + - 7 6 + 22 + 20 Postal receipts* -----------------------------------.$ Bank debits (thousands) -----------------...$ End-of-month deposits (thousands) :j: ....$ Annual rate of deposit turnover _____ ____ Employment (area) -----------------------------Manufacturing employment (area) __ Percent unemployed (area) ---------------- 9,298 3,809 4,193 10.8 25,750 5,080 4.1 + 15 + 6 -2 + 6 •• 1 -5 + •• + 1 + 3 + 8 + 3 Drug storesfi ---------------------------------------Eating and drinking places11 ----------Food stores ---------------------------------------Furniture and household appliance stores Gasoline and service stations ---------General merchandise stores -----------Lumber, building material, -3 -19 •• + 15 •• + 7 6 + + 31 + 18 + 4 GOLDTHWAITE (pop. 1,566) and hardware stores -------------------Other retail stores ---------------------------- + 28 -5 + 3 + 5 Postal receipts• ------------------------------------$ 5,346 +183 - 9 Postal receipts* -------------------------------------$ 2,124,249 - 2 + 4 Bank debits (thousands) -------------------- S 2,679 -32 + 15 Building permits, less federal contracts $19,118,500 -21 + 39 End-of-month deposits (thousands) t ___ $ Annual rate of deposit turnover ___ ___ . ___ 3,405 9.6 -- 4 31 + + 2 8 Bank debits (thousands) -----------------------$ 2,361,253 End-of-month deposits (thousands) :f: ....$ 1,211,316 + 6 -2 + 4 •• GRAND PRAIRIE (pop. 14,594) Annual rate of deposit turnover ________ Employment (area) --------------Manufacturing employment (area) .. 23.2 424,200 94,975 + + 5 •• + + + 5 Postal receipts* ---------------------______ ___ ___ $ 31,926 - 1 - 3 Percent unemployed (area) ____ _______ __ _ 3.6 - 5 Building permits, less federal contracts $ 456,960 + 22 + 213 Employment (area) __ _____ _--------------------Manufacturing employment (area) _ 343,400 91,525 + + 1 + + 4 9 IRVING (pop. 40,065r) Percent unemployed (area) ------------------ 2.9 - 15 + 7 Postal receipts• --------------------------------------$ Building permits, less federal contracts $ 23,883 1,443,394 -9 +101 + 14 +147 GREENVILLE (pop. 17,500r) Employment (area) ------------------------------Manufacturing employment (area) _ 343,400 91,525 + + 1 + + 4 9 Retail sales ---------------------------------------------- + 7 + 5 Percent unemployed (area) -------------- 2.9 - 15 + 7 Apparel stores ------------------------------------Automotive stores ------------------------------- + 1 + 19 + 23 + 10 JASPER (pop. 4,403) Drug stores ------------------------------------------Lumber, building material, and hardware stores _______ --------------P ostal receipts• ------------___________ ________ ___ ____ $ Building permits, less federal contracts $ Bank debits (thousands) ___ ______ ____________ _$ End-of-month deposits (thousands)+....$ 27,755 114,375 14,897 14,380 + 3 + 9 -16 + 14 •• + 13 16 4 + 7 + 16 -2 Retail sales Automotive stores _____ :______________________ ___ _ Postal receipts• -----------------------------------$ Bank debits (thousands) ________________________ $ End-of-month deposits (thousands)+....$ Annual rate of deposit turnover ______ __ 9,705 6,774 6,709 11.6 •• + 8 + 20 -9 + 25 5 + 7 + 2 + 3 Annual rate of deposit turnover ------ 12.4 + 13 + 20 For explanation of symbols, see page 23. TEXAS BUSINESS REVIEW Percent change Percent change Percent change Percent change City and item July 1957 July 1957 from June 1957 July 1957 from July 1956 City and item July 1957 July 1957 from June 1957 July 1957 from July 1956 KILGORE (pop. 9,638) Postal receipts• --------------------------------------$ 23,546 Building permits, less federal contracts $ 131,546 Bank debits (thousands) ________________________ $ 17,095 + 17 + 17 + + 3 5 21 LUFKIN (pop. 18,600r) Retail sales Food stores -----------------·---------------·--· - 4 + 12 End-of-month deposits (thousands)+.... $ Employment (area) ------·--------------------------Manufacturing employment (area) __ Percent unemployed (area) -------------- 16,261 25,750 5,080 4.1 - •• 1 5 + + + + 3 8 3 P ostal receipts• --------·-···---·----·-------------$ Building permits, less federal contracts $ Bank debits (thousands) ________ ____ ________ $ End-of-month deposits (thousands) +....$ Annual rate of deposit turnover --·- 32,4 1 174,700 22,251 20,481 13.3 + 15 + 56 -14 + 3 -12 -1 -37 -2 -17 + 12 KILLEEN (pop. 21,076r) Postal receipts* ---------------------------------------$ 44,543 + 27 + 22 McALLEN (pop. 25,326r) Building permits, less federal contracts $ Bank debits (thousands) ---······-··--------$ 66,230 7,152 + 35 + 18 -22 + 1 Retail sales -----------···----------·----·-------------Automotive stores -----------·--------------- + 1 -4 -11 End-of-month deposits (thousands)+----$ Annual rate of deposit turnover ------- 7,836 11.2 + - 5 1 + 27 -19 Postal receipts• ---------------··------------$ Building permits, less federal contracts $ 40,568 172,215 + 13 -0 + 17 -38 LAMESA (pop. 10,704) Postal receipts• --------·-·····------------------------$ 17,133 + 17 - 2 Bank debits (thousands) ------····-···-·---$' End-of-month deposits (thousands)+....$ Annual rate of deposit turnover ---····· 22,774 18,470 15.3 + 27 + 8 + 31 + + 1 5 Building permits, less federal contracts $ Bank debits (thousands) _________ ______ _______ $ 92,250 10,149 -2 + 12 + 33 + 14 McKINNEY (pop. 10,560) End-of-month deposits (thousands) + .... $ Annual rate of deposit turnover __________ 11,139 10.6 - 5 -4 + 19 Building permits, less federal contracts $ Bank debits (thousands ) ----------------------$ 11 ,350 7,595 + 14 + 18 + 27 19 LAMPASAS (p6p. 4,869) End-of-month deposits (thousands)+----$ Annual rate of deposit turnover ---·--- 11,101 8.1 -+ 2 19 Postal receipts• ____________________ __ __________________$ Building permits, less federal contracts $ Bank debits (thousands) ______________________$ End-of-month deposits (thousands)+----$ Annual rate of deposit turnover -------- 7,278 4,860 5,164 6,518 9.5 + 21 -80 + 3 •• + + + + 8 9 3 7 MARSHALL (pop. 25,479r) Retail sales -----------------·---------·-------Apparel stores ··-··--·-·-······---------------Drug stores ·---------------------------·------ + 7 + 2 + 3 + 13 + 7 + 11 LAREDO (pop. 59,350r) General merchandise stores --·-------Postal receipts* ·---------------------·----------$ 35,007 + + 2 + - 7 5 Postal receipts• ----------------------------------------$ 56,430 Building permits, less federal contracts $ 1,985,785 Bank debits (thousands) ______ ___ ___ ____ __ __ __ $ 23,389 End-of-month deposits (thousands)+----$ 20,233 + 18 +1653 + 8 +2097 + 14 + 6 Building permits, less federal contracts $ Bank debits (thousands) ______________$ End-of-month deposits (thousands)+....$ Annual rate of deposit turnover -------· 183,068 14,990 19,816 9.1 -28 + 11 •• + 10 +120 •• + Annual rate of deposit turnover 13.8 + 5 LLANO (pop. 2,954) MERCEDES (pop. 10,081) Postal receipts• ------------------··----------$ 8,464 + 18 •• Postal receipts• ----------------------------------------$ Bank debits (thousands) ______ ______________ __ $ End-of-month deposits (thousands) + .... $ Annual rate of deposit turnover ------- 4,267 2,700 3,218 10.3 + 43 + 15 + 4+ 13 + + 9 4 Building permits, less federal contracts $ Bank debits (thousands) ______________$ End-of-month deposits (thousands)+----$ Annual rate of deposit turnover --- 6,700 7,317 6,968 15.5 + 5 + 23 + 61 + 14 +332 -6 + 35 -22 LONGVIEW (pop. 34,328r) MIDLAND (pop. 42,600r) Postal receipts• ----------------------------------------$· 61,635 Building permits, less federal contracts$ 1,989,500 Bank debits (thousands) ---------------------$ 38,755 End-of-month deposits (thousands)+----$ 37,701 + 1 +435 6 + 6 + 6 +573 + 5 + 4 P ostal receipts* ----------------------------$ Building permits, less federal contracts $ Bank debits (thousands) ______ ____ _______ $ End-of-month deposits (thousands)+....$ 114,757 1,764,000 80,061 81,641 -9 -64 + 8 + 1 + 14 -17 + 10 + 1 Annual rate of deposit turnover ________ Employment (area) --------·--·------------------- 12. 7 25,750 8 •• + + 5 3 Annual rate of deposit turnover ----- 11.8 + 8 + 10 Manufacturing employment (area) __ Percent unemployed (area) ---------····-·· LUBBOCK (pop. 134,156r) Retail sales -------------------------------------------- 5,080 4.1 -- 1 5 3 + 8 + 3 + 12 MONAHANS (pop. 6,311) Postal receipts• --------------------------$ Building permits, less federal contracts $ Bank debits (thousands) -----------------! End-of-month deposits (thousands)+----$ 10,720 145,985 9,798 9,007 + 8 + 18 + 16 -4 + 63 + 22 + 2-4 Automotive stores ---------------------------- -23 + 17 Annual rate of deposit turnover ------- 14.0 + 14 + 8 Food stores ---------------------------------------- - 1 + 8 Lumber, building material, and hardware stores ---------------------- -38 + 6 NEW BRAUNFELS (pop. 12,210) Postal receipts• ------------------------------------$ 186,735 Building permits, less federal contracts$ 2,257,083 Bank debits (thousands) ____ __ ___________ __$ 133,115 End-of-month deposits (thousands)+----$ 95,332 Annual rate of deposit turnover ------16.6 Employment (area) ----------------------·-------43,750 Manufacturing employment (area) .. 4,340 Percent unemployed (area) ---·-----·----5.0 + 5 + 2 3 + 2 •• 3 •• + 6 + 22 + 17 + 9 + 6 + 2 6 6 Retail sales Automotive stores ---------------------------Postal receipts* ---------------------------------$ Building permits, Jess federal contracts $ Bank debits (thousands) ----------------$ End-of-month deposits (thousands) t-S Annual rate of deposit turnover ---For explanation of symbols, see page 23. 26,465 70,000 9,137 9,127 12.6 -5 -8 + 19 + 6 + 11 + 10 + 18 + 4-28 + 17 -5 + 30 SEPTEMBER 1957 21 City and item July 1957 July 1957 from June 1957 July 1957 from July 1956 City and item July 1957 July 1957 from June 1957 July 1957 from July 1956 ORANGE (pop. 21,174) ROCKDALE (pop. 4,550r) Retail sales Postal receipts• --------------------------------------$ 6,714 + 2 + 9 Automotive stores -----------------------------Postal receipts* ---------------------------------------$ 34,068 -1 + 7 + 19 Building permits, less federal contracts $ Bank debits (thousands) -------------------$ 24,550 3,587 +134 •• -44 + 4 Building permits, less federal contracts $ Bank debits (thousands) -----------------------$ 347,000 22,009 -41 + 7 +177 1 End-of-month deposits (thousands)+----$ Annual rate of deposit turnover _______ _ 5,319 8.1 + + + 4 •• End-of-month deposits (thousands)+----$ 24,508 + 2 6 Annual rate of deposit turnover______________ 10.9 + 5 + 7 SAN ANGELO (pop. 62,359r) PALESTINE (pop. 15,063r) Retail sales ---------------------------------------------Furniture and household + 6 + 2 Postal receipts* ---------------------------------$ Building permits, less federal contracts $ 20,036 90,189 + 25 -68 + 15 -36 appliance stores -----------------------------Lumber, building material, + 15 Bank debits (thousands) ________________________$ End-of-month deposits (thousands)+--·$ Annual rate of deposit turnover __ __ __ 8,012 13,148 7.3 + 2 •• + 3 + 19 -2 + 22 and hardware stores -----------------------Building permits, less federal contracts$ Bank debits (thousands) -----------------------$ 405,290 48,827 + 17 -18 + 4 -28 -7 + 10 End-of-month deposits (thousands)+----$ 42,671 1 -5 PAMPA (pop. 20,448r) Annual rate of deposit turnover -------Employment -----------------··-------------------------Manufacturing employment -------------13.7 23,250 2,970 + 5 + + 2 + 15 •• 2 Retail sales Percent unemployed ----------------------------4.9 6 + 9 Automotive stores ------------------------------- -16 + 26 Postal receipts• --------------------------------------$ Building permits, less federal contracts $ 36,129 474,535 + 17 -28 + 17 +165 SAN ANTONIO (pop. 449,52lu) Bank debits (thousands) -----------------------$ End-of-month deposits (thousands)+----$' 19,950 22,865 + 6 + 9 + 15 + 8 Retail sales -------------------------------------------Apparel stores ----------------------------------- + 5 •• + 10 + 4 Annual rate of deposit turnover 10.9 + 4 + 10 Automotive stores --------------------------- + + 6 Drug stores --------------------------------------- -1 + 11 PARIS (pop. 21,643) Eating and drinking places ---------------Food stores ---------------------------------------- + 8 •• 5 + 4 Retail sales ----------------------------------------------Apparel stores ---------------------------------- 2 •• + 13 + 20 Furniture and household appliance stores --------------------------- 7 4 Automotive stores ---------------------------- 4 + 15 General merchandise stores ------------- + 7 + 13 Lumber, building material, Lumber, building material, and hardware stores -----------------------Building permits, less federal contracts $ 108,486 2 + 12 4 and hardware stores ----------------------Postal receipts• ------------------------------------$ 1,029,282 + 15 2 + 30 •• Bank debits (thousands) ----------------------·$ 15,065 + 6 Building permits, less federal contracts $ 4,153,121 5 + 9 End-of-month deposits (thousands)+----$ 14,202 + 2 Bank debits (thousands) ---------------------·$ 537,228 + 12 + 9 E'nd-of-month deposits (thousands)+---· $ 343,494 + 2 1 PASADENA (pop. 22,483) Annual rate of deposit turnover ________ Employment -------------------------------------------19.0 185,700 + 9 •• + 10 •• Postal receipts* ------------------------------------$ 49,754 + 2 + 22 Manufacturing employment ----------22,400 5 -4 Building permits, less federal contracts $ Employment (area) -----------------------------588,456 424,200 -41 •• -47 + 5 Percent unemployed ---------------------------4.4 -4 + 10 Manufacturing employment (area) __ Percent unemployed (area) ---------------94,975 3.6 + -5 + 8 5 SAN MARCOS (pop. 9,980) Postal receipts* --------------------------------------.$ 16,387 + 7 -26 PHARR (pop. 8,690) Building permits, less federal contracts$ Bank debits (thousands) ___ _____________________$ 2,875 6,606 -95 -11 -88 + 2 Postal receipts* --------------------------------------$ Building permits, less federal contracts $ 8,528 40,820 + 3 -2 -39 End-of-month deposits (thousands)+----$ Annual rate of deposit turnover ________ 7,655 10.6 + 4 -10 -10 + 19 Bank debits (thousands) ----------------------$ 3,458 + 15 8 End-of-month deposits (thousands)+----$ Annual rate of deposit turnover ----------4,309 11.7 + 53 + 2 + + SEGUIN (pop. 14,000r) Postal receipts• -------------------------------------$ 15,034 + 2 + 11 PORT ARTHUR (pop. 82,150u) Retail sales -----------------------------------·--------- + 19 + 14 Building permits, less federal contracts$' Bank debits (thousands) ___ _____________________ $ End-of-month deposits (thousands)+---.$ 93,850 7,688 15,292 +214 + 20 + •• Apparel stores -------------------------------------- + 18 + 13 Automotive stores ------------------------------Furniture and household + 26 + 15 SHERMAN (pop. 25,855r) appliance stores -----------------------------Postal receipts* ---------------------------------------$ Building permits, less federal contracts $ Bank debits (thousands ) -----------------------$ End-of-month deposits (thousands)+----$ Annual rate of deposit turnover __ ______ 73,070 587,310 63,329 43,790 17.9 + 5 + + 21 + 4 + + 3 -6 •• + + 14 -1 + 18 Retail sales ----------------------------------------------Apparel stores ------------------------------------Furniture and household appliance stores ---------------------------Lumber, building material, and hardware stores --------------------- + 9 + 5 + 4 + 14 + 18 + 20 2 Employment (area) -----------------------------Manufacturing employment (area) __ 86,700 29,640 ** ** ** 1 Postal receipts* -----------------------------------$ Building permits, less federal contracts $ 43,391 138,861 + 4 -61 -69 Percent unemployed (area.) -------------4.9 -14 + 7 For explanation of symbols, see page 23. TEXAS BUSINESS REVIEW Percent change July 1957 July 1957 July from from JulyCity and item 1957 June 1957 July 1956 City and item 1957 S~~TON (pop. 5,036) T~~SC~(pop. 23,000r) Bmldmg permits, less federal contracts $ 27,700 + 17 +213 Bmldmg permits, less federal contracts $ 625,275 Bank debits (thousands) ____________________$ 2,030 + 11 + 17 Bank debits (thousands) ---------------------$ 26,5 1 End-of-month deposits (thousands) :j: .... $ 3,660 + 2 + 10 End-of-month deposits (thousands) :j:.... $ 26, 14 Annual rate of deposit turnover 6.7 + 12 + 8 Annual rate of deposit turnover _______ _ 13.0 Employment (area) ___ __ _______________:::::::::::: 43,750 •• + 2 Employment (area) ------------------------------49,450 Manufacturing employment (area) ___ _ 4,340 -3 6 Manufacturing employment (area) __ 12,050 Percent unemployed (area) ------------------5.0 ** 6 Percent unemployed (area) ---------------6.0 SNYDER (pop. 14,lllr) rn.ER (pop. 49,443) Postal receipts* ----------------------------------------$ 20,811 + 19 + Buildmg permits, less federal contracts $ 7 7,529 Building permits, less federal contracts $ 293,675 + 178 Bank debits (thousands) ····-····-------------$ 86,574 Bank debits (thousands) ________________________ $ 13,809 + 8 + 14 End-of-month deposits (thousands)+----$ 62,352 End-of-month deposits (thousands) +----$ 16,675 + + 6 Annual rate of deposit turnover ____ 16.6 Annual rate of deposit turnover --------10.0 + 8 + 2 VERNON (pop. 12,651)S~PHURSPRINGS (pop. 9 890r) Postal receipts• _________ ------------------------------$ 17,976 Retail sales ' Building permits, less federal contracts $ 34,200 Automotive stores -17 -12 Bank debits (thousands) __________________$ 10, 72 Postal receipts* ____ __ ::::::::::::::::::::::::::::::::::$ 12,770 + 11 + 3 End-of-month deposits (thousands) :j: ....$ 18,017 Building permits, less federal contracts $ 61,800 + 73 -1 Annual rate of deposit turnover ------·· 7.2 Bank debits (thousands) ________________________$ 9,019 + 12 + 15 End-of-month deposits (thousands) :j:....$ 11,601 + 2 + 5 VICTORIA (pop. 49,16¥) Annual rate of deposit turnover ----------9.4 + 11 + 9 Retail sales --------------------------------·----------··--Automotive stores ----·-······--------------Food stores --·-·····---------------------------------- SWEETWATER (pop. 13,619) Furniture and householdPostal receipts* ----------------------····-------------$ 18,341 -31 -3 appliance stores ------------------·----------- Building permits, less federal contracts$ 128,700 + 74 -33 Bank debits (thousands) ________________________$ 9,310 + 7 + 10 Lumber, building material, and hardware stores ------------------- End-of-month deposits (thousands) :j:____ $ 12,070 + 3 + 5 53,624 Postal receipts* ------------------------------------$ Building permits, less federal contracts $ 950,524 Annual rate of deposit turnover _____ __ ___ 9.4 ** + 7 TAYLOR (pop. 9,071) WACO (pop. 101,824r) Retail sales Retail sales ---·····---------------------------------- Automotive stores --------------------------------13 + 17 Apparel stores -------------------------------------Furniture and household Automotive stores ---------------------------· appliance stores -------------------------------+ 3 •• Florists --------·-···----------------------·---------Postal receipts* --------------------------------------··$ 13,976 3 + Postal receipts* --------------------------------$ 225,3 7 Building permits, less federal contracts $ 136,545 7 -54 Building permits, less federal contracts $ 2,015,102 Bank debits (thousands) _____________ _________ $ 6,713 + 19 + Bank debits (thousands) ____________________$ 95,358 End-of-month deposits (thousands)+----$ 9,769 + -16 End-of-month deposits (thousands) :j: ___$ 62,813 Annual rate of deposit turnover ________ 8.3 + 19 + 22 1 .1 Annual rate of deposit turnover ------Employment --------·-------------·-·-··-------------- 48,200 TEMPLE (pop. 33,912r) Manufacturing employment ---------10,090 Retail sales ----------------------------------··-····----------13 5 Percent unemployed -------·---------------------4.0 Apparel stores --------------------------------------- -15 + 9 Food stores ----------------------------------------------+ 4 + 8 WEATHERFORD (pop. 8,093) Furniture and household Building permits, less federal contracts $ 29,000 + 9 + 12 Bank debits (thousands) __________________$ 11,794 appliance stores ------------------------------- Lumber, building material, End-of-month deposits (thousands)+---·$ 12,525 11.3 -35 Annual rate of deposit turnover ---· and hardware stores ----------------------------------------···· Postal receipts* ----------------------------------------$ 44,635 8 --37 1 WICIIlTA FALLS (pop. 103,152r) Building permits, less federal contracts $ 181,617 + 17 Retail sales -----------------···-------·-----------·-----··· _________ Bank debits (thousands) _____ __ ________ ___ ___ ___$ 19,266 7 Automotive stores --------------------·-----·-·· End-of-month deposits (thousands) :j:.... $ 27,957 + 8 Furniture and household appliance stores ---------------------------- TEXARKANA (pop. 31,05lr) Lumber, building material, Retail sales + 23 -26 and hardware stores -------------------- Automotive stores --------------------------------9 168,776 -3 + Postal receipts* ----------------------·-·----------$77,792 -6 -11 Postal receipts§* --------------------------------------S 856,931 4 -25 Building permits, less federal contracts $ + 168,348 +130 + 25 Building permits, less federal contracts $ Bank debits (thousands) __________________ $ 106,397 + 11 5 Bank debits (thousands)§ ------------------····$ + 2 45,303 15 + 9 End-of-month deposits (thousands) :j: ___ $ 104, 92 + End-of-month deposits (thousands) :j:____$ 16,381 + 2 -1 12.4 + 11 + 7 + Annual rate of deposit turnover ------- Annual rate of deposit turnover§_____ __ __ ___ 16.8 + 21 18 .. 37,900 + 1 31,800 •• -6 Employment ------·-···-··-------·····-··-··------·-------· Employment§ ----------------------------------------------3,750 + 2 + 7 Manufacturing employment ----------- Manufacturing employment§ -------------4,690 + 2 -13 4.2 9 •• Percent unemployed ----------------------------10.0 -12 + 32 Percent unemployed§ --------------------------··· *Postal receipts for Midland are for calendar months of June and July. Other cities' receipts include two periods from June 1-J uly 26. Per centage changes are for comparable periods. :j:Money on deposit at the end of the month, but excludes deposits to the credit of banks. nReported by the Bureau of Business and Economic Research, University of Houston, for Harris County. §Figures include Texarkana, Arkansas (pop. 19,733) and Texarkana, Texas (pop. 31,051 ). rRevised for use by the Texas Highway Department. ul950 Urbanized Census. **Change is less than one-half of one percent. 23 SEPTEMBER 1957 BAROMETERS OF TEXAS BUSINESS Year-to-date average July June July 1957 1957 1956 1957 1956 GENERAL BUSINESS ACTIVITY tTexas business activity, index..............-------------·············--------------·-·--··-·············-----· 200 185 193 198 191 Miscellaneous freight carloadings in SW District, index____________________________ __ ____ _ 85 83 93 85 94 Ordinary life insurance sales, index.......................-------------·-···················-·-----------361 329 269 340 272 Wholesale prices in U. S., unadjusted index____ _____ __ ____ __ _____................................ l'l8.l 117.4 114.0 117.2 113.3 tConsumers' prices in Houston, unadjusted index__ _ _________________________________ ________ _ 120.8 116.7 Consumers' prices in U. S., unadjusted index_________________________ ________ _ ________________ _ 120.8 120.2 117.0 119.4 115.3 Income payments to individuals in U. S. (billions, at seasonally adjusted annual rate) ._________ .______ _ __ ___ _____ ._____... _______ -------------------------------------------------------···· $ 345.5 $ 344.8 $ 325.6 $ 341.0 $ 321.3 Business failures (number) __ __ __________ .__ ------------------------------------·--···-····--------------------36 41 24 25 TRADE Total retail sales, index....--------···-·········----------------·-·······-----·-·-·········-----·-·····-······-··· 189. 184. 165 181 160 n5• 167. 148 163 144Durable-goods stores ·······················-····-----------··········--·····-···----··-··----··----····-·· 196. 192. 173 191 169 Nondurable-goods stores....·-····----·-·-········-·······-·--·---·---·-·----··--------·------··-······· Ratio of credit sales to net sales in department and apparel stores.·--·-··--·-··--·-64.7. 67.9. 64.9 66.8 67.1 Ratio of collections to outstandings in department and apparel stores.......... 37,3• '38.4. 33.9 37.9 37.4 PRODUCTION Total electric power consumption, index..·---·-·--······-···············-------------···········------34r 332• 303 332 305 lndustrial electric power consumption, index.................·-········------·····-·-----·--·---·-· 350• 35r 287 360 327 122. 135. 131 Crude oil production, index.......................·---------·········-··-···-·-············-··-····-·····-·-·---138 133 Crude oil runs to stills, index....------------------·--·------·--····-·····-···-··-----···-····---·······-··----137 141 143 147 151 Gasoline consumption, index_·-----·----··-·----·-·-----------------·----····----···········--···--·-···-··--· 164 161 169 174 Natural gas production, index.·----·--·--·--·--·-----···---·--·········------------------·-----··--------·--· 187 183 185 184 Industrial production in U. S., index.....................................................·--------------144 144 136 144 141 Southem pine production, index·---------------------------··----------------------------------····-----·-· 103 116 106 121 Cottonseed crushed, index.···-··-····················-----------·--------------·-·-·-----------··-·-------------· 118 138 108 123 128 Construction authorized, index........---------·--------------------------------------······--·---·-·-------250 199 191 200 183 Residential building ------------------------------------·-----·-····----------------------------------------252 182 180 195 176 Nonresidential building -----------------------------------------------------------·----·-------·--··----257 225 206 210 201 Construction contracts awarded (thousands)--------·-----······-···--·······-···-··-·-····-··-Sl25,049 $123,837 $113,184 $149,918 $150,491 AGRICULTURE Farm cash income, unadjusted index....---·----------------------------·-------·-----------·--··-----·-70 66 87 61 70 Prices received by farmers, unadjusted index, 1909-14=100......._____ _____________ __ _ 271 268 '255 265 250 Prices paid by farmers in U.S., unadjusted index, 1909-14=100.................... 295 296 287 295 284 Ratio of Texas farm prices received to U.S. prices paid by farmers. ____________ __ _ 92 91 89 90 88 FINANCE Bank debits, index...·-··-------------·--------------------------------------·------··--·--------·-------·-··-··------· 236 217 220 231 216 Bank debits, U.S., index_·-------------------------································-·---·····----·-····-····--·-··· 208 189 188 199 186 Reporting member banks, Dallas Reserve District: §Leans (millions) ·-------·-········-··-···········-····-·-············-···--····--·-···········-------·--------$ 2,408 $ 2,421 $ 2,448 $ 2,401 $ 2,422 §Loans and investments (millions)···········-·····-······················-····················-·· $ 3,957 $ 4,031 $ 3,789 $ 3,891 $ 3,786 Adjusted demand deposits (millions)··-······--···--------···········-·····---------------·--$ 2,697 $ 2,598 $ 2,638 $ '2,646 $ 2,649 Revenue receipts of the State Comptroller (thousands) ···--········-············-------· $ 75,452 $110,982 $ 69,657 $ 87,753 $ 80,783 Federal Internal Revenue collections (thousands)-------···--··--·-············-··-·········· $144,870 $301,872 $104,947 $255,080 $239,550 LABOR Total nonagricultural employment (thousands)··-······-------------·-···-······-··-·······--·-· 2,486.4 2,482.6 2,417.0 2,457.3 2,381.5 Total manufacturing employment (thousands) --------------·····----------------------488.2 487.8 467.6 485.0 467.4 Durable-goods employment (thousands) -------··------·--------------·--····-·--·-··· 244.2 242.2 226.5 241.1 222.5 Nondurable-goods employment (thousands)--------···-··--·-----------------------244.0 245.6 241.1 244.0 242.0 Total nonagricultural labor force in 17 labor market areas (thousands) ___ _ ___ _ 1,870.4 1,870.1 1,827.4 1,864.'2 1,803.5 Employment in 17 labor market areas (thousands) _____ __ _______________________ ___ _ '1,789.4 1,782.7 1,749.6 1,795.2 1,726.7 Manufacturing employment in 17 labor market areas (thousands) 376.7 376.3 365.9 377.8 357.7 Total unemployment in 17 labor market areas (thousands) ----------·········-80.4 86.4 74.0 80.8 75.0 Percent of labor force unemployed in 17 labor market ar~as.....,...... 4.3 4.6 4.1 4.3 4.2 All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1947-49, except where indicated; all are adjusted for seasonal variation, except annual indexes. Employment estimates have been adjusted to first-quarter 1956 benchmarks. •Preliminary. t Based on bank debits in 20 cities, adjusted for price level. t Index computed for February, May, August, and November only. § Exclusive of loans to banks after deduction of valuation reserves. TEXAS BUSINESS REVIEW .